Description: The article is about bank of america online login. The author introduces the bank of America credit card. He shows the advantages and disadvantages of getting this card. Depends on your spending and your purposes,your choice can be different.
Today we’re going to talk about the Bank of America travel card and how well the scale is in the long term. If you are new here,we’re all about how to maximize the value for credit cards,how to get them as cash back and also how to travel for free. If that sounds interesting,let’s get started.
One of the biggest complaints is annual fees. What about the ones that don’t have annual fees? Whether you’re student who recently graduated from college,or you are someone who doesn’t get positive expected value for most of the other travel cards and you don’t want to have to worry about that,this is one of the most interesting card.
The reason for this is that it’s an entry-level card that scales well,you can choose Bank of America. The sign of business is typically twenty thousand points after $1,000 to spend which can be redeemed for $200 as a statement credit towards travel. There’s no annual fee and there’s no foreign transaction fee,you will also earn one point five points for every dollar you spend and it’s not category dependent.
On the surface,that doesn’t sound great because you’re only getting one point five percent return on spend,the interesting part is how it scales depending on whether you have a banking relationship with Bank of America. If you have a checking or savings account with them,you can get a 10% bonus on every purchase.
If your total assets of Bank of America is between $20,000 and $50,000,you can get a 10% bonus at the twenty five percent bonus,if you have between $50,000 and $100,000 of Bank of America,the bonus is going to be 50%,this applies for other accounts too such as Merrill Lynch.
If you have more than $100,000,it’s going to be a 75% bonus. It means depending on how much money you have,you can get different percent return on spending. We’re going to do is dive into each of these parts to see how it compares of other options and to see if this card makes any sense for you at all.
But the sign up bonus are getting $200 in value which sounds good on the surface but there are other cards that give you more value upfront. Even within Bank of America,there are typically a few cards that can give you between 150 to 200 dollars after spending five hundred dollars as a sign of bonus.
If it’s $200,you’re incentivized to take that offer instead of this one because cash back is always better than 200 dollars towards travel. I won 50 I’d probably take the travel because that’s a lot more valuable to me,but it depends on you.
Overall I think it’s an good sign,it depends on what stage you are. If you’re in the late stage,then it’s not that great at all,if you’re in the early stage,200 bucks is 200 bucks.
Whoever you want to spend calculator,this is where it gets interesting. You’re earning these points on all of your purchases. The spend multipliers is where it gets interesting,so 1.5 X points is not that great especially since it’s limited towards travel,you can get 2% back with a card with the city double cash card.
Some people would argue that they’re not getting a sign up offer for the city double cash card meaning that you have to spend a lot more money with it in order to come out ahead,but if you’re in the early stage,then it’s probably going to be one of your anchor cards that you’re going to keep forever because it has no annual fee.
At the early stage,if you want to sign up for this card,I think it makes more sense to get something with the city double cash card and spend your money there in order to maximize your cash back. As you’re working,you start saving money then the game changes a bit.
Once you have one checking or savings account with them,then you can get a 10% bonus,that’s slightly better. Until you hit about 2%,it still doesn’t make sense,once you hit 50 K in assets,then I think it’s a good decision.
For a 50k,you’re getting 2.25 percent return on spent which isn’t too bad at all,you can still argue that’s not that great compared to the city double cash card. But I think if you are someone who doesn’t want to pay an annual fee and want to save as much money as they can,then it works out well.
For me personally,this card doesn’t make sense because I don’t solely bank at Bank of America and I don’t like keeping too many assets with them because my experience with them hasn’t been great. I rather pay the annual fee because I can get more positive value in terms of my expected value with those other cards.
For people who don’t want to pay an annual fee and who are saving a ton of money with Bank of America or maybe you have your investments with them,then this isn’t too bad at all especially if you don’t travel too much.
A few Fugro people end up using this system because it makes the most sense for them,but for you I think it depends on how many cards you want in total and what stage of the game you are.
At the early stage,that’s fine because it’s a keeper card,there is no annual fees so there’s no reason to get rid of it,you still might be able to change it to a better balance of works card which pays you money to basically use it once every month. In the mid stage,it doesn’t make sense to me,the late state makes a bit of sense especially if you are trying to not spend too much money. I hope that was helpful.
The main reason I’m talking about this card is that people are right,I talked about a lot of travel cards that have annual fees,this is a interesting one that doesn’t make sense for me but might make sense for you. Hopefully I’ll help you out. My question for you is what are your thoughts on this card? Does it make sense for you. Do you like banking at Bank of America?