Bank of America Cash Rewards
May 13, 2015, 3:28 pm
#1
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Join Date: Oct 2004
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Bank of America Cash Rewards
Have the BofA Visa which they converted me to when they took over the Schwab Visa which gave 2% cash back on everything.
When I log in, they have an offer for Cash Rewards card, $200 cash rewards bonus for $500 spend in first 90 days.
Tempting, the main difference seems to be 3% FTF vs. the 0 FTF on my card (not even sure what they call it -- I think some terms like the 0 FTF was grandfathered in from Schwab).
I do have Chase Sapphire Preferred for 0 FTF and I use it a lot for the travel bonus. However, I may not keep it since it has an AF.
Anyone else bite on this Cash Rewards offer?
When I log in, they have an offer for Cash Rewards card, $200 cash rewards bonus for $500 spend in first 90 days.
Tempting, the main difference seems to be 3% FTF vs. the 0 FTF on my card (not even sure what they call it -- I think some terms like the 0 FTF was grandfathered in from Schwab).
I do have Chase Sapphire Preferred for 0 FTF and I use it a lot for the travel bonus. However, I may not keep it since it has an AF.
Anyone else bite on this Cash Rewards offer?
May 13, 2015, 4:56 pm
#2
Join Date: Jun 2012
Posts: 3,375
A) How much do you value your CSP points? >$0.02 /point (or 2%)?
B) Do you qualify for preferred rewards?
As a signup bonus, $200 for a hard pull is okay for only $500 spend (you can get higher value via hotel/flight cards, or >$300 for $3k spend on some cards)
Looking at everyday usage, it's nothing spectacular (with preferred rewards plat honors, you get max of 1.75%/2.75%/3.75% (?) regular-spend/grocery/gas). If you value your CSP points > $0.02/pt, then you probably won't use the cash rewards card at all
The travel rewards card look better for regular spend & 0% FTF. get this one if you don't want to pay CSP AF and qualify for plat honors
plat honors: 2.625% back redeemable towards travel on regular spend
B) Do you qualify for preferred rewards?
As a signup bonus, $200 for a hard pull is okay for only $500 spend (you can get higher value via hotel/flight cards, or >$300 for $3k spend on some cards)
Looking at everyday usage, it's nothing spectacular (with preferred rewards plat honors, you get max of 1.75%/2.75%/3.75% (?) regular-spend/grocery/gas). If you value your CSP points > $0.02/pt, then you probably won't use the cash rewards card at all
The travel rewards card look better for regular spend & 0% FTF. get this one if you don't want to pay CSP AF and qualify for plat honors
plat honors: 2.625% back redeemable towards travel on regular spend
Last edited by paperwastage; May 13, 2015 at 6:10 pm
May 13, 2015, 5:51 pm
#3
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Join Date: Oct 2004
Location: Bay Area
Programs: DL SM, UA MP.
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Well I'm getting the Citi Double Cash card.
Yes I know what you mean about Chase points. I have over 200k and over 400k UA MP miles.
What are preferred rewards, booking flights through the UR portal?
Yes I know what you mean about Chase points. I have over 200k and over 400k UA MP miles.
What are preferred rewards, booking flights through the UR portal?
May 13, 2015, 6:05 pm
#4
Join Date: Jun 2012
Posts: 3,375
Look at the right side of the page. You get 10%-75% bonus on top of your normal earnings within preferred rewards
https://www.bankofamerica.com/credit...credit-card.go
Preferred rewards is a program within BoA that gives you benefits (% bonus, free merrill edge trades, atm refunds, ....). you need 25k-100k in assets (checking, savings, IRA, brokerage) to qualify
http://info.bankofamerica.com/preferred-rewards/
as I've mentioned, the BoA Travel rewards + Plat honors bonus beats the Arrival+ card.
https://www.bankofamerica.com/credit...credit-card.go
1.5x points on regular spend + 75% bonus = 2.625x points. you have to redeem towards travel purchases (similar to Arrival+'s 2.2x), but no AF
https://www.bankofamerica.com/credit...credit-card.go
Preferred rewards is a program within BoA that gives you benefits (% bonus, free merrill edge trades, atm refunds, ....). you need 25k-100k in assets (checking, savings, IRA, brokerage) to qualify
http://info.bankofamerica.com/preferred-rewards/
as I've mentioned, the BoA Travel rewards + Plat honors bonus beats the Arrival+ card.
https://www.bankofamerica.com/credit...credit-card.go
1.5x points on regular spend + 75% bonus = 2.625x points. you have to redeem towards travel purchases (similar to Arrival+'s 2.2x), but no AF
Last edited by paperwastage; May 13, 2015 at 6:17 pm
May 13, 2015, 6:53 pm
#5
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Ah, I'd never bank with BofA. Or Chase for that matter.
