Bank of America Travel Rewards + Preferred Rewards = Up to 2.775% everywhere card?
May 7, 2016, 11:08 am
#166
Join Date: Apr 2016
Programs: Chase UR, Skymiles, HHonors, SPG
Posts: 20
I am a platinum preferred rewards member with Bank of America because I have a Merrill brokerage account. Love getting 5.25% back on gas and 3.5% back on groceries all the time (after the 75% bonus boost on regular rate).
Am I correct that the travel rewards card that earns 1.5 miles per $1 spend on all spend can be transferred as cash? Is it just the business version of the card that will do this? Thanks!
Am I correct that the travel rewards card that earns 1.5 miles per $1 spend on all spend can be transferred as cash? Is it just the business version of the card that will do this? Thanks!
May 7, 2016, 11:21 am
#167
Join Date: Jun 2008
Location: BAY AREA
Posts: 1,125
I am a platinum preferred rewards member with Bank of America because I have a Merrill brokerage account. Love getting 5.25% back on gas and 3.5% back on groceries all the time (after the 75% bonus boost on regular rate).
Am I correct that the travel rewards card that earns 1.5 miles per $1 spend on all spend can be transferred as cash? Is it just the business version of the card that will do this? Thanks!
Am I correct that the travel rewards card that earns 1.5 miles per $1 spend on all spend can be transferred as cash? Is it just the business version of the card that will do this? Thanks!
May 7, 2016, 10:26 pm
#168
Join Date: Nov 2014
Location: NYC
Posts: 556
There's no BOA card that gives either of these percentages even with top tier PR. Are you using a discontinued card?
May 7, 2016, 10:32 pm
#169
Join Date: Jan 2015
Posts: 1,112
The BankAmericard Cash Rewards gives 3% on gas and 2% on groceries with a cap of $1500 (I believe this combines the two categories). 3*1.75=5.25; 2*1.75=3.50
May 8, 2016, 6:53 am
#170
Join Date: Apr 2016
Programs: Chase UR, Skymiles, HHonors, SPG
Posts: 20
May 8, 2016, 6:55 am
#171
Join Date: Apr 2016
Programs: Chase UR, Skymiles, HHonors, SPG
Posts: 20
You need a business credit card and Travel rewards cards linked to your acct. A business card that can redeem points at 1% into your checking acct or statement credit. You can get 2.625 on the Travel rewards card cause preferred rewards. What I've been doing is transferring all my travel rewards points to business card and then redeeming it. Been working great so far.
Just trying to be clear, so I'm asking again ... I can get the consumer Travel Rewards card, but then need one of the business cards earning 1%, to which I'll transfer rewards credits? Then I can deposit cash into my consumer checking at the Preferred earnings rate from the business credit card??
Thanks!
Last edited by HeyCrutch; May 8, 2016 at 7:02 am
May 8, 2016, 7:37 am
#172
Join Date: Nov 2014
Location: NYC
Posts: 556
Ah, that card is the only one left where the bonus applies after the points are earned. I thought they had changed all of them except the TR to be like the AAA card where they only give you the bonus on the first point.
May 8, 2016, 10:18 am
#173
Join Date: Jun 2008
Location: BAY AREA
Posts: 1,125
Just trying to be clear, so I'm asking again ... I can get the consumer Travel Rewards card, but then need one of the business cards earning 1%, to which I'll transfer rewards credits? Then I can deposit cash into my consumer checking at the Preferred earnings rate from the business credit card??
Thanks!
Thanks!
May 18, 2016, 6:24 pm
#174
Join Date: Feb 2002
Location: San Fran *not* SFO (Do you live in an airport?)
Programs: Canadi>n Plus: President's Club (expired)
Posts: 457
http://info.bankofamerica.com/preferred-rewards
and look at Footnote 2, and here is what it says:
Enrolled clients with eligible credit cards can receive the Preferred Rewards Bonus in one of two ways: 1) For BankAmericard Cash Rewards™ credit cards, the Preferred Rewards Bonus will be applied when you redeem cash rewards into a Bank of America® checking or savings account or an eligible Merrill Lynch Cash Management Account®. For example, if you redeem $100 in cash rewards, we will add $25, $50 or $75 to your redemption amount, based on your tier when you redeem. Redemptions for a statement credit or personal check will not receive the Preferred Rewards Bonus. 2) For all other eligible credit cards (such as BankAmericard Travel Rewards® cards), the Preferred Rewards Bonus will be added to the base rewards you earn with each purchase. For example, if you earn 100 base rewards, we will add 25, 50, or 75 bonus rewards, based on your tier when the purchase posts to your account. The Preferred Rewards Bonus will replace the 10% customer bonus you may receive with your card(s). Any other bonus rewards (e.g. account-opening bonuses and merchant-based bonuses) will not receive the Preferred Rewards Bonus. View a complete list of ineligible cards
Cards not eligible for the rewards bonus:
Non-rewards credit cards
Business purpose credit cards
Bank of America Accolades®
BankAmericard Better Balance Rewards®
Merrill Lynch branded (including Merrill Accolades®, MERRILL+®, Merrill Lynch® Octave® and Private Banking and Investment Group Octave®)
U.S. Trust branded (including Bank of America Accolades® and U.S. Trust® Octave®)
AAA® Gas Rebate
Alaska Airlines®
Amtrak Guest Rewards®
Amway™
Asiana Airlines®
Azamara Club Cruises®
Bass Pro Shops®
Celebrity Cruises®
MelaleucaSM
Royal Caribbean International®
Spirit Airlines®
Virgin Atlantic Airways®
This list is subject to change without prior notice.
