2013 Bank of America Visa Rewards Card Still Worth It?

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2013 Bank of America Visa Rewards Card Still Worth It?

Postby amteam » Fri Jul 26, 2013 7:01 pm

New here to the whole credit card game.

Since opening a checking account with Bank of America in 2004 I have been using their Visa rewards card. As a 19 year old at the time it was a big deal for me that I was given a $2000 credit limit and a platinum Visa. I didn't even apply for the card knowingly as I guess when I open the checking account I must have agreed to it and not known. Needless to say I was happy for them taking a gamble on me at such a young age.

Now that I am approaching 30 and am all grown up with a real job, good income and have a family I want to evaluate my options, if this is still for me. My first Visa rewards card BofA gave me was called power rewards and gave 1pt/dollar.

When that was discontinued I was converted to a cash back card that gives 1% normally, 2% at grocery stores and 3% at gas stations. It limits the amount I can get on the grocery/gas.

Tell me, am I making a wise decision by continuing to use this card or is it time to get something new. Thanks for your help.

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Postby Terry » Fri Jul 26, 2013 7:39 pm

Choosing a new card that fits your spending behavior might be in order; however, by cancelling a card with an eleven year history which is boosting your average age of account would cause your score to drop once it stops reporting. If a new card is needed, you might consider placing a small charge on your BOA every few months so that account stays active and consequently have a positive effective on your credit.

Take a look at creditcards.com or creditcardguide.com for a rewards card that would give you the most rewards based on your monthly spending. After evaluating your choices, you can then make an informed decision.
AMEX Green Card - NPSL [Member Since 1995] ;)
AMEX Everyday Card ($25,000) 6/14 Backdated to 1995 - For 20% Extra Points Benefit
Chase Freedom Visa Signature ($17,000) - For 5% rotating categories
Citi ThankYou Preferred Visa Signature ($16,000) - 2% dining
Discover IT Humane Society Design ($16,500) - For 5% rotating categories
Firestone ($2,600) - For 0% financing
Home Depot ($10,000) - For 0% financing
JCPenney Credit Card ($7,000) - For special discounts
Sam's Club MasterCard - ($20,000) - 5% off gas at any fuel pump
Wells Fargo Personal Line of Credit - ($15,000)

FICO's - 767 EX, 778 EQ, 790 TU [02/2015]

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Postby MemberSince99 » Sat Jul 27, 2013 9:27 am

It's really totally up to you. Those rewards are not bad honestly. That's equivalent to the Amex BCE.

Having more than one card will almost surely increase your credit score, and give you more options. For example, you have your every day spending card, but do you need/could you use a travel card?

You don't mention what sort of card you want just if it would be a good idea to get another one. Probably would, but the type really depends on what you are looking for.

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Postby Sevenfeet » Sun Jul 28, 2013 10:23 am

It's a good card...I have one. It's not my go-to card anymore since I have the Fidelity and Penfed cards that combined work better for me. But it's a good card and it does get some use.
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)

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