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form what i understand the 50k is combined between savings/checking/investments (including merryl lynch accounts). But if your uncle has it without the aforementioned qualifications for the Platinum Privileges program, that bodes well.
soo little update. app is still under review. ill keep you updated with what happens
Honestly I don't get the point of this card. The Privs card apparently has the exact same cash back rewards as the regular card. The difference is that the Privs card has a 50% bonus on cash back, but also comes with a $75 annual fee. If you use the card for gas and groceries, it's really no better than the regular card. It's really better for those 1% catch all for all other purchases...except that a card like Cap 1s Venture card gives you a 50% bonus anyway and it's a much easier card to get.
Keep us updated on this. I've done my banking with BofA for 10 years and am thinking about this too.
Correct me if I'm wrong but I thought the whole point of Venture was to give 1.5% cash back. As Jimmy Falln says, who doesn't want 50% more cash?
B of A Privs gives you 1% on everyday items that aren't gas and groceries and then gives a 50% bonus on top of that...basically the same thing. What I didn't understand is that they waive the annual fee if you have $50k of money/investments with them. Again, that's nice but why bother if Venture gives you that without that barrier?
My regular bank is BofA and I send through a lot of money through them every year but the vast majority of my savings aren't. 1.5% still isn't enough incentive for me to do that when there are alternatives.