I got a BOA Cash Reward, 5.25% for almost all online purchase. Thinking about get a Chase Sapphire Preferred for offline activities such as dining, travel, grocery shopping, etc + the huge points offer they are offering now. Should I get the card? I am also curious if 1.25 cent each point is inflated on the Chase ultimate reward portal since everything could be priced higher... Thanks!
TC: 220k
#creditcard #chase
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By getting the preferred rewards, you had to lock up probably 100k for 3 months. You practically make no interest on it during that whole time.
That's the equivalent of putting away 33k for a year, and if you earn just 3% on it from government or investment grade bonds, you're looking at $1000 in investment returns.
For you to earn $1000 through 5% Cashback rather than 3% cash back which many cards have, you have you spend 50k in credit card purchases. Unlikely.
For most people, the BoA card is a terrible choice. And the preferred rewards program is also, except for certain use cases.
If it’s grocery 3% + .75x multiplier then it’s still only for grocery, not everything.
But their points are easily transferable to one to one unlike Amex