BankAmericard Cash Rewards Visa Signature Card $100 Bonus
Though I have been banking with Bank of America for years, I am not really fan of the bank because I always think doing business with BofA is expensive. Compared with other banks, BofA seems to charge more fees for their services and those fees are usually higher than what other banks charge. For instance, starting late May, BofA customers will pay $12 fee for using their MyAccess Checking Accounts if they can’t meet the requirements for a fee waiver. That monthly fee is at the high end of checking account fees now charged by banks. The main reason that I am still using BofA (just the checking account, nothing else) is convenience, as I mentioned earlier. And even with their Merrill Edge broker service, which offers investor free stock and ETF trading when meeting the requirements, people still don’t like it that much.
However, with the above said, this Bank of Americ credit card does seem to be quite nice, when you consider cash bonus and the introductory cash back rewards. It is the BankAmericard Cash Rewards Visa Signature Card. Basically, if you become a holder of the BankAmericard, you will be eligible for a one-time $100 cash back bonus after you spend at least $500 in the first 90 days of card membership. The reason that this bonus offer is attractive is that the spending limit to qualify for the bonus, $500 in this case, is quite low. From what I know, other credit card issuers usually ask you to spend $700 or more during a three-month period in order to get the same amount of bonus. Lately, credit card issuers are increasingly using spending limit as a condition for new cardholders to get the incentive for the new card, and usually the bigger the incentive, the higher the spending limit. For this particular card, I would say that getting $100 after spending $500 (that’s equivalent to a 20% return in three months) is quite doable. This one-time bonus will be awarded in 8 to 10 weeks after the promotion period, and it will show up in your credit card statement as credit.
Another attraction of this offering is that for new card members, they will be able to earn 5% cash back for shopping at gas stations, grocery stores and drugstores for the first six months. Nowadays, you don’t find many cards offer 5% cash back and if they do, it’s usually restricted to certain categories that rotate every three months (such as Discover Cards and Chase Freedom Cards). For the BankAmericard, it’s unfortunate that the generous cash back only last for six months. After the promotion period, the card’s cash back program returns to a more standard 1% rebate with no restrictions on where and when to shop to earn rebates, which is the same as what many rewards credit cards are now offering to cardholders as rewards.
BTW, there are currently a few credit card promotions going on. If you don’t like BofA, you may want to check out other offerings, including one from Chase Freedom Card which will give $150 bonus if you can spend more than $500 in the first three months. The Chase offer, in my opinion, is definitely better than this BofA promotion.
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