Susan G. Komen MasterCard Review

komen_mastercardThe Susan G. Komen Credit Card is designed for people who want to support this popular charity while earning cash back rewards on purchases at the same time. A new member signup bonus is currently being offered as well as a 0% introductory APR on purchases and balance transfers. The Susan G. Komen Credit Card is part of the World MasterCard network and is issued by Bank of America.

New cardholders now have the opportunity to qualify for a $100 cash rewards bonus. To receive this bonus you must make at least $500 in eligible net purchases within 90 days of opening your account. Net purchases are the total amount of transactions minus any returns, credits, fees, or other adjustments. Once you meet the spending threshold it may take 8-12 weeks for the cash rewards bonus to post to your account.

Note: This cash rewards bonus offer is only available to new card members. Additionally, this is an online-exclusive offer. To qualify, all applications must be submitted via the internet.

The Susan G. Komen Credit Card currently offers a 0% introductory APR on purchases for the first 12 billing statements once your account is open. The 0% APR also applies to balance transfers. Please note that all balance transfers must be completed and post to your account within 60 days from the date your account is opened in order to qualify for the introductory APR.   After the introductory period expires, the APR will be 12.99% to 22.99% depending on your creditworthiness at the time of approval.

Balance transfers are subject to a balance transfer fee of 3% of the total amount of the transfer or $10 (whichever is greater). This fee is not waived during the 0% introductory APR promotion.

Account holders earn cash back rewards at the following rates:

  • 3% cash back per $1 spent on qualifying gas purchases
  • 2% cash back per $1 spent on qualifying grocery purchases
  • 1% cash back per $1 spent on all other purchases

To qualify for the bonus rewards categories, gas and grocery transactions must be submitted with an eligible merchant code. Gas and grocery purchases made at discount warehouses such as Costco and Sam’s Club or superstores such as Target and WalMart will not qualify for the bonus cash back rates. Purchases at these types of retailers will only earn 1% cash back.

Bonus cash back rewards on gas and grocery items are capped at $1,500 per quarter. Transaction amounts over $1,500 will earn 1% cash back for the remainder of the quarter.

Cash back rewards do not expire as long as your account remains active and in good standing. There is no limit on the amount of rewards you can accumulate in the program. Card members can choose from various options when redeeming rewards:

  • Statement credit
  • Check
  • Electronic deposit into a Bank of America checking or savings account

Cardholders who are also Bank of America banking customers receive an additional perk. Cash back rewards that are redeemed as an electronic deposit earn an extra 10%. For example, $50 in cash back rewards will be worth $55 when deposited into an eligible bank account.

Information about Bank of America’s partnership with the Susan G. Komen charity:

1) From June 2015 through December 2020, Bank of America is guaranteeing to Susan G. Komen $3 million in conjunction with its Pink Ribbon Banking credit card and checking program.

2) Susan G. Komen has received more than $6 million from Bank of America since the program began in 2009.

3) For each new Susan G. Komen Pink Ribbon Credit Card that is activated within 90 days of opening, the charity receives $3 and 0.08% of all retail net purchases made with the card.

4) The Susan G. Komen charity also receives $3 for each Pink Ribbon credit card that is renewed as long as it has been in good standing over the past 12 months and has a balance at the time of renewal.

Members have access to Bank of America services which can be useful when managing your finances. These include:

  • Mobile Banking- Check available credit, pay your credit card bill online, complete other financial transactions quickly and securely from almost anywhere.
  • Account Alerts- Keep track of balances and payment due dates via email or text alerts.
  • Text Banking- Ask a question about your account simply by sending a text. A reply only takes seconds.

Account holders are charged a 3% foreign transaction fee on all purchases made on the card while traveling outside of the U.S.

This card has no annual membership fee.

The Facts

Below we have broken down the specific details of the Susan G. Komen Credit Card to help you determine if it’s a good choice for you.

