Credit Card Upgrade

I bank at Bank of America, have been with then since 1998 I think. Recently I received one offer in the mail to upgrade one of my existing credit cards to their Bank of America Accelerated Rewards American Express Card, that is a pretty long name huh, with no fee which is good if you compare that to the $125 annual fee for an American Express card. I have always wanted to get an American Express card but that $125 stopped me from getting it after all I want to make money not give away my money, when I am a millionaire I won’t mind paying the $125. To be fair to American Express I found an offer that waives the fee for the first year but is $125 thereafter.

With the Bank of America card I can redeem “Points for travel, unlimited cash rewards, and brand-name merchandise”, according to their brochure and that sounds good.I also get 1.25 points for every retail dollar I spend. I also get to “Use the MyConcierge service for VIP access to dining, hotel and sought after tickets” that you get with some American Express cards.

The only draw back about this card in my opinion is that you can accumulate points for only 5 years, at that point I am assuming (because I didn’t find info about it in the B of A website) that you must use whatever points you have and then start over again. If I am wrong about that please feel free to correct me. In the end there are more pros than cons for me so I think I am going to go ahead and upgrade and watch the points add up.