"Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

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b0B
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"Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by b0B » Mon Dec 10, 2018 5:31 pm

See here
https://www.doctorofcredit.com/bank-of- ... -category/
https://newsroom.bankofamerica.com/pres ... redit-card

"Bank of America has announced that on January 14th cash rewards cardholders will be able to choose one of six categories to earn 3% cash back in. The categories are as follows: gas, online shopping, dining, travel, drug stores, or home improvement and furnishings."

"This card becomes particularly interesting when you remember that the Bank of America Preferred Rewards program applies, meaning you can get a further 25-75% points on points earning. This means that 3x category becomes 5.25x at the highest level."

If you have multiple cards you can get 5.25% cash back on ALL the categories.

mighty72
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by mighty72 » Mon Dec 10, 2018 5:53 pm

Yes, it a great reward which I plan to take advantage of. Please note that you get 3 & 2 percent only on the first $2500 combined spend so need to keep a close eye on it and switch to a different card if any. Thanks!

grenada
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by grenada » Mon Dec 10, 2018 6:08 pm

viz wrote:
Mon Dec 10, 2018 5:53 pm
Yes, it a great reward which I plan to take advantage of. Please note that you get 3 & 2 percent only on the first $2500 combined spend so need to keep a close eye on it and switch to a different card if any. Thanks!
"Clients earn 3 percent and 2 percent cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1 percent."

The $2,500 limit is quarterly, so it is a pretty high limit. The added flexibility is nice, but it is fairly duplicative for those that already have the fee travel card from BoA which offers 3% on both travel and dining as well as some other benefits. This will certainly appeal to those who enjoy squeezing every last percentage across multiple credit cards. I would have been very excited about this news last year, when I had more time to manage multiple cards and plan our card usage across multiple categories. These days I'm working towards consolidating towards 2 or 3 cards since I just don't have the time anymore.

BoA's billpay is atrocious, and they make it very difficult to set up automatic payments to your card. I personally think it is done on purpose, since the rest of BoA and Merrill Edge's user interface is fairly user friendly.

Carl53
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Carl53 » Mon Dec 10, 2018 7:08 pm

Excuse me while I don't jump to the front of the line to get the platinum plus bonus on my savings account with 0.06% interest( instead of the standard 0.03%). With a $100k on deposit/invested I can get 5.25% reward on up to $10k of select credit card purchases. Perhaps, $325 more than my 2% rebate card assuming I could use exactly $2500 per quarter in my chosen category for all four quarters. Must be more advantages than this but on my $100k it is less than a 0.4% return.

Trism
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Trism » Mon Dec 10, 2018 7:11 pm

Carl53 wrote:
Mon Dec 10, 2018 7:08 pm
Excuse me while I don't jump to the front of the line to get the platinum plus bonus on my savings account with 0.06% interest( instead of the standard 0.03%). With a $100k on deposit/invested I can get 5.25% reward on up to $10k of select credit card purchases. Perhaps, $325 more than my 2% rebate card assuming I could use exactly $2500 per quarter in my chosen category for all four quarters. Must be more advantages than this but on my $100k it is less than a 0.4% return.
Balances in Merrill Lynch accounts qualify toward relationship status. No one with a brain keeps liquid savings at Bank of America.

student
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by student » Mon Dec 10, 2018 7:31 pm

Online shopping would be interesting.

Carl53
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Carl53 » Mon Dec 10, 2018 7:32 pm

Trism wrote:
Mon Dec 10, 2018 7:11 pm
Carl53 wrote:
Mon Dec 10, 2018 7:08 pm
Excuse me while I don't jump to the front of the line to get the platinum plus bonus on my savings account with 0.06% interest( instead of the standard 0.03%). With a $100k on deposit/invested I can get 5.25% reward on up to $10k of select credit card purchases. Perhaps, $325 more than my 2% rebate card assuming I could use exactly $2500 per quarter in my chosen category for all four quarters. Must be more advantages than this but on my $100k it is less than a 0.4% return.
Balances in Merrill Lynch accounts qualify toward relationship status. No one with a brain keeps liquid savings at Bank of America.
I just find it humorous that those at BOA would even mention such a ridiculous benefit such as the puny savings account. Maybe the other advantages are worth it to some, but the savings account bonus is touted as one of the eight major benefit categories on their website. Most of the other advantages cited such as unlimited ATM transactions at nonmember locations, mortgage application discounts, priority service, unlimited no fee stock trades, 0.50% discount on auto loans, and exemption from selected bank fees would be of marginally more benefit to the average customer than the savings account bonus.

