topic Re: BoA Cash Rewards offer - worth it? in Credit Cards

BoA Cash Rewards offer - worth it?

Anonymous — Wed, 13 Jan 2021 17:06:45 GMT

Hey guys! I have a BoA checking and savings account and I received an email a couple days ago with an offer for the Cash Rewards card (it's also showing up on my BoA online banking dashboard). This is the first time I've received that email since opening my account last summer. Does this mean I have a good chance of getting approved?

also, is this card worth applying for? I currently have a NFCU Amex that's my daily driver at the moment with my highest limit of $20k, followed by a 1.1k Capital One.

Re: BoA Cash Rewards offer - worth it?

Anonymous — Wed, 13 Jan 2021 17:18:13 GMT

Only you would know if the card is worth it or not [to you] based on your category spend and considering that against the other cards you have.

Re: BoA Cash Rewards offer - worth it?

coldfusion — Wed, 13 Jan 2021 17:18:17 GMT

Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.

Re: BoA Cash Rewards offer - worth it?

Anonymous — Wed, 13 Jan 2021 18:13:59 GMT

@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.

The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.

Re: BoA Cash Rewards offer - worth it?

TSlop — Wed, 13 Jan 2021 19:07:01 GMT

Personally, I think it is worth it if you have decent spend in one of the 3% categories. I have mine set to online shopping so I don't even need to carry it in my wallet.

I don't know what your assets are with BoA, but if you have at least $20k in your checking/savings, you can qualify for Preferred Rewards and bump up those cashback percentages by 25-75%. Bumping those 1-2-3% categories to 1.75-3.5-5.25% is a sweet deal if you can pull it off.

Re: BoA Cash Rewards offer - worth it?

Aim_High — Wed, 13 Jan 2021 19:54:52 GMT

Cash Rewards is great card and has some unique features not offered on other cards. Compared to some other rotating category cards, the difference in spending caps is effectively a wash with a lower 3% on a higher cap of $2500 versus 5% on a lower cap or $1500 or $2000. But the Cash Rewards allows you to (1) select from one of those six categories and (2) even better, it allows you to change your category every month! I don't know of any other card that does that. It makes it the most flexible category rewards card on the market.

Also, like @TSlop said, if you do decide to do more business with Bank of America, you can enroll in the Preferred Rewards program. It would allow you to boost those rewards rates by 25%, 50% or even 75% based on your deposits or investments with Bank of America and Merrill Lynch. (The three tiers require $20K, $50K, or $100K in total deposits, but some have qualified by moving investment accounts including IRA's to the Merrill Lynch investment account.) So those 3% rates can be boosted to 3.75%, 4.5%, or 5.25% respectively based on Preferred Rewards tier. (3.0 x 1.25; 3.0 x 1.50; 3.0 x 1.75.) Similarly, the 2% and 1% rates are boosted also.

Re: BoA Cash Rewards offer - worth it?

coldfusion — Wed, 13 Jan 2021 20:34:18 GMT

@Anonymous wrote:
@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.
The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.

That's something worth reading carefully. Just keep in mind that you will take a HP and that even those offers do not guarantee approval.

Re: BoA Cash Rewards offer - worth it?

Wavester64 — Wed, 13 Jan 2021 21:38:54 GMT

@TSlop

>>Personally, I think it is worth it if you have decent spend in one of the 3% categories. I have mine set to online shopping so I don't even need to carry it in my wallet.

Same here, I just wish they would up the SL (currently $1500)

Re: BoA Cash Rewards offer - worth it?

Anonymous — Thu, 14 Jan 2021 16:10:53 GMT

@coldfusion wrote:
@Anonymous wrote:
@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.
The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.
That's something worth reading carefully. Just keep in mind that you will take a HP and that even those offers do not guarantee approval.

I decided to go for it, but was denied. Oh well, it was worth the HP in the case of being approved. I'll just have to keep working on my credit in the mean time and try again later on down the road.

Re: BoA Cash Rewards offer - worth it?

MisterWives — Thu, 14 Jan 2021 16:42:06 GMT

@Aim_High wrote:
Cash Rewards is great card and has some unique features not offered on other cards. Compared to some other rotating category cards, the difference in spending caps is effectively a wash with a lower 3% on a higher cap of $2500 versus 5% on a lower cap or $1500 or $2000. But the Cash Rewards allows you to (1) select from one of those six categories and (2) even better, it allows you to change your category every month! I don't know of any other card that does that. It makes it the most flexible category rewards card on the market.

