topic Re: BofA Cash Rewards vs BBR in Credit Cards

BofA Cash Rewards vs BBR (Success!!!)

thelethargicage — Thu, 05 Nov 2015 13:58:32 GMT

I'm thinking of apping for one of these cards, but I can't decide which one.

The CR is an easy $100 via signup bonus, but the low reward rates are very unappealing.

The BBR, on the other hand, is an $120 every year and doesn't even need to be in my wallet. I could just put my gym membership on it ($32/month) and pay it off after statement closes. My only concerns are 1) how does BofA calculate minimum payment? and 2) what's the likelihood of this card getting nerfed in the near future?

Thoughts/suggestions?

Re: BofA Cash Rewards vs BBR

kdm31091 — Wed, 04 Nov 2015 17:19:57 GMT

I have certainly heard rumors of BBR being nerfed/discontinued sooner or later, and the lack of ability to PC to it seemed to be the first step. However, it's been a year since the PCs were shut off, and nothing else has changed yet. But nobody can tell you whether or not a card will be nerfed. Nobody was sitting here predicting the Sallie apps would be pulled, and then all of a sudden they were. Since presumably none of us work for BOA, we can't tell you that. But I can tell you it has certainly been rumored.

With the BBR, you can do as described. Put a $32 monthly charge on it and that's about it. I don't know the details of how to charge "enough" that you get the $25 credit but I'm sure someone can chime in.

Re: BofA Cash Rewards vs BBR

axlm — Wed, 04 Nov 2015 17:28:10 GMT

Since you already have Sallie and BCP, I don't see Cash Rewards having a daily spot in your wallet. And with low spending, it will take a while to reach the $25 redemption threshold. I prefer BBR by much, and even if it is very likely it will be nerfed, you can always PC later to Cash Rewards, while the opposite is very hard to achieve. My 2 cents.

ETA: Re minimum payment, I don't have the TC right now, but it seems like it's always $25 (we had a $2000 balance at some point, and it was still $25). But not sure about the formula, just what I recall off the top of my head. Still, there are severl reports that people putting a small charge and PIF were able to trigger the bonus.

Re: BofA Cash Rewards vs BBR

Anonymous — Wed, 04 Nov 2015 17:27:06 GMT

BBR is going to be your more consistent reward card. Once you hit the bonus your Cash Rewards will be like mine, sitting in my wallet getting used once in a blue moon to keep it active. It's easily outmatched by other cards. BBR is the easiest money in the game. I put my 30 dollar internet bill on it and net 100 easy dollars every year with essentially no work. As long as BBR doesn't change you will make more money on it in the long run with the card setups you have.

Cash Rewards could be a potential hedge against future Sallie changes but you can always apply for it later if need be. 3% on gas can be found on tons of other cards cap free (Chase AARP).

I'd go BBR.

Re: BofA Cash Rewards vs BBR

Anonymous — Wed, 04 Nov 2015 17:29:13 GMT

I chose the Rewards card because I have a checking and savings account with BofA so I get extra benefits from the card. The rewards are deposited directly into my savings account. My first deposit was today at 127.84. However, you should choose what fits your specific situation.

Re: BofA Cash Rewards vs BBR

Anonymous — Wed, 04 Nov 2015 18:26:40 GMT

@Anonymous wrote:
I chose the Rewards card because I have a checking and savings account with BofA so I get extra benefits from the card. The rewards are deposited directly into my savings account. My first deposit was today at 127.84. However, you should choose what fits your specific situation.

Totally agree, musiclover. There is no "one size fits all" in the credit world!

Re: BofA Cash Rewards vs BBR

Anonymous — Wed, 04 Nov 2015 19:06:33 GMT

I have both cards and I love them equally. I utilized the BT offer on the BBR for $1500 (I think) and my minimum payment is $25. I pay $100 every month. IDK how much you spend on groceries but our monthly grocery budget is between $700-$900 a month. I use my Sallie Mae for the first $250 each month and the remainder goes to BoA CR. Every couple of months the system auto redeems my rewards into my BoA savings accounts. Don't forget with the BBR if you have a BoA checking/savings account you earn an extra $5 which makes it $120 per year.

Re: BofA Cash Rewards vs BBR

Anonymous — Wed, 04 Nov 2015 19:10:49 GMT

@Anonymous wrote:
I chose the Rewards card because I have a checking and savings account with BofA so I get extra benefits from the card. The rewards are deposited directly into my savings account. My first deposit was today at 127.84. However, you should choose what fits your specific situation.

Hey ML! The BBR offers an extra $5 per quarter if you have a checking/savings with BoA which is why I decided to get the BBR too.

Re: BofA Cash Rewards vs BBR

Anonymous — Wed, 04 Nov 2015 20:18:12 GMT

I like the Cash Rewards a lot better for gas purposes and my BBR is in the sock drawer.

Re: BofA Cash Rewards vs BBR

JSS3 — Wed, 04 Nov 2015 21:23:28 GMT

Not to hijack the thread, but can anyone who has BBR or Fidelity Amex tell us if they send BT checks for either or both? That will be the deciding factor for me when I go for my second BofA card.

