We have all found ourselves, at least once, trying to find the best credit card out there. For me, this process was very recent. I looked at most of the websites available, and besides the bank websites, I found it very hard to have all the travel credit cards organized in one place. So, I decided to write a series comparing all the available credit cards. I devised a methodology and a valuation that will hopefully help you decide which cards are best for you.
Bank Of America Merrill Lynch
I will be analyzing credit cards based on a methodology that I view as the most beneficial. The scores will be based on a scale of 1-10. Each category will be awarded points, except for the last category. The maximum will be 50. They will be divided in the following categories:
Description: I basic description of the card. I will include an image of the card itself. As well as, here will be a description of the points currency, and their relative value and uses.
Sign-Up Bonus: This section will cover the sign-up bonus offered by each card. I will also detail the spend needed to be able to achieve the bonus. I will assign the value based on the ease of reaching the sign-up bonus and the value of the bonus itself.
Normal Day Accrual: This category will reflect the standard forms of accrual of points or miles. Bonus categories will be here, too. The score will reflect the number of points obtainable in relation to the points’ relative value.
Added Perks: The added perks category will explain the bonus benefits that each card may have. Free checked bags and hotel nights will also be here. Points will be awarded based on each benefit, as well as the valuation of each perk.
Annual Fee: The cost of card membership will be reflected both as the first year introductory fee, and the subsequent fees. No annual fee cards will receive a 10. Yet, fee cards will be judged on the amount of the fee vs the benefits offered by the card.
Credit Score needed: This category will not have a points valuation, as this is done by the discretion of the card issuer. So, I will post the credit score category such as Excellent, Very Good, Good, Fair, Poor/No Credit.
My final verdict will be based by adding up the scores and ranking them based on how valuable they are among each bank’s offerings. I will also rank them against other banks’ cards in the final installment.
In conclusion, I hope people can find this guide helpful. To keep it up to date, please comment travel credit cards that I may have missed. That being said, I want to keep this updated and accurate. So, the valuations are strictly based on my views, and do not reflect the positions of any other person on how valuable each credit card is. They all have their merits.