BOA Cash Rewards Card, what is the catch??

[freakydestroyer]

So I was at BOA today and the teller was trying to convince me to try this credit card with rewards on Gas, Groceries, etc. She said there's no fee. But I felt like if I didn't say yes she won't deposit my check. So I just said yes and she wrote a note for me to go to one of the help desks. Then I just booked it. 

I already have a Credit Card with BOA, but it has no rewards. But was wondering if this Cash Reward card is any good.? Or better yet,  is there a catch because there has to be right? 

 

[odog24]

i dont think there is a catch. u spend alot of money and they give u a little bit back to make u feel good and spend more

 

[crcballer55]

They win in 2-3 ways. First, they get the transaction fee from the merchant for you using their card. They pay you ~1% while the merchant pays 3-4% on the total transaction. 2nd, since you're earning "rewards" you're more inclined to spend more just to earn that ~1-2%. 3rd, 60% of the people that sign up for a card won't pay off the balance thus accruing interest so for ever 5 people that they sign up, they'll earn ~18-29% off of them.

 

[adrian1221]

I work there. I sell that *#+! like lemonade. And I don't have that creditcard with them though.

 

[freakydestroyer]

Originally Posted by Adrian1221

I work there. I sell that *#+! like lemonade. And I don't have that creditcard with them though.

I have the regular Platinum Plus right now. Is there any benefit to switch?

 

[JLD1523]

Chase Freedom Card FTW

 

[651akathepaul]

Originally Posted by jdizzle75

Chase Freedom Card FTW

Best CC around.

 

[thenewjs23]

I got that card long time ago. Still have it, payed it off and stopped using it.

 

[mecks]

Get the freedom card from chase. But as said above most people just spend because of the rewards. But chase is dope bro. I use the chase freedom as my daily spending card (things like gas and going out) then just pay it off at the end of the month.

The $300 cash back was insane. +5% back on certain categories (right now it's gas and restaurants) then up to 10-20% off gift cards (like amazon amc etc) and extra 1%-5% on top of the 1% on everything else , at certain stores & online.

so in reality, if you pay this card off every month. You make money off spending money you'd spend anyways. You gotta game the system don't let them game you.

 

[mecks]

Oh. And man, really with the chase card, the cashback pays the interest, with the amount I use the card, I left a little balance on it this month. Even at 28% apr the interest I paid was $3 but my cashback earnings this month? $28 lol...

 

[7thave btn 31stn33rd st]

The interest on the card is the catch. The interest is crazy, if you pay it off every month no worries for you.

 

[eaalto]

Another good credit card to consider - American Express Blue Cash...I have the older version that is no longer available - I get 5% back on gas/groceries/drug store purchases, and that earning % is constant throughout the year so long as my annual spending exceeds $6,500 (easy).

I think the best I've gotten back so far is $800 in a year? Never carry a balance.

 

[dajoka004]

Originally Posted by 651akathePaul

Originally Posted by jdizzle75

Chase Freedom Card FTW

Best CC around.

Not true at all. American Express Blue Cash Preferred is hands down the best cash back credit card for us regular folk. $75 yearly fee. 6% cash back at grocery stores and 3% cash back on gas every day of the year. 1% cash back on everything else. Chase Freedom is 5% cash back on up to $1500 for their quarterly offers (restaurants, gas, Amazon, movies, etc.) and 1% on everything else. Assuming you buy your own groceries and gas, Blue Cash Preferred is the way to go even with the $75 yearly fee. 
Right now I hold:

1. Amex Blue Cash Preferred: use for groceries and gas only.

2. Amex Gold Rewards: use for all other purchases when the merchant takes Amex.

3. Citi Dividend Platinum Select: 1% cash back on all purchases, 5% back on rotating quarterly offers, use for all purchases where I can't use Amex

4. Barclays Visa: old card, only use it every few months to keep the credit open

5. Brooks Brother's Rewards card: amounts to 4% cash back on all BB purchases

I get something back for every purchase I make.