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3,500 Points = $25 Cash Rebate
6,500 Points = $50 Cash Rebate
9,500 Points = $75 Cash Rebate
12,500 Points = $100 Cash Rebate
20,000 Points = $200 Cash Rebate
30,000 Points = $450 Cash Rebate
50,000 Points = $1,000 Cash Rebate

No annual fee. No annual point earning redemption caps. Cash rebates are conveniently rewarded in the form of a credit to your account. Other redemptions options (gift certificates, travel, merchandise) exist, starting at 2,500 points level. 500 bonus points for first purchase on personal card or 1000 bonus points for business card (within 90 days of opening your account). Additional 1500 bonus points just for opening the card before October 30, 2005 (not mentioned on the website - I will scan the brochure if necessary).

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SilverB18C1 said: <blockquote><hr>Just got a letter in the mail stating my BOA Power Rewards program will be converted t... (more)

mst3k (Aug. 31, 2006 @ 12:28p) |

SilverB18C1 said: <blockquote><hr>Just got a letter in the mail stating my BOA Power Rewards program will be converted t... (more)

Alcibiades (Aug. 31, 2006 @ 1:09p) |

This thread covers the conversion of the BoA card to Worldpoints<br><a target="_new" href="/redirect/bounce.php?afsrc=1&... (more)

jeoff (Aug. 31, 2006 @ 2:29p) |

Oct 23,2006, that's the end of it! All Power Rewards will be converted to Worldpoints (which only has 1% CashBack at maximum) <img src="i/expressions/face-icon-small-sad.gif" border=0>

Rewards over 1% appear to be in the process of being phased out <img src="i/expressions/face-icon-small-disgusted.gif" border=0>
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Might not be bad for the heavy hitters. You'd need to spend $20,000 to get 1% and $30,000 to get rewards above 1%.

Edit: Points expire after 5 years.


Yeah, have to spend a lot to get more. In reading title, I got excited thinking it was 2%, not tiered on all purchases!

Its not really teired. Your first purchases will still earn 2%, but you have to earn all 50000 points before you can redeem or you'll end up with less than 2%.


This is great and do able. 5 years = $10k/ year. After 5 years = $1000 reward.

Sounds great but as usual I'm sure the terms are subject to change. 5 years is a long time to risk for 2% when u can get 1.5% ongoing.

Still if you can blow through the spending levels quick this could be good.

Thanks OP.

Already listed in the quick summary of Current Summary of Good Cashback Credit Cards - did I miss any? . Thanks for posting the additional points offer.

This is Farm Bureau Bank redux, except you have to get to $50k instead of $35k for the full 2%. Otherwise all the same caveats as FBB. Search the > 90 day archive for "Farm Bureau" or "FBB" for all the sordid details of that spectacular FW flame-out.

u2head8 said: [Q]This is great and do able. 5 years = $10k/ year. After 5 years = $1000 reward.

Not a true $1000. You have to discount it (not a straight discount, too lazy to do) but it will still be close to 2%.


This IS FBB?? No way, FBB is nothing compared to Power Rewards.

http://www.farmbureaubank.com/products/credit/reward.asp

Cash Back
Points Rewards
15,000 $100 Cash Back
30,000 $200 Cash Back

Cash Back = 200/30000 = 0.67%, even worse than the mediocre Citi/Chase 5%/1% card.

So far, Power rewards (formerly fleet visa) from BOA is still the best (for people spending at least 30K per year).

MarkM said: [Q]This is Farm Bureau Bank redux, except you have to get to $50k instead of $35k for the full 2%. Otherwise all the same caveats as FBB. Search the > 90 day archive for "Farm Bureau" or "FBB" for all the sordid details of that spectacular FW flame-out.

I applied for the 5000 point promo but I will probably just keep using mbna/fido's 1.5% card - and their 2% card for 529s looks a lot simpler.

Might feel differently though if I were hitting caps more.


Note 5000 point promo seems to only be available in bofa branches.

particular said: [Q]This IS FBB?? No way, FBB is nothing compared to Power Rewards.

http://www.farmbureaubank.com/products/credit/reward.asp

Cash Back
Points Rewards
15,000 $100 Cash Back
30,000 $200 Cash Back

Cash Back = 200/30000 = 0.67%, even worse than the mediocre Citi/Chase 5%/1% card.

So far, Power rewards (formerly fleet visa) from BOA is still the best (for people spending at least 30K per year).

MarkM said: [Q]This is Farm Bureau Bank redux, except you have to get to $50k instead of $35k for the full 2%. Otherwise all the same caveats as FBB. Search the > 90 day archive for "Farm Bureau" or "FBB" for all the sordid details of that spectacular FW flame-out.My point was that, once upon a time, you could get 2% rebate on FBB, but only by getting to 35k points. Then, after a couple years & with almost no notice, FBB changed the terms to the crappy ones you quote above.

In other words, your post proves my point, it doesn't refute it.