Non-rewards credit cards
Business purpose credit cards
Bank of America Accolades®
BankAmericard Better Balance Rewards®
Merrill Lynch branded (including Merrill Accolades®, MERRILL+®, Merrill Lynch® Octave® and Private Banking and Investment Group Octave®)
U.S. Trust branded (including Bank of America Accolades® and U.S. Trust® Octave®)
AAA® Gas Rebate
Alaska Airlines®
Amtrak Guest Rewards®
Amway™
Asiana Airlines®
Azamara Club Cruises®
Bass Pro Shops®
Celebrity Cruises®
MelaleucaSM
Royal Caribbean International®
Spirit Airlines®
Virgin Atlantic Airways®
This list is subject to change without prior notice.
The AAA card has a different bonus point system than the BankAmericard Cash Rewards Credit Card. I like it that it offers 3X points (consisting of 2 bonus points and 1 base point) on qualifying AAA and travel purchases. As far as I know, only the upcoming Costco Anywhere Visa Card issued by Citi offers 3% cash back on travel purchases. And the BofA Preferred Rewards will bring the 3% to 5.25% (at the Platinum Honors tier) for the AAA Member Rewards Credit Card.
Am I incorrect?
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May 18, 2016, 6:37 pm
#175
Join Date: Feb 2002
Location: San Fran *not* SFO (Do you live in an airport?)
Programs: Canadi>n Plus: President's Club (expired)
Posts: 457
The AAA card has a different bonus point system than the BankAmericard Cash Rewards Credit Card. I like it that it offers 3X points (consisting of 2 bonus points and 1 base point) on qualifying AAA and travel purchases. As far as I know, only the upcoming Costco Anywhere Visa Card issued by Citi offers 3% cash back on travel purchases. And the BofA Preferred Rewards will bring the 3% to 5.25% (at the Platinum Honors tier) for the AAA Member Rewards Credit Card.
Am I incorrect?
Am I incorrect?
If so, it still seems to be highest cash reward credit card for travel purchases...
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May 18, 2016, 6:53 pm
#176
Join Date: Nov 2014
Location: NYC
Posts: 556
Read Footnote 2 a bit more carefully, so it seems that the BofA Preferred Rewards will bring the 3% to only 3.75% (at the Platinum Honors tier) for the AAA Member Rewards Credit Card. Does this sound correct?
If so, it still seems to be highest cash reward credit card for travel purchases...
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If so, it still seems to be highest cash reward credit card for travel purchases...
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May 18, 2016, 7:22 pm
#177
Join Date: Jun 2009
Programs: AMEX Business Centurion
Posts: 418
Do you have a link to the specific business visa card you're using to do this? I don't want to sign up for the wrong one. PM it to me if that's better for you, and thanks for doing this research!
May 18, 2016, 7:58 pm
#178
Join Date: Jun 2008
Location: BAY AREA
Posts: 1,125
Hey trikotret, I've been following this thread from the sidelines while this whole Fidelity conversion process played out. Now I know 100% I definitely do need another card to be able to cash out my 2.65% point accumulation from the TR visa to a 1% cash back card.
Do you have a link to the specific business visa card you're using to do this? I don't want to sign up for the wrong one. PM it to me if that's better for you, and thanks for doing this research!
Do you have a link to the specific business visa card you're using to do this? I don't want to sign up for the wrong one. PM it to me if that's better for you, and thanks for doing this research!
https://www.bankofamerica.com/smallb...s-credit-card/
Last edited by mia; May 19, 2016 at 2:26 pm Reason: Formatting
Jun 3, 2016, 4:30 am
#179
Join Date: Jan 2006
Location: SFO
Programs: Delta Gold 1MM, JAL JGC Diamond, Marriott LT Titanium
Posts: 395
The BofA Cash Reward card now has updated benefits:
1% cash back everywhere, every time, 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
1% cash back everywhere, every time, 2% at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter
Jun 3, 2016, 9:31 am
#180
Join Date: Feb 2016
Posts: 292
It's nice to see a bank actually improve a benefit, even if the improvement isn't huge. Really the only way I see it as significant is for Costco people since most BOA Cash Rewards cards are Visa. But it would still only matter if you're shopping at Costco infrequently enough that you don't want their specific CC. For BJ's or Sam's, you can use your Double Cash just the same, as they don't limit people to one processor, so really not a big deal.
