topic Re: Bank of America Cash Rewards 3% category in Credit Cards

Bank of America Cash Rewards 3% category

IPIF — Sun, 13 Jan 2019 13:51:54 GMT

on-line banking now allows you to select your 3% category effective today.

on-line shopping category is broad, but it is unclear whether ebay qualifies.

Re: Bank of America Cash Rewards 3% category

DaveInAZ — Sun, 13 Jan 2019 14:18:30 GMT

Yeah, finally showed up for me when I logged in yesterday. I use my Cash Rewards card for gas, but as my car gets 35mpg+ and it's a 10 minute commute to work gas isn't a big spend category for me. But the other choices -

- Dining: No thanks, I use my Uber for 4%

- Drug stores: What are those? Now, if my AZ Medical Marijuana Dispensary would count . . . but they can't take CCs anyway

- Home Improvement: No thanks, my Lowes gives me 5%

- Travel: The last time I suffered through an airport was in 2010 for a nephew's wedding. Another nephew is getting married in May, so maybe then, but thinking of driving even though it's Tucson to Tallahassee, but I really hate airports & airplanes

- Online Shopping: Yeah, need more detail on what counts as "online shopping". My Uber was supposed to give 2% on PayPal but was very spotty so I gave up and just use it for dining.

Re: Bank of America Cash Rewards 3% category

NRB525 — Sun, 13 Jan 2019 14:28:45 GMT

Well the nice thing is, it’s not a lifetime commitment to pick a 3% category.

Go for for online shopping and report back your findings.

Re: Bank of America Cash Rewards 3% category

kdm31091 — Sun, 13 Jan 2019 14:39:43 GMT

@NRB525 wrote:
Well the nice thing is, it’s not a lifetime commitment to pick a 3% category.

Go for for online shopping and report back your findings.

Exactly. Try it out and see how it goes. It doesn't sound like the other categories benefit that poster much anyway.

For me, probably will select online shopping, as my Costco covers gas and dining, and the other categories aren't large areas of my spending. I may select home improvement here and there when I need to make a meaningful Home Depot or IKEA purchase (assuming IKEA counts).

I'm still not seeing the option on my BOA portal but it wasn't supposed to be "official" until tomorrow, so I guess just a slow rollout.

Re: Bank of America Cash Rewards 3% category

Anonymous — Sun, 13 Jan 2019 14:45:33 GMT

they need selected 4 or 5 % categories now. 3% is too low.

Re: Bank of America Cash Rewards 3% category

kdm31091 — Sun, 13 Jan 2019 14:53:10 GMT

@Anonymous wrote:
they need selected 4 or 5 % categories now. 3% is too low.

They're kind of backed into a corner because of the 75% bonus they give for certain Preferred Reward clients. This means the 3% already becomes 5.25%. So if the base were 5%, they'd be giving what, almost 9% on the categories? Not gonna happen unless they nerf or get rid of the Preferred program.

So yes, for base clients, 3% is nothing all that exciting, but I don't think BOA can really offer much more.

Re: Bank of America Cash Rewards 3% category

Anonymous — Sun, 13 Jan 2019 15:03:18 GMT

You are absolutely right, they backed themselves into a corner. Their criteria of getting higher reward is too hard for many, if not most customers.

Its a structure issue. I think BofA needs to reevaluate the system and see if it makes sense to implement some changes to attract new customers who cannot meet their criteria to get bonuses.

Re: Bank of America Cash Rewards 3% category

Credit-hoarder — Sun, 13 Jan 2019 16:10:46 GMT

Gonna keep mine set at gas for now. I commute about 20 miles to work each way so it'll give me a chance to put a little spend on it to help justify me having my limit. All my other cards that offer gas are 2% except for SPG biz which is 4%--but the pts. aren't worth as much as cash.

Re: Bank of America Cash Rewards 3% category

Anonymous — Sun, 13 Jan 2019 17:37:47 GMT

@Anonymous wrote:
You are absolutely right, they backed themselves into a corner. Their criteria of getting higher reward is too hard for many, if not most customers.

Its a structure issue. I think BofA needs to reevaluate the system and see if it makes sense to implement some changes to attract new customers who cannot meet their criteria to get bonuses.

Well, the customers who do benefit are the ones that they want the most. But I don't know if those customers are significantly attracted by the increased rewards (aren't the rewards capped fairly low?)

Re: Bank of America Cash Rewards 3% category

Anonymous — Mon, 14 Jan 2019 00:21:17 GMT

@Anonymous wrote:
@Anonymous wrote:
You are absolutely right, they backed themselves into a corner. Their criteria of getting higher reward is too hard for many, if not most customers.

Its a structure issue. I think BofA needs to reevaluate the system and see if it makes sense to implement some changes to attract new customers who cannot meet their criteria to get bonuses.
Well, the customers who do benefit are the ones that they want the most. But I don't know if those customers are significantly attracted by the increased rewards (aren't the rewards capped fairly low?)

Yes. "Earn 3% and 2% cash back on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter."

