topic Re: B of A Premium Rewards CC... in Credit Card Applications

Eyeballing BOA Premium Rewards Card...

Credit-hoarder — Mon, 14 Feb 2022 02:53:01 GMT

I have an auto engine replacement coming up soon on one of my 2 vehicles which is going to be North of $4k--and was going to pay cash but figured this might be a good opportunity to snag a decent SUB (although I'm kinda on the fence about taking on another card). And the BOA PR came to mind with the $500 SUB for $3k spend. Besides I like the idea of possibly earning 2.6 to 5.25% on certain purchases b/c I already have a $40k Cash 1-2-3 ( currently with a $4900 balance). I've read for the PR they like to see cash in a bank account with them besides a credit card--which I plan to remedy prior to app. Are there any other better SUBS out there for this amount of spend at the moment I should consider? Or any thoughts on this plan in general.

Re: Eyeballing BOA Premium Rewards Card...

coldfusion — Mon, 14 Feb 2022 04:17:13 GMT

I want to make sure that you realize that the 2.62-5.25% range of cashback you list is predicated on you having Preferred Rewards Platinum Honors or higher status. That requires you have at least $100K total in deposits or assets in BoA and/or Merrill.

Offhand, there is the Citi Premier with 60,000 bonus TYP for $3K spend, worth $600 if you redeem the TYP as cash, into a non-Citi checking/savings account works.

Re: Eyeballing BOA Premium Rewards Card...

SouthernCredit — Mon, 14 Feb 2022 06:03:34 GMT

I think Vneture X is doing 100K SUB right now. If your profile supports that, might be a better option. BofA does like to see a relationship for PR but it is not necessary if your profile is strong.

Re: Eyeballing BOA Premium Rewards Card...

coldfusion — Mon, 14 Feb 2022 10:28:37 GMT

@SouthernCredit wrote:
I think Vneture X is doing 100K SUB right now. If your profile supports that, might be a better option. BofA does like to see a relationship for PR but it is not necessary if your profile is strong.

Correct, they still offer the 100K mile SUB for $10K spend in 6 months, also with a $395 AF which is not waived the 1st year. Could be a good fit if the OP can/wants to meet the spend threshold and is able to leverage the card's enhanced travel perks vs. the BoA or Citi cards.

Re: Eyeballing BOA Premium Rewards Card...

Anonymous — Mon, 14 Feb 2022 13:29:19 GMT

Also Aeroplan card

https://creditcards.chase.com/a1/Aeroplan/aep?CELL=63D7&jp_cmp=cc/chaseaeroplan/sea/na/na&gclid=Cj0KCQiAmKiQBhClARIsAKtSj-ktq4PnrC3BkfIJcNUCt5sp1DrWHwtj6jysTX994OEnbTFb09eKlaEaAl1CEALw_wcB&gclsrc=aw.ds

Re: Eyeballing BOA Premium Rewards Card...

Credit-hoarder — Tue, 15 Feb 2022 01:22:11 GMT

@coldfusion wrote:
I want to make sure that you realize that the 2.62-5.25% range of cashback you list is predicated on you having Preferred Rewards Platinum Honors or higher status. That requires you have at least $100K total in deposits or assets in BoA and/or Merrill.
Offhand, there is the Citi Premier with 60,000 bonus TYP for $3K spend, worth $600 if you redeem the TYP as cash, into a non-Citi checking/savings account works.

Thanks for the suggestion. I checked out the Citi Premier but the SUB I saw was 60,000 TYP for $4k spend. But I didn't know you can redeem them into a non-Citi checking acct. and get the full 1cpp--usually it's .5cpp. If so that's good news!

Re: Eyeballing BOA Premium Rewards Card...

coldfusion — Tue, 15 Feb 2022 03:30:59 GMT

The conversion rate depends on the specific card - I know from experience that the Premier is at 1 cpp, I sweep out points fairly regularly because my TYP cards are linked under my Premier and my Sears MC is a very prolific TYP earner.

