topic Re: BOA Cash Rewards or Better Balance Rewards? in Credit Cards

BOA Cash Rewards or Better Balance Rewards?

Anonymous — Wed, 28 Jan 2015 16:30:15 GMT

Hi, everyone. I just spoke with a BOA customer service agent via online chat and I was told that after February 15th I can change my basic BankAmericard to either a Cash Rewards card or a Better Balance Rewards card. I'm not sure which card I should go for. Which one would you guys suggest I get? Do any of you have experience with either card?

Re: BOA Cash Rewards or Better Balance Rewards?

Anonymous — Wed, 28 Jan 2015 16:47:27 GMT

Everyone gauges cards differently, but one of the main measures with which I grade a card is how outclassed it is by other cards. Generally speaking, there are cards that offer higher rewards on gas and groceries than BOA Cash Rewards (Sallie Mae comes to mind, depending on how well you would stay under the monthly caps). There is nothing that outclasses BOA BBR; the card gives you (at a minimum) a free $25 each quarter for simply putting your Netflix subscription on it and paying your statements on time. There is nothing else like it! And even if there were a card that did a better job than BBR at its niche, there would be no harm in getting both cards. Having both would just give you more cashback.

tl;dr Get the BBR

Re: BOA Cash Rewards or Better Balance Rewards?

happypill — Wed, 28 Jan 2015 17:56:10 GMT

You should go for the BBR. The Cash Rewards is very similar to the Quicksilver you already have. The BBR would be complimentary to what you already have. Just make some minimal charges to it, pay off greater than the minimum each month (preferably PIF), and get the $100 per year rewards. You can still run most of your charges through a different card and collect those rewards as well.

Re: BOA Cash Rewards or Better Balance Rewards?

Odiseous — Wed, 28 Jan 2015 20:22:47 GMT

@Anonymous wrote:
Hi, everyone. I just spoke with a BOA customer service agent via online chat and I was told that after February 15th I can change my basic BankAmericard to either a Cash Rewards card or a Better Balance Rewards card. I'm not sure which card I should go for. Which one would you guys suggest I get? Do any of you have experience with either card?

Did they say what makes your card eligible for the PC after Feb 15? I've tried PCing my BankAmericard to BBR via online chat and in the branch, and was told that the card "is not eligible" for a PC to BBR. They wouldn't elaborate on what makes it "not eligible." I've had the card since May 2011.

Re: BOA Cash Rewards or Better Balance Rewards?

kdm31091 — Wed, 28 Jan 2015 21:44:01 GMT

I don't think they let most people PC to BBR, so OP is a unique case indeed.

Between the two I'd opt for BBR. I don't find it that exciting, because it's not really a true cash back card -- it's $25 no matter what you spend. However, it's still an easy $25, and the Cash Rewards is not very exciting especially with the cards you already have.

Re: BOA Cash Rewards or Better Balance Rewards?

lukepwnsall — Wed, 28 Jan 2015 22:15:29 GMT

I was able to do a couple product changes with BOFA. I was able to start of with a secured card $300 limit with the 1-2-3 Rewards. and then after if became unsecured at 5months and Increased CL to $500(costed a HP worth it). Afterhaving that for a couple months I aksed if I can change the card I was told I can do either TR or BBR I did BBR they sent me a new card as well as new card number although it stayed Visa. after Having the card for a year appd for a Americard got approved 7.5k was told it was gonna be a visa signature (wasnt) but then called the same day and got it Product changed to Siggy rewards (i think its world Points but better than the nothing before). sent me a new card but same terms and APR stuff. just added rewards and signature (aparently the vanilla card isnt a signature qualifying card).

Re: BOA Cash Rewards or Better Balance Rewards?

Anonymous — Wed, 28 Jan 2015 23:20:17 GMT

They didn't say why I would be eligible for either card. I just asked which cards would I be eligible to PC my card to and they said cash rewards or BBR. I'm thinking though that BBR might be an option for me because my credit score has improved since they approved me via recon for the card I have now.

Thanks guys for your suggestions. You've made a lot of really good points. I think I'll go for the BBR when I have the opportunity in February.

Re: BOA Cash Rewards or Better Balance Rewards?

Anonymous — Thu, 29 Jan 2015 17:53:36 GMT

I'd actually lean toward the cash rewards. First off it has a 100 dollar signup bonus. 3% on gas and 2% on groceries is nice as well. This can cover your gas and groceries when Freedom or It aren't offering it. With Freedom and Discover It offering less gas categories this is a nice card to double the % you would get with quicksilver. IMO the Cash Rewards has better "right now" value while the Better Balance will have higher value over a number of years.

