2.4
38 reviews
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Bank of America - Platinum Plus Visa

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Bank of America - Platinum Plus Visa
 
2.4

(based on 38 reviews)

Ratings Distribution

  • 5 Stars

     

    (5)

  • 4 Stars

     

    (5)

  • 3 Stars

     

    (6)

  • 2 Stars

     

    (7)

  • 1 Stars

     

    (15)

39%

of respondents would recommend this to a friend.

Pros

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Cons

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Most Liked Positive Review

 

Easiest credit card to get ... even for bad credit

**  My credit is not the best and with this new Visa card I was approved in minutes and had my card with in 2 weeks.. I have been using this card...Read complete review

**  My credit is not the best and with this new Visa card I was approved in minutes and had my card with in 2 weeks.. I have been using this card for 2 months now and am very pleased with the way it works.... If I were going to reccomend a card for someone I would go with the Visa.  As long as you pay your balance in full there is no extra charges.. I really enjoy mine and would suggest you try it out.**

VS

Most Liked Negative Review

 

Bank of America Platinum Visa: Stimulate This!

Some of you may know that I spent over a quarter century working for some very, very, large banks.  But my experience had little to do with consumer banking.  I was...Read complete review

Some of you may know that I spent over a quarter century working for some very, very, large banks.  But my experience had little to do with consumer banking.  I was much more at home in the area of International Financial Witchcraft.  I admit it.  I was very, very, good at it.  And, if I was still there today, you might in fact have gotten the opportunity to see me in a "perp walk" on CNN or MSNBC.  Hey!  But you all know I'm a changed man.  Hell!  These days I'm even ***Green***, albeit ***Conveniently Green**.  *But that's a subject for a different review.  We're here today to take a look at **Bank of America Platinum Visa**.

**A Little Background**

Going back a few decades, you'll recall that commercial banks were for businesses while savings banks and credit unions were for individuals.  The reasoning for this really is quite simple.  Due to usuary laws and other impediments, the profits to be derived from consumer banking sucked from the point of view of a commercial bank.  We were much more content raping and pillaging, large corporations, institutions and even governments.  Yes, life was good!

But things started changing.  **Bank of America** launched the first bank charge card in Fresno, CA in 1958.  You now know this card as **Visa**.  Back then it was a small affair.  But in 1965, B of A started franchising the card.  Well, like sharks sensing blood in the water, a competitive group of banks launched MasterCharge the very next year to cash in on this new market.  You now know this card as **MasterCard**.

Things were still under some kind of control (we did have anti-usuary laws after-all) until March 31, 1980 when **President Jimmy Carter** signed the Depository Institutions Deregulation and Monetary Control Act into law. (Jimmy, Jimmy Jimmy!)  Essentially, this piece of legislation gave banks the right to charge any rate they wanted to to anybody at anytime.  Sounds like loansharking doesn't it.

This bill had an advantage that La Cosa Nostra didn't enjoy.  There was no need to take an Oath of Omerta (The Blood Oath).  Bankers hate the sight of blood, especially when it's their blood. The sharks were indeed let loose.

**So Just the Other Day**

My delicious Veronica showed me a letter from **Bank of America** announcing that it was increasiing (actually doubling) the rate of interest she was paying for her three Platinum Visas.  Effective the next month, gone was her preferred interest rates of between **6.99% - 7.99%**.  The rate was going to be **13.99%**.  Was there a credit problem?  Nope.  Veronica enjoys an average **FICO score of 790**.  To put that in perspective, your Lord & Savior couldn't manage a 790.  There was that thing in his report about using collections for the poor for "mir for his hot forehead" (see Andrew Lloyd Webber about that one.)

**Do Something Rudi, Do Something!**

I don't know, maybe she thought I could call in an old debt (see *The* *Godfather*).  I told her that these were her cards.  They wouldn't talk to me.  She went off in a huff, probably looking for Luca Brazzi.  (She never did she the end of that film.)  She cooled down and I told her to call **Bank of America**.

**"No, it's not you Mrs. Xeno"**

Well, it seems, according to the customer service representative, that there was indeed nothing wrong with Veronica's credit report.  "we're doing this to everybody.  It's because of what's going on in the economy."  Hearing this, I got on the phone.