I received my first statement in the mail on Saturday for this account and I did not receive the extra 1500 bonus points as listed by the OP. Anyone else have this problem?

Gotta be aware of how BofA calculates points. On the BofA cards I've seen that promise one point per $100 spent, this is not at all the same as 1%: if you spend $99.99 in one statement period, you get zilch. If you spend $199.99, you get one point. Etc. Any "loose change" before you hit the next $100 is ignored, completely discarded for the purpose of computing points.

Whereas with other rebate cards I've seen (such as Citi and AARP), they give you a true percentage-based rebate.

Would someone please check the actual points they're getting on their Power Rewards card and let us know if BofA is still basing their computations on full $100 increments? TIA.

In reply to workingonit:

I purchased $130.72 on my first statement and received 130 points. It seems that BofA calculates rewards by rounding each individual transaction up or down to the nearest whole number (ie. 1.24 becomes 1 point and 1.79 becomes 2 points). This is the exact same way American Express calculates their Membership Rewards points. Therefore, you won't likely ever lose 100 points and you can even milk the system (ie. making sure every transaction ends with $x.50 or greater).

As stated earlier, I have not received the additional 1,500 bonus points as stated by the OP. I did however receive the 500 bonus points on my first statement as mentioned on the website. Anyone else have this problem? Did the brochure state a specific timeframe for receiving the extra 1,500 bonus points EugeneV?

manuel said: [Q]I applied for the 5000 point promoDid you mean the 1500 point promo manuel, or is there another promo link?

MarkM, you and manuel raise good points about risk with this. However, there are key differences between BofA and FBB.

Most important, BofA is a huge mega-bank, which will notice the FW effect much more slightly than FBB did. (The FBB card's growth was fueled almost entirely by flocks of people gunning for the top 2% redemption level, thanks to a smartmoney piece and FW/flyertalk/et cetera.)

Also, FBB's card was brought out back when savings bonds could be bought (and often flipped) with credit cards). Many of us who otherwise would never have redeemed at the top level were able to do so thanks to bond purchases. BofA won't be contending with that.


So, is there a risk of them changing the program? Sure. But I don't think the risk of their changing the tiers is all that great. More likely, they'll tighten what will qualify for points, so that anything remotely resembling a cash equivalent won't qualify.

DaveHanson said: [Q]manuel said: [Q]I applied for the 5000 point promoDid you mean the 1500 point promo manuel, or is there another promo link?

In branch only

Dave -

As I mentioned I applied in the branch - seems to be the only way. They are doing promos on their atms, etc.

5000 bonus points is not even enough for a $50 reward - below my usual threshold. And as you say - without SB and fewer GC deals all the time I probably won't go past the 6500 level in charges. Is coming in handy for the 6 mo no fee purchases&BTs 0% deal - I have another card I am consolidating.

Although I think you're right that BOFA is much bigger the 5 year period is a loooooong time to hold and then use those points. I would guess any changes would grandfather already earned points but you have to get to $35000 just to catch up to fidelity card.

Really hard to see where the 1.5% from the getgo or the 2% (minor 529 hassle) isn't a better deal - promo or not. Hopefully bofa won't destroy these.


this card looks like a pretty decent deal but I've always been leary of "points" vs "Cash Back"

For the BOFA card can one generally assume that you would get 50,000 points for $50,000 spent? It is a reliable 1 to 1 ratio?

"Earn one point for each dollar in qualifying purchases"

where might I find more info about what constitutes a "qualifying purchase"

current cardholders care to comment?

EugeneV said: [Q]Personal card
Small Business card

3,500 Points = $25 Cash Rebate
6,500 Points = $50 Cash Rebate
9,500 Points = $75 Cash Rebate
12,500 Points = $100 Cash Rebate
20,000 Points = $200 Cash Rebate
30,000 Points = $450 Cash Rebate
50,000 Points = $1,000 Cash Rebate

No annual fee. No annual point earning redemption caps. Cash rebates are conveniently rewarded in the form of a credit to your account. Other redemptions options (gift certificates, travel, merchandise) exist, starting at 2,500 points level. 500 bonus points for first purchase on personal card or 1000 bonus points for business card (within 90 days of opening your account). Additional 1500 bonus points just for opening the card before October 30, 2005 (not mentioned on the website - I will scan the brochure if necessary).

Thanks for the info. I have the biz card and personal card but never checked the CashBack option! This is one of the hottest deals I have! I wonder if the 50K is max rebate per year or if I can do it more than once! This card goes to the top f my pile now!

Rob

HEADS_UP!

1. I just logged into my bofa BUSINESS card account - for some reason by default, they set up the account on a full payment basis (first time i've encountered such) - i.e. you MUST pay in full every month; this means that if per-chance, you fall 1 cent short, your power rewards are nixed. They did give an option to switch to a minimum-payment account.