I'd get the Cash Rewards now and the Better Balance sometime down the road, but you really can't "go wrong" either way. Good arguments could be made for either route.

Re: BOA Cash Rewards or Better Balance Rewards?

Blodreina — Thu, 29 Jan 2015 18:01:37 GMT

Cash rewards if it will be your main spend card. BBR if it will be used sparingly.

Re: BOA Cash Rewards or Better Balance Rewards?

Anonymous — Thu, 29 Jan 2015 18:05:24 GMT

@Anonymous wrote:
I'd actually lean toward the cash rewards. First off it has a 100 dollar signup bonus. 3% on gas and 2% on groceries is nice as well. This can cover your gas and groceries when Freedom or It aren't offering it. With Freedom and Discover It offering less gas categories this is a nice card to double the % you would get with quicksilver. IMO the Cash Rewards has better "right now" value while the Better Balance will have higher value over a number of years.

I'd get the Cash Rewards now and the Better Balance sometime down the road, but you really can't "go wrong" either way. Good arguments could be made for either route.

I don't think he will qualify for the sign up bonus since OP is PCing, not putting in a new application.

Re: BOA Cash Rewards or Better Balance Rewards?

kdm31091 — Thu, 29 Jan 2015 18:09:41 GMT

I second that, I don't think you'll get the bonus.

Like I said, I don't think either card is all that exciting. Cash Rewards is ok. 3% on gas is nice, but gas is so cheap now that unless you are driving very heavily, it's not going to add up to much. 2% on groceries is ok, but a pretty nomimal difference of the QS. And there's no reason to use it otherwise, since your QS is 1.5%.

BBR is the better of the two simply because you can get $25 for minimal spending, which is good. Not exciting, but good.

To be honest I don't think any of BOA's cards are all that appealing or competitive but that's just me.

Re: BOA Cash Rewards or Better Balance Rewards?

heyitsyeh — Thu, 29 Jan 2015 18:14:55 GMT

BBR and Sallie Mae

Re: BOA Cash Rewards or Better Balance Rewards?

yfan — Thu, 29 Jan 2015 19:23:59 GMT

Most people here are going to counsel the BBR, and with good reason. Having had it though, I prefer the Cash Rewards card for a few reasons:

You do not have to worry about putting something on it every month. Sure, it can "just" be your Netflix subscription, but what if you don't subscribe to Netflix and prefer Amazon Prime video instead?
You don't have to worry about either spending more or opening a BofA checking account just for the month your BBR reward posts. If you forget, and your account posts a negative statement balance for that one month, you've forfeited the reward for the entire quarter.
Visa Signature. The BBR is available as Visa Platinum Plus or MasterCard (not World or WE, I believe). If you aren't in the habit of going around collecting credit cards, having a card you use anyway being a Visa Signature can have its perks.

Re: BOA Cash Rewards or Better Balance Rewards?

Anonymous — Thu, 29 Jan 2015 19:24:49 GMT

@heyitsyeh wrote:
BBR and Sallie Mae

That's funny. I did that exact combo last year on Sep 30th. I couldn't be happier.

There is another alternative to putting a monthly subscription on the BBR. When I was approved I transferred a balance to it at 0% APR for 12 months with a 3% BT fee. I've never used it for a purchase and all I have to do is pay more than the minimum to get the bonus each quarter. By the time the 12 months are up I will have made up the BT fee cost.

I also recently got an 18 month 0% APR BT offer on this card that will be available to me for a couple months. It's an interesting alternative use for the card if you have some high interest balances you want to transfer without having to worry about putting a random subscription on the card to qualify for the bonus.

Re: BOA Cash Rewards or Better Balance Rewards?

Themanwhocan — Thu, 29 Jan 2015 22:30:33 GMT

@yfan wrote:
Most people here are going to counsel the BBR, and with good reason. Having had it though, I prefer the Cash Rewards card for a few reasons:

You do not have to worry about putting something on it every month. Sure, it can "just" be your Netflix subscription, but what if you don't subscribe to Netflix and prefer Amazon Prime video instead?
You don't have to worry about either spending more or opening a BofA checking account just for the month your BBR reward posts. If you forget, and your account posts a negative statement balance for that one month, you've forfeited the reward for the entire quarter.
Visa Signature. The BBR is available as Visa Platinum Plus or MasterCard (not World or WE, I believe). If you aren't in the habit of going around collecting credit cards, having a card you use anyway being a Visa Signature can have its perks.