Maybe Merrill Lynch accounts are way better than Fidelity or Vanguard, I don't know but I suppose they only have to be no more than $325 per year worse for it potentially to be an overall gain.

For me, it would be hard to get to $325 extra value, since I already get 3-4% on groceries and gas besides the generic 2% card.

arf30
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by arf30 » Mon Dec 10, 2018 7:42 pm

I once overhead a previous boss check his BoA checking account balance on speakerphone in his office - he had over 500k in it. The C-Suite were all with Merrill Lynch private banking, so I'm sure it was just pocket change to him.

magazinewriter
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by magazinewriter » Mon Dec 10, 2018 10:23 pm

b0B wrote:
Mon Dec 10, 2018 5:31 pm
See here
https://www.doctorofcredit.com/bank-of- ... -category/
https://newsroom.bankofamerica.com/pres ... redit-card

"Bank of America has announced that on January 14th cash rewards cardholders will be able to choose one of six categories to earn 3% cash back in. The categories are as follows: gas, online shopping, dining, travel, drug stores, or home improvement and furnishings."

"This card becomes particularly interesting when you remember that the Bank of America Preferred Rewards program applies, meaning you can get a further 25-75% points on points earning. This means that 3x category becomes 5.25x at the highest level."

If you have multiple cards you can get 5.25% cash back on ALL the categories.
If you buy airline tickets online, would that be considered travel or online shopping?

FlamingoTime
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by FlamingoTime » Tue Dec 11, 2018 12:15 am

The B of A platinum preferred rewards work for me. I keep most of the "minimum $100k" in Merrill Edge. Retired and since BofA and ME are my "operating" accounts, I keep some liquid in their Preferred Deposit at 1.97% - easy to then move to my BofA checking. Keep the bulk in a CD ladder 6 months, 9 months,12 months. That way I'm averaging close to 2.5% on my operating cash.

Platinum gives me a 75% bonus on all cash back. I also get bonus cash back on dozens of offers monthly that I'm buying anyway - so it adds up. Priority customer service, no ATM fees, no wire fees - are just a few perks that I can think of.

Oh and Merrill Edge pays a bonus to open a new account! I received $900 for $200k a few months ago.

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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by whodidntante » Tue Dec 11, 2018 12:59 am

FlamingoTime wrote:
Tue Dec 11, 2018 12:15 am
The B of A platinum preferred rewards work for me. I keep most of the "minimum $100k" in Merrill Edge. Retired and since BofA and ME are my "operating" accounts, I keep some liquid in their Preferred Deposit at 1.97% - easy to then move to my BofA checking. Keep the bulk in a CD ladder 6 months, 9 months,12 months. That way I'm averaging close to 2.5% on my operating cash.
What is this 1.97% Preferred Deposit you speak of?

FlamingoTime
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by FlamingoTime » Tue Dec 11, 2018 1:15 am

It's Merill Edge's high yield savings (perhaps money market?) You must call them to move monies in and out - it can't be done online. It is at 1.97% currently. So it makes the whole $100k minimum between BofA and ME easier to deal with.

criticalmass
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by criticalmass » Tue Dec 11, 2018 1:27 am

