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Balance Transfer to The Rainbow Card Platinum Plus Visa Card The Rainbow Card® Platinum Plus® Visa® Card


The Rainbow Card Platinum Plus Visa Card
Intro APR: 0%

 Issuer: Card issued by FIA Card Services, NA.
Bank of America presents The Rainbow Card® Platinum Plus® Visa® Card

  • For every new account that is opened and every purchase made with the card, Bank of America will make a contribution to the Rainbow Endowment - at no additional cost to you! The Rainbow Endowment is a grant making organization that funds the GLBT community.
  • Earn 1 point for every net retail dollar and redeem your points for travel, merchandise, gift certificates, and cash
  • No annual fee
  • Online account access, get up-to-the-minute account information, schedule payments online, review statements and much more.

The Rainbow Card® Platinum Plus® Visa® Card features:


Intro APR: 0%
Fee: 3% transaction fee, no less than $10
Rate: Fixed
Rate: 9.99% / 15.99%
Balance Transfer: Yes
Intro Rate: 0%
Intro Term: 12 months
Annual Percentage Rate (APR) Purchases: Platinum 9.99% / Preferred 15.99%
Annual Percentage Rate (APR) Balance Transfers: Intro Rate - 0% for first 12 billing cycles. Goto rate is a fixed rate 0f 9.99% / 15.99%
Balance Transfer Fee: 3% transaction fee, no less than $10 and no max
Annual Fee: None
Additional Cardholders: No Fee
Grace Period: 20 Days (Min.)
Grace Period Terms: At least 20 days from the statement Billing Date (provided you fully paid your New Balance from the previous statement by its Payment Due Date)
Late Payment Fee: Based on Account balance on the fee assessment date - $15 for balances less than or equal to $100, $29 for balances $100.01 to $250, $39 for balances greater than $250.
Over Credit Limit Fee: Based on Account balance on the fee assessment date - $15 for balances less than or equal to $500, $29 for balances $500.01 to $1,000, $39 for balances greater than $1,000.
Annual Percentage Rate (APR) for Cash Advances: 19.99%
Cash Advance Fee: 3%, 10 no max





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Its All About the Details

In Part II of this article, we looked at some of the things that people to need to watch out for in implementing this balance transfer arbitrage strategy. It wasn't the complete list, but it was enough to make it crystal clear that careful attention has to be paid to the details - the fine print - in order to profit from balance transfers. As I mentioned in Part I, the details are in the terms & conditions of the offer. Today, we're going to examine the terms & conditions from an actual balance transfer offer I received in the mail to determine if it is good enough to make some free money with if we accept the issuer's credit card. I recently received an offer from American Express for its Blue Cash card, so we are going to take a look at the terms & conditions for Blue Cash.

Here's What We're Looking For

Here are 4 things to know when screening balance transfer offers for this arbitrage strategy:

(1) The APR for the balance transfer;
(2) The transaction fee to transfer the balance and the caps;
(3) The annual fees; and
(4) The length of time for the promotional interest rate.

In reviewing at the terms & conditions for the American Express Blue Cash card, I noticed the following:

(a) There's a 4.99% APR for the life of the balance on balance transfer requests submitted with the credit card application - any subsequent balance transfers will be subject to the substantially higher, standard purchase APR;
(b) There's no balance transfer fee with the offer, but subsequent balance transfers may be subject to an unknown balance transfer fee;
(c) No annual fee; and
(d) The 4.99% APR is good for only 6 months.

A few other details: American Express has its own bank and by accepting their offer to transfer credit card balances to that bank, you authorize it to forward the balance transfer check to the credit card company the balance is being transferred from. The card also offers up to 5% cash back on purchases and has a 0% APR on purchases for the first 6 months of membership, but after that the purchase APR rises significantly. Depending upon your credit history the purchase APR, which is a variable one, could range from 13.24%, 15.24% or 18.24%.

