American Express World Points program: should I stop using it?

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BoyRod1
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American Express World Points program: should I stop using it?

Postby BoyRod1 » Tue May 21, 2013 2:07 pm

I have a credit card I opened up several years ago from American Express that uses a rewards program called World Points.

Strangely enough I had actually gotten the card through my Bank of America branch but they no longer offer it and I haven't seen it on their website in quite some time. It's not on the American Express website either.

I have a good number of these World Points saved up but haven't gone thru with redemption in a couple years because the gift cards and other offers are mostly low value, in that you don't get much back for how many points it costs you.

Would I be better off changing from Amex World Points to one of their cash back or Membership Rewards programs. Everything I see now from them is one of those two.


KrazyNick
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Postby KrazyNick » Tue May 21, 2013 2:56 pm

I would call up Bank of America. I have their world points Mastercard and I can still redeem the points. We got offered the Amex version but went with Mastercard. If they got rid of the Amex version they should still allow you to redeem earned points!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

BoyRod1
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Postby BoyRod1 » Tue May 21, 2013 3:06 pm

Hi I think you must have misread what I posted.

I know I can still redeem points. I have not redeemed any lately though because the reward options are of low value.

KrazyNick
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Location: South Carolina

Postby KrazyNick » Tue May 21, 2013 3:18 pm

Haha I did misread your post, silly me. If you aren't happy with Worldpoints and you do have the ability to convert that might be a really good choice. Cash back is always a nice choice! I really like world points. My business has over 7 cards and we usually get 2x points on purchases. I know with just my card I rack up about 20k-30k a month in points! Well worth it for me but to each their own!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

BoyRod1
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Postby BoyRod1 » Tue May 21, 2013 4:43 pm

No worries. Wow how much are you spending per year, like 200 to 300 thousand?

My American Express card that has World Points is a personal card and my spending per year is probably $10 to $20k, max.

When I redeem points the value per point is less than 1 percent. i.e. $25 gift card for 5,000 pts and $80 in cash back costs 10,000 pts. To get full value I need to spend $25,000 to earn and redeem 25,000 pts. Does your card do the same?

pewpew
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Location: nyc/ny

Postby pewpew » Tue May 21, 2013 4:55 pm

that points program is terrible. BoA has been making it worse and worse over the years. you have to gather up 25K before the points are worth redeeming. (2500 points gets you $12.50 in rewards while 25k points gets you $250).

what i did was convert my BoA World Points World MasterCard to a Susan G. Komen World MasterCard. which is a cashback card. BoA converted all my points from my old card to cash, 1 point = 1 penny after the conversion. this card also has bonus categories, like 3% on gas and 2% on groceries.

you can also convert your World Points card into a VISA card that comes with Chip and Pin technology and the same cashback program. the MasterCard version i got does not have this.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

KrazyNick
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Posts: 79
Joined: Mon Jan 25, 2010 12:10 am
Location: South Carolina

Postby KrazyNick » Tue May 21, 2013 5:55 pm

Hmm my card is a little different I can get a $25 gift cards for 3500 points. It's not the best reward system but for me it works since my business pays the bills and I redeem rewards. If it was a personal card I would change to a new system!
Bank of America Travel Rewards Visa Signature - 5k (2/10)
Capital One Mastercard- 2.5k (1/11)
Chase Freedom- 5k (4/11)
Discover It- 3k (5/11)
Chase Amazon Visa- 2k (5/13)
American Express Blue Cash Everyday- 8k (5/13)

Bank of America WorldPoints Rewards for Business- 18k (11/11)

pewpew
Centurion Member
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Posts: 106
Joined: Wed Apr 03, 2013 3:16 am
Location: nyc/ny

Postby pewpew » Tue May 21, 2013 7:45 pm

KrazyNick wrote:Hmm my card is a little different I can get a $25 gift cards for 3500 points. It's not the best reward system but for me it works since my business pays the bills and I redeem rewards. If it was a personal card I would change to a new system!


no, your card is the same. all BoA world point cards are the same. the smallest reward is a check for $12.50 for which they want 2500 points. the gift cards used to start at 2500 points for $25. now a $25 gift card costs between 3500 and 3750 points, depending on which gift card you choose. a $100 gas gift card was something like 12k or 12.5k points. i dont recall anymore.

it is the worst reward program from any major bank.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

CCG
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Posts: 151
Joined: Thu Apr 17, 2008 6:52 pm
Location: Austin, TX

Postby CCG » Wed May 22, 2013 1:23 pm

Despite your card being branded with American Express, the World Points program is operated through Bank of America and has nothing to do with AmEx. I had a card from '05 that had the program and stopped using it because of the horrible point to cash back conversion as discussed above.

My recommendation? Sock drawer the card and open up a card directly from AmEx that gives either cash back or Membership Rewards points. You can't convert your current card to them because your WorldPoints card is issued thru BofA (it's only branded with AmEx because they are the payment network used to process transactions on it, they're not the actual issuer).

Here are the top sponsored offers right now:
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pewpew
Centurion Member
Centurion Member
 
Posts: 106
Joined: Wed Apr 03, 2013 3:16 am
Location: nyc/ny

Postby pewpew » Wed May 22, 2013 1:30 pm

he spends too little to justify the AF for either of these two cards. i think that converting his world points card to a BoA 3-2-1 cashback card or applying for an AmEx Blue Cash Everyday (no annual fee) would serve him much better.
[blue cash].[/blue cash]
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.



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