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Frequent Contributor
Posts: 364
Registered: ‎08-23-2011
0

So how good is the Bank of America 1-2-3 card really?

So this weekend I went to the local bank of america branch and cancelled my debit card. Ever since I started using credit cards last year my debit card has become a glorified ATM card. I used my debit card for everything under the sun in college and it is 4 years old. Thinking of all the places, including online, that I have used it in 4 years was pretty scary. Even had it in places that were reported to have had their servers hacked, like the famous playstation 3 security breach awhile back.

 

So having a number that links directly to my checking account floating around everywhere is kinda scary. I have a fear of going to pay my bills once a month and find my checking account drained, and I lose the money because I didn't catch it within a day or two to limit my liability. No reason for me to have a debit card anymore so I asked them to replace it with an ATM card instead.

 

Naturally the banker asked why and I said because I am credit card exclusive now. Only have used my debit card for ATM withdrawls so that is why I am wanting an ATM card only. Asked me what cards I used and I said Discover and Chase United cards. The Chase card is my primary card, will change it to sapphire preferred next year since I am a travel and miles and points nerd.

 

Of course he told me that I have an offer for their 1-2-3 card, and get a 10% bonus on my cashback if I deposit it in my checking account. I knew if I mentioned I had a Chase card he would pitch me the BoA card, since BoA and Chase are like the Yankees and Red sox rivals of the banking world. Smiley LOL I told him no because I just opened 2 cards within the last 3 months, and with some car repairs I am sitting at about 30% util right now so it is unlikely I would be approved right now with an especially conservative lender like BoA so I am gardening for the rest of the year.

 

But now that I think about it I would need a backup to my Sapphire preferred next year. Discover can't be considered a trustworthy backup because it is not as widely accepted, especially overseas so going to Europe I would be having to rely on one credit card which is a little scary. I figure I will just run maybe 100 - 150 dollars a month through the BoA card, only on gas or groceries, and set up autopay through my checking account, and automatic cashback redemption into my checking account to basically treat the card as a glorified debit card with a once a year bonus to my account.

 

I keep hearing horror stories on here about this card, things like account closures and CLD's. I figure it doesnt matter since it wont be my primary card anyway. Anyone have this card? Recommendations?

FICO Scores: TU: 768 (Jan 2012), EQ: 755 (Jan 2012 Lender pull)
Established Contributor
Posts: 608
Registered: ‎02-02-2012
0

Re: So how good is the Bank of America 1-2-3 card really?

I find its a very good card for gas, giving you the most percentage back, which is 3%...I also believe there is no cap on what you can earn back. Thats all I use mine for really. I find the cash back is really starting to add up. I personally have never had an issue with them. 

Blogger
Posts: 2,876
Registered: ‎02-02-2012
0

Re: So how good is the Bank of America 1-2-3 card really?

I'm only using mine for Gas on months where Discover/Chase don't have it featured as their 5%.

So pretty much Q2 and Q4. I don't use it for anything else than just that.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Frequent Contributor
Posts: 364
Registered: ‎08-23-2011
0

Re: So how good is the Bank of America 1-2-3 card really?

Yeah thats what i was thinking just use it on gas in the months my Discover doesnt have the 5%. When Discover does have the 5% then just use it to pick up a few things at the grocery store to show activity for the month.

 

I figure since BoA gave me a credit card back in 2004 when I first opened my checking account then they later closed it 4 years later for inactivity, since I never knew or cared about credit cards back then that extra account age and payment history really boosted me into prime territory so that I was able to get prime cards after just using capital one for 6 months so I will always be thankful for that so I figure the least I can do is show BoA a little transaction fee love every now and then. Smiley Happy

FICO Scores: TU: 768 (Jan 2012), EQ: 755 (Jan 2012 Lender pull)
Contributor
Posts: 85
Registered: ‎03-22-2012
0

Re: So how good is the Bank of America 1-2-3 card really?

Don't set up auto cashback redemptions. You get a 25% bonus if you wait to $300 to redeem (auto is at $25). Pair that with your 10% and it's significant $$$

Established Contributor
Posts: 825
Registered: ‎12-28-2011
0

Re: So how good is the Bank of America 1-2-3 card really?


logan_720 wrote:

I find its a very good card for gas, giving you the most percentage back, which is 3%...I also believe there is no cap on what you can earn back. Thats all I use mine for really. I find the cash back is really starting to add up. I personally have never had an issue with them. 


Actually, the cap is $1500 per quarter in the bonus categories (gas and groceries). After $1500 you only get 1% back.

Valued Contributor
Posts: 2,179
Registered: ‎01-09-2012
0

Re: So how good is the Bank of America 1-2-3 card really?

i just got this card pc'd from a student card and the 3% CB on gas is great i was planing on getting BCP because of the 3% CB on gas but i dont think i will anymore as i dont pay an AF with this card. 


In my wallet: AMEX Gold; Freedom $1.5k; CSP $5k; Chase United $5k; Discover $2k
Last HP: 4/30

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