VISA Buxx
 

I would think this one is Buzz-worthy, but I came to dislike recently dull and over-policed Buzz, so let’s keep it warm and cozy.

How come we never explored Visabuxx, I sense quite an opportunities here:
http://www.visabuxx.com/gotone.cfm

Of the eight issuing banks, I see two having mileage potential:
Bank of America
and
US Bank

Bank of America details:
Annual fee: $15
Funding Account: $3 per transaction, waived for BofA – issued credit card.
ATM fee: $1.50 per transaction, waived for BofA ATMs
Withdrawal limit: $100 daily, $300 weekly (not enforced)
Maximum balance: $1000
Maximum one-time load: $1000
Maximum load: $1500 in 15 days
Mileage card issued: US Air, Alaska, America West, Asiana, Hawaiian
POS transactions allowed, max $50 cashback, no limits imposed on purchases

US Bank details:
One-time Enrollment Fee: $15, $10 for US Bank customers
Funding Account: $2 per transaction, waived for US Bank – issued credit card.
ATM fee: $1.50 per transaction, waived for US Bank ATMs
Withdrawal limit (T&C): $100 daily , $300 weekly
Withdrawal limit (practical): $500 in any 4 day moving period
Maximum balance: $1500
Maximum load (T&C): $1500 in 30 days
Maximum load (practical): $2000 in 30 days
Mileage card issued: Northwest
POS transactions not allowed

Only MC/Visa can be used for reloads - no Amex/Diners/etc

So, what’s the best deal above, are there any banks/cards I missed, what are other pitfalls/opportunities ?

I gave one issued by Wachovia. It doesn't sound as good as those you mentioned:

A charge for ATM cash access of $1.50 will be assessed to the Card account for each transaction whereby you or the Teen obtains cash from the Card account at Visa or Plus ATMs. ... This fee is in addition to the fee charged by the ATM owner. The ATM owner must disclose any fee(s) they charge prior to you confirming the transaction.

That's no different than the Citi Cash Card. They charged you for using non-Citibank ATMs.

I've been using the Visa Buxx card by US Bank for about a month now....ever since the Citi Cash card was canceled. I'm using a Citi Aadvantage card to fund it, so I'm paying $2/load. But I do the withdrawls at a US Bank, so there's no fee for that. The primary difference between the Citi Cash Card and the Visa Buxx through US Bank is that you pay $2/load (with a maximum load of $500 at one time). But other than that, it works out great like the Citi Cash Card. I asked customer service at Visa Buxx if there was any limit to the number of cards in my name, and they said no. So I have 3 cards in my name, and 3 in my SO's. That's 9,000 miles/month! So I'm very happy.

Can I fund this card with an American Express?

Wow, three cards per person, 6 altogether
So, do you load all six accounts from the same AAdvantage card ? Isn't it too obvious, someone might take a notice.
When registering, did you use the same phone, email six times or did you use some variations?

Answering to another question - it is only Visa/MC deal

Wachovia's Visa Buxx allows MC/Visa credit/debit for funding. BA says MC/Visa only.

[6 cards(3, loads of $500 per month)($2 fee per load)= $36/mo in load fees] + [6 cards(~$1) = $6 of prorated Annual Fees] + [1% of $9000 = $90 of CashBack that you alternatively could get with numerous 1% CashBack CCs, like CitiBank Dividend] = $132/mo for 9k miles.

In 3 months, 27k miles, a domestic ticket, for the equivalent of $396

[This message has been edited by Alcibiades (edited 09-24-2003).]

I have an Aadvantage personal and Aadvantage business card, so I use the two of those to fund the card. And to answer your second question, I used the same phone number, name, etc. They don't have a cap to how many cards I have. Theoretically I could have ten in my name. But I had to draw the line somewhere http://www.flyertalk.com/forum/smile.gif

You're right, it adds up. But, I don't count the 1% cash back, as that's an opportunity cost versus an outright expense (like the other fees are). Also, I deposit the money I withdraw into an interest bearing account (interest is right around 1.5%). So that reduces my out of pocket expense, but is somewhat difficult to quantify due to the timing of paying my credit card bill, how long the money sits in my account, etc. Regardless, I consider my out of pocket expense to $42/month. That comes out to less than a half cent per mile.

The other unsaid benefit of this is I'm using it as a means to become 1MM on AA. I personally value being lifetime gold, and someday platinum. But that's an intangible benefit that can't be quantified.

Additionally, I'm saving up the miles to fly international first class to Europe. That's 125,000 miles. If I were to obtain all of those miles from this method, it will have cost me $583. That's definitely a good deal for a first class ticket.

Everyone is going to value this deal differently. Like I said before, I don't count the opportunity cost of a cash back card. But I also don't count the interest I get from having the money for a short period of time. Nor do I count the time I spend going to the ATM, depositing the money in the bank, etc. Everyone's going to look at this differently. But for me, I've determined that it's well worth it, and am very happy to obtain these miles using this method.

I see what you mean about unquantifiable benefits 1MM etc, but IMO cashback opportunity costs should also be considered in the cost benefit analysis, and then each individual can make their respective decision.

E.G.
1% of 125; in purchases is $1,250; 1.5% is $1,875. Its difficult to get a 1st Class Awards ticket to Europe in general, very difficult in peak times. Calling 330 days in advance might help, but scheduling flexibility is diminished also.

[This message has been edited by Alcibiades (edited 09-24-2003).]

The US Bank VisaBUXX has a one time enrollment fee of $15, as opposed to BofA which has an annual fee of $15. But BofA has many more ATM where I live.

Ok, I'm in, ordering my cards.
Please notice that when going for Northwest miles with US Bank ATM, lifetime cost is $10 + annual fee for the Northwest card itself (already paid anyway).

Small side benefit - after I created VisaBuxx account I noticed a nice offer for movie tickets for $4.50 or $5 good till Sep, 30.
I will order if I get the card by then.

Understood. But, if you're going to consider the opportunity cost of the cash back, then you also have to incorporate the benefit of having the cash for a short period of time in an interest-bearing account before you pay the credit card bill.

That's another benefit that applies to both of our scenarios equally.

Yep, that's true. I'm just pointing it out b/c you didn't calculate it in when you did your calculation of how much the miles would cost.