Also, like @TSlop said, if you do decide to do more business with Bank of America, you can enroll in the Preferred Rewards program. It would allow you to boost those rewards rates by 25%, 50% or even 75% based on your deposits or investments with Bank of America and Merrill Lynch. (The three tiers require $20K, $50K, or $100K in total deposits, but some have qualified by moving investment accounts including IRA's to the Merrill Lynch investment account.) So those 3% rates can be boosted to 3.75%, 4.5%, or 5.25% respectively based on Preferred Rewards tier. (3.0 x 1.25; 3.0 x 1.50; 3.0 x 1.75.) Similarly, the 2% and 1% rates are boosted also.

Oh wow that is quite the boost to be used on a category forever. Makes me want to open an account with them now lol

Re: BoA Cash Rewards offer - worth it?

MisterWives — Thu, 14 Jan 2021 16:43:19 GMT

@Anonymous wrote:
@coldfusion wrote:
@Anonymous wrote:
@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.
The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.
That's something worth reading carefully. Just keep in mind that you will take a HP and that even those offers do not guarantee approval.
I decided to go for it, but was denied. Oh well, it was worth the HP in the case of being approved. I'll just have to keep working on my credit in the mean time and try again later on down the road.

Sorry to hear. Were you at 7/12 new accounts or above as that seems to be a strong requirement for BOA

Re: BoA Cash Rewards offer - worth it?

coldfusion — Thu, 14 Jan 2021 17:33:02 GMT

@MisterWives wrote:
@Anonymous wrote:
@coldfusion wrote:
@Anonymous wrote:
@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.
The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.
That's something worth reading carefully. Just keep in mind that you will take a HP and that even those offers do not guarantee approval.
I decided to go for it, but was denied. Oh well, it was worth the HP in the case of being approved. I'll just have to keep working on my credit in the mean time and try again later on down the road.
Sorry to hear. Were you at 7/12 new accounts or above as that seems to be a strong requirement for BOA

That isn't a hard rule, if they like your profile enough they'll waive it.

Re: BoA Cash Rewards offer - worth it?

MisterWives — Thu, 14 Jan 2021 17:57:19 GMT

@coldfusion wrote:
@MisterWives wrote:
@Anonymous wrote:
@coldfusion wrote:
@Anonymous wrote:
@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.
The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.
That's something worth reading carefully. Just keep in mind that you will take a HP and that even those offers do not guarantee approval.
I decided to go for it, but was denied. Oh well, it was worth the HP in the case of being approved. I'll just have to keep working on my credit in the mean time and try again later on down the road.
Sorry to hear. Were you at 7/12 new accounts or above as that seems to be a strong requirement for BOA
That isn't a hard rule, if they like your profile enough they'll waive it.

Definitely nothing is set in stone, but it does seem to be one of the common reasons for a denial in my opinion

Re: BoA Cash Rewards offer - worth it?

FinStar — Thu, 14 Jan 2021 18:26:36 GMT

@Anonymous wrote:
@coldfusion wrote:
@Anonymous wrote:
@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.
The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.
That's something worth reading carefully. Just keep in mind that you will take a HP and that even those offers do not guarantee approval.
I decided to go for it, but was denied. Oh well, it was worth the HP in the case of being approved. I'll just have to keep working on my credit in the mean time and try again later on down the road.

Well bummer, OP. Can you share the reasons for denial when you receive the letter? Was the offer shown as a pre-approval or just a regular offer to apply and/or did it have a set APR? The 2 offers that I received a long while ago were pre-approved and had a set APR (1 business, 1 Personal - both were approved).

Re: BoA Cash Rewards offer - worth it?

coldfusion — Thu, 14 Jan 2021 19:37:53 GMT

@MisterWives wrote:
@coldfusion wrote:
@MisterWives wrote:
@Anonymous wrote:
@coldfusion wrote:
@Anonymous wrote:
@coldfusion wrote:
Cash rewards is a decent card, 3% on your pick of categories makes for a nice perk.

BoA mailers are just marketing-driven invitations to apply, you shouldn't assume that odds of approval would be significantly better than if you cold-apped.

The only truly legitimate prequalifications from BoA are extended online via the Special Offers section of the Activity Center.
The 3% is what's appealing. I get 3% on pre-selected purchases with my Navy card, but it'd be nice to choose a category of my choice. It is also showing up under the Special Offers section of my dashboard.
That's something worth reading carefully. Just keep in mind that you will take a HP and that even those offers do not guarantee approval.
I decided to go for it, but was denied. Oh well, it was worth the HP in the case of being approved. I'll just have to keep working on my credit in the mean time and try again later on down the road.
Sorry to hear. Were you at 7/12 new accounts or above as that seems to be a strong requirement for BOA
That isn't a hard rule, if they like your profile enough they'll waive it.
Definitely nothing is set in stone, but it does seem to be one of the common reasons for a denial in my opinion

There are reasons, and there are excuses. IMO 7/12 is an excuse.