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Updated on Tuesday, June 30, 2015
Do you want to get rewarded for spending your hard-earned cash?
Then Rewards credit cards are the answer. But with so many cards available, you may have trouble deciding which offer is the best one. Here we’re giving you the lowdown on the AAA Member Rewards Visa Signature® Card to help you decide if it’s the one for you.
Currently it offers a 0% Introductory APR for the first 12 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account. This offer has a decent cash back rewards and reasonable interest, currently a 14.99% - 24.99% Variable APR. It also has a $0 annual fee and being a member of AAA isn’t a requirement to apply.
The Credit Card Offer at a Glance
Let’s start with the basics. To qualify for the AAA Member Rewards Visa Signature® Card you must be 18 years or older if you live in the U.S. and 21 years or older if you live in Puerto Rico.
The 0% Introductory APR for the first 12 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account. If you intend to transfer a balance make sure you transfer it during that window. Standard interest is a 14.99% - 24.99% Variable APR depending on your creditworthiness.
Credit Card Rewards
The AAA Member Rewards Visa Signature® Card has a three-tiered rewards offer. You can earn 3 points for eligible travel & AAA purchases, 2 points on gas, grocery store, wholesale club and drugstore purchases, and 1 point per $1 everywhere else.
Cash back that you earn can be applied as credits to your statement or electronically deposited into your Bank of America checking or savings account. In addition, Get a $150 statement credit after you make at least $750 in purchases within the first 90 days of account opening.
Other Credit Card Benefits
You can link your Bank of America checking account to this card for overdraft protection to prevent declined purchases or returned checks, but transfer fees may apply for the cash advance.
Fine Print and Fees
Like any other credit card, there’s some fine print.
To redeem rewards you have to earn at least 2,500 points for air travel and 5,000 points for cash. Points expire in 5 years. Rail purchases aren’t included in the rewards program and neither are purchases made at discount stores or warehouses like Costco or Walmart.
Points rely on the merchant category code or MCC. Each merchant chooses to classify itself based on its main line of business. If a merchant doesn’t use a code eligible for rewards to process your transaction you won’t get points. If a third-party payment account like PayPal processes your transaction you also won’t get points.
The balance transfer fee is Either $10 or 3% of the amount of each transaction, whichever is greater. There is no foreign transaction fee. If you make a late payment the card may apply penalty APR up to 29.99% indefinitely. Late fees can be up to $38 and returned payment fees up to $27.
Pros and Cons
The major benefit of this card is that you get rewarded for essentially all spending. There’s no cap on the amount of rewards points you can earn. Access to the Bank of America mobile account management app is very convenient.
On the other hand, if you normally purchase your groceries in bulk at large discount centers, you won’t get money back. And if you don’t strictly adhere to the terms and conditions of the card you may not qualify for the perks.
Alternative to the AAA Member Rewards Visa Signature® Card
The Citi Premier® Card is another one that’ll give you rewards for traveling and includes gas in that category. It also allows you to earn 3X points on restaurants, supermarkets, gas stations, air travel and hotels and 1X on all other purchases.
The information related to Citi Premier℠ Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.
Citi Premier℠ Card
- Regular Purchase APR
- 15.99% - 23.99% (Variable)
- Annual fee
- Rewards Rate
- Earn 3X points on restaurants, supermarkets, gas stations, air travel and hotels and 1X on all other purchases
Find the Best Cash Back Card for You
You’ll benefit the most from the AAA Member Rewards Visa Signature® Card if you want rewards in several categories including groceries and you pay off your credit card in full each month. The cash back incentives are a great deal, but if you roll over a balance and pay interest each month you’ll benefit less from the cash back you earn.
The information related to AAA Member Rewards Visa Signature® Card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.