The Good:

Signup bonus:

New cardholders can earn $100 in bonus cash back rewards after making a minimum of $500 in net purchases during the first 90 days that your account is active. Net purchases are the total amount of your transactions minus any credits, returns, or fees. Once you qualify, it may take 8-12 weeks for the bonus rewards to post to your account. This is an online-exclusive offer. Applications must be submitted via the internet. Current cardholders are not eligible for this offer.

0% introductory APR:

New members can take advantage of a 0% introductory APR on both purchases and balance transfers. This offer is valid for the first 12 billing cycles of your account. Balance transfers must be completed and post to your account within 60 days from the date your account is opened to qualify. A balance transfer fee of 3% of the total transfer amount or $10 is applied to all balance transfers. This fee is not waived for the promotional offer.

Cash back rewards program:

Account holders earn cash back rewards at the following rates:

  • 3% cash back per $1 spent on qualifying gas purchases
  • 2% cash back per $1 spent on qualifying grocery purchases
  • 1% cash back per $1 spent on all other purchases

Simple redemption options:

Card members can choose how they want to redeem their rewards:

  • Statement credit
  • Check
  • Electronic deposit into a Bank of America checking or savings account

10% rewards bonus:

Bank of America banking customers who redeem cash back rewards as an electronic deposit into an eligible checking or savings account will earn a 10% rewards bonus on each deposit. For example, a $50 redemption will be worth $55 as an electronic deposit.

Additional Bank of America benefits:

1) Mobile Banking- Check available credit, pay your credit card bill online, complete other financial transactions quickly and securely from almost anywhere.

2) Account Alerts- Keep track of balances and payment due dates via email or text alerts.

3) Text Banking- Ask a question about your account simply by sending a text. A reply only takes seconds.

No annual fee:

There is no annual fee associated with this card.

The Bad:

Variable APR after promotional period:

Your specific annual percentage rate will be determined at the time of approval and is based on your financial history and credit score at that time. The APR will vary between 12.99% and 22.99% (based on the Prime Rate). The top end of this range is a high APR and could end up costing you a lot in finance charges. If you keep a balance on your account, be sure that fees won’t wipe out the cash back rewards you may earn.

Foreign transaction fees:

Cardholders are charged a 3% foreign transaction fee on all transactions made on the card while traveling abroad.

Not everyone will qualify:

In the terms and conditions fine print, Bank of America states that you must qualify for a $5000 credit limit to receive the World MasterCard. If you are approved for a lesser credit limit you will receive a Platinum Plus card which comes with different terms and benefits. Some applicants will not be approved for any card.

The Ugly:

Bonus rewards have a spending cap:

There is a spending limit of $1,500 per quarter in combined gas and grocery purchases. Any amounts over this will earn 1% cash back for the remainder of the quarter.

Lots of fine print:

Gas and grocery transaction must be submitted with the accepted industry standard merchant code to qualify for the triple and double cash back rate. Most superstores and discount warehouses do not qualify and purchases made at the retailers will only earn 1% cash back. This includes many popular retailers such as WalMart, Target, Costco, and Sam’s Club.

10% rewards bonus benefits Bank of America banking customers:

This bonus is only available to cardholders who choose to redeem cash back rewards as an electronic deposit into a qualifying Bank of America checking or savings account. If you don’t have a banking relationship with Bank of America you could be losing out on the opportunity to earn even more cash back rewards.

The Susan G. Komen Credit Card is a good choice for people who want to support their favorite charity while earning cash back rewards on everyday purchases. Even with the $1,500 quarterly spending cap on combined gas and grocery purchases, the bonus rewards rates of 3% (gas) and 2% (grocery) are solid. There aren’t any rotating categories and every purchase earns at least 1% cash back. Remember that superstores and discount warehouses do not qualify as eligible merchants for the bonus rewards. The 0% introductory APR for the first 12 months on balance transfers makes this an attractive card for people wanting to move an existing high-interest credit card balance.