JP Morgan Chase, Citigroup and American Express were among those who have taken advantage of TALF, the Fed's Term Asset-Backed Securities Loan Facility. Together, they've sold $21 billion in card-backed debt this year through the facility. But Bloomberg reports Bank of America has not been able to use the program for its credit card receivables.

"Bank of America, the only major card-issuer that didn't sell any, lacks enough quality loans in its credit-card trust to sell TALF bonds without being labeled a subprime issuer," the news service reports. This may not hurt vis a vis its competitors, as TALF issues are declining across the board. But the news throws a less than flattering light on Bank of America's card debt.

Bloomberg notes Bank of America's 13.82 percent credit-card default rate in July, the highest among the biggest lenders. And just 68 percent of the loans have FICO scores above 660. If you fall below 70 percent, you are given subprime status. 

For more:
- here's the Bloomberg article

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