Marty Shapiro wrote:

The letter I got said nothing about % rebates. It clearly stated I
would get 1 "World Points" reward point for each dollar purchased and
"double points (two points for each dollar spent) for purchases made at
over 4,000 qualified FBOs and other select aviation merchants."

MBNA started offering an AOPA "World Points" card almost three years
ago. At that time, I called them and they simply asked me how I wanted to
divide my credit limit between the two cards. So, I've had an MBNA AOPA
MasterCard which gets me the 5% FBO discount, and an MBNA AOPA World Points
Visa Card which gets me the World Points at the rate of 1 point for each
dollar spent.

I took a quick look at the rewards schedule just now. If you select
cash, the value of each points is the equivalent of a 0.5% (1/2 of 1
percent) for redemptions of 2,500, 5,000, or 7,500 points, 0.8% (8 tenths
of 1 percent) for 10,000, 15,000, or 20,000 points, and 1% for 25,000,
35,000, and 50,000 points. Double the rebate value for qualified aviation
purchases.

For air travel, 25,000 points gets you a coach round trip in CONUS.
Alaska or Hawaii run 45,000 points. First class can be had for abut the
equivalent of a 1.5% cash rebate (ie, $1,500 first class ticket costs
100,000 points).

Merchandise appears to be approximately in this range. A Staples $100
gift certificates is 13,000 points.

In my opinion, this is a significant diminunization of the value of
the AOPA FBO rebate programs. I'm only surprized that it took this long
for BofA to take this action.

When I first obtained the AOPA FBO rebate card, it was on of the
better deals avaialbe. Not only did I get the rebate on FBO purchases, but
MBNA gave you 30 days grace period and did NOT add the unconscionable rip-
off surcharge of 3% to foreign currency transactions (you were already
paying a 1% surchage above the interbank rate to MasterCard or Visa to
convert the currency, and the bank provides absolutely no additional
service or value add). Now, were down to "at least 20 grace days", and the
3% foreign surcharge, which applies even if the foreign merchant charges in
US dollars.

IMHO, the Capital One Rewards card is a much better deal and I'll
probably switch to them at the end of the year. Capital One still gives
you 30 days grace and does not add the rip-off foreign surcharge.

I agree with your analysis. (See my other post). The Worldpoints schedule was
much better in 2004 when I got my card (at the time it also had a 10% rebate on
the first $250 each month for a year) but quickly was reduced.

For foreign transactions (US dollars or not), Capital One is the best of the
commercial banks in the US. They not only do not add on a rip-off surcharge, but
they actually eat the Mastercard and Visa 1% conversion fees. Now if you can
find a card that ONLY charges you that 1% conversion fee, you're doing well (most
credit unions still do this for debit/credit cards). I figure the 1% fee is
fair, but you can't beat Capital One in that department. I've never had a card
from them, but I've heard either love or hate experiences. Hopefully they'll
keep their foreign transaction policy, they're probably getting a lot of business
from it.