Does the 3-2-1 Amex exist? The question was asked earlier maybe that's the reason.
@ilovelisa wrote:
@09Lexie wrote:
Does the 3-2-1 Amex exist? The question was asked earlier maybe that's the reason.I would have thought so. I thought BofA would be like CapOne and be able to issue a card with a certain type of rewards using any payment network that they use. I would not have done it, if the rep had not assured me 3 times that it would work.
No, certain cards have certain transaction network limitations; I don't know why honestly but that holds true with virtually all lenders to my knowledge. Quite possibly has something to do with however much the bank has to share with the transaction network: if Amex is more expensive than say Visa, cards on that network may be restricted to products they expect people to spend larger amounts on.
To answer your other question, I don't know. Depends on what their redemption levels as I've never looked at the Accelerated Rewards structure; however, I suspect this card is much devalued over the last 18 months as I believe it's remained fixed at that point back when 1% was the typical standard, but with so many good cards slashing their underwriting and Cap One getting more aggressive with their own rewards offerings, I think this card may simply be so last decade.
That 3-2-1 card doesn't come in AmEx, that's why they issued the 1.25% card. I figured as much but was curious. Afaik BofA was forced to issue AmEx products that carried over from MBNA due to that DOJ lawsuit. So they are likely just barely complying with the legal agreement which is why so few cards are issued as AmEx.
@mxp114 wrote:That 3-2-1 card doesn't come in AmEx, that's why they issued the 1.25% card. I figured as much but was curious. Afaik BofA was forced to issue AmEx products that carried over from MBNA due to that DOJ lawsuit. So they are likely just barely complying with the legal agreement which is why so few cards are issued as AmEx.
That makes sense. I found a post from 2010 where basically the rewards looked like 1:1 at best, and only earning at 1.25 even C1 Quicksilver is a better card, as is, in my opinion, the BOFA 1-2-3 Cash Rewards program which one can get on the secured card.
I suppose there's some value to it, but when 1.5% default cash back seems so easily obtainable and there are 2% and 3% offerings available, I think you're right that it may simply be a minimum compliance issue.
