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Please help me understand the difference between BoA cash rewards card vs privileges?

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IcEWoLF
Frequent Contributor

Please help me understand the difference between BoA cash rewards card vs privileges?

Are you kidding me? 40% Bonus is the only difference? Is it really justifying the $75 AF?

BoA better make some changes to that card...because right now it looks like a terrible card.

 

 

Rewards TypeSpecial Offer

1% cash back on purchases, 2% at grocery stores and 3% on gas for the first $1,500 in combined grocery and gas purchases each quarter
1% cash back on purchases, 2% at grocery stores and 3% on gas for the first $1,500 in combined grocery and gas purchases each quarter
  
Cash Rewards
Cash Rewards
  
Get a $100 cash rewards bonus after qualifying purchase(s).
10% customer bonus offer
 
 
 
Get a $100 cash rewards bonus after qualifying purchase(s).
Plus a 50% customer bonus offer.
EQ: 768 TU: 769 EXP: 805
Ritz Carlton: 18k
CSP: 7K | Chase Freedom: 5.7K
MERRILL+® VS: 9K | BOA AMEX: 1K
BOA 123: 7K Discover IT: 6K | Discover Chrome 4K | Costco AMEX: 15K | AMEX PRG NPSL | AMEX BCE 15K | Barclay NFL: 4.9K | Citi TYP 7K | Amazon Chase 1.7K | Barclaycard Arrival Plus WEMC 5K | Citi DC 5K | FNBO AMEX 4.8K | CAP 1 QS 10K | U.S. Bank Cash+ VS 5K |U.S. Bank Perks+ VS 6K
Message 1 of 6
5 REPLIES 5
enharu
Super Contributor

Re: Please help me understand the difference between BoA cash rewards card vs privileges?

The AF can be waived for customers with >50k in deposits, so if you already meet those requirements, you could just go for the privileges at no extra charge. The card is mostly targeted towards their "better" clients.

That does seem about it though.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 2 of 6
IcEWoLF
Frequent Contributor

Re: Please help me understand the difference between BoA cash rewards card vs privileges?


@enharu wrote:
The AF can be waived for customers with >50k in deposits, so if you already meet those requirements, you could just go for the privileges at no extra charge. The card is mostly targeted towards their "better" clients.

That does seem about it though.

Ouch, it's pretty disappointing looking at a card with a $75 AF. Expected a bit better from BoA, but oh well...of course it would be a no brainer for people that have 50k+ balance with BoA.

 

EQ: 768 TU: 769 EXP: 805
Ritz Carlton: 18k
CSP: 7K | Chase Freedom: 5.7K
MERRILL+® VS: 9K | BOA AMEX: 1K
BOA 123: 7K Discover IT: 6K | Discover Chrome 4K | Costco AMEX: 15K | AMEX PRG NPSL | AMEX BCE 15K | Barclay NFL: 4.9K | Citi TYP 7K | Amazon Chase 1.7K | Barclaycard Arrival Plus WEMC 5K | Citi DC 5K | FNBO AMEX 4.8K | CAP 1 QS 10K | U.S. Bank Cash+ VS 5K |U.S. Bank Perks+ VS 6K
Message 3 of 6
enharu
Super Contributor

Re: Please help me understand the difference between BoA cash rewards card vs privileges?

The card isn't meant for everybody. I suppose bofa's intention is to distinguish their "better" clients and at the same time make money off some random person who just wants the privileges card for its looks or some other reason.

At the same time, if you have a banking relationship with BofA, it's 1.5% everything, 3% groceries and 4.5% gas for each quarter up to 1500. Not too shabby, although one probably can argue there are better alternatives (cash+, fidelity Amex and visa, etc). Just depends on whether the spend amount and type can offset the AF.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Message 4 of 6
longtimelurker
Epic Contributor

Re: Please help me understand the difference between BoA cash rewards card vs privileges?

Unless you have a lot of 1% spending (in which case you should use a different card) it really is pretty shabby!   Assuming you spend everything on the best category, the card gives an extra 1.5% per quarter on $1,500, = $22.50.  So that is $90 a year, which does outweigh the AF, but that assumes maximizing the spend in that category

Message 5 of 6
IcEWoLF
Frequent Contributor

Re: Please help me understand the difference between BoA cash rewards card vs privileges?


@longtimelurker wrote:

Unless you have a lot of 1% spending (in which case you should use a different card) it really is pretty shabby!   Assuming you spend everything on the best category, the card gives an extra 1.5% per quarter on $1,500, = $22.50.  So that is $90 a year, which does outweigh the AF, but that assumes maximizing the spend in that category


It's not too bad, but comparing UR to the BoA amex sounds weak, unless you are just redeeming it for cash of course.

My balances are nowhere near it to get the waiver. Plus I am not ready for a 2nd AF card, CSP will keep me busy, plus the UR is a much more powerful system than what BoA has.

EQ: 768 TU: 769 EXP: 805
Ritz Carlton: 18k
CSP: 7K | Chase Freedom: 5.7K
MERRILL+® VS: 9K | BOA AMEX: 1K
BOA 123: 7K Discover IT: 6K | Discover Chrome 4K | Costco AMEX: 15K | AMEX PRG NPSL | AMEX BCE 15K | Barclay NFL: 4.9K | Citi TYP 7K | Amazon Chase 1.7K | Barclaycard Arrival Plus WEMC 5K | Citi DC 5K | FNBO AMEX 4.8K | CAP 1 QS 10K | U.S. Bank Cash+ VS 5K |U.S. Bank Perks+ VS 6K
Message 6 of 6
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