The introduction of charge cards has brought a revolution in the payment system. The standard way of purchasing things with cash is done away with and what can be more convenient than buying items on credit and repaying the amount after a month from the day you have bought the product?
Charge cards are making shopping easy and convenient. Along with the number Online users gradually increasing, the way forward for internet shopping is bright. It is far from an exaggeration to say that internet shopping is experiencing a boom. Such market condition, the use of credit and debit card will almost certainly increase manifold. Buying items and services over the Internet saves time and energy. Rather than standing in a long queue, you can book your tickets or buy things with just several clicks on your mouse.
Among the market leaders of credit card issuers is Bofa. Actually, Bank of America is the largest issuer of bank cards in america. It has surpassed its nearest rival J.P. Morgan Chase since the largest charge card issuer after its merger with one of the leading bank card issuers – MBNA.
With this particular merger, Bank of America Card Services organization has greater than 40 million active U.S. accounts. It really is worthwhile to take note that Bank of America can also be the largest issuer of atm cards.
Bank of America credit cards are one of the most flexible charge cards on the market. Its credits cards are created to suit extensive credit situations and special needs of students and large businessmen.
Probably the most interesting highlights of Bank of America charge cards is its low Annual Percentage Rate (APR). Though a number of the Bank of America charge cards have introductory APR, these are quite low, which can be usually 1.9% for a period of usually 6 months. It’s quite a good deal in case your regular APR is fixed at 6.99% even though it comes with an introductory APR of 1.00% for a time period of half a year. Most other bank cards issued by Visa and MasterCard have higher regular APRs.
For example, Mexicana® Airlines Visa® Platinum has a regular APR which is 6.99% plus an introductory APR that is fixed at 1.9%. Although it carries a yearly fee of $45, its benefits are immense. After the first purchase, you obtain 1 free companion ticket coupon. Thereafter, you will receive a $99 companion ticket coupon each year. You can also earn 1 Frecuenta Mile for each dollar spent and two Frecuenta Miles for each dollar spent with Mexicana Airlines. Annually you may receive 2,000 anniversary mile and 4,000 Welcome Miles after you have joined the Frecuenta Program. These miles can be redeemed on Mexicana or on any one of its 15 partner airlines.
On the flip side, a lot of the Bank of America credit cards carry a yearly fee. Like some other bank cards, Bank of America bank cards have reward cards, credit cards for students, corporate etc. Its cards are also made to serve the numerous needs of their diverse range of clients. It has reward programs intended for air travelers and frequent shoppers. In additions a few of its charge cards has additional benefits and perks.
Though Bank of America is the largest issuer of credit and atm cards, it does not have their own electronic payment processing network. Its smart fees to card issuers Visa and MasterCard to process charges made out of cards issued by Bank Of America Headquarters Phone Number. After MBNA merged with Bank of America, it is actually considering acquiring its very own electronic payment processing network. If this succeeds by doing this, it will no doubt akzgrb as a serious competitor to advertise leaders Visa and MasterCard.
With the merger of MBNA, Bank of America credit cards have likewise acquired a brand new dimension. MBNA was the pioneer in issuing specialty bank cards to universities, colleges, and business. It is sure to the break the current market monopoly of Visa and MasterCard.