topic Re: BofA Cash Rewards 3% options in Credit Cards

BofA Cash Rewards 3% options

xvassagox — Mon, 10 Dec 2018 22:08:56 GMT

Bank of America is going to allow Cash Rewards holders to choose their 3% category starting next January.

https://newsroom.bankofamerica.com/press-releases/consumer-banking/bank-america-clients-have-power-choose-new-cash-rewards-credit-card

This will be great for those on the Platinum Honors tier to get 5.25% back on things other than gas.

Re: BofA Cash Rewards 3% options

Anonymous — Mon, 10 Dec 2018 22:15:07 GMT

Cool beans. Now they need to make it 5% for category spend like some of the competition.

Re: BofA Cash Rewards 3% options

Anonymous — Mon, 10 Dec 2018 23:16:44 GMT

Meh, quarterly limit is only $2500. 1% after that. Might be useful if they raised the cap or removed it altogether.

Re: BofA Cash Rewards 3% options

kdm31091 — Mon, 10 Dec 2018 23:17:59 GMT

Good move. Always better to have choice than not. My Costco visa covers gas and dining anyway so I’ll probably choose home furnishings.

Re: BofA Cash Rewards 3% options

gdale6 — Mon, 10 Dec 2018 23:28:55 GMT

Well, well I might have to keep the card now that they will allow this, was going to deep six it early next year as its redundant to other cards I have.

Re: BofA Cash Rewards 3% options

K-in-Boston — Tue, 11 Dec 2018 00:26:17 GMT

If private school tuition and summer camp were a 3% category... oh, wait there's a cap?

Re: BofA Cash Rewards 3% options

Anonymous — Tue, 11 Dec 2018 00:52:59 GMT

This is good news - a minor game changer for this card and for my love/hate relationship with BOA these days. The travel 3% category would be a great 1st quarter for me, as I'd hit the limit before the end of January and then have to wait until April for another sure thing. Gas and grocery spend doesn't come anywhere close to useful in terms of rewards for me.

Re: BofA Cash Rewards 3% options

Anonymous — Tue, 11 Dec 2018 02:29:19 GMT

This is certainly a good move for BOA, even considering the quarterly cap. I will likely take this out of the SD next month and give it some use. I would only use this card for the 3% category (Travel/Gas) so the 2500 cap wouldn’t be an issue for me at all.

This also makes it a little easier for me to dump my Citi Premier when the AF hits in August. I only use the Premier for portal redemptions so I’m really only getting 3.75% back on travel and gas. Paying a 95$ fee for a 3.75% travel card makes no sense when I can get 3% back with a no af card.

Is the 10% customer bonus still in or did they replace that with preferred awards?

Re: BofA Cash Rewards 3% options

Anonymous — Tue, 11 Dec 2018 04:57:44 GMT

Current lineup of BoA credit cards feel a bit lackluster for sure. Products named 'cash rewards', 'travel rewards', and 'premium rewards', but in reality all just cash back cards with 3-2-1 categories, a flat 1.5%, and a 2% meh travel/dining with some minor perks. It'd be nice to see them get some transfer partners or get a travel portal with elevated redemption rate similar to Chase. For being such a large bank, it seems weird that they're so reluctant to get into the game.

Re: BofA Cash Rewards 3% options

Anonymous — Tue, 11 Dec 2018 13:47:55 GMT

@Anonymous wrote:
Current lineup of BoA credit cards feel a bit lackluster for sure. Products named 'cash rewards', 'travel rewards', and 'premium rewards', but in reality all just cash back cards with 3-2-1 categories, a flat 1.5%, and a 2% meh travel/dining with some minor perks. It'd be nice to see them get some transfer partners or get a travel portal with elevated redemption rate similar to Chase. For being such a large bank, it seems weird that they're so reluctant to get into the game.

No longer a customer so I'm not sure how much they push the Preferred stuff, but to me that makes sense as a strategy: ho-hum cards that really transform into some best of class with $100K in an IRA. Why "give away" rewards for free when you attract money to your core business!

