January 21, 2008
BoA Secured Credit Card Offer
If you have no credit or need to rebuild your credit a secured credit card is an excellent way to get your credit from none or bad to an excellent rating.
As always, the editorial team here has their ear to the ground watching for new card offers in every category.
The latest card we have seen come on the market is the Bank of America Secured Credit Card.
We are currently evaluating the full details of secured card offer and will be posting our review very soon but in case you don't know how secured credit cards work we would like to give you a brief explanation.
A secured credit card requires you to make a security deposit before you get your card. The credit limit is directly determined by the amount of cash you place in a security account.
If you want a credit card with a $5000 limit then you will be required to make a deposit of $5000 to secure the line of credit.
The cash in the security account is not used to pay your balance, the money is held in the account in the event that you run your card to the maximum and fail to pay it back so the bank has recourse in the event you default on your obligation.
You will still need to pay your minimum payments like a regular credit card.
The security deposit eliminates the risk to the bank and provides you with the opportunity to build or re-establish your credit rating.
We will post more detail about the Bank of America secured credit card very shortly so come back to see what our editorial staff has to say about this new secured card offer.
Posted by Colin at 11:28 AM | Permalink | Comments (0) | TrackBacks (0)April 06, 2006
Bank of America MilesEdge Card
The main feature of the MilesEdge card from Bank of America is the low number of points required to earn a flights. You can start traveling with only 10000 points. Which is lower than many competing credit cards. While travel rewards are the main feature of the credit card it is not the only reward. You can also enjoy the flexibility of how you can use you reward points. Your points can be used on passes to Disneyland, Disney World, Sea World, Universal Studios as well as CityPass tickets to most major cities. CityPass tickets are essentially tickets that grant you access to several major attractions in various cities.
You will earn 1000 bonus points upon your first purchase and you will earn 1 point for every dollar you spend. Points are capped at 75000 points per year. In order to earn free trips you will need to spend just over $9000 as you earn 1 point per dollar spent and your first purchase earns you 1000 points. At first this may seem as though you will never earn enough points for your free flight however there is a good chance that you will spend more than $9000 and in order to earn your points you might want to consider makeing as many purchases as possible on your card - but please do make sure you are in a financial position to pay off your bill at the end of the month for two reasons:
1. You want to avoid the burden of credit card debt that you can't pay off.
2. The interest charges may offset the benefit of the points.
While earning rewards points with your credit card is an excellent way to get something extra it is important to always check the terms and conditions page which is usually near the bottom of the application page. It can be very enticing to jump in and start earning rewards however many people overlook the fees associated with the credit card. Almost all rewards credit cards have an annual fee, at the time of publishing this the annual fee for the Bank of America MilesEdge card is $19, which is very low for a rewards card. Most rewards cards have fees closer to $100 or more.
I recommend the MilesEdge card to those who might not travel frequently but live in one of the cities that offer the "CityPass" tickets. You can take your family out to see the attractions in your city that you might not otherwise go to visit. The CityPass tickets can be redeemed at the time of publishing for 5000 points.
Posted by Colin at 12:42 AM | Permalink | Comments (0) | TrackBacks (0)April 05, 2006
Review Of US Airways Visa Signature Card from Bank of America
The US Airways Signature Visa card offers several benefits to cardholders such as:
One mile per dollar spent in net purchases
Double miles on US Airways purchases
Unlimited Space Available Upgrades for Purchase
Preferred check-in
Preferred boarding
Annual $99 companion tickets
Complimentary US Airways Club® pass
No preset spending limit on purchases
Free 24/7 personal concierge service
Visa Dining Privileges - visit the Visa Dining Privileges Web site
Preferred Travel Program offers special services and automatic upgrades at select Hotels
While the above features are of great benefit the terms and conditions for the credit card state that there is a maximum of 50000 dividend points that can be accumulated so if you are making several large purchases in the hopes of earning unlimited airmiles, your points will be capped at 50000. The is not a huge issue for most people but do keep that in mind when you apply for the card.
Other factors to take into account with the Bank of America US Airways Signature Visa card are:
Annual Fee of $90
Minimum finance charge of $1.50 on purchase
Annual Percentage Rate Information:
Purchases & Balance Transfers: 1.9% for first six months and a variable rate of 16.24% thereafter.
Cash Advances: Variable rate of 22.24%
Penalty Rate: 30.24% What are the variable rates? The rates are variable as they are calculated based on the prime lending rate. The rates are determined as follows - prime rate plus 9.99% for Purchases - prime rate plus 15.99% for Cash Advances - prime rate plus 23.99% for penalty APR's.
Overall this is a good credit card however my preference goes to the Alaska Airlines card. This is more due to the fact that I have always an had excellent travel experience aboard Alaska flights. This is something you should take into account when applying for your travel rewards credit card is which airline do you prefer. You might have had great experiences flying with US Airways so if that's the case this credit card might be perfect for you.
Posted by Colin at 05:14 PM | Permalink | Comments (0) | TrackBacks (0)Review Of The Alaska Airlines Visa Signature From Bank of America
The Alaska Airlines Visa Signature is obviously a travel rewards credit card. Other than what you instictively know about this card, the fact that you earn points on Alaska Airlines, you also will receive VIP treatment with the Visa Dining Priveleges.
The Dining Priveleges allows you to make reservations at fully-booked restaurants during prime hours as well offers you discounts of 15% to 20% off your meals during non-peak hours.
Other key benefits to the Alaska Airlines Visa Signature5,000 Bonus Miles
- 1 mile for every dollar spent
- No mileage cap
- 2,000 anniversary Bonus Miles - Receive 2000 bonus miles each year that you renew your card
- Earn up to 6 miles per dollar at participating restaurants
- 2 miles for every dollar in purchases of Alaska Airlines/Horizon Air tickets and vacation packages
- $50 round-trip companion ticket
- 2 Board Room Passes
Along with the financial perks listed above you also get zero liabality protection on internet purchases, lost luggage reimbursement, legal, medical, and travellers assistance and much more.
Who should apply for this card?
You should apply for this card if you travel frequently and enjoy dining out frequently. The Alaska Airlines Visa® Signature From Bank of America is intended for those with good credit and enjoy the finer things in life.