"What's going on in the economy?' I asked.  "You know, the recession and all", she answered.  That caused me to coil and prepare to strike.  I patiently explained to this innocent, ignorant young girl that her bank had received $35 Billion in TARP funds to restore liquidity to her bank in order that it could begin lending again.  Veronica and I helped supply that funding (as did all of you).

This was to help stimulate spending and the economy.  How is doubling the cost of Veronica's borrowing going to stimulate her spending?  "Well, you can pay off and close the account at 6.99%".  So, I pointed out that this would just reduce credit availability by $75,000.  "And that stimulates the economy how?" I asked.  She got her manager on the phone.

Okay, let's cut to the chase.  After a little haggling we compromised at 9.99%.  "I'm sorry, this was all a big mistake", I was assured.  Indeed!

**How'd You Do That?**

It's simple actually.  All you have to do is call up and ask. (Do have at least a decent credit report).  See, the credit card business, like all business is a numbers game.  Send out 1MM of these notices and 500,000 don't even notice them, thinking them just junk mail.  Roughly 400,000 simply swear under their breath.  Perhaps 50,000 make a call and just take whatever answer they're given (and then swear under their breath).  The final 50,000 (it could actually be less) call and get a somewhat better deal.  See?  The Bank wins big, hardly breaking a sweat.

**What to do?**

You still need to ask?  Call your bank or card provider.  Be persistent, but be polite.  Ask for a manager and suggest a compromise.  Now wasn't that easy?

When you're finished with the call go to **whitehouse.gov** and report this to the President.  I do so love that site.

Regards,

Rudi

 

Reviewed by 38 customers

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(2 of 2 customers found this review helpful)

 
2.0

this credit card is a joke

By 

from USA

Comments about Bank of America - Platinum Plus Visa:

Bank of America has such a bad reputation with me and my friends and family. I applied for this card about six years ago when I was trying to re-establish my credit and in the past have used it on a pretty regular basis. I have always paid off the entire amount when it came due. Their "reward program" is such a scam. After having this card for six years, I have never benefited at all from the rewards program. I have credit cards with other financial institutions and am very pleased with the reward programs that they offer. Bank of America just does not seem to make an effort to try and please their customers in any way, they are always changing the rules, constantly raising the interest rates on this card and they also have an annual fee. Since my credit is great now, it is time for me to say goodbye to Bank of America. If anyone is wanting to improve or establish thier credit rating, I would not suggest Bank of America, there are alot of other options out there !!!!

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3.0

Not the best or the worst...

By 

from USA

Comments about Bank of America - Platinum Plus Visa:

I've had this credit card for over six years now, and it's all right. It doesn't really offer any rewards, cash back, or anything like that. I did receive a few promotions, randomly, offering 0 percent interest on balance transfers for appx a year, which I have used and can't complain about. The interest rate is decently low, at least in my experience. I have had a few small annoyances with their customer service, and they have lowered my credit limit at least once. Overall, the main reason I even got or hold onto this card is primarily because I already had a Bank of America checking/savings account - and it is helpful in that you can do same day payments because of that. Otherwise, no real perks, but also no real drawbacks. Just a typical straightforward credit card.

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1.0

Horrible treatment of a paying customer!

By 

from Columbiaville, MI

Comments about Bank of America - Platinum Plus Visa:

My husband and I had been long time carriers of a Bank of America Visa credit card. We always paid our bill on time. When the economy took a steep downward turn which resulted in a job loss, our credit card balance went higher than usual, but was still under our limit. Even with a job loss , we continued to make at least the minimum payment on time each month. One day I decided to call and cash out some of the rewards we had built up. My request was received with a response that not only were they closing our account to future charges, but all our rewards were no longer redeemable. Seriously? Our credit scores were 750+ with no negative history and this was how they were treating us? After this negative treatment, I wouldn't carry one of their cards in my wallet ever again even if they paid me to do so.

