- Centurion Member
- Posts: 567
- Joined: Tue Apr 22, 2008 12:44 am
- Location: Zuma
Do NOT apply for the Financial Rewards Visa card from Bank of America. The reward structure on this card is a total joke. They say they give you 1 point for every $100 you spend (where 1 point = $1 in rewards) and they make it sound like it's a 1% cash back credit card.... NOPE! Any fraction of $100 you don't get any points for. So that means in theory you could spend $99 per month on the card for 10 years straight and not earn a single reward point!
Even if you are spending on the card it robs you because let's say you put $291 on the card this month. They are only going to count the $200 towards the rewards and the $91 won't count at all be be discarded. Since it's based on monthly billing statements you really get screwed. If they did this on an annual amount and then rounded down to the nearest hundred it wouldn't be such a rip but this is really a con game by Bank of America if you ask me.
I have had this card since 2004 when B of A gave it to me when I opened a checking account even though I didn't ask for it or know I was getting it! I falsely thought for a long time that it was a 1% rebate so I used it for "all other" purchases that weren't in a tiered category on my other cards. I would say my rewards on this card only equaled around 0.3 to 0.5% on average due to their financial scheme of doing it in increments of hundreds.
STAY AWAY FROM THIS CARD!!!!
Stop talking crap about him!