Carl53 wrote:
Mon Dec 10, 2018 7:08 pm
Excuse me while I don't jump to the front of the line to get the platinum plus bonus on my savings account with 0.06% interest( instead of the standard 0.03%). With a $100k on deposit/invested I can get 5.25% reward on up to $10k of select credit card purchases. Perhaps, $325 more than my 2% rebate card assuming I could use exactly $2500 per quarter in my chosen category for all four quarters. Must be more advantages than this but on my $100k it is less than a 0.4% return.
We just park $100k of Vanguard ETF over at Merril. Then you get the status and 5.25% cash back. Why would anyone consider doing this with cash in a BoA savings account? :confused

FlamingoTime
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by FlamingoTime » Tue Dec 11, 2018 1:57 am

I guess there are people that may use the BofA savings or MM to get the platinum rewards, but I can't imagine why. Using Merrill Edge for my short term fixed income/cash/cds for one year of expenses works for me.

drk
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by drk » Tue Dec 11, 2018 2:24 am

whodidntante wrote:
Tue Dec 11, 2018 12:59 am
What is this 1.97% Preferred Deposit you speak of?
FlamingoTime wrote:
Tue Dec 11, 2018 1:15 am
It's Merill Edge's high yield savings (perhaps money market?) You must call them to move monies in and out - it can't be done online. It is at 1.97% currently. So it makes the whole $100k minimum between BofA and ME easier to deal with.
From the ML rate sheet (PDF), it looks like it has a $100k minimum opening deposit.

I'm still annoyed that they don't have a replacement for the BIF Money Fund as a sweep option.

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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Starfish » Tue Dec 11, 2018 2:49 am

viz wrote:
Mon Dec 10, 2018 5:53 pm
Yes, it a great reward which I plan to take advantage of. Please note that you get 3 & 2 percent only on the first $2500 combined spend so need to keep a close eye on it and switch to a different card if any. Thanks!
You mean 100 bucks?

Carl53
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Carl53 » Tue Dec 11, 2018 4:06 am

criticalmass wrote:
Tue Dec 11, 2018 1:27 am
Carl53 wrote:
Mon Dec 10, 2018 7:08 pm
Excuse me while I don't jump to the front of the line to get the platinum plus bonus on my savings account with 0.06% interest( instead of the standard 0.03%). With a $100k on deposit/invested I can get 5.25% reward on up to $10k of select credit card purchases. Perhaps, $325 more than my 2% rebate card assuming I could use exactly $2500 per quarter in my chosen category for all four quarters. Must be more advantages than this but on my $100k it is less than a 0.4% return.
We just park $100k of Vanguard ETF over at Merril. Then you get the status and 5.25% cash back. Why would anyone consider doing this with cash in a BoA savings account? :confused
I don't really do this or use BOA either. Just being a little facetious.
whodidntante wrote:
Tue Dec 11, 2018 12:59 am
FlamingoTime wrote:
Tue Dec 11, 2018 12:15 am
The B of A platinum preferred rewards work for me. I keep most of the "minimum $100k" in Merrill Edge. Retired and since BofA and ME are my "operating" accounts, I keep some liquid in their Preferred Deposit at 1.97% - easy to then move to my BofA checking. Keep the bulk in a CD ladder 6 months, 9 months,12 months. That way I'm averaging close to 2.5% on my operating cash.
What is this 1.97% Preferred Deposit you speak of?
I did not see this Preferred Deposit fund either on the BOA website. It is on the ML website. Looks like a FDIC insured fund that pays 1.97%. Since it is on ML site and not BOA I suppose it helps you qualify for the $100k on deposit but does not get a 50% boost in savings return other than on the microscopic BOA offerings. (If it does, perhaps someone will let us know, as it might be a game changer). The following link also shows several MM funds available.

https://olui2.fs.ml.com/Publish/Content ... eSheet.pdf

I suppose we get around 2.5% on operating cash too with Redneck Bank and VG Prime at 2.25% or so and short term CDs.

