BoA Cash Rewards vs Citi Double Cash

[axxy]

Now that I have a Citi Double Cash card, I'm trying to decide whether to sock drawer my BoA Cash Rewards card.  I was using it mostly at Walmart for 2%.  Now that I get 2% for Citi Double Cash, maybe I should think of it as one less card to haul around.  The BoA card can't be used at Sams and doesn't get 2% at a lot of places the Citi card does.  But the BoA has a deal where you can get a bonus for putting the rewards in an account.  But that bonus used to be 20%.  But recently it only seems to be 10%.  It didn't occur to me that it might get reduced, so I wasn't in a hurry to take advantage of it.  So now I'm stuck with cash rewards on the BoA and unsure what to do with them.  And unsure whether it's worthwhile to keep using the card.

I'm thinking the best compromise might be to just keep using the BoA at Walmart and the Citi everywhere else.  And maybe in the future BoA will have some other deal such as a 20% bonus for putting the rewards in an account, or maybe discounts on gift cards or whatever.

[Anonymous]

You should keep the BankAmericard Cash Rewards to use at gas stations (3% cash back), unless you have another card with better gas rewards. The Citi Double Cash will match or beat the BofA card for everything else, assuming you pay in full.

[Anonymous]

I would just convert it to a better balance reward card for a free 120 dollars per year. 

In order to make more than that off of the 3% gas spend at all, you would need to spend 12,000 a year on gas, significantly more than the cap. 

[CreditMagic7]

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@Anonymous wrote:

I would just convert it to a better balance reward card for a free 120 dollars per year. 

In order to make more than that off of the 3% gas spend at all, you would need to spend 12,000 a year on gas, significantly more than the cap. 

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+1

Beneficial to do the PC tp BBR, Yes.

[chalupaman]

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@CreditMagic7 wrote:

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@Anonymous wrote:

I would just convert it to a better balance reward card for a free 120 dollars per year. 

In order to make more than that off of the 3% gas spend at all, you would need to spend 12,000 a year on gas, significantly more than the cap. 

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+1

Beneficial to do the PC tp BBR, Yes.

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But they don't allow PCs anymore to that card.

[Anonymous]

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@Anonymous wrote:

I would just convert it to a better balance reward card for a free 120 dollars per year. 

In order to make more than that off of the 3% gas spend at all, you would need to spend 12,000 a year on gas, significantly more than the cap. 

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I've been trying since last July to switch my Cash Rewards card to a Better Balance Rewards card. First I had to wait until they gave me my security deposit back, and once they did, they changed their policy and stopped allowing product changes. But I've been pushing for a manual override, and they said they would "look into it" and call me back tomorrow.

You're right, though, I would get more cash back with the Better Balance card in a year (without any other BofA accounts) just because I don't spend very much on this card.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I would just convert it to a better balance reward card for a free 120 dollars per year. 

In order to make more than that off of the 3% gas spend at all, you would need to spend 12,000 a year on gas, significantly more than the cap. 

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I've been trying since last July to switch my Cash Rewards card to a Better Balance Rewards card. First I had to wait until they gave me my security deposit back, and once they did, they changed their policy and stopped allowing product changes. But I've been pushing for a manual override, and they said they would "look into it" and call me back tomorrow.

You're right, though, I would get more cash back with the Better Balance card in a year (without any other BofA accounts) just because I don't spend very much on this card.

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Trust me, they're not going to PC the card to BBR. I wish it were so but it's not.

[kdm31091]

The BBR would be more beneficial in this case, but if you can't PC, I don't know if it's worth a HP.

However, be careful. I wouldn't close your Cash Rewards entirely (and I almost always advocate for closing unused accounts). You can use it for gas if nothing else. I only am saying to be cautious because Citi has a long track record of nerfing cards, and although everyone thinks I'm crazy, I believe Double Cash will eventually get nerfed. I'm sure nobody predicted the Cash+ would get nerfed when it came out, but it has been nerfed to oblivion. CSP has also been nerfed to the point where it is now a toss up if people find it worthwhile.

Point is - don't put all your eggs in one basket

[longtimelurker]

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@kdm31091 wrote:

. I'm sure nobody predicted the Cash+ would get nerfed when it came out, but it has been nerfed to oblivion. 

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Flyertalk moderator on the cash plus Jun 11, 2012

I am not enthusiastic about cash rewards because they are not sustainable. The card issuer can buy points or miles wholesale, but we can redeem them at retail value. There is no such arbitrage when offering cash back. If the cards don't attract sufficient 1% spend the program will be changed. Jump on this one sooner rather than later.

[kdm31091]

I stand corrected! Still, Citi loves to Nerf cards.