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Friday, January 13, 2006

New Credit Card Queen

I have a new credit card to supplemant my 5% gas/groceries/pharmacy card. It is the Bank of America Power Rewards Visa. This card is not for the weak of heart or those who may be purchasing a house in the next few months....

You earn 1 point for every dollar you spend. You can use these points to get "rewards" but those are worthless, ignore them. The kicker is you can "buy" money with these points....

20,000 points-->$200-->1% rebate (lame)
30,000 points-->$450-->1.5% rebate (50% better than any other card for ALL purchases)
50,000 points-->$1000-->2.0% rebate (100% better than any other card for ALL purchases)

The points expire in 5 years so if you will not make $4,000 a year in purchases with this card DO NOT GET IT. In fact you should not get this card unless you will make $6,000 or more a year in purchase. Yes, if you get the $450 rebate you will beat the 1% rebate cards when you account for the interest you will accrue on your $50 rebate checks that you can deposit in a savings account.

BTW, the coolest thing about this card...the website approved me in "60 seconds". I hate waiting and instantly knew I was approved for 5K. ALSO...they give you 0% APR and no balance transfer fees. Once I get this card I may be requesting a $5000 check.

For you Jive Turkeys you can't do the math, that means I will collect exactly $100 in interest in the next 6 months.

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