I guess the closest you can get are some of the 2.5% cards. I think there is one from Hawaii federal credit union(have to be a HI resident). Logix federal credit union has a 3% card but requires $100k but is geofenced to AZ, CA, MA, MD, ME, NH, NV, or VA,

Robinhood gold card

unlimited 3% cash back everything except taxes/metals

Not sure why people so upset about inability to pay income tax. I guess they enjoy manufactured spending $1k in cash back (0.8% delta) per year on IRS 1.8% card fee (approx $100k tax payment to IRS)

I think many of us legitimately owe taxes that need to be paid directly to the IRS and/or our state equivalent. I certainly wouldn't consider it to be manufactured spend and it's a significant chunk of my annual CC spend.

I�m switching over to the Aven rewards card (Flyertalk thread) which is unlimited 3% cash back on all purchases.

Unlike the Robinhood Gold Card, you don�t need to pay for a membership, and it doesn�t exclude tax or other types of purchases from cash back earn.

But there�s also other offers (really different �flavors� of the same card): 6% back on groceries up to $10K/year and 2% everything else, 6% back on gas up to $10K/year and 2% everything else, up to 10% on all purchases in a tiered system for referrals (see thread for details).

I wouldn't say I'm "so upset." Put me in the "A bit Bummed" camp.

We have two PREs each with $55K limit and have set statement cycles to begin the 15th each month (one could do this with any card) and use the approx 60 day float for a free loan. (Yes, maxing the LOC does ding your credit score a bit.) Put it in a MM for 3.7% APY (was above 4% and higher, before short rates started coming down.) With $200K in legitimate taxes that's $6683 generated with organic spend. Throw on an extra 20% on the points earned, if you want to book airfare through their platform and it's over $7K. Depending on the year, maybe it's double that.

But to the main point of the thread, is it still worth holding PRE with the bonus reduction to 50% from 75%?
-The card had 3.5% on all dining and travel and 2.625% on all other spend. That will be reduced to 3.0% and 2.25%
-Still has the $300 travel credit and $150 Lifestyle credit (both easy to get) and $120 GlobalEntry/TSA Precheck credit to partially cover the $550 annual fee.
-Still offers 4 Priority pass memberships, (one of the last cards to still include restaurants) I give the extra three to our kids.
-Still has the 20% boost on airfare booked through their travel site. Prices are usually inline with directly purchased tickets. It's not as good as the 35% at Amex, but it is good for any airline.

Since so much of the value for us comes from using the 60 day float, we'll probably end up keeping the card.

I started the process of moving my Roth IRA to Schwab as I dont have the spend to make a 2% to 2.25% difference worth it and my brick and mortar offers a 0 AF 2% card. Ill close the rest once my CCR Sub is over, ill move my reoccurring charges from my PR to my Quest then cancel the PR. I am not gonna deal with the Merrill/BoA interface annoyances for maybe $100/year over a 2%.

Doctor of Credit has an update. It's a little convoluted, but the new bonus tiers will take effect 3 months after the Anniversary Date following November 2026. So for example, our card anniversary date is in June, so it seems changes wouldn't take affect until September 2027.
Doctor of Credit Post

I keep 100k in an IRA at Merrill and get 2.625c cash back; it is simple - even when I pay state taxes, I get a float and a small rebate.

But before we get worried with the changes, look at the numbers.
Platinum Honors 2.625-2.25 = 0.375% difference
Preferred Plus 2.25-1.875 = 0.375% = same drop

On $1M spend, (not too many do above that I hope) the difference is $26250 vs $22500 = $3750
For 100k in non-bonus spend each year = typical = 375$ – not much to worry about

Real options are
A
Flexible currencies
Citi or Cap 1 with transferable points @ 2c each vs 2.25c below
B current
IRA 100k at BofA with 2.25% Preferred rebate
= $22500 per Million spend = $2500 extra cash vs (20k cash /2M points)
or
for typical 100k spend each year = $250 cash loss (2250-2000) vs having option of $2000 / 200k points
C
Business at 100k Savings Account = 3% interest – itself has lost cash or investment opportunity
– Unlike an IRA, this account will have a real cost – say 3% in return = 3000 a year
even with a business 1M spend = gain of $3750 and loss of 3000 – really not worth it.

Between B & C, B wins for simplicity
Between A & B – I suspect that depends on your balances in Citi and Capital One
I will likely change my Venture X to a Cash Plus 2% card for flexibility or look more closely at Bilt

For typical 100k spend each year – just get SUB from every card slowly and steadily
= 5k spend for 50k points times 20 gives 1M points for 100k spend = ~ 10% SUB rebate

The 1M spenders need to up their game with BofA - move your company 401k?

I would say 100k spend is also not that common. $50-75k more likely, especially with median household income in the US being $84k.
For me, I know I am an outlier with how small my spend is, I spent $25k last year on credit cards. So for me a 2% card is $500/yr, a 2.25% card is $62.50 more, and a 2.625% card is $156.25 more. It is not worth it to put up with BoA(Merrill specifically) for at max $150 since i was only at Platinum level anyway. Anyway rotating Checking/savings/investment account bonus' are less work for similar rewards depending on your spend level.

I'd be shocked if we had the data on people (gamers especially) who have the BoA premium card who don't put 70% of their spend on taxes. I don't know where one would come up with an analysis to label paying taxes as MS, it's literally the opposite. There's also state and and property taxes, which do not have the .00875 spread but certainly sweetens the pot and the simplicity that BoA offers with cashback is attractive to a lot of non gamers as well. They are giving people 12+ months to figure it out which is very nice. On Robinhood, with regards to gamers, which I assume is the majority with RH, the idea that they could nerf benefits has to be considered very high. This BoA thing has been going on for 8-9 years which in a gamers world is an eternity to have your hands out and collect.

Agreed. It is a minor issue. Actual amounts on my spend are not that much
I got used to paying all taxes on BofA - immediate feedback, small gain from the float, can check at EFTPS in 1-2 days that it reached IRS without worrying about the mail and a smaller gain from State and local taxes but confirmation
We keep 1 account and each year just take that annual report to verify all our tax payments.
We were getting a small bonus- now that will be break even with Fed and State combined;
we will still get a float of 4-6 weeks - my statement date is the 10th

Ugh, this is really distressing, mostly because I had just jumped ship onto this card portfolio and was pretty happy with it.

I guess 2.25% is still fairly good.

At least it sounds like there's a year or more to assess.

Honestly, the idea of having to interact with Robinhood is kind of a non-starter... they are very amateurish as a broker, worse IMO than old legacies like Merrill. Maybe they are slowly catching up, but I have no interest in managing investments from my phone and the idea that they didn't even support things like tax lot election (until almost 2025 it seems) was just nuts. Absolutely would not trust them to do dividend classification right, etc. Would probably sooner park $1m with Merrill but that's going to be an annoying bar.