I'm sure there are all kinds of fees for their bank accounts so any bonus you'd get, you'd pay more fees one way or another.
That's how the big banks make a lot of their money.
I'm sure there are all kinds of fees for their bank accounts so any bonus you'd get, you'd pay more fees one way or another.
That's how the big banks make a lot of their money.
May 13, 2015, 6:58 pm
#6
Join Date: Jun 2012
Posts: 3,375
putting 25k-100k in a merrill edge account (Roth IRA, Brokerage) where you get 30-100 free Equity/ETF trades a month.... why not? (also, fees are waived on up to 4 checking and 4 savings accounts)
you can buy all the mainstream ETFs (Vanguard/Fidelity/...), and there's almost no way for BoA to hide any fees in that tight spread...
if you have a lot of money/assets, BoA/ME treats you really well. Just don't listen to their upsells
Last edited by paperwastage; May 13, 2015 at 7:06 pm
May 14, 2015, 8:11 pm
#7
Join Date: May 2015
Posts: 441
A) How much do you value your CSP points? >$0.02 /point (or 2%)?
B) Do you qualify for preferred rewards?
As a signup bonus, $200 for a hard pull is okay for only $500 spend (you can get higher value via hotel/flight cards, or >$300 for $3k spend on some cards)
Looking at everyday usage, it's nothing spectacular (with preferred rewards plat honors, you get max of 1.75%/2.75%/3.75% (?) regular-spend/grocery/gas). If you value your CSP points > $0.02/pt, then you probably won't use the cash rewards card at all
The travel rewards card look better for regular spend & 0% FTF. get this one if you don't want to pay CSP AF and qualify for plat honors
plat honors: 2.625% back redeemable towards travel on regular spend
B) Do you qualify for preferred rewards?
As a signup bonus, $200 for a hard pull is okay for only $500 spend (you can get higher value via hotel/flight cards, or >$300 for $3k spend on some cards)
Looking at everyday usage, it's nothing spectacular (with preferred rewards plat honors, you get max of 1.75%/2.75%/3.75% (?) regular-spend/grocery/gas). If you value your CSP points > $0.02/pt, then you probably won't use the cash rewards card at all
The travel rewards card look better for regular spend & 0% FTF. get this one if you don't want to pay CSP AF and qualify for plat honors
plat honors: 2.625% back redeemable towards travel on regular spend
May 14, 2015, 8:51 pm
#8
Join Date: Jun 2012
Posts: 3,375
if your purpose is to max out the value of your daily non-category spend, then the travel rewards card @2.625% back is worth the HP.... that's why I discussed both the bonus and % back
Last edited by paperwastage; May 14, 2015 at 8:57 pm
Dec 26, 2018, 11:43 am
#12
Join Date: Oct 2007
Programs: AA, WN, UA, Bonvoy, Hertz
Posts: 2,491
That is correct, calendar quarters similar to Freedom and Discover. Even though the new select a 3% category program doesn't go live until mid-January, spending in gas/groceries during the first two weeks of the month will count for the Q1-2019 spend limit.
I am hoping interest in determining Online Shopping qualified merchants will happen in January as the program starts.
I am hoping interest in determining Online Shopping qualified merchants will happen in January as the program starts.
Dec 27, 2018, 11:59 am
#14
Join Date: Apr 2013
Location: Lehigh Valley, Pennsylvania
Programs: Milege+, SkyMiles, AAdvantage, HHonors Diamond, Marriott Gold
Posts: 1,685
I also get more back with my travel credit cards in the gas, dining, online shopping, and travel categories.It is probably a draw between my travel cards and BOA’s 3% back in the remaining two categories. I will probably choose Drug Stores as I seldom buy from home improvement /furnishings.
Dec 27, 2018, 1:30 pm
#15
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Hmm, I have a 3% dining card but not a 3% gas card.
So I'd definitely would want to keep getting 3% on gas.
Up to $2500 in rebated 3% transactions or up to $2500 in transactions for which you'd get 3%? The first case would be charging what, $750k to earn back $2500? The second case would be charging $2500 and getting $75 back. Probably the latter but only $75 is not some huge bonanza.
So I'd definitely would want to keep getting 3% on gas.
Up to $2500 in rebated 3% transactions or up to $2500 in transactions for which you'd get 3%? The first case would be charging what, $750k to earn back $2500? The second case would be charging $2500 and getting $75 back. Probably the latter but only $75 is not some huge bonanza.