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itsjustpk Member since 2003

From: WI

Saving for: granddaughter, age 19


Featured Comment:

The extra 10% for dining and participating grocery items is usually posted a few weeks after...more

Favorite ways to earn

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yellowcat
Visitor
yellowcat
Posts: 1
Registered: 06-07-2009
0

Upromise Bank of America Card

06-07-2009 09:45 AM

I do not understand why people suggest using the Upromise Bank of America Card for everything.  Let's say my interest rate is 12%.  Also, let's assume I live in a rural area (at least defintely non-metropolitan), meaning that there are no restaraunts or gas stations where I can earn more than the 1%.  Why would I use my card in this situation.  Best I can tell, I am getting the same in rewards as I am paying in interest, assuming, of course, the 12% annual interest rate.  I hope I am wrong and so am looking for some guidance. 

 

Thanks,

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Regular Contributor
RammsteinNicCag
Posts: 219
Registered: 01-03-2009
0

Re: Upromise Bank of America Card

06-07-2009 07:21 PM

Like most cash back rewards cards, they're only good if you pay off your balance in full each month so that you do not get charged the interest. I typically manage to put ~$1-2,000 a month on my credit card with my everyday purchases (not including any extras I may get from gas or groceries), so that's an extra $10-$20 a month that I'm receiving and I always pay in full.
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CINALU
Regular Visitor
CINALU
Posts: 5
Registered: 03-25-2009
0

Re: Upromise Bank of America Card

06-10-2009 04:59 PM

It works because you can earn 1% back on everything. All you have to do is use this card for everything you would normally pay for on your debit card and make sure you set the money aside to pay off the balance at the end of each month so that you are not charged interest at all. You are only hit with interest payments if you let your balance carry from month to month.
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*The $100 more a year savings figure is based on Upromise internal reporting data for 2007 and 2008 comparing the average Upromise savings for members who joined Upromise prior to such year and used the Upromise credit card at least once during the year with the averagae Upromise savings for members who joined Upromise prior to such year and have not opened a Upromise credit card account.