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3.0

it is decent to use, but make sure you pay on time to save money

By 

from Erie, PA

Comments about Bank of America - Platinum Plus Visa:

I have been using credit card for about few months already. I try to pay on time to avoid paying high interest, thus save money in long run. it is ok to use for making small purchases. plus, you can pay online easily.

 
1.0

shady and dishonest entity/ no rewards

By 

from Wichita Falls, TX

Comments about Bank of America - Platinum Plus Visa:

There is nothing like a prepackaged response when I lost all of my rewards. I have been a customer since 2005 and the bad thing I done was pay my cards off. We used them for buying materials for our company. We have done this for 7 years. We had a job that gave us the funds to pay the three cards off. I went and paid them off 4 days later I get the letter from the credit reporting talking about current economic trends and balances to high. How can they be high? I just paid them off. I don’t know if we would have ever received Rewards. Our credit line was $36,000
They hide behind there credit report letter they have generated. They say check your report this is why we canceled all 3 of your cards. I had one kohls card late once on my credit report. My advice is to get your rewards before you pay off the card. bank of america is shady and dishonest entity. I will do my part to spread the word about your practices. They deserve no capital letters.

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(2 of 2 customers found this review helpful)

 
1.0

Steadily becoming the worst credit card company ever

By 

from Mukilteo, WA

Comments about Bank of America - Platinum Plus Visa:

So I have had a banking relationship with Bank Of America for more than 15 yrs. When I decided I was going to consolidate my accounts together and close my non BofA credit cards and move them to BofA I figured it would be an easy move. WRONG. They had me go through a credit analyst to move a $9000 balance to one of my empty BofA credit cards. I make NET $300k a year yet they said that I was a risk? My credit score is above 750. So when I called them up and talked to the analyst they were very rude and condescending. When I started to question their criteria I was told that perhaps they needed to reduce all of my credit lines. Remind you I have never been late, I have paid no less than 5X the minimum balance. Yet I was treated very poorly. I am searching for other banking relationships as we speak.

(1 of 1 customers found this review helpful)

 
1.0

Terrible company who operates without ethical integrity.

By 

from Cayucos, CA

Comments about Bank of America - Platinum Plus Visa:

We started out with 8% and at some point they included some small writing on the monthly bill indicating that we could have an "opportunity" to opt out of paying and increase of 25% because of inactivity on our card even though our payments were always paid on time.



When we asked them for the "opportunity" since we didn't remember seeing the fine print and never received emails they said no.



I will never have another BOA card ever again and will never bank with them in this life time.

 
3.0

Nothing special, but low rates.

By 

from Mullins, SC

Comments about Bank of America - Platinum Plus Visa:

If you want a card that gives you various things "back", this is not for you. however, the rates are rather low and there are no annual fees. In addition, one late payment doesn't push your rate sky high.

 
1.0

Credit card headache with this company!

By 

from Sebastian, FL

Comments about Bank of America - Platinum Plus Visa:

Bank of America credit card is a ripoff.  They charge outrageous interest even when you have never been late.  They are very unwilling to work with you on lowering your interest rate.  Have a good fico score and never late, they are still charging way too much interest.  Had a really low promotional interest rate along with the really high purchase interest rate and could not reason with them to lower the purchase interest rate.  They said that the average interest on the account was already low.  They failed to see that I was still paying the larger interest on the purchases balance, no matter what the promotional interest rate was, and all payments get posted to the lowest interest rate first.....

(3 of 3 customers found this review helpful)

 
1.0

You don't want this card!

By 

from Colonial Heights, VA

Comments about Bank of America - Platinum Plus Visa:

When Bank Of America purchased MBNA, everything changed for the worst. Suddenly I had 2 Bank Of America cards. Although I pay my cards on time, always pay more than the minimum payments, also make an extra payment each month, and had been an MBNA customer for 10 years, my rate was increased within 3 months when BOA took over.  Although the cards are in my name only, when my husband passed away, BOA determined I was now a high risk with too much credit available, and raised my rates from 7.5% to 21.9%. When I claimed "FOUL", and "DISCRIMINATION".the rude customer service person who barely spoke English, threatened to close both of my accounts immediately and report to the credit burea that their company had closed them. I paid them off, and will never use these cards again. It was a nightmare.

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