Bank of America Money Return Visa Review

Paying You Rebates On Interest? - When one talks about cash back in credit card land, we normally think about earning cash rebates based on the amount you spend on the card. The Money Return® Visa® Platinum Plus® turns this concept upside down by paying you back 10% of the interest charges you pay every year (both purchase and balance transfer charges). This card definitely appealed to those who carried a balance. Here's a closer look at how the rebate worked.

Unique Rebate System - The Bank of America Money Return® Visa® Platinum Plus® pays you back 10% of the interest charges that you have incurred in a calendar year (for all your purchase and balance transfer charges). Rebates that are $2.01 or more are mailed via check whereas rebates of $2.00 or less are credited to the cardholders credit card account.

Annual Fee and APR - There is no annual fee. The APR is prime rate plus 5.99%. You also get a 0% APR on both purchases and balance transfers for six billing cycles. You do not have to pay a balance transfer fee.

Money Return Card Has a Sibling - As unique as this card is, the Money Return® Visa® Platinum Plus® has a close competition in the Discover Motiva Card. Rather than giving you 10% cash back on your interest a year, the Motiva Card pays you back 5% cash back on your interest each month.

Aside from getting cash back from the interest that you pay, the Discover Motiva also allows you to earn 5% to 20% rebates when you shop with their online merchants from shopdiscover, their online shopping portal. In this aspect, it is better than the Money Return Card.

Should You Get This Card Or A Cash Back Cards - One of the issues potential applicants have to consider is whether they should get a normal cash rebate credit cards or this card. If you carry a balance, the rebates you earn on card spending will be offset by the interest you have to pay. But if your balance is very small, then it makes more sense to get a cash back card because you will earn more interest on your spending than your interest payments. But if you let your balance is high relatively to your spending (sometimes it just spirals out of control), then a card like this may be more appropriate.

Money Return Card Is No Longer Available - Prior to the 2008 financial crisis, this was one of the many credit cards issued by Bank of America. But they have now consolidated their portfolio and this card is no longer available to consumers. Even back then, I always thought that having a cash back card beats this card any time. But I guess when you do carry a balance, every help you get to reduce your interest payment is always welcome. If you are looking for a similar card, the Discover Motiva Card is an identical card for all intents and purposes. Furthermore, you can earn even more rebates because they have an online shopping portal that pays good rebates when you shop with their merchants.