Trism
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Trism » Tue Dec 11, 2018 7:42 am

Carl53 wrote:
Mon Dec 10, 2018 7:32 pm
Trism wrote:
Mon Dec 10, 2018 7:11 pm
Carl53 wrote:
Mon Dec 10, 2018 7:08 pm
Excuse me while I don't jump to the front of the line to get the platinum plus bonus on my savings account with 0.06% interest( instead of the standard 0.03%). With a $100k on deposit/invested I can get 5.25% reward on up to $10k of select credit card purchases. Perhaps, $325 more than my 2% rebate card assuming I could use exactly $2500 per quarter in my chosen category for all four quarters. Must be more advantages than this but on my $100k it is less than a 0.4% return.
Balances in Merrill Lynch accounts qualify toward relationship status. No one with a brain keeps liquid savings at Bank of America.
I just find it humorous that those at BOA would even mention such a ridiculous benefit such as the puny savings account. Maybe the other advantages are worth it to some, but the savings account bonus is touted as one of the eight major benefit categories on their website. Most of the other advantages cited such as unlimited ATM transactions at nonmember locations, mortgage application discounts, priority service, unlimited no fee stock trades, 0.50% discount on auto loans, and exemption from selected bank fees would be of marginally more benefit to the average customer than the savings account bonus.

Maybe Merrill Lynch accounts are way better than Fidelity or Vanguard, I don't know but I suppose they only have to be no more than $325 per year worse for it potentially to be an overall gain.

For me, it would be hard to get to $325 extra value, since I already get 3-4% on groceries and gas besides the generic 2% card.
I find it humorous that you don't want 2.625% back, uncapped, on general spending (> 30% more cash back than your current 2% card) because the issuer mentions its savings accounts in promotional materials.

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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by mighty72 » Tue Dec 11, 2018 11:59 am

Starfish wrote:
Tue Dec 11, 2018 2:49 am
viz wrote:
Mon Dec 10, 2018 5:53 pm
Yes, it a great reward which I plan to take advantage of. Please note that you get 3 & 2 percent only on the first $2500 combined spend so need to keep a close eye on it and switch to a different card if any. Thanks!
You mean 100 bucks?
Yes, I am already a platinum honor level due to my taxable Merrill Edge account so it is a no brainier for me. Free money is always great

aristotelian
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by aristotelian » Tue Dec 11, 2018 12:03 pm

Cool, I just opened one of these for the bonus as a churning move. Now I may have to keep it. :D

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indexfundfan
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by indexfundfan » Tue Dec 11, 2018 12:13 pm

Do you need to apply new cards or would this feature be automatically enabled for the existing Cash Rewards Cards?

The press release "Bank of America today announced a new Bank of America® Cash Rewards credit card ..." seemed to imply a new card is necessary.
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bgf
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by bgf » Tue Dec 11, 2018 12:52 pm

criticalmass wrote:
Tue Dec 11, 2018 1:27 am
Carl53 wrote:
Mon Dec 10, 2018 7:08 pm
Excuse me while I don't jump to the front of the line to get the platinum plus bonus on my savings account with 0.06% interest( instead of the standard 0.03%). With a $100k on deposit/invested I can get 5.25% reward on up to $10k of select credit card purchases. Perhaps, $325 more than my 2% rebate card assuming I could use exactly $2500 per quarter in my chosen category for all four quarters. Must be more advantages than this but on my $100k it is less than a 0.4% return.
We just park $100k of Vanguard ETF over at Merril. Then you get the status and 5.25% cash back. Why would anyone consider doing this with cash in a BoA savings account? :confused
no idea. we have our Roths and Taxable with merrill to get the 100k and so we get 100 free trades per month. i use vanguard and ishares etfs so its about as cheap as possible for me.

then you get the cash back rewards which are the best i can find as i dont care for travel rewards.
“TE OCCIDERE POSSUNT SED TE EDERE NON POSSUNT NEFAS EST"

clad856
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by clad856 » Tue Dec 11, 2018 1:18 pm

Anyone have the link to this exact Bank of America card so people can sign up for it? :happy

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b0B
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by b0B » Tue Dec 11, 2018 1:22 pm

bankofamerica.com

fareastwarriors
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by fareastwarriors » Tue Dec 11, 2018 1:30 pm

We have an extensive thread about the perks/drawbacks of the Preferred rewards program.
viewtopic.php?f=2&t=150033&hilit=preferred

MMLC3
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by MMLC3 » Tue Dec 11, 2018 1:39 pm

This is a great find, thanks for sharing!

with our switch to electric cars, 3% cash back on gas with the BoA credit card makes little sense. So if I am able to switch that 3% from gas to another category, it will help greatly!

