topic Re: BofA 3% Update, Multi Cards = Multi Categories in Credit Cards

BofA 3% Update, Multi Cards = Multi Categories

credit_is_crack — Sun, 20 Jan 2019 21:28:38 GMT

Hi All,

I'm sure there are a couple threads on this, but wanted to share my findings in case others were wondering about this (mods please feel free to merge elsewhere is more appropriate).

I have (2) BofA branded 3-2-1 Cash Rewards cards. My original $99/$500 back from 2015 (Cash Rewards Platinum Plus V), and I got a Premium Rewards VS back in 2017 that I converted to another 3-2-1 Cash Rewards VS card once I redeemed my $500 SUB and the annual fee hit. I was online and looks like BofA will allow you to have different categories if you have multiple cards. I updated my older card to 3% Dining and left the newer card at 3% Gas. Both of these cards are my backup cards if/when I max out the quaterly/annual targets, but it's nice to know I can alternate them, vs having to have one category per account holder. You can have a different category per card. Just thought I'd share. Happy Picking!

Card #1 - selected Dining

Card #2 - selected Gas

Re: BofA 3% Update, Multi Cards = Multi Categories

Anonymous — Sun, 20 Jan 2019 21:41:03 GMT

Are those categories permanent fixed or rotate quarterly? Not that i have either card, but i like the idea of what your doing, and may take a look at them myself.

Re: BofA 3% Update, Multi Cards = Multi Categories

CramEiko — Sun, 20 Jan 2019 21:57:58 GMT

@Anonymous wrote:
Are those categories permanent fixed or rotate quarterly? Not that i have either card, but i like the idea of what your doing, and may take a look at them myself.

It finally showed up for my card so I just now selected Home Improvments for my 3%. It's good for that catagory until Feburary 1st. Then I can change it to another catagory. Here's a sneek peek for ya.

Re: BofA 3% Update, Multi Cards = Multi Categories

credit_is_crack — Sun, 20 Jan 2019 22:06:36 GMT

@Anonymous wrote:
Are those categories permanent fixed or rotate quarterly? Not that i have either card, but i like the idea of what your doing, and may take a look at them myself.

That's what I like about this setup. It's not quarterly - you can change your category every month. I chose them today and it lasts thru 02/01/19. On 02/01/19 if I decide I want to switch it up, then I can change it and it lasts from that date thru 03/01/19. It's a lot more flexible than having to wait quarterly. If you don't update it something else, then the last choice sticks.

Re: BofA 3% Update, Multi Cards = Multi Categories

Anonymous — Mon, 21 Jan 2019 11:01:04 GMT

I was just approved for my second 1-2-3 card today. Waiting for it to show up in online banking to set the category!

Re: BofA 3% Update, Multi Cards = Multi Categories

AverageJoesCredit — Mon, 21 Jan 2019 12:18:36 GMT

Nice grasshopperstudent i told you would become the Master

Re: BofA 3% Update, Multi Cards = Multi Categories

JustBPatient — Mon, 21 Jan 2019 15:42:56 GMT

Do keep in mind with this card there is a 2500 per quarter cap, so plan accordingly. The cap includes both 3% and 2% categories combined.

Re: BofA 3% Update, Multi Cards = Multi Categories

Anonymous — Mon, 21 Jan 2019 21:55:41 GMT

@JustBPatient wrote:
Do keep in mind with this card there is a 2500 per quarter cap, so plan accordingly. The cap includes both 3% and 2% categories combined.

Any idea how Preferred Rewards plays into the $2500 limit?

For instance, will one reach the $2500 limit faster at the increased rate or can one earn up to $4375 at Platinum Honors level?

I chose Online Shopping this month and am waiting to see how the Preferred Rewards fall out before figuring out how I am going to use this card and if I might need another one now that this thread shows you can have multiple categories.

Re: BofA 3% Update, Multi Cards = Multi Categories

coldfusion — Tue, 22 Jan 2019 01:12:44 GMT

@Anonymous wrote:
@JustBPatient wrote:
Do keep in mind with this card there is a 2500 per quarter cap, so plan accordingly. The cap includes both 3% and 2% categories combined.
Any idea how Preferred Rewards plays into the $2500 limit?

For instance, will one reach the $2500 limit faster at the increased rate or can one earn up to $4375 at Platinum Honors level?

I chose Online Shopping this month and am waiting to see how the Preferred Rewards fall out before figuring out how I am going to use this card and if I might need another one now that this thread shows you can have multiple categories.

You reach the $2500 limit faster.

To add another DP I was able to call in and successfully product change my Merrill+ VS over to the CR Mastercard today, the whole process including dealing with the annoying Robolady and time-on-hold and the reading of the disclosures took 10 minutes. I'm told I should have the new card in 2-4 weeks. The ability to have different 5.25% categories on different cards as a Platinum Honors client makes the CR more useful to me than the Merrill+, and I had already cashed out my remaining points.

Re: BofA 3% Update, Multi Cards = Multi Categories

Anonymous — Tue, 22 Jan 2019 02:46:19 GMT

@coldfusion wrote:
@Anonymous wrote:
@JustBPatient wrote:
Do keep in mind with this card there is a 2500 per quarter cap, so plan accordingly. The cap includes both 3% and 2% categories combined.
Any idea how Preferred Rewards plays into the $2500 limit?

For instance, will one reach the $2500 limit faster at the increased rate or can one earn up to $4375 at Platinum Honors level?

I chose Online Shopping this month and am waiting to see how the Preferred Rewards fall out before figuring out how I am going to use this card and if I might need another one now that this thread shows you can have multiple categories.
You reach the $2500 limit faster.

Isn't the $2500 a spending cap rather than rewards cap? So at 5.25 the most you earn per quarter is just over $130?

Re: BofA 3% Update, Multi Cards = Multi Categories

wasCB14 — Tue, 22 Jan 2019 02:56:05 GMT

"Bonus Category Cap: Grocery store, wholesale club and Choice Category Net Purchases earn bonus cash rewards on the first $2,500 of combined Net Purchases made each calendar quarter. Once the $2,500 quarterly limit is reached, additional Net Purchases will earn base cash rewards of 1%. "

Re: BofA 3% Update, Multi Cards = Multi Categories

kdm31091 — Tue, 22 Jan 2019 11:29:21 GMT

The $2500 cap has nothing to do with Preferred Rewards. It is based on your spend. You'll reach it when you spend $2500 regardless of your rewards tier.

Re: BofA 3% Update, Multi Cards = Multi Categories

Anonymous — Tue, 22 Jan 2019 21:55:23 GMT

Thank you.

I get it now.

Re: BofA 3% Update, Multi Cards = Multi Categories

credit_is_crack — Mon, 28 Jan 2019 17:49:30 GMT

@Anonymous wrote:
I was just approved for my second 1-2-3 card today. Waiting for it to show up in online banking to set the category!

Nice Win Grasshopper! Looks like for those with the BofA tier setup (25%, 50%, 75% bonuses) someone could really rake in the dough with these. Congrats again!