Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
End of FIA Visa and 2% Cash Back
Old 09-12-2011, 03:14 PM   #1
Recycles dryer sheets
SteveL's Avatar
 
Join Date: Aug 2005
Posts: 380
End of FIA Visa and 2% Cash Back

Originally it was a Schwab Visa run by FIA, then Schwab dropped it and it was just FIA. Today, as I expected, the letter from BofA announcing conversion of my card to a B of A visa eff. 11/1, and the termination of the 2% cash back eff. 10/31. There is a replacement cash rewards program that isn't much. Also, we get a new VISA number which is a big pain.
__________________

__________________
Retired -- 2001
SteveL is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-12-2011, 04:22 PM   #2
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
And they get my account canceled effective November 1.
__________________

__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 09-12-2011, 04:53 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
I groaned when the card was transferred to BofA, and then they immediately cut some minor benefits.

I guess I knew that 2% was too good to last but I expected even BofA to give it more than month. I haven't got the latest letter. I am canceling Nov 1. also

So what are the best card deals out there? I guess the PenFed Visa rewards card (1% 5% on gas) is a worthy contender. I was amazed at how the easy the process was for applying, the system remembered all of my info from Home Equity Loan of several years ago. I finished the application and got approved in 5 minutes. My credit limited dropped from $30K on my Schwab card, to 19.5K but they will have no practical impact on my life.
__________________
clifp is offline   Reply With Quote
Old 09-12-2011, 05:10 PM   #4
Moderator Emeritus
 
Join Date: May 2007
Posts: 11,034
Quote:
Originally Posted by clifp
So what are the best card deals out there?
Depending on your spending habits, it may not be the best deal but I use the USAA cash reward Mastercard offering 0.45%-1.25% cash back on all purchases based on how much you charge on your card each year.

But, if you do a lot of online shopping like I do, you can get some additional cash back using their "membershop" (like 7% cash back from Sears, 4% from JC Penney, 2% from Apple, 8% from Norton, 4% from Barnes and Noble, etc...).
__________________
FIREd is offline   Reply With Quote
Old 09-12-2011, 05:17 PM   #5
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Yeah, just changed a bunch of my autopays to my USAA Amex and just got their Mastercard for the places that don't take Amex (has a similar rewards plan). It's not much better than the watered down B of A deal, but a little bit, and I'd much rather give them the business than B of A. Didn't really need another $20K credit line, but I guess that doesn't hurt as long as I don't feel compelled to run it up. (I felt dirty about doing business with B of A anyway. May cost a few bucks a month, but big deal.)

Once I confirm we're not on any more autopays with the B of A card I'm going to ditch it, may not even wait until November 1 -- may just make a clean break. At least these are pretty new accounts so it won't slam my credit score too much. I have an old no-reward Visa with my CU that has been open for 21 years and I make sure I charge $10 a quarter on that one to keep it active.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 09-12-2011, 05:29 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
My Chase Freedom card pays 1.1% on everything, 5% on revolving categories, plus an extra 10 "points" for every purchase. I don't know how much all of that works out to on a percentage basis, but it's pretty decent.
__________________
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 09-12-2011, 05:32 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,056
I have a fidelity AMEX that's run by FIA, and I get the 2% cash back. I haven't received any notification yet, but I guess it'll be coming to an end, eventually? I knew it seemed too good to be true!
__________________
Andre1969 is offline   Reply With Quote
Old 09-12-2011, 06:12 PM   #8
Thinks s/he gets paid by the post
 
Join Date: May 2006
Location: Largo
Posts: 1,945
I cancelled as soon as I saw "BofA." We just had a local story involving an elderly couple and cancer and foreclosure and mistakes made by BofA. The worst part of the story was BofA tacking all the late fees, etc. onto the loan which they so generously modified from 30 to 40 years. All the fees were the result of BofA stupidity!!! BofA finally got it right and refunded the couple's loan fees AND lawyers' fees and the second article. They suck.
__________________
Buckeye is offline   Reply With Quote
Old 09-12-2011, 06:22 PM   #9
Full time employment: Posting here.
HawkeyeNFO's Avatar
 
Join Date: Jan 2010
Location: Inside the Beltway
Posts: 573
Quote:
Originally Posted by clifp View Post
So what are the best card deals out there?
Well, I'm still quite happy getting 5% cash back on everything (yes everything) I spend: http://www.aarpcreditcard.com/Organic/?CELL=64H2

Can't say I really miss the Schwab card, because I haven't been using it.
__________________
HawkeyeNFO is offline   Reply With Quote
Old 09-12-2011, 06:42 PM   #10
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by HawkeyeNFO View Post
Well, I'm still quite happy getting 5% cash back on everything (yes everything) I spend: AARP
Sure, for a whopping 6 months, and that assumes you qualify for AARP membership. After that you get 1% back and 3% on travel. Not bad, but nothing close to the "teaser rate" you advertise here. And you have to qualify for -- and want to have -- AARP membership to get it.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 09-12-2011, 06:51 PM   #11
Full time employment: Posting here.
HawkeyeNFO's Avatar
 
Join Date: Jan 2010
Location: Inside the Beltway
Posts: 573
Quote:
Originally Posted by ziggy29 View Post
Sure, for a whopping 6 months, and that assumes you qualify for AARP membership. After that you get 1% back and 3% on travel. Not bad, but nothing close to the "teaser rate" you advertise here. And you have to qualify for -- and want to have -- AARP membership to get it.
"I would agree with you if you weren't wrong!" -Patch Adams

After 5.5 months, have your SO sign up. That means nearly a year of 5% rebates. Then cancel your card, and sign up again in 5 months, now you're up to nearly 1.5 years. Etc, etc.

