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BOA Cash Rewards or Better Balance Rewards?

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kdm31091
Super Contributor

Re: BOA Cash Rewards or Better Balance Rewards?

I second that, I don't think you'll get the bonus.

 

Like I said, I don't think either card is all that exciting. Cash Rewards is ok. 3% on gas is nice, but gas is so cheap now that unless you are driving very heavily, it's not going to add up to much. 2% on groceries is ok, but a pretty nomimal difference of the QS. And there's no reason to use it otherwise, since your QS is 1.5%.

 

BBR is the better of the two simply because you can get $25 for minimal spending, which is good. Not exciting, but good.

 

To be honest I don't think any of BOA's cards are all that appealing or competitive but that's just me.

Message 11 of 29
heyitsyeh
Frequent Contributor

Re: BOA Cash Rewards or Better Balance Rewards?

BBR and Sallie Mae Smiley Very Happy

TU: 777 | EQ: 814 | EX: 764
Last INQ: 3/26/21
AAoA: 4y 7m
Lowest limit: Chase Freedom Visa - $13,000
Highest limit: Discover It - $56,500
Available credit: $200,600 (8 cards)
Message 12 of 29
yfan
Valued Contributor

Re: BOA Cash Rewards or Better Balance Rewards?

Most people here are going to counsel the BBR, and with good reason. Having had it though, I prefer the Cash Rewards card for a few reasons:

 

  • You do not have to worry about putting something on it every month. Sure, it can "just" be your Netflix subscription, but what if you don't subscribe to Netflix and prefer Amazon Prime video instead?
  • You don't have to worry about either spending more or opening a BofA checking account just for the month your BBR reward posts. If you forget, and your account posts a negative statement balance for that one month, you've forfeited the reward for the entire quarter.
  • Visa Signature. The BBR is available as Visa Platinum Plus or MasterCard (not World or WE, I believe). If you aren't in the habit of going around collecting credit cards, having a card you use anyway being a Visa Signature can have its perks.
Message 13 of 29
Anonymous
Not applicable

Re: BOA Cash Rewards or Better Balance Rewards?


@heyitsyeh wrote:

BBR and Sallie Mae Smiley Very Happy


That's funny. I did that exact combo last year on Sep 30th. I couldn't be happier. Smiley Happy

 

There is another alternative to putting a monthly subscription on the BBR. When I was approved I transferred a balance to it at 0% APR for 12 months with a 3% BT fee. I've never used it for a purchase and all I have to do is pay more than the minimum to get the bonus each quarter. By the time the 12 months are up I will have made up the BT fee cost.

 

I also recently got an 18 month 0% APR BT offer on this card that will be available to me for a couple months. It's an interesting alternative use for the card if you have some high interest balances you want to transfer without having to worry about putting a random subscription on the card to qualify for the bonus.

Message 14 of 29
Themanwhocan
Senior Contributor

Re: BOA Cash Rewards or Better Balance Rewards?


@yfan wrote:

Most people here are going to counsel the BBR, and with good reason. Having had it though, I prefer the Cash Rewards card for a few reasons:

 

  • You do not have to worry about putting something on it every month. Sure, it can "just" be your Netflix subscription, but what if you don't subscribe to Netflix and prefer Amazon Prime video instead?
  • You don't have to worry about either spending more or opening a BofA checking account just for the month your BBR reward posts. If you forget, and your account posts a negative statement balance for that one month, you've forfeited the reward for the entire quarter.
  • Visa Signature. The BBR is available as Visa Platinum Plus or MasterCard (not World or WE, I believe). If you aren't in the habit of going around collecting credit cards, having a card you use anyway being a Visa Signature can have its perks.

Well, if you spend at least $833 every three months on Gasoline using the Cash Rewards, you will earn the same $25. It just seems easier to do so using minimal spend on a BBR.

 

And if you are spending $833 on gas every quarter, you really need a better credit card for your Gas purchases than a BOA Cash Rewards card...





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 15 of 29
yfan
Valued Contributor

Re: BOA Cash Rewards or Better Balance Rewards?


