Banked moves out of beta to take on Visa and Mastercard
Account-to-account payments startup Banked has moved out of public beta after securing £2.35 million in seed funding.
How do card networks operate? | Decoding: Banks | Episode 3
Mastercard and Visa are the two biggest credit card networks in the world. But what is a card network? How did they begin? How do they operate?
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In association with Jack Henry Digital, the pioneer of personal digital banking, helping financial institutions strategically differentiate their digital offerings from megabanks, big techs, and fintechs.
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Clark Howard’s Take on the Costco Credit Card Changes
The Costco Citi Visa card is eliminating one of its best benefits starting January 1, 2023. Get Clark’s card benefit workaround.
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8 Reasons Why I DON’T LIKE Bank of America Credit Cards
Here are my TOP 8 REASONS why Bank of America credit cards are not rewarding, exciting, or competitive on their own, and why most people will likely get far better value with other cards from other banks. Click “Show More” to see Ad Disclosure.
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REASON 1: NOT ENOUGH COMPELLING CREDIT CARD CHOICES
There are 2 (or 3, depending on how you count) main cash back credit cards and 6 main travel credit cards, none of which offer strong rewards or benefits on their own.
REASON 2: CASH BACK CREDIT CARDS ARE NOT COMPETITIVE
The Customized Cash Rewards Card has a 3-2-1 rewards structure:
– 3% Choice*
– 2% Grocery Stores*
– 2% Wholesale Clubs*
– 1% Other
*Up to $2,500 in combined 3% and 2% categories per qtr.
The Unlimited Cash Rewards Card earns 1.5% cash back on all purchases.
Compare these 2 credit cards to 2 other cards from other banks…
The Chase Freedom Flex card has a 5-3-1 rewards structure:
– 5% Travel (via Chase Ultimate Rewards portal)
– 5% Quarterly Categories*
– 3% Restaurants
– 3% Drugstores
– 1% Other
*Up to $1,500 spent per qtr.
The Citi Double Cash credit card earns 2% cash back on all purchases (1% when you buy, 1% when you pay)
All of these are credit cards with NO annual fee.
So between these options, it’s quite clear which products are the most rewarding.
REASON 3: TRAVEL CREDIT CARDS ARE NOT COMPETITIVE
Similarly, Bank of America’s travel credit cards don’t offer much on their own. Here are their rewards structures, all of which are very similar with low multipliers.
Bank of America Travel Rewards
1.5X All Purchases
Bank of America® Premium Rewards
– 2X Travel
– 2X Dining
– 1.5X Other
Bank of America® Premium Rewards Elite
– 2X Travel
– 2X Dining
– 1.5X Other
REASON 4: BANK OF AMERICA IS PICKY ABOUT CREDIT CARD APPROVALS
It will likely be more difficult to get approved for a BOA credit card without a preexisting relationship (checking, savings, prior credit card, etc.)
2/3/4 Rule: You may be approved for the following…
2 new cards in a 2-month period
3 new cards in a 12-month period
4 new cards in a 24-month period
3/12 Rule: If you DO NOT have a bank account with BOA and you have opened 3 or more new credit cards in the past 12 months with any bank, your application will likely be denied.
7/12 Rule: If you DO have a bank account with BOA and you have opened 7 or more new credit cards in the past 12 months with any bank, your application will likely be denied.
REASON 5: CREDIT CARD LINEUP HAS ZERO CREATIVITY
Many of their cards are duplicates but designed for different credit scores. The same product may come in the following versions: secured credit card, student credit card, regular credit card.
REASON 6: THEIR TOP-TIER CREDIT CARD IS A DISASTER
– Welcome Offer of 50,000 points (worth $500) does not cover the cost of the annual fee ($550) in Year 1.
– Has identical rewards structure & TSA Pre / GE credit as the mid-tier “Premium Rewards®” card ($95 AF).
– 20% Airfare Savings benefit only valid when you pay with points
– Airline Incidental Credit ($300) only works for incidental charges made on domestic-originated flights on certain U.S.-domestic airline carriers, and does not include the cost of a ticket. Also not valid on Allegiant Air, Spirit Airlines, or Sun Country Airlines. Other restrictions apply.
– Lifestyle Credit only gives you $150 towards your “lifestyle”
– No airline or hotel transfer partners
REASON 7: NO TRANSFER PARTNERS
Credit cards issued by Citi, Chase, American Express, and Capital One all offer travel credit cards that offer transfer partners to various airline and/or hotel programs.
REASON 8: YOU NEED BIG MONEY TO GET BIG VALUE
The Bank of America Preferred Rewards program DOES make many of their credit cards highly rewarding, but only if you are at the Platinum Honors level with $100K or more in assets.
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#bankofamerica #cashbackcreditcards #bankofamericacreditcards
Visa vs Mastercard
WalletHub’s experts go over the difference between Visa and Mastercard. Learn more here: https://wallethub.com/credit-cards/visa-mastercard/