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Earl Lemongrab
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Earl Lemongrab » Tue Dec 11, 2018 3:18 pm

Hmmm. I was hoping grocery would be available, but it looks like they are just adding ones that don't already have a premium cash back. I'll need to run the numbers to see if drugstore would be better, or leave it on gas. I don't use as much gas as I did before retirement.

criticalmass
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by criticalmass » Tue Dec 11, 2018 4:05 pm

Earl Lemongrab wrote:
Tue Dec 11, 2018 3:18 pm
Hmmm. I was hoping grocery would be available, but it looks like they are just adding ones that don't already have a premium cash back. I'll need to run the numbers to see if drugstore would be better, or leave it on gas. I don't use as much gas as I did before retirement.
Can you buy gift cards for your favorite gas stations at your drug store?

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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by deanmoriarty » Tue Dec 11, 2018 5:16 pm

This is great news, thanks for posting! I already have 2 of those cards that I acquired over the years, I'm probably going to get one more so I can have 5.25% in all the categories I care about, as well as 3.5% for Costco.

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Earl Lemongrab
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Earl Lemongrab » Tue Dec 11, 2018 6:11 pm

criticalmass wrote:
Tue Dec 11, 2018 4:05 pm
Earl Lemongrab wrote:
Tue Dec 11, 2018 3:18 pm
Hmmm. I was hoping grocery would be available, but it looks like they are just adding ones that don't already have a premium cash back. I'll need to run the numbers to see if drugstore would be better, or leave it on gas. I don't use as much gas as I did before retirement.
Can you buy gift cards for your favorite gas stations at your drug store?
I don't know.

criticalmass
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by criticalmass » Tue Dec 11, 2018 10:42 pm

Earl Lemongrab wrote:
Tue Dec 11, 2018 6:11 pm
criticalmass wrote:
Tue Dec 11, 2018 4:05 pm
Earl Lemongrab wrote:
Tue Dec 11, 2018 3:18 pm
Hmmm. I was hoping grocery would be available, but it looks like they are just adding ones that don't already have a premium cash back. I'll need to run the numbers to see if drugstore would be better, or leave it on gas. I don't use as much gas as I did before retirement.
Can you buy gift cards for your favorite gas stations at your drug store?
I don't know.
Find out, and you may have the ability to combine two categories into one.

criticalmass
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by criticalmass » Tue Dec 11, 2018 10:45 pm

deanmoriarty wrote:
Tue Dec 11, 2018 5:16 pm
This is great news, thanks for posting! I already have 2 of those cards that I acquired over the years, I'm probably going to get one more so I can have 5.25% in all the categories I care about, as well as 3.5% for Costco.
If you have a grandfathered one from the Schwab Visa days, it is still foreign transaction fee free. New accounts may have an FTF.

spacecadet610
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by spacecadet610 » Wed Dec 12, 2018 2:22 pm

deanmoriarty wrote:
Tue Dec 11, 2018 5:16 pm
This is great news, thanks for posting! I already have 2 of those cards that I acquired over the years, I'm probably going to get one more so I can have 5.25% in all the categories I care about, as well as 3.5% for Costco.

I wanted to sign up for this card for the Costco cashback as well, but looks like this card is now only offered as a Mastercard. Costco only takes Visa.

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b0B
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by b0B » Wed Dec 12, 2018 2:37 pm

spacecadet610 wrote:
Wed Dec 12, 2018 2:22 pm
deanmoriarty wrote:
Tue Dec 11, 2018 5:16 pm
This is great news, thanks for posting! I already have 2 of those cards that I acquired over the years, I'm probably going to get one more so I can have 5.25% in all the categories I care about, as well as 3.5% for Costco.