Citi has also improved the redemption time to the point where I can now put in a redemption during weekday business hours and have the ACH transfer post overnight with funds available the next business day in my BoA account.

Re: Eyeballing BOA Premium Rewards Card...

Credit-hoarder — Tue, 15 Feb 2022 04:01:57 GMT

@coldfusion wrote:
The conversion rate depends on the specific card - I know from experience that the Premier is at 1 cpp, I sweep out points fairly regularly because my TYP cards are linked under my Premier and my Sears MC is a very prolific TYP earner.

Citi has also improved the redemption time to the point where I can now put in a redemption during weekday business hours and have the ACH transfer post overnight with funds available the next business day in my BoA account.

This is the part I wanted to get clarification on. I have about 60k Sears MC TYPs at the moment myself--and the Premier (and possibly Double Cash) would make it a perfect combo at 1 cpp cash redemption. Thanks CF!

B of A Premium Rewards CC...

Credit-hoarder — Thu, 31 Mar 2022 01:22:33 GMT

Just opened up both savings and checking accounts with B of A last week and today made enough of a deposit to qualify as a gold preferred rewards member 3 mos. down the road. The banker suggested I apply for the 1.5% Unlimited Cash Rewards card--but I told her I wanted to hold out and app for the Premium Rewards instead later on. I'm sure this question may have been asked before but I'll ask again: Once you make the SUB is there any point to having the above mentioned card for longer than a year if you don't travel much or if you have other cards that earn a slightly better travel point percentage? (I also kind of wanted to app this card b/c I hear it's so tough to get--the thrill of the chase.)

Re: B of A Premium Rewards CC...

imaximous — Thu, 31 Mar 2022 01:10:32 GMT

@Credit-hoarder wrote:
Just opened up both savings and checking accounts with B of A last week and today made enough of a deposit to qualify as a gold preferred rewards member 3 mos. down the road. The banker suggested I apply for the 1.5% Unlimited Rewards card--but I told her I wanted to hold out and app for the Premium Rewards instead later on. I'm sure this question may have been asked before but I'll ask again: Once you make the SUB is there any point to having the above mentioned card for longer than a year if you don't travel much or if you have other cards that earn a slightly better travel point percentage? (I also kind of wanted to app this card b/c I hear it's so tough to get--the thrill of the chase.)

I've had that card for many years and it basically pays for itself by using the $100 annual credit and Global Entry. In fact, you end up making $5 every year just by getting the credit, so it's definitely worth keeping, IMO.

It's also my best earning card for non-category purchases at 2.62% and I do have a lot of those.

Re: B of A Premium Rewards CC...

Hoben02 — Thu, 31 Mar 2022 01:29:33 GMT

Yeah it can pay for itself if you can use up the travel incidental each year in my case I purchase an AA giftcard. Frankly my travel spend goes on the bofa customized cash with the travel category.
I do use the card in cases where I'm not sure if an item qualifies as travel and just want the base

Re: B of A Premium Rewards CC...

Credit-hoarder — Thu, 31 Mar 2022 01:29:34 GMT

@imaximous wrote:
@Credit-hoarder wrote:
Just opened up both savings and checking accounts with B of A last week and today made enough of a deposit to qualify as a gold preferred rewards member 3 mos. down the road. The banker suggested I apply for the 1.5% Unlimited Rewards card--but I told her I wanted to hold out and app for the Premium Rewards instead later on. I'm sure this question may have been asked before but I'll ask again: Once you make the SUB is there any point to having the above mentioned card for longer than a year if you don't travel much or if you have other cards that earn a slightly better travel point percentage? (I also kind of wanted to app this card b/c I hear it's so tough to get--the thrill of the chase.)
I've had that card for many years and it basically pays for itself by using the $100 annual credit and Global Entry. In fact, you end up making $5 every year just by getting the credit, so it's definitely worth keeping, IMO.
It's also my best earning card for non-category purchases at 2.62% and I do have a lot of those.

