It’s the most wonderful time of the year, for two groups of people:
- NBA enthusiasts (and especially Golden State Warriors fans….Go Dubs!)
- Credit card churners
Why? Owners of the BBVA NBA Amex Credit Card get UNLIMITED 5% cash back on all purchases with NO CAP between today (June 2nd) and June 16th (The projected period of the NBA Finals).
5% unlimited, no cap cash back is a HUGE deal. While cards like Bank Americard Cash Back flaunt 2% cash back at grocery stores, 3% cash back on gas, and 1% on all else, the BBVA NBA Amex allows no cap unlimited 5% cash back twice a year: once during the NBA All-Star Weekend, and all through the NBA Championship Finals. Well, just to remind all owners of the card, your engines start today June 2nd, and go through June 16th.
Let’s say you decided to buy a $200 Visa Gift Card at your local CVS with your BBVA NBA Amex. You would earn $10 per card with just a $6 activation fee per card, netting you $4 profit per card bought. You could then use those Visa gift cards to make regular purchases. Now lets say you had access to no-fee $500 Visa Gift Cards, as many people do through their employers or though club memberhsips like AAA. You would net a profit of $25 per card, with no limit over 2 weeks. See where I am going with this? A true cash back gold mine that could net you thousands.
Owners of the card can take tons of advantage, including using the following tactics:
- Pre-pay your cable, internet, and utility bills so that you earn 5% cash back for multiple years on these services
- Make all your planned large purchases on this card: a new car, a new laptop, a vacation for the family: whatever large ticket purchases you planned for the year, make them now
Non-owners of the card might be asking the million dollar question: Can I apply for this card now and still take advantage of the 5% unlimited cash back bonus? My thoughts on this below:
- First thing to keep in mind is that BBVA WILL implement a CAP on 5% purchases next year, with the reported cap being $5000 in total purchases. In other words, they caught on to us 🙂
- Current applications for this card are only taken in-branch: You can’t apply for this card online, it must be in-branch
- Your chances to get a couple days to hit a large volume purchase are high if you are instantly approved: If you get instant approved for the card today in-branch, and get the banker you work with to expedite your card mailed to your address, you may yet have a few days to take advantage of the 5% bonus.
The card alone might be worth the use of 5% unlimited cash back up to $5k cap starting next year, if you max the category out and take advantage of the benefits of the card. Here are the key benefits:
- 2x points at U.S. gas stations and U.S. supermarkets, for the first $1,500 in combined spend per quarter
- 3x points on transactions for qualifying NBA tickets, NBA in-stadium transactions, and NBAStore.com transactions, for the first $1,500 in combined net purchases per quarter (great for NBA tickets, jerseys, and other memorabilia)
- 5x points on all purchases, including non-NBA related items, during the NBA All-Star Weekend and two weeks of the NBA finals, for the first $5,000 per event (these are the purchases that can be used for 5% cash back)
Happy travel hacking!