Bank of America Corp. plans to sell $750 million of bonds backed by credit card payments, according to a person familiar with the offering.

The top-rated portion of the debt matures in about 2.92 years, said the person, who declined to be identified because the terms are not public. The Charlotte lender last issued asset-backed securities tied to credit cards in May 2009.

Sales of bonds backed by credit card payments have fallen as banks increasingly rely on deposits to fund consumer credit.

They have dropped to $2 billion this year, from $13.7 billion during the same period of 2009.

Top-rated debt backed by credit card payments yields about 0.62 percentage point more than Treasuries, compared with the 0.88 percentage point spread at Jan. 1, according to a Bank of America Merrill Lynch index. The debt yielded 2.92 percentage points more than benchmarks a year earlier.

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