That's the thing--I probably wouldn't get any use of the $100 annual credit--unless there's a way to use it without flying....? Also as a gold member I'd only be getting 1.87% on non-cat spend. IOW I'm trying to find a reason(s) to justify keeping it after I make the SUB and not downgrade (if possible) to the regualar 1.5% Unlimited Cash Rewards after 1 or 2 years.

Re: B of A Premium Rewards CC...

Credit-hoarder — Thu, 31 Mar 2022 01:33:45 GMT

@Hoben02 wrote:
Yeah it can pay for itself if you can use up the travel incidental each year in my case I purchase an AA giftcard. Frankly my travel spend goes on the bofa customized cash with the travel category.
I do use the card in cases where I'm not sure if an item qualifies as travel and just want the base

Now that's a good suggestion---purchasing an airline gift card. I didn't know if that was possible. I might not have much use for it but I have a couple of relatives who fly occasionally.

Re: B of A Premium Rewards CC...

coldfusion — Thu, 31 Mar 2022 02:04:08 GMT

@Credit-hoarder wrote:
@Hoben02 wrote:
Yeah it can pay for itself if you can use up the travel incidental each year in my case I purchase an AA giftcard. Frankly my travel spend goes on the bofa customized cash with the travel category.
I do use the card in cases where I'm not sure if an item qualifies as travel and just want the base
Now that's a good suggestion---purchasing an airline gift card. I didn't know if that was possible. I might not have much use for it but I have a couple of relatives who fly occasionally.

Do your research, as this was a loophole that many of the issuers have worked to close with varying degrees of success over the last 3-4 years or so. Best odds do appear to be with American Airlines but overall it's a YMMV situation with getting reimbursed.

I'd suggest scanning the Credit Card Programs section over at Flyertalk.

Re: B of A Premium Rewards CC...

imaximous — Sat, 02 Apr 2022 14:44:52 GMT

@Credit-hoarder wrote:
@imaximous wrote:
@Credit-hoarder wrote:
Just opened up both savings and checking accounts with B of A last week and today made enough of a deposit to qualify as a gold preferred rewards member 3 mos. down the road. The banker suggested I apply for the 1.5% Unlimited Rewards card--but I told her I wanted to hold out and app for the Premium Rewards instead later on. I'm sure this question may have been asked before but I'll ask again: Once you make the SUB is there any point to having the above mentioned card for longer than a year if you don't travel much or if you have other cards that earn a slightly better travel point percentage? (I also kind of wanted to app this card b/c I hear it's so tough to get--the thrill of the chase.)
I've had that card for many years and it basically pays for itself by using the $100 annual credit and Global Entry. In fact, you end up making $5 every year just by getting the credit, so it's definitely worth keeping, IMO.
It's also my best earning card for non-category purchases at 2.62% and I do have a lot of those.
That's the thing--I probably wouldn't get any use of the $100 annual credit--unless there's a way to use it without flying....? Also as a gold member I'd only be getting 1.87% on non-cat spend. IOW I'm trying to find a reason(s) to justify keeping it after I make the SUB and not downgrade (if possible) to the regualar 1.5% Unlimited Cash Rewards after 1 or 2 years.

Like any travel card, if you don't travel, then it probably won't make much sense to get other than a SUB.

Long shot, but you could also offer to pay for incidentals for family members or anyone you know well, and get your money back from them? I mean, on occasion, I buy tickets for family members who don't understand how a lot of things work, and they just transfer me the money for those expenses.

BofA can also be a bit iffy when it comes to PCs. While many have no issue changing to a different card, I've also experienced issues with that. I've been told that PCs are not always granted, but your account has to have an option for it. BofA reps seem to call them "upgrades". If your card isn't elegible for that "upgrade," they won't be able to process the request. On one of my cards, my offer was to switch from MC to Visa, but no option for PC.