Re: BofA Cash Rewards 3% options

coldfusion — Tue, 11 Dec 2018 14:49:53 GMT

@Anonymous wrote:
@Anonymous wrote:
Current lineup of BoA credit cards feel a bit lackluster for sure. Products named 'cash rewards', 'travel rewards', and 'premium rewards', but in reality all just cash back cards with 3-2-1 categories, a flat 1.5%, and a 2% meh travel/dining with some minor perks. It'd be nice to see them get some transfer partners or get a travel portal with elevated redemption rate similar to Chase. For being such a large bank, it seems weird that they're so reluctant to get into the game.

No longer a customer so I'm not sure how much they push the Preferred stuff, but to me that makes sense as a strategy: ho-hum cards that really transform into some best of class with $100K in an IRA. Why "give away" rewards for free when you attract money to your core business!

They don't beat the drums hard and they aren't in your face about it but they do provide (mostly) subtle reminders about the program and what they consider as benefits.

You can also qualify via IRAs through Merrill Lynch, including those invested in non-ML funds that you are holding through an ML account.

Re: BofA Cash Rewards 3% options

galahad15 — Tue, 11 Dec 2018 18:43:59 GMT

Very interesting! Sounds like BoA may be trying to start competing to a certain extent with the Wells Fargo Propel card possibly, with the new 3% category options? I already have my FNBO Travelite and Propel cards for 3% on travel, so I just may choose the 3% online shopping category for the BoA Cash Rewards card once the new 3% categories go live...

ETA: in any event, in mho, the new 3% categories make an already-good rewards card even better! My BoA Cash Rewards card will very likely be seeing a lot of new spending from me, once the new 3% options go into effect...

Re: BofA Cash Rewards 3% options

NRB525 — Tue, 11 Dec 2018 20:24:47 GMT

Interesting.
I wonder what the category “Online Shopping” includes.
This works as a minor supplement to Cash+ in certain situations.

It will be a good way to keep one of my oldest accounts active. Gas still a possible option.

BofA new Rewards begining week of Jan 14 2019 !!!!

Anonymous — Thu, 13 Dec 2018 17:50:59 GMT

Your bank of America cash rewards card is getting more rewarding

New Rewards BofA

3% gas , online shopping , dining , travels , drugs store and home improvement

2% cash back at grocery and wholesale clubs

1% unlimited cash back on all other purchase

Re: BofA new Rewards begining week of Jan 14 2019 !!!!

AverageJoesCredit — Thu, 13 Dec 2018 17:55:20 GMT

LEO🍷🍸😁

Re: BofA new Rewards begining week of Jan 14 2019 !!!!

Remedios — Thu, 13 Dec 2018 17:59:12 GMT

@AverageJoesCredit wrote:
LEO🍷🍸😁

NO LEO!

Re: BofA new Rewards begining week of Jan 14 2019 !!!!

HeavenOhio — Thu, 13 Dec 2018 18:12:37 GMT

Here's the NerdWallet article:

Bank of America Will Launch Cash-Back Card With Choices

The article says that there are six cashback categories. Customers can choose one to be 3%; the rest will be 2%. Customers can choose their category up to once a month. If the category isn't changed, it'll remain the same as the previous month.

Bank of America Cash Rewards 3%

Anonymous — Thu, 13 Dec 2018 18:55:20 GMT

BOA is coming adding to its rewards category starting Jan 14 2019. You can select one of several categories each MONTH depending on your purchase plan each month.

here is the email i just got

<Mod note: Pic has been removed; you're welcome to replace the image once you edit to redact your personal info. --UB>

Re: Bank of America Cash Rewards 3%

simplynoir — Thu, 13 Dec 2018 18:27:42 GMT

Post about this here.

https://ficoforums.myfico.com/t5/Credit-Cards/BofA-Cash-Rewards-3-options/td-p/5431087

Re: BofA new Rewards begining week of Jan 14 2019 !!!!

Anonymous — Thu, 13 Dec 2018 18:30:09 GMT

Cap?