After Effects ray tracing only supports NVIDIA GPU acceleration, so your video card is of no benefit and ray tracing will use the CPU instead.
You don't mention what speed your processor is, but whatever it is, CPU processing of the new AE ray tracer is pretty-much unuseably slow. You might choose to upgrade your video card, but personally I'd forget it and spend that money on a more efficient 3D option like 3D Invigorator, Element 3D, or even a 3D application like Cinema 4D or the free Blender. The After Effects ray tracing engine is interesting but just too inefficient at the moment for much practical use. Hopefully it will be optimised in future updates.
The processor is AMD Athlon II x4 650 Processor 3.20 GHz.
Was hoping the 16 GB Ram would be sufficient. So, is my card pretty useless for Premiere also?
What card could I get for under $200 that would be worth the investment ?
I like Invigorator, but it's been a little pricey and hoping the price would come down more and then I might consider it.
TX for all your input.
Anybody else got opinions on my issues ?
16GB of RAM is fine for a quad core machine.
Both Premiere and AE will work just fine in your machine. You just lose some acceleration features because your graphics card is unsupported. It's not that big a deal, unless you need ray trace rendering for some reason.
Note that you can buy Element 3D for 200 bucks. Invigorator has just been updated and is on special until the end of the month also.
Read the system specs:
What's not listed there, is not officially supported for the fancy stuff. Of course both apps will support the normal OpenGL features with your current card and depending on what you do that may be good enough. Also the lists of supoorted cards can be hacked to coerce the programs into using other NVidia models, but that may not work to your satisfaction, either. If you wanna play it safe, buy one of the certified cards. Andrew has a point, though. Element can do 3D text and much more just fine.