Bank of America Credit Cards Offer Great Advantages!

by : Susan Slobac

If you are looking to add a new credit card to the collection in your wallet, look no further than Bank of America. Bank of America credit cards come with a Visa or Mastercard logo, so they are accepted everywhere. They offer a wide selection of programs to fit virtually any need. You will see that they offer a low APR credit card, as well as credit cards that allow cash advances.

Try a low APR credit card for big savings

APR refers to the annual percentage rate of the money you are charged to use the credit card. This is also called the interest rate. Interest rates on credit cards can be variable or fixed, so you will want to check each low APR credit card offer to determine the status. Variable-rate cards' interest rate can be based on changes in the prime rate, so the rate you are charged on the card would be the prime, with an additional percentage added on. The prime rate is the interest rate charged by banks.

Bank of America provides several credit cards that offer a zero percent interest rate for an introductory period. This is usually six months after your application has been approved, and may be applied to purchases or to balance transfers, depending on the particular card offer specifications.

How can credit cards help me with cash advances?

During introductory periods of certain Bank of America credit card offers, the card holder is offered a zero APR on not only balance transfers and purchases, but it can also be applied to cash advances. You may borrow a certain amount of money based on the line of credit you are offered on your specific credit card.

This money can be used in any way you wish. Cash advances offer the convenience of a short-term loan without the hassle of going through the process of obtaining a loan through a bank. However, if you do not pay the balance in full by the end of the monthly grace period, you will pay interest on the outstanding balance, so the cost should be compared to the benefits. Nevertheless, entrepreneurs sometimes get money for the start-up costs of their new businesses through cash advances on their credit cards.

Not only does Bank of America offer a low APR credit card and the benefit of a cash advance, but many of the cards offer special rewards. They can include travel points, cash back on gasoline purchases or other specified purchases, or discounts on hotel rooms, merchandise and gift certificates.