Re: Bank of America Cash Rewards 3% category

galahad15 — Mon, 14 Jan 2019 05:55:43 GMT

Unless I am looking for the option in the wrong place, BoA won't currently let me change my 3% rewards category, I am still getting the message that says "Soon, you'll be able to choose the category where you want to earn 3% cash back"(?)

Re: Bank of America Cash Rewards 3% category

Anonymous — Mon, 14 Jan 2019 11:20:17 GMT

Here's the official terms about it: https://www.managerewardsonline.bankofamerica.com/cms/published/root/duo/sharedContent/pdf/dcbrwd/INS-06-18-0497_C_v011_en.pdf

I'm not seeing the ability to change it yet either.

To those who have seen the option, does it look like it's per-customer or per-account? (See https://ficoforums.myfico.com/t5/Credit-Card-Applications/BofA-Cash-Rewards-2/m-p/5443408)

Re: Bank of America Cash Rewards 3% category

kdm31091 — Mon, 14 Jan 2019 12:30:29 GMT

The official BOA page is live now (for new apps anyway) and under rewards it breaks down the categories more for those were curious. It's actually pretty thorough.

https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/

category details : https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/cash-back-category-choices/

It looks like the 10% bonus for just being a customer is gone now. I only see the Preferred bonuses.

Still not seeing an option to switch it for my exising acct though

Re: Bank of America Cash Rewards 3% category

MrCreditInternational — Mon, 14 Jan 2019 14:58:59 GMT

Also the SUB is down to 150$ after 500$ spend

Re: Bank of America Cash Rewards 3% category

Anonymous — Mon, 14 Jan 2019 16:42:36 GMT

For the life of me I don’t see the ability to change the categories on my log in.

Also if the 10% isn’t available for the bonus, this card goes in the SD. I’m not parking 100k in BA (or even 20) when I can make a better return in the market with free trades (as opposed to ML).

Re: Bank of America Cash Rewards 3% category

kdm31091 — Mon, 14 Jan 2019 18:46:25 GMT

Definitely seems the 10 percent bonus is gone

Re: Bank of America Cash Rewards 3% category

Anonymous — Mon, 14 Jan 2019 18:58:37 GMT

@Anonymous wrote:
For the life of me I don’t see the ability to change the categories on my log in.

Also if the 10% isn’t available for the bonus, this card goes in the SD. I’m not parking 100k in BA (or even 20) when I can make a better return in the market with free trades (as opposed to ML).

Agreed. I actually opened a savings account in anticipation of the changes! I did see the announcement in my recent statement with the following:

"Flexible redemption options to help meet your needs

You will be able to redeem your cash rewards for any amount, anytime for statement credits and deposits made directly into an eligible Bank of America® or Merrill Lynch® account. You can also save for college by redeeming as little as $25 as a contribution into a qualifying 529 account with Merrill Lynch®. Either way, you are in control of how you redeem your rewards (Footnote 2).
Your relationship is rewarded on every purchase

You will receive a 10% customer bonus when you have an active Bank of America checking or savings account. The customer bonus will now be awarded when you make your purchase, and does not depend on how or when you redeem your cash back rewards."

Regarding purchases as of 11 January, I can see in my account that I've received the 10% bonus already, and I am able to redeem directly now - there is not a $25 threshold.

The category options showed up in my online account 12 January, and mobile yesterday. I haven't made a purchase since Friday, however, to test the new parameters.

Re: Bank of America Cash Rewards 3% category

galahad15 — Mon, 14 Jan 2019 19:24:44 GMT

Update: my account is still showing up with the $25 minimum redemption amount and the 10% bonus language appears to still be there. Also still no option to change 3% rewards categories atm.

Re: Bank of America Cash Rewards 3% category

Anonymous — Mon, 14 Jan 2019 22:38:33 GMT

The 10% bonus is definitely still alive and well.

10% Customer Bonus: A 10% Customer Bonus will be added to the Cash Rewards you earn on Net Purchases if either the primary or joint cardholder has an active consumer (non-business) checking, savings or individual retirement account with Bank of America, N.A. (“qualifying account”), or is a client of Merrill Edge®, Merrill Lynch, Pierce, Fenner & Smith Incorporated or U.S. Trust (excluding 401(k) or other employer sponsored plans and some 529 plans). To earn the Customer Bonus, your qualifying account must be open and maintain an average daily balance of greater than $0 or have had a deposit within 90 days. It may take up to 45 days to begin earning the Customer Bonus on purchases when you open a qualifying account. Account opening bonuses are excluded from the Customer Bonus. Other significant terms apply. Program subject to change.

Source: https://www.managerewardsonline.bankofamerica.com/cms/published/root/duo/sharedContent/pdf/dcbrwd/INS-06-18-0497_C_v011_en.pdf

Re: Bank of America Cash Rewards 3% category

CluelessJohn — Mon, 14 Jan 2019 23:38:45 GMT

I was able to select a 3% category for my BOA Cash Rewards card and a different 3% category for my co-branded MLB Cash Rewards card. Minimum redemptions have been lifted. All done through the app this morning.