Bank of America Platium Debit Card

[SCTrojan]

Sorry if this has already been posted during the "Blue BVG is ending" era, but I saw this on the bank of america website

Price Protection.1 If you purchase an item with your card and later see the same item advertised for a lower price, you can receive a refund for the difference.

Seems like it could be a replacement of sorts for BVG. This card is free for Bank of America premium checking account members. To become a Premium checking account member you must have some minimum balance that is relatively large (Around 3-5 grand I think). So in some ways you could think you're actually paying for the card with the interest you're not getting from the minimum balance money, I keep a lot in my account anyways though and I'm sure many others do too. So if you're one of those you could get a free upgraded debit card with a BVG-like feature at least worth trying. Here's the link to the Bank of America site.
Bank of America ->Check Cards-> Platinum

If anyone has this card already and would like to share their experience with it I'd appreciate the input, thanks.

 

[Dragnov]

This was posted a while ago, and people said it was pretty cr@ppy. Lots of restrictions and everything... I forgot what people said.

But I've had this card for a while and its been great. Use it for most of my online purchases, as Bank of America + Visa is as good as you can go in regards to protection from online fraud and all, especially when compared to other debit cards.

I dont' think its difficult to get this card anyways... either you be a Bank of America customer for a while, or have lots of cash in your checking I think.

 

[roncarter]

thanks for the link!!! this card looks really cool!! Ive been wanting one

 

[gard]

Hi,

I have often heard that debit cards don't have the same level of protection in case of fraud, as credit cards. Don't remeber the nitty gritties on this issue, but the rule of thumb was never use debit cards online. Is this card any safer? Or, is my fear unfounded?

gard

 

[tuan121]

NICE LOOKING CARD!!! im call for one. Thanks for the head up. KEKEKE

 

[SCTrojan]

It's true debit cards don't carry AS MUCH protection as credit cards. Basically credit cards have been around for longer and have a stronger user base so there are federal/state laws requiring ceratin amounts of fraud protection, I believe you're only liable for $50. In the case of a debit card it's a higher number and it's only a policy of the company not a law. Curiously enough it says they "may" cover the fraudulent expense on the bank of america website. I think it's pretty much they'll do it as long as you report it pretty quickly, IE don't come by 2 months later and want your money back. I've been using a Gold card so far and it's been good for me so...

 

[RossMAN]

Originally posted by: gard
Hi,

I have often heard that debit cards don't have the same level of protection in case of fraud, as credit cards. Don't remeber the nitty gritties on this issue, but the rule of thumb was never use debit cards online. Is this card any safer? Or, is my fear unfounded?

gard

That's true. However your fear is not unfounded. Although some debit/check cards do offer protection against unauthorized purchases you have to file a dispute and while the matter is being investigated you're out the $. Just to be safe I always recommend to ONLY use a credit card for internet purchases, ALWAYS. Plus most credit cards offer perks (up to 2% cash rebate, travel miles, 25 day grace period, etc.).

 

[VisionsUCI]

i just signed up! thanks for the link! i had the gold check card, so i might as well see if i can upgrade

 

[Crank]

Rossman is correctamundo.
BofA does offer better protection than some, but not as good as you will get from 85% of legit. credit card companies out there.
The bummer about the BofA BVG is that they DO NOT PM Internet retailers, only real B&M stores, which makes the PM feature pretty cold because if you have to PM with a B&M you may as well go there anyway.

 

[Optical]

From personal experience, BofA is a pain in da ass to deal with when it comes to disputing charges/loss monies. I would stay away especially from the web. The last thing you want to do is to put your check card on the web. AMEX and other CC's have number generators that creates a different number for each purchase. This is much safer.

 

[T2T III]

It's true debit cards don't carry AS MUCH protection as credit cards. Basically credit cards have been around for longer and have a stronger user base so there are federal/state laws requiring ceratin amounts of fraud protection, I believe you're only liable for $50. In the case of a debit card it's a higher number and it's only a policy of the company not a law. Curiously enough it says they "may" cover the fraudulent expense on the bank of america website. I think it's pretty much they'll do it as long as you report it pretty quickly, IE don't come by 2 months later and want your money back. I've been using a Gold card so far and it's been good for me so...

Last month, my wife noticed two fraud deductions on our checking account statement. $49.99 and $1.00, respectively, was deducted from our checking account by an on-line scam. Apparently, my wife's debit card number was stolen by some shady retailer - she doesn't use the debit card for on-line purchases, so it was definately a brick and mortar retailer. However, Bank of America put the money back into our account without any hassles. BoFA just sent us a fraud form where my wife filled in the details, signed the form and dropped it the mailbox.

 

[VisionsUCI]

I guess all of us already have a BofA account, which is why the debit card is applicable to us.. I still think its a great deal, since at least for me, I have a debit card anyways. I don't use it for online purchases, but its good to just have around. They've been a good bank to me so far, and to my parents and their business. I'm glad the fraud charges worked out so well.

 

[EXman]

ONLY use a credit card for internet purchases

cannot be said enough!

 

[randypj]

As others have said....be wary of the protection that debit cards may not have (most don't have).

I've had to do 4 or 5 chargebacks with cc's, and never a problem.....as pointed out, it's covered by Federal law. Normally, just the threat of a chargeback gets the vendor's attention. I've been very happy with BofA, but will not use their debit card (or any debit card for that matter). I only have an ATM card with them.