Membership? They'll give you a card (and more importantly the rebates) without a membership.

And even if you did want a membership, anyone who pays the fee qualifies. There is no age restriction. Look it up.

Hey, their politics stink, but I didn't get their credit card for that. I did it for the economics!
__________________
HawkeyeNFO is offline   Reply With Quote
Old 09-12-2011, 07:24 PM   #12
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by HawkeyeNFO View Post
Membership? They'll give you a card (and more importantly the rebates) without a membership.

And even if you did want a membership, anyone who pays the fee qualifies. There is no age restriction. Look it up.

That's an unusual "affinity" card if so. Usually membership is required. If that's not the case I stand corrected, but it would be unusual. My understanding is that AARP membership required being age 50. If not, that explains why I've had a few junk mail AARP invitations, which I assumed were mistakes (or 4+ years premature).
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 09-12-2011, 07:34 PM   #13
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by FD View Post
Depending on your spending habits, it may not be the best deal but I use the USAA cash reward Mastercard offering 0.45%-1.25% cash back on all purchases based on how much you charge on your card each year.
I was tempted by that one but I decided to get the one with a flat 1 point (1%) cash back rate. When I did the math I think the break even point was $31,000 a year (who says you never use high school algebra in real life?); more than $31K a year, yours is better; less than $31K, the flat 1% is better. I don't usually charge quite that much in a year, and even if I came close I decided I didn't want the temptation of charging more than I normally would have just to get the higher cash back bonus.

Still for folks that charge considerably more than $31K a year that would seem to be a decent option.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 09-12-2011, 09:12 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Gone4Good's Avatar
 
Join Date: Sep 2005
Posts: 5,381
Just did the calc, and the Chase Freedom card net me 1.8% back so far this year, including all the bells and whistles.

Plus 5% back on gas from Pen Fed.
__________________
Retired early, traveling perpetually.
Gone4Good is offline   Reply With Quote
Old 09-12-2011, 09:25 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,272
Quote:
Originally Posted by Andre1969 View Post
I have a fidelity AMEX that's run by FIA, and I get the 2% cash back. I haven't received any notification yet, but I guess it'll be coming to an end, eventually? I knew it seemed too good to be true!
Me too. Is this going to change, or is it separate from the other offers?

-ERD50
__________________
ERD50 is online now   Reply With Quote
Old 09-12-2011, 09:25 PM   #16
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by ERD50 View Post
Me too. Is this going to change, or is it separate from the other offers?
All I will say is I wish you luck, but don't hold your breath.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 09-13-2011, 06:50 AM   #17
Thinks s/he gets paid by the post
Tadpole's Avatar
 
Join Date: Jul 2004
Posts: 1,170
I figure that most of the cards will need to eliminate or reduce cash back features over the next couple of years. I have PenFed and buy all my gasoline using it. I also have BoA as a result of the MNBA merger years ago. I use it for on-line purchases because of the Shop-Safe feature. I pay all CC at the end of the month so have never paid for any of the services. If PenFed had such a feature, I would permanently leave BoA. But PenFed does not expect to have this feature and are "investigating it".
__________________
Tadpole is online now   Reply With Quote
Old 09-13-2011, 07:38 AM   #18
Full time employment: Posting here.
 
Join Date: Jul 2011
Posts: 721
Quote:
Originally Posted by Andre1969 View Post
I have a fidelity AMEX that's run by FIA, and I get the 2% cash back. I haven't received any notification yet, but I guess it'll be coming to an end, eventually? I knew it seemed too good to be true!

Ditto- we use the Fidelity AMEX for 2% and also the Chase Freedom for when the 5% deal, which changes every quarter. Seems like a really good strategy until I'm standing in line trying to remember what the super special category is!
__________________
panacea is offline   Reply With Quote
Old 09-13-2011, 07:38 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Aug 2005
Posts: 2,056
Quote:
Originally Posted by ERD50 View Post
Me too. Is this going to change, or is it separate from the other offers?

-ERD50
I dunno...hope it stays around awhile. I've already gotten $500 in checks for using this card, and about to hit the point that I get another $250. I think I've had this card about a year and a half now. Kinda scary to think this is going to mean that I've charged $37,500 on this card, in that amount of time!
__________________
Andre1969 is offline   Reply With Quote
Old 09-13-2011, 10:39 AM   #20
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,263
Since I had a thread askng the same question.... here is what I found ... no teaser rate, no having to sign up every 6 months or so....

Cap One has a new card out that give 1.5% back on every purchase... you get 1% up front and the rest on an annual basis... it used to be 1.25%, but they recently increase it...

Don't know if you can get the old Freedom card from Chase. It has 3% back on the highest categories you used (3 if you were not a Chase customer, 5 or 6 if you were)... if you use it for only a few of the categories, you are getting 3% back...

Just looked... I can not find the old Freedom card as an option...
__________________

__________________
Texas Proud is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 01:09 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.