I wanted to sign up for this card for the Costco cashback as well, but looks like this card is now only offered as a Mastercard. Costco only takes Visa.
There are many variations of the card in both Mastercard and Visa. Just pick a Visa one.

spacecadet610
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by spacecadet610 » Wed Dec 12, 2018 2:44 pm

b0B wrote:
Wed Dec 12, 2018 2:37 pm
spacecadet610 wrote:
Wed Dec 12, 2018 2:22 pm
deanmoriarty wrote:
Tue Dec 11, 2018 5:16 pm
This is great news, thanks for posting! I already have 2 of those cards that I acquired over the years, I'm probably going to get one more so I can have 5.25% in all the categories I care about, as well as 3.5% for Costco.

I wanted to sign up for this card for the Costco cashback as well, but looks like this card is now only offered as a Mastercard. Costco only takes Visa.
There are many variations of the card in both Mastercard and Visa. Just pick a Visa one.
I called Bank of America and was told they no longer offer the Visa one.

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b0B
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by b0B » Wed Dec 12, 2018 2:52 pm

spacecadet610 wrote:
Wed Dec 12, 2018 2:44 pm
b0B wrote:
Wed Dec 12, 2018 2:37 pm
spacecadet610 wrote:
Wed Dec 12, 2018 2:22 pm
deanmoriarty wrote:
Tue Dec 11, 2018 5:16 pm
This is great news, thanks for posting! I already have 2 of those cards that I acquired over the years, I'm probably going to get one more so I can have 5.25% in all the categories I care about, as well as 3.5% for Costco.

I wanted to sign up for this card for the Costco cashback as well, but looks like this card is now only offered as a Mastercard. Costco only takes Visa.
There are many variations of the card in both Mastercard and Visa. Just pick a Visa one.
I called Bank of America and was told they no longer offer the Visa one.
Nope. Totally wrong.
There are many variations of the card in both Mastercard and Visa.

https://www.bankofamerica.com/credit-ca ... edit-card/
https://www.bankofamerica.com/credit-ca ... edit-card/
https://www.bankofamerica.com/credit-ca ... dit-cards/
https://www.bankofamerica.com/credit-ca ... edit-card/
https://www.bankofamerica.com/credit-ca ... edit-card/

spacecadet610
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by spacecadet610 » Wed Dec 12, 2018 3:19 pm

b0B wrote:
Wed Dec 12, 2018 2:52 pm
spacecadet610 wrote:
Wed Dec 12, 2018 2:44 pm
b0B wrote:
Wed Dec 12, 2018 2:37 pm
spacecadet610 wrote:
Wed Dec 12, 2018 2:22 pm
deanmoriarty wrote:
Tue Dec 11, 2018 5:16 pm
This is great news, thanks for posting! I already have 2 of those cards that I acquired over the years, I'm probably going to get one more so I can have 5.25% in all the categories I care about, as well as 3.5% for Costco.

I wanted to sign up for this card for the Costco cashback as well, but looks like this card is now only offered as a Mastercard. Costco only takes Visa.
There are many variations of the card in both Mastercard and Visa. Just pick a Visa one.
I called Bank of America and was told they no longer offer the Visa one.
Nope. Totally wrong.
There are many variations of the card in both Mastercard and Visa.

https://www.bankofamerica.com/credit-ca ... edit-card/
https://www.bankofamerica.com/credit-ca ... edit-card/
https://www.bankofamerica.com/credit-ca ... dit-cards/
https://www.bankofamerica.com/credit-ca ... edit-card/
https://www.bankofamerica.com/credit-ca ... edit-card/
didn't realize those other branded cards have the same benefits.

glad i'm wrong.

go_mets
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by go_mets » Wed Dec 12, 2018 3:53 pm

