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 How does a cash reward program work? Typically, the program awards points, "dollars" or a cash value based on the amount you charge. The rate at which you collect points varies depending on what you charge or where you charge it. Some programs offer extra points for using their card at a specific place such as a supermarket or fast food restaurant or for certain items.
Some programs offer a variety of rewards. Consumers can earn meals, tickets to sporting events, airline tickets, electronics, or even create their own reward program.
The goal is to get you the consumer to use your credit card as much as possible. Why? FEES! The credit card issuer makes money from two sources each time you use their card. First, from the merchant who pays the issuer a merchant transaction fee and secondly, from you through finance charges and late fees. A recent survey found that nearly half of U.S. cardholders enrolled in a credit card rewards program have never redeemed their points. However, 60% of consumers said rewards program influences their decision when deciding which credit card to use for a purchase.
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Card issued by Bank of America, N.A. (USA)
Various Internet account related services. Up to $1,000,000 in travel accident insurance.
Auto rental insurance.
Extended warranty protection.
Various travel and emergency assistance services.
Medical referral services.
Legal referral services.
Lost luggage recovery.
Emergency airline ticket replacement.
No liability for unauthorized Internet transactions.
Optional personal photo on card.
Discounts on auto rentals.
Optional Mini Card.
See website for additional benefits.
2,000 Anniversary Bonus Miles.
10 miles per dollar spent at select restaurants.
$50 Round-Trip Companion Ticket.
First-Class Upgrade.
Zero Liability for Internet purchases.
*See website for complete terms and conditions of card usage and application disclosure. *Terms and Conditions
APR (Purchases): Rate - Variable risk based rate is Prime + 6.99%
APR (Balance Transfers): Rate - Variable risk based rate is P + 6.99%
APR (Cash Advances): 21.99% Variable * minimum 19.99% . (P + 15.99%)
Finance Configuration: Average Daily Balance (including new purchases)*
Annual Fee: $75
Additional Cardholders: $0
Grace Period: 20 Days (Min.)
Minimum Credit Limit: $3,000
Maximum Credit Limit: N/A
Late Payment Fee: $19 on balances up to $100; $29 on balances of $100 up to $1,000; and $39 on balances over $1,000
Over-The-Limit Fee: $35
Cash Advance Fee: 3%, $10 minimum
Balance Transfer Fee: None
Reward Program Details
Miles per Dollar: 1 Mile
Miles per Dollar spent on Alaska Airlines/ Horizon Air tickets and Vacation packages: 2 Miles
Additional Miles: Up to 6 miles per dollar spent at select restaurants
Miles Compatible with Frequent Flyer Programs: Yes
Miles Expiration: 3 Years (Miles do not expire as long as the frequent flyer account is active during a 3 year period.)
Yearly Limit on miles you can earn: None
Bonus Miles: Approval: 5,000 Miles
Other Bonus Miles: Additional 1,000 Miles when you apply and are approved online
Anniversary Bonus Miles: 2,000 each year when you renew your card
$50 round-trip Companion Ticket upon approval and each year you hold the card
2 Board Room passes upon approval
*See website for complete terms and conditions of card usage and application disclosure. *Terms and Conditions
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