BoA Premium Awards VISA Signature Card

Fillies Fan

International Man of Mystery!
Trader Group
Please do not take this post as advice to get this or any other credit card unless you are certain that you will pay off the balance, on time, every single month. Not doing so will wind up costing you a lot of money in sky-high interest rates.

That said, if you do pay the entire debt on time, the BoA Premium Awards VISA Signature Card can be an extremely good value to you -- in fact, even better for you than it is for me.

It costs $95 per year, but use it correctly and you will get far more back than what you pay in.

For a start, if you spend $3000 in the first three months after getting the card, you will be given 50,000 points -- which can immediately be cashed in for $500. That, in itself, will more than pay the $95 annual fee for the next five years (and you don't have to keep it for five years, you can cancel after the first year).

Next, you get 2 points for every dollar you spend on travel or dining and 1.5 points for every dollar spent on anything else. (This is for those, like me, who do not have other large accounts at BoA. If you do, you will get even more points on every dollar spent.)

The minimum to cash in the points is 25,000 -- which equates t0 $25. I don't usually spend that much in one month, but just about every two months I reach about 30,000 points, cash them in for $30, and wind up getting $180 a year -- which is a lot more than my $95 annual fee.

If you live in the US and travel by air, you can get $200 per year to pay for airline incidentals (like baggage fees) or TSA Pre-Check membership.

To top it off, I (and I imagine everyone else who has the card) was notified this week that if we spend $50 total between now and the end of the year at restaurants or supermarkets, BoA will refund that $50.

I figure that I will (after paying my $95 annual fee) make a profit of about $230 for the year just by using this card. Obviously, if I lived in the US and could use the airline incidentals benefit, I would do a lot better.

Naturally, that $230 does not include the $500 I got the first year by spending the $3000 in my first three months.

BUT, I want to repeat what I said earlier -- unless you are certain that you will pay off your balance on time every single month, do not apply for this, or any other, credit card.