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-   -   End of FIA Visa and 2% Cash Back (http://www.early-retirement.org/forums/f28/end-of-fia-visa-and-2-cash-back-57902.html)

SteveL 09-12-2011 03:14 PM

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.

ziggy29 09-12-2011 04:22 PM

And they get my account canceled effective November 1.

clifp 09-12-2011 04:53 PM

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.

FIREd 09-12-2011 05:10 PM

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...).

ziggy29 09-12-2011 05:17 PM

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. :)

Gone4Good 09-12-2011 05:29 PM

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.

Andre1969 09-12-2011 05:32 PM

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!

Buckeye 09-12-2011 06:12 PM

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.

HawkeyeNFO 09-12-2011 06:22 PM

Quote:

Originally Posted by clifp (Post 1111116)
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.

ziggy29 09-12-2011 06:42 PM

Quote:

Originally Posted by HawkeyeNFO (Post 1111146)
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.

HawkeyeNFO 09-12-2011 06:51 PM

Quote:

Originally Posted by ziggy29 (Post 1111150)
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!

ziggy29 09-12-2011 07:24 PM

Quote:

Originally Posted by HawkeyeNFO (Post 1111155)
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).

ziggy29 09-12-2011 07:34 PM

Quote:

Originally Posted by FD (Post 1111121)
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.

Gone4Good 09-12-2011 09:12 PM

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.

ERD50 09-12-2011 09:25 PM

Quote:

Originally Posted by Andre1969 (Post 1111131)
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

ziggy29 09-12-2011 09:25 PM

Quote:

Originally Posted by ERD50 (Post 1111189)
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.

Tadpole 09-13-2011 06:50 AM

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".

panacea 09-13-2011 07:38 AM

Quote:

Originally Posted by Andre1969 (Post 1111131)
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! :facepalm:

Andre1969 09-13-2011 07:38 AM

Quote:

Originally Posted by ERD50 (Post 1111189)
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!

Texas Proud 09-13-2011 10:39 AM

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...


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