Bank Of America Power Rewards Visa: Free $25 Gift Card

Saturday, May 6th, 2006

In case you aren’t familiar with this card already, it offers up to 2% back with no annual fee and no caps. While you also have the opportunity to redeem accrued points for other merchandise, the real value lies in the cash back redemption at the upper tiers:

3,500 Points = $25 Cash Rebate
6,500 Points = $50 Cash Rebate
9,500 Points = $75 Cash Rebate
12,500 Points = $100 Cash Rebate
20,000 Points = $200 Cash Rebate
30,000 Points = $450 Cash Rebate
50,000 Points = $1,000 Cash Rebate

As you can see, at 1 point per dollar spent, you can receive 2% cash back once you accumulate 50,000 points. Points do expire after 5 years and since the point exchange values could in theory change at any time, this is probably only attractive for big spenders. As for specifics of this signup offer, as posted on FW:

Call 1.800.807.4293 and apply for the Bank of America Power Rewards Card by July 1, 2006. Make one purchase, within 90 days you will receive instructions by mail for ordering your $25 gift card online or by phone. Gift cards are available for “hundreds of merchandisers including Blockbuster and The Home Depot

In addition to the $25 gift card, this offer also comes with 500 bonus points after the first purchase and 0% on purchases and balance transfers for the first six months. Rate after the six months will be between 11.49% and 20.49% depending on your credit report.

There was also the site www.bankofamerica.com/powerrewardsoffer mentioned in the ad, but it does not seem to work and the CSR said it should be fixed on Monday.

Looking for more? Click here for a full list of current balance transfer offers.

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