1 Point For Ever Dollar Spent on Credit Card From Bank Of America
Author: quiznut1
Posted: Mon May 29, 2006 6:43 pm
Post subject: Bank of America Power Rewards Card - a revelation hit me
Hey guys,
Many of you have heard about or know about the Bank of America Power Rewards credit card. Here are some details if you are unaware.
No annual fee.
1 point for every dollar you spend.
No limit to how many points you can earn in a year.
Redeem 30,000 points for $450 statement credit (1.5% cash back), 50,000 points for $1,000 statement credit (2% cash back).
Points expire in 5 years.
Anyway, I just found out a little secret about Power Rewards and this credit card. Are you fearful as I was that you're not going to spend enough to reach the 1.5% or 2% cash back threshold before your points expire?
I just got off the phone with a Power Rewards representative who told me that any Power Rewards card user can purchase Power Rewards points in 1,000 point increments for $20, which will be charged against your credit line. You can purchase up to 10,000 points each statement cycle.
What does this mean? This means that by the time that 5th year comes around and your points are ready to expire, you can "bump" your points up to the redeemable level of 30,000 (for 1.5% Cash Back), or 50,000 (for 2% Cash Back).
Here's an example:
I spend $40,000 over the course of 4 years, 10 months. So far I've earned 40,000 points, because it's 1 point for every dollar I spend. I want to get the full 2% Cash Back, so I purchase 10,000 points for $200. I can now redeem my points for a $1,000 statement credit. I get the initial $200 "investment" back for those points, and still get 2% Cash Back on the $40,000 I spent ($800).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cameron
Posted: Mon May 29, 2006 7:38 pm
Post subject:
very interesting thanks for sharing. I think I will get this one, although I have so many new CC apps in the works now I wil need to wait for a month or 2.
Author: spjoink
Posted: Mon May 29, 2006 8:19 pm
Post subject: 1 Point For Ever Dollar Spent on Credit Card From Bank Of America
well its okay < but $800 in four years isnt that much...
spjoink
But its better than me spending $395 for my amex platium every year!
spjoink
Author: quiznut1
Posted: Mon May 29, 2006 8:40 pm
Post subject: 1 Point For Ever Dollar Spent on Credit Card From Bank Of America
Quote:
well its okay < but $800 in four years isnt that much...
spjoink
Well, you're right, it isn't much, but it's still 2% cash back, and I would still use my 5% cards like Citi Dividend for gas, grocery, and drugstore. The thing is, what I was pointing out was in a sense "leveling the game" for the small guys who won't charge as much per year to their credit cards (aka - me! ). I think that is the big reason why people don't apply for this card, because it takes so long to get to 30,000 or 50,000 points, especially at 1 point per dollar.
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 May 30, 2006 12:43 am
Post subject:
Very interesting. It almost pays to buy the full $10,000 points every month if you use the card, then, so that ALL your purchases get a 2% rebate and you don't have to wait more than 5 months to cash them in on each purchase! Only downside is losing the interest on the (at most) $1000 you'll spend (5X$200 per month) to reach the 50,000 points level...
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: Board Monitor
Posted: Tue May 30, 2006 12:28 pm
Post subject: 1 Point For Ever Dollar Spent on Credit Card From Bank Of America
QuizNut-
You are truly a savvy consumer my friend. Love you style!
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
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 May 29, 2006 6:43 pm
Post subject: Bank of America Power Rewards Card - a revelation hit me
Hey guys,
Many of you have heard about or know about the Bank of America Power Rewards credit card. Here are some details if you are unaware.
No annual fee.
1 point for every dollar you spend.
No limit to how many points you can earn in a year.
Redeem 30,000 points for $450 statement credit (1.5% cash back), 50,000 points for $1,000 statement credit (2% cash back).
Points expire in 5 years.
Anyway, I just found out a little secret about Power Rewards and this credit card. Are you fearful as I was that you're not going to spend enough to reach the 1.5% or 2% cash back threshold before your points expire?
I just got off the phone with a Power Rewards representative who told me that any Power Rewards card user can purchase Power Rewards points in 1,000 point increments for $20, which will be charged against your credit line. You can purchase up to 10,000 points each statement cycle.
What does this mean? This means that by the time that 5th year comes around and your points are ready to expire, you can "bump" your points up to the redeemable level of 30,000 (for 1.5% Cash Back), or 50,000 (for 2% Cash Back).
Here's an example:
I spend $40,000 over the course of 4 years, 10 months. So far I've earned 40,000 points, because it's 1 point for every dollar I spend. I want to get the full 2% Cash Back, so I purchase 10,000 points for $200. I can now redeem my points for a $1,000 statement credit. I get the initial $200 "investment" back for those points, and still get 2% Cash Back on the $40,000 I spent ($800).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: cameron
Posted: Mon May 29, 2006 7:38 pm
Post subject:
very interesting thanks for sharing. I think I will get this one, although I have so many new CC apps in the works now I wil need to wait for a month or 2.
Author: spjoink
Posted: Mon May 29, 2006 8:19 pm
Post subject: 1 Point For Ever Dollar Spent on Credit Card From Bank Of America
well its okay < but $800 in four years isnt that much...
spjoink
But its better than me spending $395 for my amex platium every year!
spjoink
Author: quiznut1
Posted: Mon May 29, 2006 8:40 pm
Post subject: 1 Point For Ever Dollar Spent on Credit Card From Bank Of America
Quote:
well its okay < but $800 in four years isnt that much...
spjoink
Well, you're right, it isn't much, but it's still 2% cash back, and I would still use my 5% cards like Citi Dividend for gas, grocery, and drugstore. The thing is, what I was pointing out was in a sense "leveling the game" for the small guys who won't charge as much per year to their credit cards (aka - me! ). I think that is the big reason why people don't apply for this card, because it takes so long to get to 30,000 or 50,000 points, especially at 1 point per dollar.
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 May 30, 2006 12:43 am
Post subject:
Very interesting. It almost pays to buy the full $10,000 points every month if you use the card, then, so that ALL your purchases get a 2% rebate and you don't have to wait more than 5 months to cash them in on each purchase! Only downside is losing the interest on the (at most) $1000 you'll spend (5X$200 per month) to reach the 50,000 points level...
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: Board Monitor
Posted: Tue May 30, 2006 12:28 pm
Post subject: 1 Point For Ever Dollar Spent on Credit Card From Bank Of America
QuizNut-
You are truly a savvy consumer my friend. Love you style!
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
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 4:33 PM
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