Favorite Bank of America CC? I'd like to convert my Bank Americard.

[Themanwhocan]

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@KennyRS wrote:

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@longtimelurker wrote:

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@bigblue7722 wrote:
He is making out the 25 dollars in rewards at 5%. If you spend more than 166.67 u get less than 5% or if u spend less than that u get more than 5%.

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(I've had this discussion before with TMWC!).  While true that you "get more than 5%" if your spending is less, it is also exactly $25, i.e. it doesn't scale.  A 1% card on $300 is better.   The first purchase on some cards (e.g. Sallie Mae) earn $25 no matter how small, so a 1c purchase gets you $25, which is 2,500,000%!!!  With that sort of return, who needs to work ever again.   Except, of course, it is only $25!

As a PC for the OP, this may be fine, $100 a year in return for some fairly simple card management.  But as a new app for others, have to consider if this is a good use of a HP.

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I get 30 because I have a BOA checking. That says nothing about the % CB, however, if you don't use your BoA card much this is a perfect card for someone.

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The way I look at it, if you are using multiple credit cards to cover as many categories as possible with 5% cash back, then you will have a limited amount of spending left over. That is where I see 2 Better Balance Rewards cards coming in real handy.

I would much rather cover $166 or less per BBR card, and get 5% cash back, than use something like a Quicksilver card and only get 1.5%

I agree for people that have very large spend that cant be covered by 5% categories, this isn't going to work. And I don't like the idea of just putting one tiny purchase on the card per month, as Bank of America isn't completely stupid. Eventually some BOA loss prevention department is gonna notice Mr Extremely Unprofitable, and will remove the source of the problem... But thats just my opinion.

[Credit333]

^^ I didn't know that this could happen...I applied for the conversion via online chat today, they said I should have my card in 2-4 weeks.

My thinking is as follows...currently, I use my B of A 1-2-3 card for gas and groceries. However, I have been looking over some credit cards, and three in particular appeal to me...the Sallie Mae Mastercard (5% on gas and groceries), Chase Freedom (5% rotating, plus a $200 sign-up bonus--which is a big part of why I want it), and an AmEx Blue Cash Everyday (I definitely don't need this card, particularly if I'm getting the other cards, but everyone says that building an AmEx history is important, plus the soft and regular CLI's could be beneficial for me).

I'm not sure which 1-2 of these I should apply for (I think all 3 would be overkill), but the Sallie Mae Mastercard will pretty much eliminate any benefits that I was receiving from my B of A 1-2-3. If anyone has any recommendations/insight, it'd be much appreciated. I have no baddies, my last card requests were in July and December of 2012, and my only other hard inquiry was a State Farm Visa CLI that I made and received this morning, haha.

Does $10-$20/month sound like enough that Bank of America won't have a problem paying me $25/quarter. I wouldn't have ever applied for this card for the $25/quarter, but given that I already had the 1-2-3 and was able to the Better Balance Rewards, it seems to make sense (as long as I can avoid problems like cancellation or credit line decreases with B of A).

[longtimelurker]

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@Themanwhocan wrote:

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@KennyRS wrote:

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@longtimelurker wrote:

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@bigblue7722 wrote:
He is making out the 25 dollars in rewards at 5%. If you spend more than 166.67 u get less than 5% or if u spend less than that u get more than 5%.

---

(I've had this discussion before with TMWC!).  While true that you "get more than 5%" if your spending is less, it is also exactly $25, i.e. it doesn't scale.  A 1% card on $300 is better.   The first purchase on some cards (e.g. Sallie Mae) earn $25 no matter how small, so a 1c purchase gets you $25, which is 2,500,000%!!!  With that sort of return, who needs to work ever again.   Except, of course, it is only $25!

As a PC for the OP, this may be fine, $100 a year in return for some fairly simple card management.  But as a new app for others, have to consider if this is a good use of a HP.

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I get 30 because I have a BOA checking. That says nothing about the % CB, however, if you don't use your BoA card much this is a perfect card for someone.

---

The way I look at it, if you are using multiple credit cards to cover as many categories as possible with 5% cash back, then you will have a limited amount of spending left over. That is where I see 2 Better Balance Rewards cards coming in real handy.

I would much rather cover $166 or less per BBR card, and get 5% cash back, than use something like a Quicksilver card and only get 1.5%

I agree for people that have very large spend that cant be covered by 5% categories, this isn't going to work. And I don't like the idea of just putting one tiny purchase on the card per month, as Bank of America isn't completely stupid. Eventually some BOA loss prevention department is gonna notice Mr Extremely Unprofitable, and will remove the source of the problem... But thats just my opinion.

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It's also the opportunity cost of apping, if HPs are in short supply for you.  Getting a  BBR for a max of say $120 per year may not compare well with getting another card with a higher sign up and/or higher potential maximum benefits.    But for some, I guess so.

[quickstrike]

Just to note, I'm not sure if you have a BofA checking/savings account and if you qualify for their Platinum Privileges/Preferred Rewards program.  If you meet that criteria, I would stick with the Cash Rewards card you have now because their Preferred Rewards program will allow you to get more than the 3% gas/2% groceries/1% other cashback.

[dabossman]

Just pulled the trigger applying for my second BBR Card, got the dreaded 30 day message, i dont know why but i never get auto approvals from BOA, every other card i've gotten was an auto approval but My first BOA and now second application both weren't instant.

[Christina_xyt]

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@quickstrike wrote:

Just to note, I'm not sure if you have a BofA checking/savings account and if you qualify for their Platinum Privileges/Preferred Rewards program.  If you meet that criteria, I would stick with the Cash Rewards card you have now because their Preferred Rewards program will allow you to get more than the 3% gas/2% groceries/1% other cashback.

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how to be quialifed for those program? and what type of benifits do you get? i am thinking about converting it too since i have the sallie mae already..

[quickstrike]

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@Christina_xyt wrote:

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@quickstrike wrote:

Just to note, I'm not sure if you have a BofA checking/savings account and if you qualify for their Platinum Privileges/Preferred Rewards program.  If you meet that criteria, I would stick with the Cash Rewards card you have now because their Preferred Rewards program will allow you to get more than the 3% gas/2% groceries/1% other cashback.

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how to be quialifed for those program? and what type of benifits do you get? i am thinking about converting it too since i have the sallie mae already..

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You qualify based on the amount of deposits you have with Bank of America.  I believe the tiers are 20K, 50K, and 100K.  Correspondingly, you will earn an extra 20%, 50%, or 75% extra cashback.  So depending on the tier, you would be getting the following rewards with the Cash Rewards card:

20K - 1.25% other/2.5% grocery/3.75% gas

50K - 1.50% other/3% grocery/4.5% gas

100K - 1.75% other/3.5% grocery/5.25% gas

There are additional banking benefits, but you can probably look those up.  Just as an FYI, I'm not sure what state you're in, but they technically announced this program recently, so it may still be in the process of rolling out.  I just happen to have a Bank of America account, so this just fits for me, but certainly makes the Sallie Mae card less attractive for me.