Earl Lemongrab wrote:
Tue Dec 11, 2018 6:11 pm
criticalmass wrote:
Tue Dec 11, 2018 4:05 pm
Earl Lemongrab wrote:
Tue Dec 11, 2018 3:18 pm
Hmmm. I was hoping grocery would be available, but it looks like they are just adding ones that don't already have a premium cash back. I'll need to run the numbers to see if drugstore would be better, or leave it on gas. I don't use as much gas as I did before retirement.
Can you buy gift cards for your favorite gas stations at your drug store?
I don't know.
Here in central NJ, I have only seen gas gift cards for Exxon/Mobil, Shell, and BP.
Unfortunately, I fill up mostly at Speedway and sometimes at QuikCheck or Wawa.
Speedway gift cards are sold on eBay but not at local drugstores.
Haven't found QuikCheck or Wawa gift cards anywhere.


.

tampaite
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by tampaite » Fri Dec 14, 2018 11:18 am

Deleting my messages on this forum
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muddgirl
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by muddgirl » Fri Dec 14, 2018 11:48 am

indexfundfan wrote:
Tue Dec 11, 2018 12:13 pm
Do you need to apply new cards or would this feature be automatically enabled for the existing Cash Rewards Cards?

The press release "Bank of America today announced a new Bank of America® Cash Rewards credit card ..." seemed to imply a new card is necessary.
I am an existing Cash Rewards cardholder and I just received an email saying that I will have access to this new benefit starting Jan 14.

libralibra
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by libralibra » Fri Dec 14, 2018 3:48 pm

post removed
Last edited by libralibra on Wed May 29, 2019 11:04 pm, edited 1 time in total.

deanmoriarty
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by deanmoriarty » Fri Dec 14, 2018 3:51 pm

libralibra wrote:
Fri Dec 14, 2018 3:48 pm
Looks like the Preferred Rewards bonus will be added when the purchase posts now, instead of when you redeem. This also probably means people should redeem any existing points they've accumulated before the conversion happens.
What exactly do you mean with "probably means..."?

The message from BOA states:
As a Preferred Rewards Platinum Honors client, you'll continue to get a 75% rewards bonus. Your rewards bonus will now be awarded when you make your purchase, and doesn't depend on how or when you redeem your cash back rewards. Any cash rewards that you haven't redeemed at the time of this change will be automatically increased by 75% as a one-time adjustment in January. That means if you have $100 cash rewards with a 75% rewards bonus, we'll increase your cash rewards by $75.

libralibra
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by libralibra » Fri Dec 14, 2018 3:54 pm

post removed
Last edited by libralibra on Mon May 27, 2019 11:12 pm, edited 1 time in total.

MisterBill
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by MisterBill » Fri Dec 14, 2018 4:26 pm

This change also means we'll be able to cash out sooner, since the 75% bonus will already be in the available rewards needed to hit the $25 minimum. However, it means that people who apply for the card before reaching PR level will lose out on the kicker on the signup bonus (assuming they continue to apply it at all).

Maybe my friend who has this card and insisted that the 75% was additive (i.e., 3% becomes 3.75% as opposed to 5.25%) will finally admit that I was correct about the rebate percentage.

Personally, I am very excited about having a 5.25% card for dining.

MisterBill
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by MisterBill » Fri Dec 14, 2018 4:43 pm

What has people's experiences been getting additional cards approved at BofA? I already have a regular Cash Rewards card and an MLB card but would like to get another so I can have a third 5.25% category. Also have the Travel Reward and Premium Rewards card. Last time I got a new card they took some of the credit line from another card, and have had to move CL around. In fact, at the moment I have only a $200 CL on the MLB card and will have to fix that before I start using it for the new 5.25% category.

I assume it would be best if I got a different card like the Susan G Komen rather than another of the regular CR cards.

