2013 Bank of America Mastercard Rewards Review?

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roloro
 
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2013 Bank of America Mastercard Rewards Review?

Postby roloro » Tue Jul 16, 2013 1:09 pm

Hi first post here. I used debit cards up until a couple years ago when my bank started charging fees for using it. Since that time i have really gotten into the whole credit card rewards game.

Currently my only card I have is the Bank of America Mastercard rewards. I would like to get some feedback on if this is still a hot program. Other than the cards from Chase I see on TV I am not up to speed on who is offering what.

The places I spend the most money are the grocery store. We easily spend upwards of $700-800 per month. Gas stations are a frequent expense too since I buy fuel for my business on my personal card and then pay myself back for it. Other than that I would say healthcare costs are a big expense since our insurance plan has a very high deductible and we then have to pay a fair amount out of pocket each year. I am now charging that to my Mastercard from Bank of America whenever a doctor accepts card payments.


MemberSince99
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Postby MemberSince99 » Tue Jul 16, 2013 1:33 pm

If you spend 700-800 a month on groceries you should make getting the Amex BCP a priority. You get 6% back on supermarkets for the first 6k a year (then after that 1% so use something else once you hit the cap limit). As far as I know of nothing beats that.

It also gives an uncapped 3% on gas which isn't bad but a number of cards match that and you can get quarterly 5% gas with others. I think I read Penfed does well with gas too but I have no knowledge of that card I can only talk about what I know.

Hopefully that gives you some idea. Personally I'm not all that worried about making sure I scrape every last penny but I know some people are.

roloro
 
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Location: SD

Postby roloro » Tue Jul 16, 2013 1:41 pm

Thanks for the suggestion. Is that the same card that I saw on the main page of this website?

I've always had the impression that American Express cards are hard to qualify for and you need to have high income to get them. Compared to my Bank of America credit card, how much harder would you say this one is to qualify for? What type of credit score requirements should I expect?

MemberSince99
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Postby MemberSince99 » Tue Jul 16, 2013 2:09 pm

Yes it is.
They can be it's always YMMV. Some people get Amex revolvers with sub 700 scores and even occasionally a revolver (like BCP). BCP is harder to get, but the thing is, you can apply for the Delta card which is easier to qualify for if you have doubts, then PC it to the BCP after you get the Delta card.
I don't know if it would be harder than your BofA card. Having over 700 with no baddies and 6 months to a year of history which you have and relatively few inquiries with utilization under 10% would give you really good odds of approval I would think.

Sevenfeet
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Postby Sevenfeet » Tue Jul 16, 2013 3:32 pm

The BofA Cash Rewards card is pretty nice...not class leading but pretty nice. I use it mainly in places where I cannot use my Fidelity Amex and I already use my BCP for groceries. Combined with a BofA checking account, I'm looking at 1.1% for non categorized purchases...not bad but not the 2% on the Fidelity card.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)

barrytuneup
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Postby barrytuneup » Wed Jul 17, 2013 6:51 pm

as a pro in the CC bonus and reward game and w/o knowing your financial status do this: you need the Amex Blue Preferred. You and your wife or other person (you said "we") apply for this. It has a 250. cash back rebate that you can use on your CC bill as a cash credit! But you must apply thru this site-- "card match" on creditcards.com. After entering some info and if you have better credit, you'll get that offer.But only from them. the offer for the general public is 150. You spend 1k in 3 months and you got it. PLUS very important-- you get 6%back on anything you buy in the grocery. But it's capped at 6k per year and has a 75.00 fee. Thats why you need 2 cards. ..So 6k x 6%+ 360 per year -75fee =285.00 per card of fee food per year. next you need the Penfed Platinum cash rewards card. 5% back on gas credited to your statement each month. This is a must have. Let me know what happens. This is just for starters. BTW, you can join the Penfed Credit Union very easily. Check the site.



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