Originally Posted by halfleafclover

Hello everyone,

I hesitate to post this as I have a lurking feeling this deal is too good to be true or last. Nevertheless, I just got approved for the Bank Americard Travel Rewards that earns 1.5x on everything when redeemed for flight, rental car, etc (similar to the BarclayCard Arrival).

In addition, I also opened a checking and savings at Bank of America, which automatically gives me a 10% annual bonus on points earned, bringing the rewards up to 1.65x.

Finally, with enough deposits, Bank of America offers 3 tiers of "Preferred Rewards" accounts, which results in an additional bonus on points earned. I've listed the tiers and hypothetical rewards below:
>$20k: 25% bonus meaning: 1.5 * 1.25 + 0.15(the 10% annual bonus) = 2.025x
>$50k: 50% bonus = similar math to above = 2.4x
>$100k: 75% bonus = 2.775x

I do realize many will not want to tie up between $20k and $100k at Bank of America but you can choose to hold your deposits in a Merrill EDGE self-directed investment account. As I like to keep a portion of my liquidity in the markets I will be going for the 75% bonus on credit card rewards.

So if I have my math right, it results in a 2.775x card with no annual fee, no foreign transaction fee, and an EMV chip to boot. This sounds too good to be true so I am asking the fine people of flyertalk to share their experiences with this card and perhaps shed light upon what I have overlooked.

UPDATE:
The "preferred rewards" program seems to be in it's infancy, and it's currently not available nationally so I'll share any strange experiences I have using this card. Thanks!