Overview: The BankAmericard Power Rewards Visa Signature card has an amazing introductory offer which then expires to create a solid, versatile, yet somewhat unremarkable rewards credit card that gives you one point for every dollar spent. Bank of America’s online customer service, easy online banking, and the ability to use the credit card for overdraft checking are additional benefits that make this card worth looking at. Visa’s Signature travel and entertainment benefits, which include concierge services and personal shopping, rival those offered with top-of-the-line American Express cards.
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How This Card Works: A standard Visa card for people with good-to-excellent credit, the card provides 3X points on gas, grocery and drug store purchases for the first six months, and then a basic one point for every dollar earned after that.
You can redeem points easily online through the WorldRewards center.
The introductory APR of 0 % will go up to a low 12.99 after the first 7-to-10-months, depending on your credit and a number of other factors, including credit history, payment history, employment and your banking history specifically with Bank of America.
Rewards: Earn one point for every dollar spent after the 6-month introductory period where you get triple points for gas, grocery and drug store purchases. Redeem cards online in the WorldRewards center or by phone, to get:
- Merchandise
- Gift cards
- Direct deposit into your Bank of America account or receive a check by mail
- VIP events and memorabilia
- Air travel, hotel stays, cruises
- Donations to your favorite charities
When you make a purchase with your BankAmericard Power Rewards Visa at the WorldReward center, you can get up to 10X bonus points on your card. You can earn unlimited points, but you must spend points within five years of the statement date that you earned them.
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Benefits: As a Visa Signature card, the BankAmericard Power Rewards Signature Visa gives you the full line of benefits offered with any BankAmericard. These include:
- Auto rental collision damage waiver
- Emergency card replacement and emergency cash disbursement
- Zero liability
- Lost luggage reimbursement
- Roadside dispatch
- Travel and emergency assistance services
- Travel accident insurance
Visa Signature Benefits that come with this card include:
- Concierge service
- Personal shopping
- Access to special sports and entertainment events
- Fine Wine & Food services
- Warranty Manager services
These benefits put the card right up there with an American Express card for shopping convenience, warranty protection, and more.
Fees: There is no annual fee on this card. After the introductory 0% APR period of seven to 10 months, the variable APR will be set between 12.99% to 20.99%, depending on your creditworthiness, banking history and income. The variable APR for all direct deposits and cash advances after the introductory period is a high 24.24%. There is a 25-day grace period for new purchases if balance is paid in full at the end of the month.
There is a fee of 4% or $10 (whichever is greater) for cash advances, balance transfers and direct deposits. If you opt to use your credit card for overdraft protection on your Bank of America checking or savings account, you’ll pay a fee of 3% or $10 (whichever is greater), whenever you do.Late payment fees are as follows:
- $15 if balance is $100 or less
- $29 for balances of $100.01 – $250
- $39 for balances more than $250
- Returned payment fee: $35 Pros:
- Easy-to-understand Rewards system
- Opportunity to earn 10X Bonus Points in WorldPoints center store
- No limit on rewards points
- Redeem rewards for cash back, travel, merchandise and more
- Full warranty protection
- Extensive travel and shopping benefits, including concierge service
- Bank of America online 24/7 customer support
- No annual fee
Cons
- Five-year expiration date on Rewards
- Introductory APR expires after 7 to 10 months
- Triple Rewards Points offer expires after 6 months
Verdict: Power is a great thing. Many people seek powerful cars, powerful computers, powerful careers… but did you ever think about the power your credit card can give you? Bank of America did, and came up with the BankAmericard Power Rewards Visa Signature Card.
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Unfortunately, the power of this credit card dissipates after six-to-ten months, when the 3X rewards points on gas, grocery and drug store purchases and the 0 % APR expires. Even so, the flexibility of being able to redeem your points for travel, merchandise or cash back, along with a host of handy benefits, make this card worthwhile, especially if you’re tying it to a Bank of America checking account for added convenience.
