For information about rates, fees, other costs and benefits associated with the use of this card, see
Terms and Conditions accompanying application. This credit card program is issued and administered by Bank of America, N.A.
* To be eligible for the quarterly cash reward, cardholders must have an open account with a payment due each month of the quarter. A zero balance or credit balance does not qualify.
** The card account will qualify for the $5 customer bonus per quarter if the primary or co-applicant has a checking, savings or retirement account with Bank of America or any account with Merrill Lynch or U.S. Trust.
The average credit card balance is $4,000, with an interest rate of 15%. If you were to pay just the minimum each month, it would take you 20 years to pay it off.
Source for the card balance (rounded up for simplicity): https://www.credit.com/debt/five-shocking-credit-card-debt-statistics
Source for interest rate: http://www.bankrate.com/finance/credit-cards/rate-roundup.aspx
Source calculator: http://www.bankrate.com/free-content/credit-cards/calculators/free-minimum-payment-calculator
If the average person has 4 credit cards and the average late fee is worth $25, a late payment on each of their cards every month would cost them upwards of $1,200 per year.
Source for how many credit cards somebody has: http://www.postconsumers.com/education/how-many-credit-cards-does-the-average-american-have/
Source for the average late fee: http://www.creditcards.com/credit-card-news/feds-cap-credit-card-late-payment-fee-25.php
MasterCard is a registered trademark of MasterCard International Incorporated, and is used by the issuer pursuant to license. Better Balance Rewards is a trademark and BankAmericard, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.