Thanks.

Re: BofA Cash Rewards vs BBR

Themanwhocan — Wed, 04 Nov 2015 23:39:36 GMT

I have the BBR, and lately they frequently offer me either a $200 signup bonus for the cash rewards card, or 20,000 bonus points for the travel rewards card. So it might make sense to get the BBR now, and wait for a good targeted offer on the other two later.

Re: BofA Cash Rewards vs BBR

Anonymous — Wed, 04 Nov 2015 23:50:56 GMT

@thelethargicage wrote:
I'm thinking of apping for one of these cards, but I can't decide which one.

The CR is an easy $100 via signup bonus, but the low reward rates are very unappealing.

The BBR, on the other hand, is an $120 every year and doesn't even need to be in my wallet. I could just put my gym membership on it ($32/month) and pay it off after statement closes. My only concerns are 1) how does BofA calculate minimum payment? and 2) what's the likelihood of this card getting nerfed in the near future?

Thoughts/suggestions?

According to their program rules, "A monthly payment received on or before the Due Date, which is more than the Minimum Payment due; a payment in full received on or before the Due Date is a Qualifying Payment"...so I would say you can just set your autopay to the statement balance and you should be fine. As a result, I think your first question is less important

For ease of use I think the BBR probably suits you better, unless you happen to be a Platinum Honors tier BoA customer ($100,000+ in BoA/ML accounts). In that case, the Cash Rewards card effectively becomes 1.75%/3.5%/5.25% for general/groceries/gas, which would make it an ever-so-slightly better gas card than SM.

Re: BofA Cash Rewards vs BBR

thelethargicage — Thu, 05 Nov 2015 00:05:48 GMT

I have the application all filled out and am ready to pull the trigger. However, I'm wondering if my profile will support this card...

Recent FICOs:

TU - 802 (Discover, Barclays)

EX - 790 (Amex)

AAoA: Between 5 years 10 months and 6 years (depending on the bureau; I have some accounts that didn't report to EX and TU)

Utilization: $20/$160,500 (.0125%)

Most recent CCs:

Double Cash (opened on 4/5/2015)

Fidelity Amex (opened on 12/27/2014)

Car Loan (6/24/2015)

Car Loan Refi (8/26)

DTI: 20%

Income: $88,800

Should I wait till my Fidelity Amex hits the 1-year mark?

Re: BofA Cash Rewards vs BBR

thelethargicage — Thu, 05 Nov 2015 00:06:38 GMT

@Themanwhocan wrote:
I have the BBR, and lately they frequently offer me either a $200 signup bonus for the cash rewards card, or 20,000 bonus points for the travel rewards card. So it might make sense to get the BBR now, and wait for a good targeted offer on the other two later.

Do you bank with BofA? Or do you just keep an account for the bonus? Do you use the BBR for purchases or just put a single charge on it every month?

Re: BofA Cash Rewards vs BBR

thelethargicage — Thu, 05 Nov 2015 00:13:43 GMT

**Ben Stein's voice**

Anyone? Anyone?

Re: BofA Cash Rewards vs BBR

Anonymous — Thu, 05 Nov 2015 00:21:44 GMT

Are you kidding? Look at my scores! I got approved for TWO BBR cards. Just go for it already!

Re: BofA Cash Rewards vs BBR

Anonymous — Thu, 05 Nov 2015 00:26:53 GMT

@thelethargicage wrote:
I have the application all filled out and am ready to pull the trigger. However, I'm wondering if my profile will support this card...

Recent FICOs:

TU - 802 (Discover, Barclays)
EX - 790 (Amex)
AAoA: Between 5 years 10 months and 6 years (depending on the bureau; I have some accounts that didn't report to EX and TU)
Utilization: $20/$160,500 (.0125%)

Most recent CCs:
Double Cash (opened on 4/5/2015)
Fidelity Amex (opened on 12/27/2014)
Car Loan (6/24/2015)
Car Loan Refi (8/26)

DTI: 20%
Income: $88,800

Should I wait till my Fidelity Amex hits the 1-year mark?

I'm not sure if this necessarily answers your question, but BBR was the last of 3 cards I applied for on the same day about a month after applying for 2 other cards. Only the first 4 cards in my sig were reporting at the time with SM being my highest reported balance at either $8k or $10k. After filling out the app the next page asked me one question about how long I'd been employed...about 10 seconds later approved for $7500. My AAoA is <2 years but it didn't seem like it was a problem. EX had would have had 4 HP if they could see the other 2 apps earlier that night.

Re: BofA Cash Rewards vs BBR

thelethargicage — Thu, 05 Nov 2015 00:28:27 GMT

I apped and...I got an instant denial!

Re: BofA Cash Rewards vs BBR

Anonymous — Thu, 05 Nov 2015 00:30:25 GMT

Whaaaaat? That makes no sense with your profile. Recon that post haste!

Re: BofA Cash Rewards vs BBR

axlm — Thu, 05 Nov 2015 00:32:41 GMT

@thelethargicage wrote:
I apped and...I got an instant denial!

Wow, sorry to hear! Maybe they don't like high scores for that card?