Direct Cash Deposit vs. Points From Your Card?

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Direct Cash Deposit vs. Points From Your Card?

Postby Bob-lo » Wed Feb 08, 2012 8:26 am

My Schwab visa was sold to FIA card services and resold to Bank of America. The Schwab rewards were generous direct cash deposits into a linked savings account. No point system. (My American Express card also works this way.)

The Bank of America Visa, however, looks generous on the surface but they translate cash rewards into points and require substantial points for minimum actual cash back. It's a scam.

So, which cash back programs actually give cash back in the percentages advertised, and which ones convert to points as a way to reduce the actual benefit? The Chase Freedom card, for example, has a generous sounding reward scheme, but do they use the point system? Which cards, if any are true cash back arrangements in the percentages advertised?

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Postby jeffysdad » Wed Feb 08, 2012 2:05 pm

FIA Card Services is a unit of Bank of America. It is the former MBNA, or at least a piece of it.

The FIA Fidelity Amex gives 2% cashback. The award comes in the form of Bank of America Worldpoints, but it is a true 2%. Perhaps you should look at your Schwab card again and see what the true percentage is. Or you could call and ask. If it's like the Fidelity Amex, you can redeem for cash after earning 5,000 points, which is worth $50. You get two points per dollar spent, so the reward is a true 2%.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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Postby DavidNY » Wed Feb 08, 2012 7:57 pm

BofA Cash Rewards is not a scam, the rewards are 1% base, 2% groceries and 3% gas. They also give a 10% bonus for putting the rewards into a BofA checking/savings account. They require increments of $25.

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