GarudaSoars

Got this email from Bank of America today. No info on this card yet on the BoA website:

"Switch to earn unlimited 1.5% cash back on all purchases Introducing the Bank of America® Unlimited Cash Rewards credit card"

"As a valued customer, we’re giving you early access to be among the first to switch to the NEW Bank of America® Unlimited Cash Rewards Visa Signature® credit card and start earning unlimited 1.5% cash back on all purchases."

"Plus, you can earn more with Preferred Rewards"

"Make the switch and get a $200 cash rewards bonus after you spend at least $1,000 on purchases within the first 90 days of receiving your new card. Plus, save with a 0% promo APR on new purchases for 15 billing cycles with your new card. Then a 20.24% variable APR thereafter"

I currently have the Customized Cash Rewards credit card from BoA (I love this card!) that I pair with Discover it, Chase Freedom Unlimited and Chase Freedom for everyday purchases. Don't see the value proposition as to why I would switch my Customized Cash Rewards for this credit card.

dw

Not sure I'd switch a Customized Cash Rewards card for this, but with the highest tier of Preferred Rewards that's 2.625% back on non bonus spend, without having to pay the AF on the BofA Premium Rewards card or having to redeem against travel purchases on the BofA Travel Rewards Card-- I'm sure some people may find this one appealing.

GarudaSoars

With this new Unlimited Cash Rewards coupled with Customized Cash Rewards and a Premium Travel card, they can perhaps build their own points ecosystem similar to Ultimate Rewards. If they give bonus earnings to Preferred Rewards customers, it will become a very attractive proposition. That is one place where Chase falls short. There is no reward incentive for me to bank with Chase while keeping their credit cards. BoA can change that,

garykung

The market has plenty of 1.5% cash back cards. But the bonus is a good addition.

Need

I don't even use my Premium Reward card for dining or travel. Maybe I should just downgrade to this card and don't have to pay the $95 fee. I don't see it listed online yet.

Hawaiian717

That was my first thought. Funny they launched this two weeks after Wells Fargo replaced the 1.5% Cash Wise with the 2% Active Cash.

randian

I don't see anything in the OP's post stating that this card participates in Preferred Rewards.

dw

Take another look- It’s in the language OP posted from the email received from BofA.

In addition, posters on Reddit have posted screenshots confirming it gets the full Preferred Rewards bonus.

randian

Missed that line. Oops, sorry.

RedSun

This card is nothing new. The free BofA Travel Reward card earns 1.5% on everything. I'd rather keep the 1-2-3 old Cash Reward cards and get top dog 5.25% CB....

Redhead

I only keep my old 1-2-3 Cash card because it gives me 3% on gas and Costco. Only two places I use it. I often consider closing it just to clean up my wallet but inertia and it has a long account age. Although a closure won't really hurt my FICO

md80only

I wonder if you can change Travel Rewards Visa to this though, that would be swell because then I wouldn't have to buy some travel on the card to get the $ back. Anyone try that yet?

ovacikar

I would keep my travel rewards card. Dining is a permanent category for rewards redemption now. And travel reward card has no foreign transaction fee compared to unlimited cash reward 3% foreign transaction fee.

[QUOTE]Flexibility to redeem points for a statement credit to pay for travel and dining purchases, such as flights, hotel stays, vacation rentals, baggage fees, and also at restaurants – including takeout.[/QUOTE]

md80only

I never use my TR for travel or dining. Dining on a CR for 5.25%, Travel on a different CR for 5.25%. If International, I would use my Chase Saph Reserve for travel (4.5%) vs TR (2.625%). So for every $100 in TR points I redeem, I lose $2.625 because I have to put a $100 charge on the card that would only get me $2.625 instead of $5.25. Not huge, but since I can't really think of a reason to use TR. I would have said the buy travel through portal and put on TR as that is 5.25% too, but now my Chase Freedom Unlimited gets me 7.5% if I do the same thing (5% but transfer to Reserve for 50% bonus).

ovacikar

You don't have to use TR for all dining, only to redeem your points. It's a great card I use for non category and international spending. Even overseas dining transactions show up in points redemption now.