Trism
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by Trism » Sat Dec 15, 2018 11:22 am

MisterBill wrote:
Fri Dec 14, 2018 4:43 pm
What has people's experiences been getting additional cards approved at BofA? I already have a regular Cash Rewards card and an MLB card but would like to get another so I can have a third 5.25% category. Also have the Travel Reward and Premium Rewards card. Last time I got a new card they took some of the credit line from another card, and have had to move CL around. In fact, at the moment I have only a $200 CL on the MLB card and will have to fix that before I start using it for the new 5.25% category.

I assume it would be best if I got a different card like the Susan G Komen rather than another of the regular CR cards.
Bank of America is now doing credit limit increases with no hard credit inquiry. This is a recent change (the language on the request page still reflects their old policy). If you want more credit, just ask for it.

I just added almost $35,000 in limits to our three cards (limits now total $133,500). You can specify how much additional credit you want, and they'll counter with the max they'll approve if you choose a number that's too high. Results were instant.

There is a long thread on CreditBoards about this. I haven't been on BH long enough to know if it's okay to post a link to a thread on another forum.

I'm planning on picking up a Premier Rewards Visa in the very near future, and if my memory works I'll come back and update this thread with my experience. My spouse got the same card earlier this year (it's one of the three I mentioned above) and it was an easy/automatic approval.

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whodidntante
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by whodidntante » Sat Dec 15, 2018 11:38 am

MisterBill wrote:
Fri Dec 14, 2018 4:43 pm
What has people's experiences been getting additional cards approved at BofA? I already have a regular Cash Rewards card and an MLB card but would like to get another so I can have a third 5.25% category. Also have the Travel Reward and Premium Rewards card. Last time I got a new card they took some of the credit line from another card, and have had to move CL around. In fact, at the moment I have only a $200 CL on the MLB card and will have to fix that before I start using it for the new 5.25% category.

I assume it would be best if I got a different card like the Susan G Komen rather than another of the regular CR cards.
Currently I have 75k in credit extended by BoA and that must be their sweat point, at least for me. So when I apply for a new card, they cut an existing limit and apply the credit limit to the new card. It's dealer's choice (BoA), although they've been willing to move limits around when I asked them to.

MisterBill
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by MisterBill » Sat Dec 15, 2018 11:55 am

whodidntante wrote:
Sat Dec 15, 2018 11:38 am
Currently I have 75k in credit extended by BoA and that must be their sweat point, at least for me. So when I apply for a new card, they cut an existing limit and apply the credit limit to the new card. It's dealer's choice (BoA), although they've been willing to move limits around when I asked them to.
I have less than that, and I actually lost a bunch when Fidelity switched from FIA (I guess I should have reallocated before that). I moved around a bunch of the credit limits back in April when I needed to charge a bunch of my tax payment. I currently have a $200 limit on my MLB CR card that I will need to fix so I can start using it again.

So long as they are open to a new card, I should probably apply for a new one and see if they'll give me more money instead of applying for an increase on an existing card, since both will be a hard pull and I can get the $200 bonus for the new card.

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whodidntante
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Re: "Bank Of America Cash Rewards Card Now Lets You Choose Your 3%(=5.25%) Category"

Post by whodidntante » Sat Dec 15, 2018 11:57 am

MisterBill wrote:
Sat Dec 15, 2018 11:55 am
whodidntante wrote:
Sat Dec 15, 2018 11:38 am
Currently I have 75k in credit extended by BoA and that must be their sweat point, at least for me. So when I apply for a new card, they cut an existing limit and apply the credit limit to the new card. It's dealer's choice (BoA), although they've been willing to move limits around when I asked them to.
I have less than that, and I actually lost a bunch when Fidelity switched from FIA (I guess I should have reallocated before that). I moved around a bunch of the credit limits back in April when I needed to charge a bunch of my tax payment. I currently have a $200 limit on my MLB CR card that I will need to fix so I can start using it again.

So long as they are open to a new card, I should probably apply for a new one and see if they'll give me more money instead of applying for an increase on an existing card, since both will be a hard pull and I can get the $200 bonus for the new card.
I think people have recently reported that a credit increase is a soft pull, although I've never asked for one myself.

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