Consumer Credit Cards Flashcards
BankAmericard Overview
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
BankAmericard Client Identifiers
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
BankAmericard Benefits
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
Customized Cash Rewards Overview
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
Do Rewards apply to balance transfers?
No
Customized Cash Rewards - Benefits
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
Unlimited Cash Rewards - Overview
Earn 1.5% cash back with no limit to amount of cash back earned
Unlimited Cash Rewards
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
Unlimited Cash Rewards - redemptions
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
Travel Rewards - Overview
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
Travel rewards - client identifiers
Frequently uses credit card to make purchases
Prefers rewards for travel related expenses
Does not carry large balance month to month
Travel Rewards - Benefits
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
Premium Rewards
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
Premium Rewards - Features
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
Premium Rewards - Benefits
$0 liability guarantee
Preferred Rewards eligible
Get 50,000 points ($500) after making at least $3,000 in purchases in the first 90 days
Premium Rewards Elite - Overview
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
Premium Rewards Elite - Airline Incidental Statement Credit (AIC)
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
What tool is most effective when referring clients to the BankAmericard?
Balance transfer savings calculator
BankAmericard Conversation Starters
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?”
What tool would you use to promote the Unlimited and Customized Cash Rewards Card?
Consumer Card Competitive Advantage Tool
Unlimited and Customized Cash Rewards Conversation Starters
- “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
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?
BankAmericard
- low starting APR
- low interest rate
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?
3% online purchases, gas, dining, travel, drug stores, home improvements and furnishing
2% groceries/whole sale clubs
1% anything else
What is the annual fee for the Bank of America Travel rewards credit card?
$0
The Bank of America travel rewards credit card offers which of the following? Cash rewards or points rewards?
Points rewards
Which credit card offers the lowest available annual percentage rate (APR) among all Bank of America consumer credit products?
BankAmericard
What are the benefits of the premium rewards credit card?
TSA precheck, etc, refer to solution center
What is the annual fee for the Bank of America premium rewards card?
$95
How is the Bank of America unlimited cash rewards credit card different from the Bank of America customized cash rewards card?
Unlimited - 1.5% all the way through
Customized - 1-3% for every $2,500 for every quarter Statement
Name three benefits that the Bank of America unlimited cash rewards card offers to clients?
1.5% unlimited
No annual fees
0% interest rate for first 15 months
What is the minimum security deposit needed to open a secured Bankamericard?
$300