The Verdict is In

If you've read Parts I & II of this article, you know that the objective of the balance transfer arbitrage strategy is to make a profit on the spread between what it costs you to borrow the money and the net interest you pocket on the borrowed money after you pay off the card balance. The greater the spread, the greater the opportunity to make a profit and the narrower the spread, the smaller the opportunity to make a profit. Based upon its terms & conditions, the American Express Blue Cash card offer is an extremely poor candidate for the arbitrage game. For starters, the balance transfer APR of 4.99% makes our cost of funds too high to overcome. 0% APR is best. Second, the 6 month time frame is too short. Look for a 12 to 15 month time frame. Lastly, by accepting the offer, a cardholder authorizes American Express' bank to issue and forward the balance transfer check to his or her old credit card issuer. This completely knocks out any chance of making money with this strategy! The offer must permit a cardholder to write a check to himself/herself, and must be able to do so without the check being treated as a cash advance. Oh well, its time to google "balance transfer offers" because, I really don't want to sort through stacks of junk mail again.

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  • Transfer your balance to The Rainbow Card® Platinum Plus® Visa® Card

  • Many people are talking about a home equity loan, at work, weekends and even at the dinner table. Why is it the flavor of the month and what should you know about a home equity loan to ensure you stay out of strife if you decide to enter this realm.

    Owning your home is a valuable asset for anyone in a lifetime. If you agree to a home equity loan, you are in fact putting this great asset at risk. Home equity loans are appealing due to the low interest rates and (in some cases) the tax deductibility of interest, but they also represent a risky business.

    It sometimes has to be faced, if things don’t work out. Consider a significant expense and not to having the necessary cash to cover it. Examples of such expenses are medical bills, major house repairs or a child’s college education. A home equity loan could be the solution to your financial problems, at least for a short term. By using the equity you’ve built in your home over time you can borrow a significant amount of money. You have to repay the amount borrowed plus a (usually) low interest over a fixed period of time. If you fail to do this, you may lose your house.

    Usually, in order to pay off the entire loan until the fixed time, you are required to make equal monthly payments. The lenders are obliged to disclose all important facts of their home equity plan, all terms and costs, such as the APR, different charges, and payment terms. After you have received this information, lenders do not normally charge any other fee that has not been specified in the plan. When you take on a home equity loan, you have normally had a few days from the day the account was opened to cancel it.

    There are some basic although important things you should consider when you’re considering a home equity loan, in order to avoid a life changing mistake sometimes.

    Firstly, if you have money problems, you must consider other options too, before using the equity in your home. Talk to your creditors or contact a budget counseling organization. A plan that would consolidate or reduce your payments might be enough to get you out-of-trouble. Also ask the opinion of someone other than the lender offering the home equity loan. someone you trust and who is reasonably knowledgeable.

    If you decide a home equity loan is what you want, you should research the offers of several lenders, including banks or a credit union.

    There are many lenders who make use of abusive lending practices and you must be aware of these practices if you want to minimize your risks. Here are some scenarios of such practices.

    • Equity stripping. You have built up equity in your home but you don’t have much income coming each month and you need money. A lender encourages you to make a home equity loan, even if you explain that your income is not enough to keep up with it. Of course, the lender doesn’t care if you are not able to pay, he has nothing to lose, on the contrary, he wins a lot. If you are not cerebral enough to get a realistic view of things and let yourself be easily persuaded you will probably lose your home.

    • The balloon payment. You’ve already made a home equity loan and, fail to pay the mortgages and you’re very close to losing your home. Another lender offers to save you by refinancing and lowering your monthly payment. You have to be very attentive regarding the loan terms. The reason why the payments are lower may be that he asks you to repay only the interest rate each month. At the end of the term, you may find you still have to pay the entire amount that you borrowed. This sum is called a balloon payment.

    • The home improvement loan. A contractor offers to remodel your kitchen, or install a new roof at a low price. You explain you can’t afford this, but he offers to arrange finance through a lender he knows. You agree and he begins work. At some point, you are being asked to sign a lot of papers without having enough time to read them and you sign them. Later, you realize you’ve signed a home equity loan, and even one with aberrant terms and interest rates.

    By using the equity in your home, you can benefit by receiving a significant fixed amount of money, repayable over a fixed period, available for any kind of use and at a low interest rate. You may also be allowed to deduct the interest, under the tax law. At a first glance, the home equity loan sounds appealing. But, on the other hand, if you fail to repay, for one reason or another, you may lose your home. Bottom line is that a home equity loan is a good thing if managed and used carefully. If you are considering a home equity loan, you should carefully balance costs vs. benefits, before charging ahead.


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  • Tired of high charges? Find the best database for credit cards! Read the fine print and find the Annual Percentage Rate (APR). This is the interest rate the companies charge you if you carry a balance. You want the lowest rate possible; as each percentage point drop will save you money on the months you have an outstanding balance.