Question

Why is Bank of America offering a new premium credit card for its high-end customers? explain

Answer #1

Here are five reasons to add the Bank of America Premium Rewards Credit Card to your wallet.

1.Diversify Your Rewards

2.Redeem Valuable Travel Credits

3.Score a Large Sign-up Bonus

4.Get a Good Return on Everyday Spending

5.Spread Out Your Applications

The Bank of America Premium Rewards Credit Card doesn’t come with flashy travel perks like lounge access or elite status. Instead, it offers cash-back rewards that are flexible and easy to redeem, and the opportunity to earn a solid return on everyday spending. The sign-up bonus provides a lot of extra value up front, and the card effectively pays for itself through the annual airline credit. If you’re looking to earn points outside of airline and hotel loyalty programs, this card is a good place to start.

7.30 Credit card fees. A bank wonders whether
omitting the annual credit card fee for customers who
charge at least $5000 in a year would increase the
amount charged on its credit card. The bank makes
this offer to an SRS of 125 of its existing credit card
customers. It then compares how much these customers
charge this year with the amount that they charged
last year. The mean is $685, and the standard deviation
is $1128.
(a) Is there...

A
bank is interested in determining the mean credit card balance for
its customers. From a sample of 70 customers, the bank determined:
X-Bar = $9312
Sample Standard Deviation = $4007
Calculate the 95% confidence interval.

A bank wishes to estimate the mean credit card balance owed by
its customers. The population standard deviation is estimated to be
$700. If a 99% confidence interval is used and a margin of error of
$100 is desired, how many customers should be sampled?

A local bank reviewed its credit card policy with the intention
of recalling some of its credit cards. In the past approximately 4%
of cardholders defaulted, leaving the bank unable to collect the
outstanding balance. Hence, management established a prior
probability of .04 that any particular cardholder will default. The
bank also found that the probability of missing a monthly payment
is .10 for customers who do not default. Of course, the probability
of missing a monthly payment for those...

10. A bank wonders whether omitting the annual credit card fee
for customers who charge at least $2,500 in a year will increase
the amount charged on its credit cards. The bank makes this offer
to a simple random sample of 200 of its credit card customers. It
then compares how much these customers charge this year with the
amount they charged last year. The mean increase in the sample is
$346 and the standard deviation is $112. Give a...

Grand Opening Bank is offering a one-time investment
opportunity for its new customers. A customer opening a new
checking account can buy a special savings bond for
$800
today, which the bank will compound at
5.5%
for the next ten years. The savings bond must be held for at
least five years, but can then be cashed in at the end of any year
starting with year five. What is the value of the bond at each
cash-in date up...

A major store is interested in estimating the mean amount its
credit card customers spent on their first visit to the chain's new
store. Fifteen credit card accounts (n=15) were
randomly sampled and analyzed with the following results: X-bar =
50.5 and S = 20.
Construct a 95% confidence interval for the
mean amount its credit card customers spent on their first visit to
the chain's new store.
Interpret the results (the interval) you got.

Kmart store chain is interested in estimating the mean amount
its credit card customers spent on their first visit to the chain's
new store in Mandurah. Fifteen credit card accounts were randomly
sampled and analyzed with the following results: top enclose x =
$50.50 and S = 20. Assuming the distribution of the amount spent on
their first visit is approximately normal, construct a 95%
confidence interval for the mean amount its credit card customers
spent on their first visit...

Credit Card Sales The Kitchen Store accepts cash, personal
checks, and two credit cards when customers buy merchandise. With
the Great American Bank Card, The Kitchen Store receives an
immediate deposit in its checking account when credit card sales
slips are deposited at the bank. The bank charges a three percent
fee. With the United Merchants Card, The Kitchen Store mails the
credit card sales slips to United Merchants’ regional processing
center each day. United Merchants accumulates these slips for...

A bank has recently begun a new credit program. Customers
meeting certain credit requirements can obtain a credit card. Past
records show that 25% of all applicants for this card are rejected.
If we take the next 20 applicants, calculate the probability
that:
i) exactly four applicants will be rejected
Ii) Less than three applicants will be rejected.

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