The Best Card for Everyday Spending

I used to consider the Fidelity Amex the best card for everyday spending since it offers 2% back on everything.  It used to serve as my benchmark.  Since then, other cards such as the Citi Double Cash and the Barclay Arrival Plus offer 2% back as well.

My new favorite card for everyday spending is the Bank of America Travel Rewards Visa.  It’s a no annual fee card that normally gives 1.5 points per dollar which is equivalent to 1.5% back for travel redemptions.  However, if you are enrolled in the Bank of America Preferred Rewards, you get an additional bonus.

With the Preferred Rewards program, if you maintain the following balances with Bank of America or Merrill Lynch, you will receive a bonus on the Bank of America Travel Rewards Visa.

20K – $50K  – Gold level – 25% bonus on the credit card (1.875% back)

50K-$100K – Platinum level – 50% bonus on the credit card (2.25% back)

> $100K – Platinum Honors – 75% bonus bonus on the credit card (2.625% back)

Of course, not everyone has those kind of assets.  But for those that can reach Platinum or Platinum Honors status, this is the best credit card for everyday spending.

Even at the platinum level, this card is better than the Barclay Arrival Plus card since there is no annual fee.

But, the best part of the this card is that even though its rewards are intended to be redeemed for travel credit, you can actually cash out the rewards if you have the Fidelity Amex.

2.625% is truly unheard of for a cashback card.  Of course, Bank of America has set high standards if you want it.

Finally, the card also qualifies for BankAmeriDeals, a program similar to Amex Offers, which can give you significant savings throughout the year.

If you don’t have this card, you certainly should.  It is my go to card for everyday purchases.