I use a credit card for almost all my purchases. B&M and internet. Remember, you are the credit card provider's customer. The merchant is not.
--Randy

 

[aphex]

Wow, ive had this freakin card for almost 6 months now and never knew it..... BAH!

Thanks!

 

[ICantAffordIt]

I don't know why all these people try to put this fear of using your debit cards into your heads. Call your bank and ask what its policy on fraud protection is for the debit card. I use my debit card exclusively when making online purchases... my card number has never been stolen.
On the other hand, my wife's debit card (which is never used online) was used to make fraudelent online purchases of $65, $3.99, and $189. I check my bank balance about every other day so I noticed them right away, but seperately. I called B of A and the money was back in my account the same day. They didn't hassle me a bit even though I called three times to report different charges. I had to fill out a form for the $189 but they put the money in my account (the day I called) as a temporary credit until the matter was solved... which it was.
I did dispute charges on my card once with a uBid hassle (don't ask... and don't EVER use uBid), B of A helped me through that and again, gave me the $390 the same day I called (as a temporary credit until problem solved). Funny enough, once the bank was involved, uBid was pretty prompt about giving me my refund.
Anyhow, know your card's fraud protection... they may be different... and don't worry about using it online if you're covered... don't worry at all about B of A (in my experience).

 

[randypj]

I don't know why all these people try to put this fear of using your debit cards into your heads.

Maybe the link below will give you the beginnings of a clue. Sorry.....it's the only one I could come up with in 30 seconds.
--Randy

Fake Visas and Mastercards

 

[dexmanone]

this card does require a $5k balance or a mortage with them. If I have $5k in a "checking" account just for a float, I need help. First I would either put it in savings to earn interest, buy bonds or invest in some way. What you get out of the card (vs the gold card) is not work having $5k wasting away doing nothing.

Also, I had my debit card stolen when I left it in my shirt pocket and took my shirt to the cleaners. Yup, got used. Tho only about $200 worth of gas, I was out the money until I received the form and mailed it back. All in all a few weeks.

Just another story...........

 

[tallest1]

Doesn't BoA have a really low interest rate? I'm considering leaving them because I have a monthly fee + they pocket all of the interest on whatever amount I have

 

[Almighty1]

Actually guys, I think as long as the debit card carries the VISA/MasterCard logo then there is some federal law governing it. Let's also remember that Visa is a trademark of Visa International which was known as BankAmericard originally before it was split into a separate entity and known as Visa. Not everyone has credit so some people may only be able to get a check card and not a real credit card. You have 60 days by law from the billing date to dispute any charges and BofA does give you up to 6 months.

 

[kendogg]

Thank you for applying for a Bank of America Platinum Check Card.

What comes next-

We'll mail your Check Card to the address listed on your checking account within seven to ten business days.

Your personal identification number (PIN) will remain the same as the PIN on your current ATM or Check Card. If you don't have an ATM or Check Card, you'll receive your new PIN in the mail, separate from your Check Card.

Please destroy your old Check Card upon receipt of your new one.

Does this mean I got accepted right on the spot..

wow.. I dont have much money in my account either. .. interesting..

 

[MISMan]

Guys, be careful on the fees. I am a Premier Banking member, and you have to have a 100K minimum relationship with BOA to avoid fees (or be on your way to 100K). Just an FYI... The Gold is available at no extra fee to the Advantage members, but Premier is pricy with fees if you do not meet the requirements. Read the fine print.

 

[Almighty1]

Woah... $100k? For $100k, you probably already have a Master Relationship Account with BancAmerica Securities or better yet, go to Fidelity Investments and get the Visa Check Card for $5k or American Express Gold Card for $30k....

 

[kt]

Originally posted by: MISMan
Guys, be careful on the fees. I am a Premier Banking member, and you have to have a 100K minimum relationship with BOA to avoid fees (or be on your way to 100K). Just an FYI... The Gold is available at no extra fee to the Advantage members, but Premier is pricy with fees if you do not meet the requirements. Read the fine print.

What do you mean by 100K minimum relationship with BofA? I started out with a regular checking card, then the upgraded mine to a Gold checking card. About 6 months ago, they sent me the Platinum checking card. They did all this without me asking them to or anything. The only thing I've used that card for is withdrawing money from the ATM.. that's about it, never heard of all these benefits. The only reason I can think of them giving me the Platinum card is when I needed to put a down payment for purchasing my house. My loan agent said that I should I have the whole down payment amount sitting in my bank account for at least 2 months before hand. So, I transfered a big chunk of money from my investment account to the BofA checking account. Then BAM! 2 weeks later, they sent me that Platinum card. I don't think mine's a Premier Checking account either. I got it when I was a student (one of those special student checking account they offer on the sidewalk at our campus) and I haven't told them to upgrade or anything. Anyway, back to my original question.. when you say 100K relationship with BofA, do you mean $100K worth of transaction activities with the account or what?

 

[Crank]

I *think* he's talking about the BofA Prima account - it's their version of a money market savings account. You have to have a minimum combined balance (over ALL BofA accounts) of $10K (NOT $100K) in order to avoid paying the monthly fee for the account.