Bank Of America Power Rewards Credit Card Review
Author: quiznut1
Posted: Mon Mar 13, 2006 2:36 pm
Post subject: Latest news - Bank of America Power Rewards Card still 2%
It was previously discussed in this forum about the Bank of America Power Rewards Visa credit card, a card that offered a $1,000 statement credit at 50,000 points (1 point for every dollar you spend). This is a 2% cash back rate, but with the MBNA/Bank of America merger, it was under some suspicion that the 50,000 point reward for $1,000 was going away. The removal of the reward from this website also seemed to confirm that:
Bank of America Power Rewards Visa Platinum
However, after placing 3 calls to the Power Rewards Center in the span of about 3 weeks, which is the very number that customers of this card must call in order to redeem their rewards, the representative's answer has been the same. This 50,000 point reward for a $1,000 statement credit is not going away. The representative has told me each time as well that the reasoning for the removal of the 50,000 point reward from the website above, is that customers are now required to CALL to request this reward. This 50,000 point reward is no longer redeemable online, as well as the 35,000 point reward for $600 (1.5% cashback).
I also asked if there was any chance the 50,000 point reward would be going away in the near future that had anything to do with the merger, or any other reason, and they have consistently told me no.
This means now that this card is still available at a 2% cash back rate if you can earn 50,000 points in 5 years, at a rate of 10,000 points per year (because the points expire after 5 years), 1 point for every dollar you spend. I am definitely thinking of applying for this card when I get out of school.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Tue Mar 14, 2006 8:38 am
Post subject:
Thanks for the update! Interesting. If this offer is still around by this summer, I think I will do the same. I did the math today on my Blue Cash card and I'm earning an effective rebate rate of 1.77%. So, not too far off.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Tue Mar 14, 2006 10:48 am
Post subject:
Well, if that reward isn't mentioned online, you're going to have a wonderful time convincing some CSR years from now that you're still entitled to it. I'd suggest you get it in writing. Rewards come and go and can change at any time.
That's one reason why I prefer cash rewards credited to my account at once.
Author: Woolfman
Posted: Wed Mar 15, 2006 4:07 pm
Post subject: Bank Of America Power Rewards Credit Card Review
I picked up a brochure the other day at the
Bank about this card, and I was wondering how it worked.
Now that I know you have to reach 50,000 points I think
I'll pass.
Author: violincool
Posted: Tue Mar 28, 2006 2:58 pm
Post subject:
Hi,
I have the Power Rewards Visa and called today- they told me you can get a $450 credit with 30,000 points (1.5% cashback) and then the next tier is the $1k at 50,000 points. A bit of a bummer, because the $650 at 35k points is a better deal! But alas, it no longer exists according to the man I spoke with.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Mar 13, 2006 2:36 pm
Post subject: Latest news - Bank of America Power Rewards Card still 2%
It was previously discussed in this forum about the Bank of America Power Rewards Visa credit card, a card that offered a $1,000 statement credit at 50,000 points (1 point for every dollar you spend). This is a 2% cash back rate, but with the MBNA/Bank of America merger, it was under some suspicion that the 50,000 point reward for $1,000 was going away. The removal of the reward from this website also seemed to confirm that:
Bank of America Power Rewards Visa Platinum
However, after placing 3 calls to the Power Rewards Center in the span of about 3 weeks, which is the very number that customers of this card must call in order to redeem their rewards, the representative's answer has been the same. This 50,000 point reward for a $1,000 statement credit is not going away. The representative has told me each time as well that the reasoning for the removal of the 50,000 point reward from the website above, is that customers are now required to CALL to request this reward. This 50,000 point reward is no longer redeemable online, as well as the 35,000 point reward for $600 (1.5% cashback).
I also asked if there was any chance the 50,000 point reward would be going away in the near future that had anything to do with the merger, or any other reason, and they have consistently told me no.
This means now that this card is still available at a 2% cash back rate if you can earn 50,000 points in 5 years, at a rate of 10,000 points per year (because the points expire after 5 years), 1 point for every dollar you spend. I am definitely thinking of applying for this card when I get out of school.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Board Monitor
Posted: Tue Mar 14, 2006 8:38 am
Post subject:
Thanks for the update! Interesting. If this offer is still around by this summer, I think I will do the same. I did the math today on my Blue Cash card and I'm earning an effective rebate rate of 1.77%. So, not too far off.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Tue Mar 14, 2006 10:48 am
Post subject:
Well, if that reward isn't mentioned online, you're going to have a wonderful time convincing some CSR years from now that you're still entitled to it. I'd suggest you get it in writing. Rewards come and go and can change at any time.
That's one reason why I prefer cash rewards credited to my account at once.
Author: Woolfman
Posted: Wed Mar 15, 2006 4:07 pm
Post subject: Bank Of America Power Rewards Credit Card Review
I picked up a brochure the other day at the
Bank about this card, and I was wondering how it worked.
Now that I know you have to reach 50,000 points I think
I'll pass.
Author: violincool
Posted: Tue Mar 28, 2006 2:58 pm
Post subject:
Hi,
I have the Power Rewards Visa and called today- they told me you can get a $450 credit with 30,000 points (1.5% cashback) and then the next tier is the $1k at 50,000 points. A bit of a bummer, because the $650 at 35k points is a better deal! But alas, it no longer exists according to the man I spoke with.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:44 AM
0 Comments:
Post a Comment
<< Home