2. Their online accounting is a little whacked, when you first log-in, you will see 2 accounts reflected in your summary page (Corp - XXXX and Visa - XXX). The Visa is a subset of your Corp.; makes sense as this allows you to track employee usage on an individual basis. The whacked thing is this: The balances on these two accounts (if you only have one Visa card to start with) are NOT the same.

This may not be news to anyone and I might just be the noobie when it comes to business accts but frankly,this is highly irregular to me,a 10 year credit card user.

The US Bank Issued Stratus Business card seemed to have the same full payment crap/

Another pretty nice bonus if you have the Sears Mastercard. 65000 points = 1000 Sears gift certificate. Not as good as this deal, which I have, but if you have that card and use the rewards program, it is a pleasant suprise. Compared to MBNA rewards or other programs it's a little better.

Just a heads up.

I signed up for this online and I received a 5000 point bonus. The key is just use the online customer service chat, ask about the 5000 bonus points, and then the customer service agent will give you a link.

If you wait to redeem 50000 points for $1000, then 5000 points is worth $100.

Can someone post link to 5000 reward point bonus or atleas post the link to the BOA chat. I can't find the online chat option on their website.

ucftechguru said: [Q]Can someone post link to 5000 reward point bonus or atleas post the link to the BOA chat. I can't find the online chat option on their website.

If you go to their credit card pages and hang around a bit, a Javascript window will slide down the screen and ask you if you want to talk to a credit card specialist. There's no obvious link to chat immediately--at least not that I've seen.

lunarscape said: [Q]ucftechguru said: [Q]Can someone post link to 5000 reward point bonus or atleas post the link to the BOA chat. I can't find the online chat option on their website.

If you go to their credit card pages and hang around a bit, a Javascript window will slide down the screen and ask you if you want to talk to a credit card specialist. There's no obvious link to chat immediately--at least not that I've seen.

Yes, this is how I did it.

Got this link from live chat. Although the application says 500 points, the agent claimed that you'd get additional 4500 points if you apply today. Another agent gave me the same link, so they are not individual. Please check again in a few days to see if the link indeed changes. Don't forget that BofA lets you check if you are pre-approved before you apply and even tells you what CL you'd get.

Anyway to get the 5000 extra bonus points for business card application too?

RagingBull said: [Q]Anyway to get the 5000 extra bonus points for business card application too?

Ask them in chat.

EugeneV said: [Q]RagingBull said: [Q]Anyway to get the 5000 extra bonus points for business card application too?

Ask them in chat.

Just chatted with them a few minutes ago. There is only 2000 points for online application. However the online representative suggested that local branch might still have 5000 bonus points.

Just a little update for the community. I qualified for my first $1,000 redemption last week. The $1,000 credit posted within 24 hours. I must say that I'm thoroughly impressed. Good job BofA!

If you look at your account online... do they display your "holds" or "authorizations"... or do they only show actual charges?

EugeneV said: [Q]Cash rebates are conveniently rewarded in the form of a credit to your account.Question: is statement credit taxable? I know Cash Back in checks is, but what about statement credits?

Had a lot of CC that did statement credit and have never gotten tax paperwork. All indications are that it will not be taxable.

Don't see any reason CashBack in checks would be taxable either? Certainly has never been that way for me.


manuel said: [Q]Had a lot of CC that did statement credit and have never gotten tax paperwork. All indications are that it will not be taxable.

Don't see any reason CashBack in checks would be taxable either? Certainly has never been that way for me.Haha, me too. I've never reported Cash Back "earnings" in my tax return, though legally I know I should.<img src="i/expressions/face-icon-small-tongue.gif" border=0>

I have no reason to believe that you or I should report "CashBack" earnings on our tax return.

It's all thirdhand but my understanding is that such cashbacks constitute "discounts" on items purchased and thus are not taxable. Some debate here about business cards but I've seen no substantive postings arguing for including CC CashBack on tax returns.

This is one of the reasons that CC bonuses are much more valuable than bank account promos $ per $. For whatever reason brokerage bonuses are also typically not reported as taxable.

manuel said: [Q]I have no reason to believe that you or I should report "CashBack" earnings on our tax return.

It's all thirdhand but my understanding is that such cashbacks constitute "discounts" on items purchased and thus are not taxable. Some debate here about business cards but I've seen no substantive postings arguing for including CC CashBack on tax returns.

This is one of the reasons that CC bonuses are much more valuable than bank account promos $ per $. For whatever reason brokerage bonuses are also typically not reported as taxable.I'd like to think so, but I've read conflicting info on this issue. For example, here's what TaxMama has to say:
http://www.taxmama.com/AskTaxMama/327/article4.html

Any tax experts here can shed some light on this?

while this is OT (someone have a link with a discussion on this so we can go there?), this is all arguable. If points aren't taxable, Cash Back shouldn't be either. Effectively everyone raised prices to accept credit cards. Credit cards take a fee, and give part of it back to you (it shouldn't matter how). It's a reduction in cost to you, it is NOT income.

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