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Valued Contributor
thom02099
Posts: 1,345
Registered: ‎08-30-2011
0

PC - BankAmericard Privileges w/Cash Rewards

[ Edited ]

I've got a garden variety BofA Visa card, had seen posts here and checked the website about their BankAmericard Privileges with Cash Rewards...the one with the chip and sign as well as enhanced rewards.  Called about a month ago about a PC to this product, was told "yeah, no problem",CSR submitted the request, said it would be mailed out to me in a couple weeks. 

 

Now, a month later...still no card.  I called them today, concerned that the card had not yet arrived.  CSR I spoke to kept referring to the Cash Rewards card.  I asked him specifically if it was the Privileges card, he said "no, it's the Cash Rewards Signature Visa card, with Chip technology".  I asked him further about the Privileges card, he said he needed to double check on it, put me on hold, and came back to advise that, in order to get that specific card, one has to have ASSETS in excess of $50K invested either through BofA or Merrill Lynch, to get that card.  Otherwise, it was  a no go.  Not something that they could be flexible about. 

 

I didn't find anything in my searches here about asset requirements, and when I checked the website originally, didn't find anything either about asset requirements.  Just rechecked their Terms and Conditions as well as their website, still nothing found to indicate having to have $50K in assets with them.  Sounds like they are trying to make this into some sort of card similar to a AMEX Centurion or JP Morgan Palladium card.  Their website info puts it more in line with AMEX Gold or Platinum, Chase Sapphire Preferred or JP Morgan Select. 

 

Anyone actually able to get this card, with or without the requisite asset requirements?

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014
Regular Contributor
hemi961
Posts: 245
Registered: ‎11-05-2008
0

Re: PC - BankAmericard Privileges w/Cash Rewards

I don't have the card in question but I believe that the $50,000 in deposits is only required in order to have the annual fee waived each year.  I did a PC a few months ago and was told that I could have the one you wanted but took the plain 123 card instead.  I've done a number of PCs with them over the years and they always tell you it will be a couple of weeks.  However, it will usually be a couple of weeks after your next statement cuts, so if you request a change at the wrong time it could take up to 6 weeks to get the card.  At least this has always been my experience over the course of probably 8 product changes with them,

Established Contributor
YahComb
Posts: 599
Registered: ‎03-10-2012
0

Re: PC - BankAmericard Privileges w/Cash Rewards

reading their terms and conditions, the only reference i see to the 50K assets is to have the 75.00 AF wavied. I don't see anything that states you need a specific amount or specific type of BOA savings/checkings to get the Privileges Card or to get the 50% redemption bonus. Think some of the front line reps are just confused. Did you try speaking with someone thru one of the BOA backdoors?

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Established Contributor
YahComb
Posts: 599
Registered: ‎03-10-2012
0

Re: PC - BankAmericard Privileges w/Cash Rewards

found an old post relating to this

 

http://ficoforums.myfico.com/t5/Credit-Cards/BankAmericard-Privileges-Credit-Card/td-p/1096914/highl...

 

apparently for a while it was only offered to certain BOA customers with high assets in BOA accounts, before it was offered to the general public to apply for.

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Contributor
kekrre
Posts: 91
Registered: ‎10-31-2012
0

Re: PC - BankAmericard Privileges w/Cash Rewards

While I won't pretend to know your financial situation and spending ability/requirements, you are aware that the 1-2-3 Privileges card isn't all that superior to the 1-2-3 cash rewards card, right? Even with the 1.5x versus 1.1x redemption bonus, there is no way to outperform the 1-2-3 cash rewards card with the Privileges with spending on bonus categories accounting for the annual fee ($75) - as far as I've seen, this is unique for a premium rewards card (e.g. BCP v. BCE has no capped categories/will have a cap sufficient to meet the reward equivalency point in the future).

 

At $6000 gas spending/year, you'll max out at $3 less than the standard card. You'd need an additional $750 in spend in non-bonus categories (e.g. spend $1500/quarter on gas then $62.50 *afterwards* on anything else including groceries) to break even with the standard 1-2-3. While that's not impossible, do you really spend $6k/yr in gas? At $4/gallon and 30 mpg, that's 45000 miles. I'm not aware if there are any particular additional benefits to having the Privileges over the standard 1-2-3 (e.g. you seem to be getting the EMV card; I'm getting one too sometime between now and the end of time, dependent on shipping).

 

That said, the Privileges card is pretty and they should mint an Amex with no (or relaxed) category bonus caps.

Blogger
HiLine
Posts: 3,158
Registered: ‎10-19-2012
0

Re: PC - BankAmericard Privileges w/Cash Rewards

If you only use 1 card for everyday purchases, the 0.5% extra bonus may be able to offset the annual fee if you're a relatively heavy spender. Even at a $20,000 annual spending on the 1% category, having the Privileges will net you an extra $35.

Valued Contributor
thom02099
Posts: 1,345
Registered: ‎08-30-2011
0

Re: PC - BankAmericard Privileges w/Cash Rewards

[ Edited ]

YahComb wrote:

found an old post relating to this

 

http://ficoforums.myfico.com/t5/Credit-Cards/BankAmericard-Privileges-Credit-Card/td-p/1096914/highl...

 

apparently for a while it was only offered to certain BOA customers with high assets in BOA accounts, before it was offered to the general public to apply for.


Apparently BofA has returned to this, requiring assets of $50K.   I called a backdoor number today, spoke with a credit analyst who reviewed their terms of service and stated that asset requirement is in effect, not just for waiver of the annual fee.  I mentioned to her that the website indicated that, with assets the fee was waived, but that it appeared that if one paid the AF, anyone could get the card.  That's not so.

I'm actually fine with the Cash Rewards Signature Visa; just wanted slightly more! 

Diners Club Premier MasterCard $50K / AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 799 EQ = 812 TU = 811 - 11/2014

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