Bank of America's 1.25 points per dollar is highly deceitful

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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cc_is_cash
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Bank of America's 1.25 points per dollar is highly deceitful

Postby cc_is_cash » Sat Mar 03, 2012 3:46 pm

After BofA essentially forced me to replace its VISA card with an AMEX one, I just sat on it for a while because I already had two AMEX cards. But I eventually gave in to the lure of getting 1.25 points per dollar spent. After using it for a couple of months, I explored what I could get with these "generous" reward points.

I found out the points and rewards were not one to one !!! I can't recall the exact numbers, but basically, to get a $20 gift card, you had to use something like 3,800 points! Once I did the arithmetic, it was clear I would be getting something like $0.8 per $100 spent, so less than $1, and clearly not $1.25.

I found this outrageous and I cancelled my card. Who would have taught that banks could become this brazen with their deceit? Does anyone else have (had) BofA's AMEX?


CC Deville
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Postby CC Deville » Sat Mar 03, 2012 9:39 pm

I have the BofA Accelerated Cash Rewards Amex (which was an upgrade that I accepted-not forced to accept-from my Visa Signautre World Points) which is 1.25% per dollar spent (this card is not longer available). I do actually earn 1.25% just as they promised. It sounds like you had the black, Accelerated Rewards (points) version. Not a fan of that one. I don't care much for points.

Instead of cancelling the card however, why not ask them for a product change to the new BankAmericard Cash Rewards Visa? 3% on gas, 2% on groceries and 1% on everything else. It has a better reward structure and you would get a Visa back. BofA is really, really pushing that card right now so you probably could get it without any issues.

Money card
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Postby Money card » Sun Mar 04, 2012 12:27 am

Why would they force you to change? If you are happy with either the Mastercard or Visa why do you have to have an American Express version?

What you probably should have done is explain that you prefer the old version.

cc_is_cash
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Postby cc_is_cash » Sun Mar 04, 2012 10:21 pm

OK, forced is perhaps an exaggeration. But when my VISA was about to expire, BofA sent me this AMEX as replacement. I guess I didn't have to accept it and I could have called them and asked for a VISA card instead. But I think I still had my Macy's VISA at the time - before it got switched to AMEX - so I didn't follow through.

CC Deville, I think you are right, I had the 1.25 point, not 1.25% card, which seems to be the one they are offering now. One has to admit it is misleading, or at least sneaky marketing.

Since I have BofA accounts and I need a VISA ASAP to pay for something, I just applied for the Cash Rewards through my BofA online account. But the Chase Freedom sign-up bonus is also tempting. Maybe I will add one later.

CC Deville
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Postby CC Deville » Mon Mar 05, 2012 4:00 pm

cc_is_cash wrote:OK, forced is perhaps an exaggeration. But when my VISA was about to expire, BofA sent me this AMEX as replacement. I guess I didn't have to accept it and I could have called them and asked for a VISA card instead. But I think I still had my Macy's VISA at the time - before it got switched to AMEX - so I didn't follow through.

CC Deville, I think you are right, I had the 1.25 point, not 1.25% card, which seems to be the one they are offering now. One has to admit it is misleading, or at least sneaky marketing.

Since I have BofA accounts and I need a VISA ASAP to pay for something, I just applied for the Cash Rewards through my BofA online account. But the Chase Freedom sign-up bonus is also tempting. Maybe I will add one later.


Dang. I wish they would allow you to reopen the Amex and convert it to the Visa so you don't have a new account reporting. I accepted the upgrade to the BankAmericard Cash Reward card last Tuesday online (from my BofA Visa with World Points). Almost a week later nothing...it takes them forever to do things it seems.

Congrats on your new card. I really like the reward structure on the Cash Reward card and you got the $100 sign on bonus so that is good.

FutureBillionaire
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Postby FutureBillionaire » Mon Mar 05, 2012 5:32 pm

I have three cash back rewards cards from BofA. The Amex is a solid card, as is the Cash rewards one. You can't beat 1.25% on everything through the Amex. That's not too bad at all and I use it alot. The cash rewards is great to supplement my penfed card for gas.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

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another explanation of this AMEX

Postby hotwired » Fri Apr 20, 2012 6:41 am

I spent 20 minutes on the phone with 2 very condescending reps who obviously have a script they read for every question you ask. They couldn't seem to give me a reasonable explanation on how the points work. Here's what I finally uncovered:

It is a graduated system, so at the minimum you get "50% on the dollar" (i.e. for 2,500 points you get 12.50) but it does go up incrementally until it reaches full value at 25,000 pts = $250.

How here's where it gets downright dishonest, deceitful and borderline evil.

Once you REACH 25,000 points, it's not like you get full value from that point on! If you have 27,500 points for instance, you get full value for the 25,000 but the 2,500 remaining points only gets credited at the 50% level (12.50).

Unbelievable. No wonder they have to talk in circles to keep you from figuring out the ripoff. this COMPLETELY eliminates any possible advantage of the extra 1/4 point. in my not so humble opinion.

2percentPlus
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Postby 2percentPlus » Fri Apr 20, 2012 3:59 pm

FutureBillionaire wrote:The Amex is a solid card, as is the Cash rewards one. You can't beat 1.25% on everything through the Amex.


Uhh, yeah you can. 2% or go home

FutureBillionaire
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Postby FutureBillionaire » Fri Apr 20, 2012 4:03 pm

I meant that as a figure of speech. The escape card is pretty good and is a card that I have considered that is 2%. What cards are you referencing?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

2percentPlus
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Postby 2percentPlus » Fri Apr 20, 2012 11:11 pm

The one in my sig, and unlike the escape card, you get cash money monthly, not credits to your statement. Oh, and no annual fee.



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