Bank of America Power Rewards Visa Card Review
More Rewards Options Than Just Cash
Note: The Bank of America Power Rewards Visa Card is not available to new cardholders. The last obtained information about the card is below.
The Bank of America Power Rewards Visa is a rewards credit card that pays points on purchases. Cardholders can redeem points for a variety of options including cash back, travel, gift cards, and special events.
Rewards Offered With the Bank of America Power Rewards Visa
Earn enough points to redeem for a $50 cash bonus if you spend $500 on retail purchases in the first 90 days of opening the account.
That means you need to spend about $167 each month for the first three months to earn the spending bonus. You can easily do that if you use your card to pay a few bills.
Earn 3 points per dollar on gas, grocery, and drugstore purchases that you make in the first six months. After that, all your purchases earn 1 point per dollar. You can maximize your rewards by using your card for all your gas, grocery, and drugstore purchases during the introductory purchases.
There's no limit to the points you can earn, but points begin to expire after five years. Use your points before the five-year mark to keep from losing them.
Besides cash, you can redeem your points for gift cards, airfare and merchandise. Redemptions start at 2,500 points for $25 cash, 3,500 for gift cards, and 15,000 for airline tickets. If you'd like, you can also have your cash rewards redeemed automatically by check, as a statement credit, an electronic deposit to your checking or savings account, or credited to your mortgage loan.
The latter two can be sent to any bank - it doesn't have to be BofA.
Bank of America Power Rewards Visa Pricing
There's no annual fee on the credit card, which means you can enjoy the rewards and perks for free as long as you avoid transactions that would incur a fee.
There's a 0% introductory rate on purchases and balance transfers for first 12 billing cycles.
After that, the regular APR is 12.99% to 22.99%, depending on your creditworthiness. The better your credit score, the lower your interest rate will be. However, since this is a rewards credit card, it's more important that you pay your balance in full each month. Otherwise, you'll negate your rewards by paying interest on your credit card. Paying in full is more important after the introductory period, but there's nothing wrong with getting a little practice in before that.
The cash advance APR is 22.99% or 24.99% depending on the type of cash transaction. Cash advances are charged a fee of $10 or 4% (sometimes 5% depending on the transaction). At 4%, the balance transfer fee is slightly higher than many other credit cards.
Other fees include:
- Foreign transaction fee: 3%.
- Late payment fee: Up to $35.
- Returned payment fee: Up to $25.
- Penalty APR: 29.99%.
No Preset Spending Limit With BofA's Power Rewards Visa
This is a Visa Signature card, there's no preset spending limit. But that usually doesn't mean you get unlimited credit. Your spending limit may be determined by your income, purchases, and payment history.
Edited by LaToya Irby. Terms last retrieved March 4, 2013. Credit card terms and sign-up bonuses are subject to change from the time of this review.