Is the BofA point system better than AMEX?

[kirr44]

I just used the calculator on Bank of America's Travel Rewards point calculator and spending $80,000 would give you about $1800 in cash. On AMEX, the same spend gives about $1000 cash. Is that right? On AMEX Gold, I split $4k on restaurants, $25k on groceries, and $51k on everything else. 

 

Just curious if I did it equally or if I'm missing something?

 

To be fair, it does range from $1,200 to $2,100 so I just took the middle number. 

Edited August 12, 2020 by kirr44

[shifter]

MRs are best used to transfer to travel partners for miles. You can get 5+ cents per point if used for First Class travel. 

[hegemony]

the value of points/miles depends on how you use them and how you personally value that use.

[kirr44]

Then any reason why there's so much focus on AMEX and Chase cards? At least, when you watch credit card youtubers, 80% of the time is spent talking about Chase and AMEX.

 

Is it because Chase and AMEX actually offer benefits?

Edited August 12, 2020 by kirr44

[centex]

42 minutes ago, kirr44 said:

Then any reason why there's so much focus on AMEX and Chase cards? At least, when you watch credit card youtubers, 80% of the time is spent talking about Chase and AMEX.

 

Is it because Chase and AMEX actually offer benefits?

How a card works for the consumer can vary between consumers...what is good for one is not always ideal for the next person.  How points accumulate can ALSO vary between products even from the same bank.  This is why people should be dissuaded from applying JUST BECAUSE.  Instead, focus on products that will work for the applicant.

 

For some people, they would NEVER derive maximum benefit from, for example, the AXP Platimum.  However, others get far more out of the card than the annual fee sets them back.  I won't presume to speak to the 'youtubers' because I don't go to them for guidance.  I don't need a tuber goober telling me what is best for MY situation...  

[kirr44]

I agree. I used to watch them when I started out figuring out what's what in regards to credit cards. 

[swimmingwithsharks]

The best system is the one you will use and get the most benefits that fit you. It's different for everybody. Pre-COVID, Chase and Amex were best for travel experiences and redemptions. BofA was best for cash-only redemptions IF you kept $100k or more in linked bank/brokerage accounts. 

 

Now, with changes to Chase redemptions (extra value for groceries and restaurant statement credit redemptions), the best cash-back depends on your spending habits and how long these promotions last.

 

If you just want cashback, start with a 2% back-on everything no-fee card, and then add 3% and 5% category cards that make sense for you based on what you buy. Much of YouTube focused on pretty travel redemptions because those make good videos.  But what do YOU want out of your credit cards?

[hegemony]

1 hour ago, kirr44 said:

Then any reason why there's so much focus on AMEX and Chase cards? At least, when you watch credit card youtubers, 80% of the time is spent talking about Chase and AMEX.

 

Is it because Chase and AMEX actually offer benefits?

they both have the "best" mix of transfer partners.

 

watching youtubbbbbbers for credit card advice is like going to a *Admin and our Terms of Service prohibit profanity* house for advice on your bunions.

 

if you just want cashback, get the AOD 3% card or the Alliant 3/2.5% card.

[direct]

4 hours ago, kirr44 said:

I just used the calculator on Bank of America's Travel Rewards point calculator and spending $80,000 would give you about $1800 in cash. On AMEX, the same spend gives about $1000 cash. Is that right? On AMEX Gold, I split $4k on restaurants, $25k on groceries, and $51k on everything else. 

 

Just curious if I did it equally or if I'm missing something?

 

To be fair, it does range from $1,200 to $2,100 so I just took the middle number. 

The Bank of America cards are my “go to” cards.  Barring a 5% category card which usually has a max you can spend in that category to earn the 5%, The BOA cards have the best % back especially if you keep a balance in your accounts that increase the % back.   The other intangibles such as Chase being the first to lower your credit limit during an economic downturn and Amex popping up with financial reviews at random unexpected times makes Bank Of America an even better option overall.

[DPB]

13 hours ago, shifter said:

MRs are best used to transfer to travel partners for miles. You can get 5+ cents per point if used for First Class travel. 

I had plans to go to Oktoberfest this year. Redemption on the airfare was something like 15cpp. 
Your comment reminded me of my cancelled plans, so now I’m sad. 

[hegemony]

10 hours ago, direct said:

The Bank of America cards are my “go to” cards.  Barring a 5% category card which usually has a max you can spend in that category to earn the 5%, The BOA cards have the best % back especially if you keep a balance in your accounts that increase the % back.   The other intangibles such as Chase being the first to lower your credit limit during an economic downturn and Amex popping up with financial reviews at random unexpected times makes Bank Of America an even better option overall.

BOA is >3% cashback? Does the balance needed to get the higher % earn a high APY?>

[mendelssohn]

On 8/12/2020 at 8:03 PM, DPB said:

I had plans to go to Oktoberfest this year. Redemption on the airfare was something like 15cpp. 
Your comment reminded me of my cancelled plans, so now I’m sad. 

I went a couple years ago on Chase UR points transferred to United to book Lufthansa business class. 

[DPB]

2 hours ago, mendelssohn said:

I went a couple years ago on Chase UR points transferred to United to book Lufthansa business class. 

I was going to do MR to Aeroplan for Lufthansa J to Europe. And a Delta One suite on the way back booked through VS.