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BofA > Consumer Credit Cards > Flashcards

Consumer Credit Cards Flashcards

1
Q

BankAmericard Overview

A

Introductory APR offer provides clients the best opportunity to save on interest, which can help them pay down balances faster.

Good for clients who tend to carry a balance each month and want to save on interest

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2
Q

BankAmericard Client Identifiers

A

Wants a low APR credit card
Wants to transfer high APR balance to save money on interest
Wants to make a large purchase and pay over time
Less interested in earning rewards or points for purchases
More interested in saving money than rewards

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3
Q

BankAmericard Benefits

A 
Annual fee - $0
$0 Liability Guarantee
Access to Zelle and Erica
Contactless Cards
Mobile and online banking 
$100 statement credit bonus after making at least $1,000 in purchases in the first 90 days
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4
Q

Customized Cash Rewards Overview

A

3% on purchases of one of six categories - gas, online shopping, dining, travel, drug stores, or home improvement and furnishing

2% at grocery stores and whole sale clubs

1% on all other purchases

Earn 3% and 2% cash back on the first $2500 in combined choice/grocery store/ whole sale clubs each calendar quarter, then earn 1%

No limit to cash back earned

Category changes can be done on mobile or online banking

Choice category can be changed as often as once each calendar month, or make no change and it stays the same

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5
Q

Do Rewards apply to balance transfers?

A

No

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6
Q

Customized Cash Rewards - Benefits

A 
Preferred Rewards bonus
$0 Lisa ability guarantee
$0 annual fee
$200 cash rewards bonus after making at least $1000 in purchases the first 90 days of account opening
Online and mobile banking
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7
Q

Unlimited Cash Rewards - Overview

A

Earn 1.5% cash back with no limit to amount of cash back earned

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8
Q

Unlimited Cash Rewards

A 
Preferred Rewards percentage booster
Get $200 cash rewards bonus after making at least $1000 in purchases in the first 90 days of your account opening
$0 annual fee
$0 liability guarantee
Online and mobile
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9
Q

Unlimited Cash Rewards - redemptions

A

Redeem cash rewards for any amount, any time for statement credit cards
Deposits made directly into BofA checking or savings account or for credit to an eligible account with Merrill

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10
Q

Travel Rewards - Overview

A

Earn 1.5 points for every $1 spent on all purchases, every time.

Points can be redeemed for a statement credit to pay for travel or dining purchases
- travel includes: flights, hotels, vacation packages, cruises, rental cars, baggage fees and much more

Points do no expire

No annual fee

No foreign transaction fees

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11
Q

Travel rewards - client identifiers

A

Frequently uses credit card to make purchases
Prefers rewards for travel related expenses
Does not carry large balance month to month

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12
Q

Travel Rewards - Benefits

A

25,000 bonus points after making $1,000 in purchases in the first 90 days of opening account

Preferred Rewards percent booster

$0 annual fee
$0 liability guarantee

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13
Q

Premium Rewards

A 
2 points for every $1 on travel or dining purchases
Offers:
- airline incidental credit
- TSA pre check credit
- travel insurances
- converge and luxury hotel collection
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14
Q

Premium Rewards - Features

A 
2 points on travel and dining purchases
1.5 points on all other purchases
Points available for redemption once they appear on monthly billing statement
No point limit
Points do not expire
$95 annual fee
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15
Q

Premium Rewards - Benefits

A

$0 liability guarantee

Preferred Rewards eligible

Get 50,000 points ($500) after making at least $3,000 in purchases in the first 90 days

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16
Q

Premium Rewards Elite - Overview

A 
For high net worth clients
$550 annual fee
2 points on travel and dining purchases
1.5 points on all other purchases
Up to $300 Airline Incidental Statement Credit annually
Up to $100 Airport Security Statement
Up to $150 in Lifestyle Credits
17
Q

Premium Rewards Elite - Airline Incidental Statement Credit (AIC)

A

Credit resets each calendar year

Applies to in-flight purchases such as seat upgrades, baggage fees, ticket change fees, and airline lounge fees
- excludes the following airlines: allegiant, spirit and sun country airlines

Non qualified purchases : airline ticket purchases, mileage point purchases, mileage point transfer fees, award tickets and fees incurred with airline alliance partners

18
Q

What tool is most effective when referring clients to the BankAmericard?

A

Balance transfer savings calculator

19
Q

BankAmericard Conversation Starters

A

You mention you carry a balance on your current card and paying it overtime.

  • “What is your current interest rate on your card?”
  • “Is that rate standard or promotional?”
  • “when does the promotional rate expire and what will it increase to?”
  • “Do you have a plan to pay down or transfer those balance in near future?”
20
Q

What tool would you use to promote the Unlimited and Customized Cash Rewards Card?

A

Consumer Card Competitive Advantage Tool

21
Q

Unlimited and Customized Cash Rewards Conversation Starters

A
  • “Features and benefits client like?”
  • “Any cap on spending, limitations, on rewards or black out dates on travel?”
  • “Annual fee?”l

Bring up preferred rewards booster

22
Q

Your client knows he needs to build credit, is new to credit, or is rebuilding credit after experiencing financial stress in the past. Which credit card best fits this clients financial needs?

A

BankAmericard

  • low starting APR
  • low interest rate
23
Q

How does a client earn cash rewards with the Bank of America customized cash rewards credit card? What are categories for 1%, 2%, and 3%cash back?

A

3% online purchases, gas, dining, travel, drug stores, home improvements and furnishing

2% groceries/whole sale clubs

1% anything else

24
Q

What is the annual fee for the Bank of America Travel rewards credit card?

A

$0

25
Q

The Bank of America travel rewards credit card offers which of the following? Cash rewards or points rewards?

A

Points rewards

26
Q

Which credit card offers the lowest available annual percentage rate (APR) among all Bank of America consumer credit products?

A

BankAmericard

27
Q

What are the benefits of the premium rewards credit card?

A

TSA precheck, etc, refer to solution center

28
Q

What is the annual fee for the Bank of America premium rewards card?

A

$95

29
Q

How is the Bank of America unlimited cash rewards credit card different from the Bank of America customized cash rewards card?

A

Unlimited - 1.5% all the way through

Customized - 1-3% for every $2,500 for every quarter Statement

30
Q

Name three benefits that the Bank of America unlimited cash rewards card offers to clients?

A

1.5% unlimited
No annual fees
0% interest rate for first 15 months

31
Q

What is the minimum security deposit needed to open a secured Bankamericard?

A

$300

BofA (24 decks)

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