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19,000 Bank of America Points

May 25th, 2015 at 01:17 pm

I currently have 19,000 Bank of America points that I can cash out for $120. I figured I can use the money to pay down CC3 or I can wait until I hit 20,000 for $160. 25,000 points gets me $250.
Even if I cash in and get the $120 I can't add $80 to make a $200, that sucks. I can take the money out of my EF but I do not consider this to be an emergency.

I'll have to enter in receipts and balance the check book before making my final decision. I just really want this CC paid off, current balance $379.

I wonder if my CitiCard has a cash reward? 😳

Posted in Debt | 4 Comments »

4 Responses to “19,000 Bank of America Points”

  1. snafu Says:
    May 25th, 2015 at 01:41 pm 1432561300
    1432561300

    http://www.forbes.com/sites/moneybuilder/2012/08/10/5-credit-cards-to-turn-your-wallet-into-a-workhorse/

    Forbes view of the best CCs. They point out that higher benefit cards that don't charge annual fees mostly benefit card holders that are never late and pay the balance in full each month. It's important to know the interest rate charged on each of your cards, higher cash back cards typically charge the highest interest to those who use revolving credit.

  2. Amber Says:
    May 25th, 2015 at 03:21 pm 1432567279
    1432567279

    Thanks Snafu, great article. The interest rate on this hard is very high. I've stopped using it for my own purchase but use it to pay my parents bill (then pay the amount charged in full) just so I can earn the points. This card is on my debt snowball, hoping to have half paid down by December.

    Love your tips by the way, keep them coming.😍

  3. rob62521 Says:
    May 25th, 2015 at 08:55 pm 1432587332
    1432587332

    Would it make more sense to get the $120 now and pay it to the highest credit card, hence you are paying less interest? Or would you get the points in a timely manner to make it worthwhile to wait?

    Snafu always has great hints!

  4. Amber Says:
    May 25th, 2015 at 09:12 pm 1432588360
    1432588360

    Rob you're right, it's better to get the cash now, and pay down the highest interest card. But I'm following the Dave Ramsey plan so I'll be paying down the third CC. I'd rather have 3 credit cards paid off than 2, it frees up some extra cash for me. I've requested my check, so I should have it by the end of the week.

    Once the third CC is paid, I can tackle the last three CCs all three have the same interest rate, so I'll start with the one with the highest balance.

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