@Themanwhocan wrote:

Well, if you spend at least $833 every three months on Gasoline using the Cash Rewards, you will earn the same $25. It just seems easier to do so using minimal spend on a BBR.

 

And if you are spending $833 on gas every quarter, you really need a better credit card for your Gas purchases than a BOA Cash Rewards card...


Such as what card exactly? What other card without an AF gives you better gas rewards than 3% year-round?

 

There is absolutely no question that it takes much less spend to earn $25 on the BBR. I am just saying that there may be considerations other than the amount of the reward - such as the freedom not to have to use the card every month, to make sure to spend a certain amount on the month the reward posts, etc, although it's not that difficult to find people who spend $280 a month on gas. If one doesn't, rewards-wise, there's no question BBR is better. But it may not be all one considers.

Message 16 of 29
Themanwhocan
Senior Contributor

Re: BOA Cash Rewards or Better Balance Rewards?


@yfan wrote:

@Themanwhocan wrote:

Well, if you spend at least $833 every three months on Gasoline using the Cash Rewards, you will earn the same $25. It just seems easier to do so using minimal spend on a BBR.

 

And if you are spending $833 on gas every quarter, you really need a better credit card for your Gas purchases than a BOA Cash Rewards card...


Such as what card exactly? What other card without an AF gives you better gas rewards than 3% year-round?

 

There is absolutely no question that it takes much less spend to earn $25 on the BBR. I am just saying that there may be considerations other than the amount of the reward - such as the freedom not to have to use the card every month, to make sure to spend a certain amount on the month the reward posts, etc, although it's not that difficult to find people who spend $280 a month on gas. If one doesn't, rewards-wise, there's no question BBR is better. But it may not be all one considers.


BOA Cash Rewards is the 3rd column from the right. Ignore the wells Fargo and TD Bank cards, and that still leaves a lot of cards with better rewards.

 

The table is missing the Security Service Power Travel rewards card, which gives 3.3% cash back on Gas (3% + 10% annual bonus on cash back earned)

 

gas.png





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 17 of 29
Anonymous
Not applicable

Re: BOA Cash Rewards or Better Balance Rewards?


@Anonymous wrote:

I'd actually lean toward the cash rewards.  First off it has a 100 dollar signup bonus.  3% on gas and 2% on groceries is nice as well.  This can cover your gas and groceries when Freedom or It aren't offering it.  With Freedom and Discover It offering less gas categories this is a nice card to double the % you would get with quicksilver.  IMO the Cash Rewards has better "right now" value while the Better Balance will have higher value over a number of years. 

 

I'd get the Cash Rewards now and the Better Balance sometime down the road, but you really can't "go wrong" either way.  Good arguments could be made for either route. 


He's doing a PC, the signup bonus doesn't apply.  Although if you get a particularly nice CSR on the line, they may talk to their supervisor and hook you up.

Message 18 of 29
yfan
Valued Contributor

Re: BOA Cash Rewards or Better Balance Rewards?


@Themanwhocan wrote:

BOA Cash Rewards is the 3rd column from the right. Ignore the wells Fargo and TD Bank cards, and that still leaves a lot of cards with better rewards.

 

The table is missing the Security Service Power Travel rewards card, which gives 3.3% cash back on Gas (3% + 10% annual bonus on cash back earned)


Alright you got me. But it only leaves Sallie Mae, actually. The rest are all restricted by membership to other entities which either cost money (Costco, Sam's) making the card not a true no-AF card, or restrict to special criteria (Security Service), and/or are business cards and not consumer cards.

 

Personally, I buy almost all my gas at Costco, and IF you are going to have a Costco membership anyway, you can't beat 3% cashback on Costco gas (which is now running about 30 cents cheaper than surrounding stations).

Message 19 of 29
Anonymous
Not applicable

Re: BOA Cash Rewards or Better Balance Rewards?

Personally looking to get a better balance rewards card myself.  I previously had a Cash Rewards card and PC it to the Travel Rewards card.  If you have a checking or savings account with them, the Travel rewards is worthwhile to use over the shiny Quicksilver card you have in your wallet.

Message 20 of 29
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