The Efectiva Visa credit card, issued by Bank of America, is a rewards card for those who are particularly interested in cash back reward programs with their credit cards. This card also caters to a larger market by offering their services in both English and Spanish. Cardholders have the option of receiving all customer communication, via telephone or mail, in English or Spanish. The Efectiva Visa website is also available in your choice of languages.
This credit card works on a points reward system. Cardholders will earn 5 points for the first purchase made with their card, 1 point for every $100 in net monthly purchases, and 5 points per every $2,500 in net monthly balance transfers, provided the bank account used for the transfer is not associated with Bank of America. Points earned are good for four years, and are redeemed in increments of 50 points, which is equal to $50 cash back. There is no annual limit on the amount of points that can be redeemed. Rewards can be received in the form of a check or a deposit to your Bank of America checking or savings account, and can be redeemed online or over the telephone.
A major benefit of the Efectiva Visa card is that there is no annual fee or program fee. There is also a 0% APR for the first six billing cycles, which applies to all purchases and balance transfers. After the first six months a variable APR will be applied. Although it is dependent on the cardholder's credit standing, the APR for purchases on this card is comparably low. However, the APR for cash advances has a minimum cap of 19.99%, because it is based on the Prime Rate. Thus the APR for cash advances will not fall below 19.99%.
Cardholders will receive several platinum member benefits, including zero liability for unauthorized use, auto rental insurance, card replacement services, extended warranties on products purchased, and emergency travel and medical assistance services. Members can also receive additional cards at no extra charge. This card has a grace period of at least 20 days during which finance charges do not accumulate on new purchases.
Other fees associated with the Efectiva Visa are either average or slightly below average based on comparable credit cards. These include a $35 fee for going over the credit limit, and a 3% cash advance fee.
For users who are interested in benefiting from the cash back rewards program and the platinum member benefits, this card is a good choice. If the cardholder has a strong credit score and the ability to pay their balance in full each month, this card will pay off in the end with the point redemption and the receipt of cash back for purchases made throughout the year.
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