Bank of America is now promoting the following offer for the BankAmericard Rewards Visa: Earn 1 point for every $1 in net retail purchases With an eligible banking relationship, you’ll also earn an additional .25 bonus points for every $1 in net retail purchases each month. Maintain this relationship, and your base points earned during the year […]

Bank of America is now promoting the following offer for the BankAmericard Rewards Visa:

• Earn 1 point for every $1 in net retail purchases
• With an eligible banking relationship, you’ll also earn an additional .25 bonus points for every $1 in net retail purchases each month. Maintain this relationship, and your base points earned during the year will be matched by 25%
• 0% Introductory APR on Purchases, Balance Transfers and Cash Advance Checks for your first 6 billing cycles

What this means is that, when you factor in the annual 0.25% bonus, you’ll earn a total of 1.5 points per dollar spent on anything. The main requirement is that you will need to have an open and eligible deposit, loan (other than a credit card), or investment account with Bank of America in order to earn that rate.

Points can be redeemed for cash, gift cards, travel or merchandise. According to a representative I spoke with, the points redemption for cash is as follows: 2,500 pts = $12.50; 5,000 pts = $25; 10,000 pts = $80; 15,000 pts = $120; 25,000 pts = $250; 50,000 pts = $500.

As long as you redeem at least 25,000 points at a time, this turns the card into a 1.5% flat cash back card on anything with no caps.

You can apply online at this link.

This post is from Credit Card Watcher’s Credit Card Blog.

BankAmericard Rewards Visa Credit Card - 1.5% Rebate on Everything

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From Credit Card Watcher - www.creditcardwatcher.com

Chances are, when you apply for a credit card you will be asked if you want to enroll in additional life and disability insurance. If you don’t choose to enroll, rest assured the credit card company will call you a few months down the road and try to get you again. Chances are, when you apply for a credit card you will be asked if you want to enroll in additional life and disability insurance. If you don’t choose to enroll, rest assured the credit card company will call you a few months down the road and try to get you again.

You will be told that in case of death, critical illness or disability, your credit card payments will be taken care of, relieving you and your family of an additional burden. All you need to do is pay a certain percentage of your monthly balance as an insurance fee.

What you’re not told is that in such an unfortunate event, your policy would only cover your minimum payments – typically 4% of your balance, not your whole debt. You better believe interest will continue to accrue on the remainder of your balance. If you are able to return to work later, you will still be responsible for the remainder of the balance, on top of the medical bills you recently incurred. Essentially the financial institution is asking you to pay premiums on a policy that protects itself. You as the credit card (or loan, or mortgage) holder are not the beneficiary. Other than peace of mind, you don’t gain anything from such insurance.

It is the standard policy of many banks to include this type of coverage in personal loans. Most borrowers are not aware of this and unwittingly sign up. If that’s not bad enough, the bank receives up to 40% commission on reselling you this insurance policy simply for signing you up. You’re better off going directly to an insurance company and springing for a whole life policy that will benefit your family, cover all your debts, not just one and will cost you less money.

Credit lenders are aggressive with these offers, and when you initially refuse, often push you into a free introductory period. Don’t take the bait. These policies are notoriously difficult to cancel – you have to deal with the insurance company itself, so your bank’s customer service department won’t be able to help you. And it can be tough to even find contact information for the insurer.

Be careful to read the terms and conditions on credit card and other loan agreements before signing anything, and make sure your banker explains your agreement fully. When pushed to accept additional insurance, remember to just say “no.”

This article has been provided by Creditor Web. At CreditorWeb.com you can compare over 100 credit cards from multiple banks and apply for a credit card online. Read more…

Credit Card Articles from CreditorWeb.com - www.creditorweb.com

Valentine’s Day Spending vs. Credit Card Wisdom

In our culture it seems that we want bigger and better, regardless of price, and that can be seen in our Valentine’s Day spending habits. We always have to outdo ourselves (or the Jones), but at what cost? If you’re putting your Valentine’s Day gifts on a credit card and not paying cash, here are some things you need to ask yourself.

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From Credit Card Tips, Etc.h - www.creditcardtipsetc.com