Susan G. Komen BankAmericard MasterCard Overview
The Susan G. Komen BankAmericard MasterCard is For: People who want to benefit the Susan G. Komen Breast Cancer Foundation
Credit Rating Required: Good to Excellent
Pros
- Susan G. Komen benefits from your card use
- Earn higher percentage of cash back on groceries and gas
- 12-month introductory APR
Cons
- Potentially high APR
- Rewards earned don’t automatically go to Susan G. Komen
Rewards and Pricing
Rewards
- 3% cash back on gas
- 2% cash back on groceries
- 1% cash back on every other purchase
- Gas and grocery rewards apply to the first $1,500 combined purchases each quarter You can have cash rewards deposited into your checking or savings account, credited to your account, or sent to you
APRs
- Promotional APR: 0% introductory APR on purchases for first 12 statement closing dates
- Purchases and Balance Transfer APR: 12.99 to 22.99% variable based on Prime Rate
- Cash Advance APR: 22.99% for direct deposit and check cash advances, 24.99% for bank cash advances
- Penalty APR: 29.99%, applied to post-penalty purchases indefinitely
Fees
- Annual Fee: None
- Balance Transfer Fee: $10 or 3% whichever is greater
- Cash Advance Fee: $10 or 3% whichever is greater (5% for ATM, over-the-counter, same-day online, and cash equivalent cash advances)
- Overdraft Protection Cash Advances: $10
- Foreign Transaction Fee: 3%
- Grace Period: 25 days
Review
This card is a slight improvement over a previous version – the Pink Ribbon Visa Signature. Both cards provide a similar benefit to Susan G. Komen, but the new Bank AmeriCard Cash Rewards has a better rewards program, paying a percentage rather than points, and allowing you to earn better rewards on gas and grocery purchases. This card is also a MasterCard instead of a Visa like the old one. The new name makes it clearer that the card benefits Susan G. Komen, not the rewards you earn from using the card.
Bank of America promises to make contributions to Susan G. Komen based on your credit card usage. Currently, if you make $500 in purchases within the first 90 days of the card opening, Bank of America will contribute $100 to Susan G. Komen. On top of that, Susan G. Komen receives a minimum of $3 for each new card activated and up to .20% of all net retail purchases made on your card. A $100 purchase would result in a $0.20 donation to Komen. Komen will receive $1 each year you renew your card. Bank of America’s website guarantees to send a minimum of $1,000,000 to Susan G. Komen from February 2012 to May 2015.
The card comes with a few other benefits like complimentary 24/7 concierge service, extended warranties, purchase security, roadside assistance, and travel accident insurance.
The card would better serve its philanthropic purposes if your rewards were automatically paid to Susan G. Komen. You could, instead, receive your rewards and immediately pay them to Susan G. Komen, if you really want to benefit the Breast Cancer Foundation. Consult with a tax professional to learn any tax impact of donating credit card rewards.
Bottom Line
There's no annual fee on this cash rewards card, which is a plus. However, the newer version of Bank of America's Pink Ribbon Credit Card doesn't give you the ability to donate rewards. In that respect, the credit card falls short. Bank of America does donate on your behalf, but it's just a small percentage of your use. You might make a bigger impact by signing up for a better cash rewards card, receiving your rewards as a check, and donating that way.
