An affinity card is a type of credit card issued by the bank of America. An affinity credit card program is a kind of program which allows an organization(s) to offer its members and supporters benefits. Often, a charitable organization whose logo appears on the card. Each time the card is used, a percentage of the transaction is donated to the organization.
An affinity credit card program may pay the brand owning organization a bonus for each new account generated, plus a percentage of every transaction charged to the card.
In some cases, the brand-owning organization will form a revenue and profit-sharing joint venture on a 50/50 basis. The venture is funded by the interchange income from the card scheme such as MasterCard or Visa, fees, charges and credit lent to cardholders.
Affinity credit cards are offered by many retailers, shopping centres, airlines, universities, alumni associations, sports teams, professional associations and others, and increasingly by small and mid-sized nonprofits and membership-based groups that rely on these programs for incremental revenue.
What Is an Affinity Card?
Have you ever seen a credit card co-branded with a sports team or a non-profit organization? If not, Affinity cards are one of their kind.
An affinity card is a type of credit card where a credit card issuer has partnered with an organization, often a non-profit organization. People choose an affinity credit card to show their loyalty to the organization or because using the credit card helps the organization.
The partnership between the credit card issuer and the organization helps to market the credit card to reach more customers, especially when the organization has a large audience
Breaking Down of Affinity Card
Although affinity cards may seem like a collective win for the bank (Bank of America), organization, and cardholder, there are negatives as well.
Affinity credit cards offer fewer of the perks (such as warranty coverage) other cards do, they sometimes charge higher fees, and the amount donated to the charity (which is not tax-deductible to the cardholder) is very small often about .05%.
Nevertheless, affinity cards are popular with consumers who like the idea of giving as they spend. Note that affinity cards are distinguished from co-branded credit cards, which are issued by the bank and business (e.g., retailer, airline) and offer personal benefits (e.g., discounts, points) to the cardholder.
How Affinity Credit Cards Work
Affinity credit cards help generate revenue, build loyalty, and spread the organization’s message. Whether your purchases actually make an impact on the organization depends on the agreement between the organization and the credit card issuer.
Take, for instance, Florida College receives 1 per cent of the total net volume of retail purchase made on the Florida College Rewards Platinum Visa Credit Card from Suncoast Credit Union. The college uses the funds to pay for student scholarships.
Feature of Affinity Credit Card
On the credit card, you will enjoy the following features. These features set Affinity cards out among other credit cards of their kind.
No Transaction Fees
Pay no transaction fees when you use your Affinity credit card to pay for goods and services. Cross border handling fees apply to non-Euro transactions.
No Annual Fee
No additional annual fees are applied to your Affinity Card. Credit Card Accounts are liable to annual Government Stamp Duty of €30.
You can make quick, easy and contactless payments using your phone/ devices. The mobile app is available on Google play store for Android user Apple Store for iOS users.
Supporting your College
We make a donation when you become an affinity cardholder, as well as donating an additional payment to your University’s alumni fund for each year your Affinity card is active. You also receive your college branded credit card.
24 Hour Approval
This simply means the next working day provided that we are in receipt of all relevant information and documentation.
Applications for non-Bank of Ireland customers and applications referred to underwriting may take longer.
Low-Cost Installment Option
Spread the cost of larger purchases at a great low rate by taking advantage of our unique credit card Installment Plan.
Paying with Contactless
Contactless payments allow you to make purchases up to the value of €50 at home and abroad by simply tapping your card on the reader.
Emergency Cash Service
Should you lose your Affinity card while abroad, we will cancel your card. If you are abroad we can provide you with an Emergency Cash Advance Facility in most countries (Subject to available credit, fees and charges may apply).
Free Additional Cardholders
Add up to 3 additional cardholders and still pay government stamp duty only once.
How to Join Affinity Program
It is easy to join an affinity program, apply for a credit card with Affinity is also simple. The application process is very simple and easy to go about. You only need to follow the steps below to join Affinity.
Step 1 ====> You need to visit Affinity Cards official application page
Step 2 ====> On the page, locate and click on the Join affinity button
Step 3 ====> On the next page, locate and click on the Join Now button
Step 4 ====>After that, an application form will come up, fill in the form and submit
Step 5 ====> Once your application is approved, you are now a member of the Affinity community
Once you follow the steps explained above, you should be able to have completed your application.
Affinity Cards Application Requirement
====> Applicant must have met all recent payments on my credit commitments e.g. credit cards, hire purchase agreements, store cards, personal loans
====> Applicant mortgage repayments are fully up to date and not currently in a forbearance or any other reduced payment arrangement with a mortgage provider
====> Applicant must be 18 years of age and above
====> Applicant must have been in receipt of regular income for the past 6 months
====> Applicant salary / income must paid into Current Account
====> Applicant must be a resident in the Republic of Ireland and have been for at least the past 6 months
====> In the past 24 months, the applicant has not entered into, any type of arrangement on my mortgage, which reduced my payments to an amount less than the originally contracted mortgage payments
====> Applicant must have an income over €16000
Apply for Affinity Card
You can use the online application form which only takes 5 minutes to complete. You can also call the credit card team if you have any questions or call your local branch.
Step 1 ====> You need to visit the Affinity credit card official application page
Step 2 ====> On the application page, choose the card you are applying for
Step 3 ====> Now provide your personal information in the space provided
Step 4 ====> After that, provide your financial details in the space provided
Step 5 ====> The enter card details
Step 6 ====> Review and complete the application process
That is all, you have just completed the Affinity card application process
Affinity Card Login Guide
Now to you have completed your application process, you need to login into your account. Accessing your online account will give room for other activities through your account?
Step 1 ====> You need to visit the official login page
Step 2 ====> On the page, access the login widgets
Step 3 ====> Now enter your login details (username and password) in the space provided
Step 4 ====> Finally on this aspect, click on the login button to access your Affinity credit card online account.
Affinity Card Payment Process
As a matter of fact, the best you could enjoy from your card is the ability to make a payment on time without any delay.
The Affinity credit card payments process us very simple and easy. Once you have created your online account, the payment could be made through the online process as well.
You need to login into your online account, follow the on-screen process to make your payment via Affinity card.
An Affinity credit card program is a kind of program which allows an organization(s) to offer its members and supporters benefits. Often, a charitable organization whose logo appears on the card. Each time the card is used, a percentage of the transaction is donated to the organization.
This article had cover things you need to know about credit. We had run through the features and the benefits of this credit card. We run through the application and login guide, we also run through the online payment process of Affinity card.