BankAmericard Travel Rewards questions / comments?

[Anonymous]

I'm looking at the BankAmericard Travel Rewards card

https://www.bankofamerica.com/credit-cards/products/bankamericard-travel-rewards-credit-card.go

$0 annual fee

0% FTF

EMV (Chip & Sig)

Visa Signature

1.5% points

1. Who knows the points-redemption chart when converting to cash? I know it starts at 2500points equals $15, but does it eventually go to 1pt-to-$0.01 as you go higher (like WorldPoints, 25k = $250)?
2. For the Preferred Rewards bonus, it overrides the 10% annual bonus. Is the Preferred Rewards bonus post immediately (at month-end when statement cuts), or annually?
3. Does this card make sense if you qualify for the Preferred Rewards Platinium or Platinium Honors?

On Preferred Rewards Platinium, you get a 50% bonus, which makes it 2.25%

On Preferred Rewards Platinium Honors, you get 75% bonus, which makes it 2.625%

Don't see any other card that offers such a high (2.25-2.625%) for normal spending (outside of category/restaurant/gas station), assuming you travel enough using cash to redeem the points at a 1-to-1. Only cards that beat this for normal spend would be points/miles card that you can convert to airline/hotel miles and redeem a $10k business class flight/high end hotel for $1k worth of points

(Assume the 50-100k Preferred Rewards requirement is held in securities/IRA that has to be put somewhere, not cash earning a paltry 0.1%. The 30-100 free Equity/ETF trades per month is a nice cherry on the top too)

[longtimelurker]

FrequentMiler seemed to like it with Plat Honors, if you can put the cash there.

http://frequentmiler.boardingarea.com/2014/08/20/up-to-2-625-back-for-timeshares-fortune-tellers-and...

[jefftca925]

I just received an offer for this card from BofA (actually the 3rd one this year) which offered 15k bonus points (after $500 spend), no AF, no FTF, and a 12 month 0% interest rate.  I currently have two BofA cards (since 2008) and they've been always great work with.  I don't have any deposit accounts with either BofA or Merrill (I like Vanguard a lot) so the bonus wouldn't really apply to me.  Haven't decided if I want this card or not as I have WAY TOO MANY already.  I do like these type of travel cards though as the redemption policies are pretty transparent and easy to use.  Airline and hotel cards are really only good for the sign-up bonuses.

[Shock]

dont get this card unless you will be redeeming for travel. 

iirc, the cash back conversion is fifty cents on the dollar..

so if you have 10k points, its a 50 dollar redemption. not entirely sure though so please dont quote me

[Anonymous]

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@Shock wrote:

dont get this card unless you will be redeeming for travel. 

iirc, the cash back conversion is fifty cents on the dollar..

so if you have 10k points, its a 50 dollar redemption. not entirely sure though so please dont quote me

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That sounds pretty cruddy.

At least my Blue Sky Preferred is 1.33% basic purchases when redeemed for travel and 2.66% on restaurants, hotels, airfare.

Have to redeem in increments of 7500 to make it worthwhile though..

[genz]

I have this card and consider it a plain 1.6% everything card. Many things count as travel. Rental car, zipcar, parking, public transit, taxi, air fare, hotel, uber. You can erase all such charges (fully or partially) posted within a year. You can also erase multiple charges together if each don't reach $25. Redemption is 1 point = 1 cent. You can redeem any number of points above 2500.

[longtimelurker]

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@genz wrote:
I have this card and consider it a plain 1.6% everything card. Many things count as travel. Rental car, zipcar, parking, public transit, taxi, air fare, hotel, uber. You can erase all such charges (fully or partially) posted within a year. You can also erase multiple charges together if each don't reach $25. Redemption is 1 point = 1 cent. You can redeem any number of points above 2500.

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Right, but the interest is if you have the deposits to earn Plat/Plat Honors rewards where it becomes 2.625 everywhere.

[CreditDunce]

I think the Platinum Rewards makes the BoA TR card the best CB card you get.   It is not just the relatively high rewards rate, it is the fact it is uncapped.

It wouldn't be worth it, if they required the qualifying funds be in a low/no interest savings/CD.  But they allow you to use ETF's to qualify for the reward tiers.  I am in the process of moving some of my Roth IRA funds from VG to ME.  Then in 3 months once I qualify for the Plat Honors, I will app for the TR CC.   I can't tell for sure if the sign up bonus qualifies for the 75% extra bonus.  However, I am going to wait until I am at the Plat Honors level before app'g for the card.

I don't think it has been mentioned yet, but BoA will also pay you cash to move new funds to a ME account.  It starts out at $100 for 20k in new funds and tops out at $1000 for 200k in new funds.   It does take 6 months to get the cash and it is taxable, though.  If you are interested, be sure to search for the higher sign up bonus.  The default one maxes out at $600.

The only card that might be better is the old Amex Blue Cash.   But I just don't want to mess with buying gift cards to get the higher rewards rate.  Plus the spend $6500 before opening the 5% categories just doesn't sit well with me.

[longtimelurker]

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@CreditDunce wrote:

I think the Platinum Rewards makes the BoA TR card the best CB card you get.   It is not just the relatively high rewards rate, it is the fact it is uncapped.

It wouldn't be worth it, if they required the qualifying funds be in a low/no interest savings/CD.  But they allow you to use ETF's to qualify for the reward tiers.  I am in the process of moving some of my Roth IRA funds from VG to ME.  Then in 3 months once I qualify for the Plat Honors, I will app for the TR CC.   I can't tell for sure if the sign up bonus qualifies for the 75% extra bonus.  However, I am going to wait until I am at the Plat Honors level before app'g for the card.

I don't think it has been mentioned yet, but BoA will also pay you cash to move new funds to a ME account.  It starts out at $100 for 20k in new funds and tops out at $1000 for 200k in new funds.   It does take 6 months to get the cash and it is taxable, though.  If you are interested, be sure to search for the higher sign up bonus.  The default one maxes out at $600.

The only card that might be better is the old Amex Blue Cash.   But I just don't want to mess with buying gift cards to get the higher rewards rate.  Plus the spend $6500 before opening the 5% categories just doesn't sit well with me.

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I agree that it is a very good card, but for me the BC still wins.  If you dp mess with buying gift cards, the $6,500 theshold is not an issue, met in one or two days.