The Efectiva™ Visa®, issued by Bank of America, N.A. (USA), is designed for those who plan to take advantage of the cash back reward program.
Through the reward program, cardholders earn a 1% cash back rebate on all purchases made with the card with a yearly rebate limit of $600. Cardholders will earn one point for every $100 in net monthly purchases, five points for every $2,500 in net monthly balance transfers from non-Bank of America accounts, and five bonus points for the first purchase. For every 25 points that are earned, the cardholder receives a $25 check or a $25 credit to their Bank of America checking or savings account.
The card has a reasonably low interest rate for purchases (for a reward card), no annual fee, and a 0% introductory rate that can be applied toward both purchases and balance transfers for the first six billing cycles.
In addition to the cash back rebate, cardholders can expect platinum benefits offered by Bank of America, N.A. (USA), including auto rental insurance, various travel and emergency assistance services, and purchase replacement.
Therefore, those who wish to participate in the cash back reward program and plan to pay in full each month after the introductory rate expires (to avoid costly finance charges) will benefit most from what the Efectiva™ Visa® has to offer.
Updated: May 30, 2006
Most Attractive Feature(s) : 0% introductory rate; no annual fee; bonus points.
Least Attractive Feature(s) : High APR for less qualifying applicants; APR based on the highest Prime Rate during a three-month period.
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