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The Best Uses For Your Bank of America WorldPoints
by Jason Steele
Among the major reward cards out there is the family of cards offered by
Bank of America that allow you to earn credits in their own proprietary
reward points system called WorldPoints.
Pro: Flexibility
The WorldPoints program seems to have been created for maximum
flexibility. Their website boasts of the many ways that WorldPoints can
be redeemed, such as for cash, travel, gift cards, and merchandise. With
all of these options, one must carefully consider how to redeem
WorldPoints in order to maximize their value, and ultimately, when to
use your Bank of America card instead of another.
The Value Equation
For cash, the value of your reward is always easy to determine. Almost
all purchases earn 1 WorldPoint per dollar spent, while purchase made at
certain online merchants in their WorldPoints Mall will earn up to 10
points per dollar spent. Bank of America WorldPoints can be redeemed for
cash only in various amounts. After you earn 5,000 WorldPoints, you may
redeem them for a $25 check, a mere .5 cents/point. The rate of return
gradually goes up to 1 cent per WorldPoint when you redeem 25,000 points
or more.
As for travel, their website advertises that “25,000 = Fly anywhere in
the continental 48 states,” however careful observers will read the fine
print under the Reward Details page. The details are that you may redeem
the award for travel in the lower 48, but only if the ticket does not
exceed their “maximum dollar value” or MDV of $400. So basically, you
can redeem your points for any ticket that would give you up to a 1.6
cents per point value. This is better than their cash reward, but not as
good a value as most domestic airline program awards that do not have a
dollar value limit. With today’s soaring airline prices, $400 is going
less and less further than it once did. Devaluing this reward further
are the restrictions imposed that require a 21 day advance purchase, and
travel stay minimums and maximums on international redemptions. Needless
to say, if you purchase tickets with cash, there are no inherent
restrictions.
As for gift cards and merchandise rewards, while there are many options,
it seems the value in cents per point is almost always less than 1 cent.
When Should You Use Your WorldPoints Card
You should definitely look through the WorldPoints Mall for
opportunities to earn more than 1 point per dollar, what many cash back
cards offer. All of these value comparisons are based on everyday
purchases that only earn 1 point per dollar, however there are many well
known national brands that can earn much more. At 1 point per dollar,
few of the rewards are exceptionally good values, however, if you focus
your WorldPoint Card spending in their online mall, you may enhance your
value per dollar spend considerably. When it comes time to redeem,
airline redemptions are generally a better value than their cash awards,
with merchandise and gift cards bringing up the rear.
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