The development of charge cards has brought a revolution within the payment system. The conventional method of purchasing things with money 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 might have bought the item?
Charge cards have made shopping basic and convenient. Along with the number Internet users gradually increasing, the way forward for shopping online is bright. It is far from an exaggeration to state that online shopping is experiencing a boom. In these market condition, the usage of credit and debit card will almost certainly increase manifold. Buying items and services on the internet saves time and effort. As opposed to standing in a long queue, you can book your tickets or buy things with just several clicks your mouse.
One of the market leaders of charge card issuers is Nearest Bank Of America. Actually, Bank of America is definitely the largest issuer of charge cards in the US. It has surpassed its nearest rival J.P. Morgan Chase because the largest charge card issuer after its merger using one of the leading credit card issuers – MBNA.
With this particular merger, Bank of America Card Services organization has greater than 40 million active U.S. accounts. It is worthwhile to take note that Bank of America is additionally the biggest issuer of atm cards.
Bank of America bank cards are some of the most flexible credit cards available in the market. Its credits cards are designed to suit extensive credit situations and special needs of students and large businessmen.
One of the most interesting highlights of Bank of America credit cards is its low Annual Percentage Rate (APR). Though a number of the Bank of America bank cards have introductory APR, these are quite low, that is usually 1.9% for a time period of usually six months. It’s quite a good deal if your regular APR is fixed at 6.99% even though there is an introductory APR of 1.00% for a period of six months. Many other charge cards issued by Visa and MasterCard have higher regular APRs.
As an example, Mexicana® Airlines Visa® Platinum includes a regular APR which is 6.99% and an introductory APR which is fixed at 1.9%. Even though it carries a yearly fee of $45, its benefits are immense. After the first purchase, you get 1 free companion ticket coupon. Thereafter, you are going to obtain a $99 companion ticket coupon each year. You can also earn 1 Frecuenta Mile for every dollar spent and two Frecuenta Miles for each dollar spent with Mexicana Airlines. Each year you are going to 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 some of its 15 partner airlines.
On the flip side, the majority of the Bank of America charge cards carry a yearly fee. Like some other credit cards, Bank of America charge cards have reward cards, credit cards for pupils, corporate etc. Its cards are also created to serve the various needs of their diverse range of clients. It has reward programs created for air travelers and frequent shoppers. In additions a number of its bank cards has additional benefits and perks.
Though Bank of America is the largest issuer of credit and debit cards, it lacks their own electronic payment processing network. Its smart fees to card issuers Visa and MasterCard to process charges created using cards from Bofa Phone Number. After MBNA merged with Bank of America, it really is considering acquiring its own electronic payment processing network. When it succeeds by doing this, it is going to without doubt akzgrb being a serious competitor to promote leaders Visa and MasterCard.
With all the merger of MBNA, Bank of America credit cards also have acquired a new dimension. MBNA was the pioneer in issuing specialty credit cards to universities, colleges, and business. It will certainly the break the current market monopoly of Visa and MasterCard.