Well, if you spend at least $833 every three months on Gasoline using the Cash Rewards, you will earn the same $25. It just seems easier to do so using minimal spend on a BBR.

And if you are spending $833 on gas every quarter, you really need a better credit card for your Gas purchases than a BOA Cash Rewards card...

Re: BOA Cash Rewards or Better Balance Rewards?

yfan — Thu, 29 Jan 2015 23:18:05 GMT

@Themanwhocan wrote:
Well, if you spend at least $833 every three months on Gasoline using the Cash Rewards, you will earn the same $25. It just seems easier to do so using minimal spend on a BBR.

And if you are spending $833 on gas every quarter, you really need a better credit card for your Gas purchases than a BOA Cash Rewards card...

Such as what card exactly? What other card without an AF gives you better gas rewards than 3% year-round?

There is absolutely no question that it takes much less spend to earn $25 on the BBR. I am just saying that there may be considerations other than the amount of the reward - such as the freedom not to have to use the card every month, to make sure to spend a certain amount on the month the reward posts, etc, although it's not that difficult to find people who spend $280 a month on gas. If one doesn't, rewards-wise, there's no question BBR is better. But it may not be all one considers.

Re: BOA Cash Rewards or Better Balance Rewards?

Themanwhocan — Fri, 30 Jan 2015 00:10:51 GMT

@yfan wrote:
@Themanwhocan wrote:
Well, if you spend at least $833 every three months on Gasoline using the Cash Rewards, you will earn the same $25. It just seems easier to do so using minimal spend on a BBR.

And if you are spending $833 on gas every quarter, you really need a better credit card for your Gas purchases than a BOA Cash Rewards card...
Such as what card exactly? What other card without an AF gives you better gas rewards than 3% year-round?

There is absolutely no question that it takes much less spend to earn $25 on the BBR. I am just saying that there may be considerations other than the amount of the reward - such as the freedom not to have to use the card every month, to make sure to spend a certain amount on the month the reward posts, etc, although it's not that difficult to find people who spend $280 a month on gas. If one doesn't, rewards-wise, there's no question BBR is better. But it may not be all one considers.

BOA Cash Rewards is the 3rd column from the right. Ignore the wells Fargo and TD Bank cards, and that still leaves a lot of cards with better rewards.

The table is missing the Security Service Power Travel rewards card, which gives 3.3% cash back on Gas (3% + 10% annual bonus on cash back earned)

Re: BOA Cash Rewards or Better Balance Rewards?

Anonymous — Fri, 30 Jan 2015 00:14:10 GMT

@Anonymous wrote:
I'd actually lean toward the cash rewards. First off it has a 100 dollar signup bonus. 3% on gas and 2% on groceries is nice as well. This can cover your gas and groceries when Freedom or It aren't offering it. With Freedom and Discover It offering less gas categories this is a nice card to double the % you would get with quicksilver. IMO the Cash Rewards has better "right now" value while the Better Balance will have higher value over a number of years.

I'd get the Cash Rewards now and the Better Balance sometime down the road, but you really can't "go wrong" either way. Good arguments could be made for either route.

He's doing a PC, the signup bonus doesn't apply. Although if you get a particularly nice CSR on the line, they may talk to their supervisor and hook you up.

Re: BOA Cash Rewards or Better Balance Rewards?

yfan — Fri, 30 Jan 2015 00:54:47 GMT

@Themanwhocan wrote:
BOA Cash Rewards is the 3rd column from the right. Ignore the wells Fargo and TD Bank cards, and that still leaves a lot of cards with better rewards.

The table is missing the Security Service Power Travel rewards card, which gives 3.3% cash back on Gas (3% + 10% annual bonus on cash back earned)

Alright you got me. But it only leaves Sallie Mae, actually. The rest are all restricted by membership to other entities which either cost money (Costco, Sam's) making the card not a true no-AF card, or restrict to special criteria (Security Service), and/or are business cards and not consumer cards.

Personally, I buy almost all my gas at Costco, and IF you are going to have a Costco membership anyway, you can't beat 3% cashback on Costco gas (which is now running about 30 cents cheaper than surrounding stations).

Re: BOA Cash Rewards or Better Balance Rewards?

Anonymous — Fri, 30 Jan 2015 00:57:05 GMT

Personally looking to get a better balance rewards card myself. I previously had a Cash Rewards card and PC it to the Travel Rewards card. If you have a checking or savings account with them, the Travel rewards is worthwhile to use over the shiny Quicksilver card you have in your wallet.