Verdict: The Financial Rewards Visa Platinum Plus card offers an excellent program for financial rewards. There is no annual fee and a zero percent annual percentage rate for the first six months which makes this another reason to apply and use this credit card. Other bonuses include an absolute protection against unauthorized use and fraud and their customer service is available 24 hours a day for convenience.

Overview

The Financial Rewards Visa Platinum Plus card is a great credit card that can accumulate financial points that equal extra money for the card user. This credit card allows the user to earn points for every $100 that is spent on it and has a variety of ways to redeem them. Shopping in your favorite stores just got better while knowing that you will be rewarded with the dollars that you spent.

How This Card Works

Whenever this Financial Rewards Visa Platinum Plus card is used for personal purchases and has accumulated at least $100 in the same month, a point will be rewarded. An accumulation of points mean that the card holder will be able to redeem them with only 25 for checks or credits to the card account. Every point that is earned will be the equivalent of a dollar, so when you redeem 25, you will gain an extra $25.

Financial Reward Benefits

Earning the reward points with the Financial Rewards Visa Platinum Plus card is easy and even with your first purchase, you will receive 5 bonus points. You can earn points for the year, up to an amount of 600. For every $100 that you spend on net purchases, you will receive 1 point. They are good for five years unless your account becomes delinquent or over limit and they cannot be transferred. For balance transfers, every $2,500 that is transferred to the Financial Rewards Visa Platinum Plus card each month, you will get 5 points. There is a 25 point maximum per month and the credit card can not be used to pay any balances of other Bank of America accounts. Also, you will not earn any points at all for purchases that are made for business purposes.

Redeeming Reward Points

Financial Rewards Points can be redeemed online or by phone in increments of 25 points, which is the minimum point amount for redemption. The rewards brochure that you receive with the credit card will give you all of the details and limitations of the transactions when redeeming reward points. Reward points can be used for reward checks, statement credit to your Financial Rewards Visa Platinum Plus card or as a credit on your checking or savings account, if it is one with Bank of America. The checking and savings account must be an existing one to qualify for credits. The credits will show in your account within thirty days of your request for redemption.

Reward Checks

If you don’t use your reward check by the expiration date the credit will then be placed on your card. So, even if the reward check expires, you wonít lose your reward credits. They will be posted to your credit card account within two of the next billing periods. The reward checks continue to be valid for a period of 90 days and will be noted right on the check.

As an extra added bonus to the benefits of this credit card, an absolute fraud protection is included in case your card ever gets stolen. If you are a victim of credit card fraud, this type of protection is valuable so that you will not be obligated to pay these bogus charges. There is also an online portal that lets you pay bills and check your account securely. Customer service is available 24 hours a day, as well.

Fees

The Financial Rewards Visa Platinum Plus Card comes with a 0% introductory APR for the first six billing periods for balance transfers, cash advances and purchases. When transferring a balance to this credit card there will be no transfer fee. If you happen to exceed your limit or pay a payment late, you will forfeit the introductory rate even if it is within the initial six month period.

The grace period for this credit card is twenty days and there will be a fee assessed depending on your balance. This also applies to going over your credit limit, there will be a fee based on the balance. The fees are $15 for balances up to $100, a balance of $100.01 to $250 will have a fee of $29 and for balances over $250.01 there will be a fee charged of $39.

Pros

• No annual fee
• 0% Introductory (APR) on balance transfers, cash advances and purchases for the first six billing periods.
• Earn 1 reward point for every one hundred dollars spent monthly.
• Earn 25 financial reward points with the first purchase.
• Redeem points for check or credit to the account.

Cons

• 600 point limit to points that can be earned.
• Redeeming points cannot be done until 25 have accumulated.
• Unused points will be only valid for a period of 5 years.

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