topic From Reddit- upcoming BofA credit card updates in Credit Cards

From Reddit- upcoming BofA credit card updates

NoMoreE46 — Wed, 13 Oct 2021 03:37:34 GMT

https://www.reddit.com/r/CreditCards/comments/q6thrv/new_bofa_tiers_and_credit_card_coming_soon/?utm_source=share&utm_medium=ios_app&utm_name=iossmf

Re: From Reddit- upcoming BofA credit card updates

icejam — Sun, 17 Oct 2021 23:17:48 GMT

Like several commenters in that thread said, I just hope this change doesn't involve nerfing the existing tiers/rewards. I'd have to rethink the bulk of my card usage (not to mention where I keep a lot of my investments), if they do end up changing things. Currently making pretty heavy use of the platinum honors tier and multiple customized cash rewards cards for that sweet 5.25% cash back.

Re: From Reddit- upcoming BofA credit card updates

xenon3030 — Sun, 17 Oct 2021 23:26:33 GMT

The rewards look almost similar to the BOA Premium Rewards card. I predict a hefty SUB for this upcoming card

Re: From Reddit- upcoming BofA credit card updates

Namaste7 — Mon, 18 Oct 2021 16:37:01 GMT

@icejam wrote:
Like several commenters in that thread said, I just hope this change doesn't involve nerfing the existing tiers/rewards. I'd have to rethink the bulk of my card usage (not to mention where I keep a lot of my investments), if they do end up changing things. Currently making pretty heavy use of the platinum honors tier and multiple customized cash rewards cards for that sweet 5.25% cash back.

Per the source's comments, these changes seem to offer additional benefits rather than nerfing the existing program: "These new tiers are to recognize the value of your high net worth and ultra high net worth clients relationships. Because it offers exclusive benefits, lifestyle rewards and experiences that go far beyond fee waivers and mortgage discounts, this program gives your clients even more reasons to engage and deepen their relationships... Sounds like the card might be lifestyle focused. The previous Octave Card had 20% off domestic coach round trips, $350 travel credits, plus other minor stuff."

If they do nerf the PH CC benefits, I'll continue to use their cards because 3% CB for online purchases is great for a no-AF card; however, I'll move my assets by year-end.

Re: From Reddit- upcoming BofA credit card updates

kilroy8 — Mon, 18 Oct 2021 16:41:05 GMT

DOC giving this a "not worth it" shrug.

We'll see.

Re: From Reddit- upcoming BofA credit card updates

Turbobuick — Mon, 18 Oct 2021 22:06:55 GMT

This came in an email yesterday....

https://www.doctorofcredit.com/bank-of-america-elite-visa-infinite-card-coming-in-november-550-annual-fee-300-airline-incidental-150-lifestyle-credits-more/

Re: From Reddit- upcoming BofA credit card updates

JLRDC909 — Tue, 19 Oct 2021 01:41:58 GMT

I saw this on Dr of Credit. I thought it's might be a good card for some, but just not what I would want.

Odd how Citi ditched the Prestige on July 1 and eliminated the one high-end card they had, and 4 months later BofA enter the luxury card market.

Re: From Reddit- upcoming BofA credit card updates

FinStar — Tue, 19 Oct 2021 02:14:21 GMT

@JLRDC909 wrote:
I saw this on Dr of Credit. I thought it's might be a good card for some, but just not what I would want.

Odd how Citi ditched the Prestige on July 1 and eliminated the one high-end card they had, and 4 months later BofA enter the luxury card market.

BoA has always had a 'luxury card' for their UHNW clients, specifically the Octave AmEx, which at one point was targetted toward those who had $10MM with ML.

BoA mailer re: Preferred Rewards expansion

coldfusion — Wed, 27 Oct 2021 17:29:54 GMT

It's been mentioned on this site that BoA is expanding the Preferred Rewards program; today's Informed Delivery shows I'm getting a postcard announcing that changes are coming soon. I'm posting it here as while most commentary on the program centers on CC cashback earnings there are other perks associated with the program not associated with BoA/Merrill CC, such as interest rate reductions and ATM fee waivers. The card confirms the upcoming Diamond and Diamond Honors tiers.

I can't tell if all Preferred Rewards members will be getting this mailer or if it is targeted based on some threshold like mininum tiering or mininum investment level that doesn't exactly align with a current or future tier.

I've had images of mine posted here mysteriously reappear on other sites so this time I customized it a bit

Re: From Reddit- upcoming BofA credit card updates

MJ-san — Thu, 28 Oct 2021 17:17:45 GMT

Just got this today ...

Re: From Reddit- upcoming BofA credit card updates

FieryDance — Thu, 28 Oct 2021 18:30:44 GMT

@MJ-san wrote:
Just got this today ...

Not surprised because the $100K requirement for its highest tier is indeed low compared to others. I will wait for more details but I am thinking $500K or $1MM.

Re: From Reddit- upcoming BofA credit card updates

MrDisco99 — Fri, 29 Oct 2021 00:20:11 GMT

Yeah it just seems BofA isn't really interested in marketing to anyone outside those who have a small fortune parked in deposit accounts with them or ML. This new card sounds pretty meh... basically the Premier Rewards plus some perks and an Amex Plat style coupon book.

I've got two basic cards which I never use anymore because the rewards are nothing special and I never get any kind of spend offers from them... just balance transfer checks that I'll never use. I pretty much just hang onto them for the age and the util padding, but I'm feeling kinda done with logging into my BAC account every month for no reason. I'm thinking I may just break up with them.

Re: From Reddit- upcoming BofA credit card updates

simplynoir — Thu, 04 Nov 2021 21:52:29 GMT

Courtesy of Flyertalk/Doctor of Credit regarding the two new tiers some pictures of what it will look like. On the credit card front the 75% bonus for credit cards rewards remains intact for the time being for Platinum and above, and seems to be the changes are for other perks for those with the assets to get them. Relieved I didn't have to think about moving money around to keep rewards going but figure a few here maybe might be interested

https://www.doctorofcredit.com/bank-of-america-preferred-rewards-adds-two-new-relationship-tiers/

Re: From Reddit- upcoming BofA credit card updates

FinStar — Thu, 04 Nov 2021 22:11:32 GMT

@simplynoir wrote:
Courtesy of Flyertalk/Doctor of Credit regarding the two new tiers some pictures of what it will look like. On the credit card front the 75% bonus for credit cards rewards remains intact for the time being for Platinum and above, and seems to be the changes are for other perks for those with the assets to get them. Relieved I didn't have to think about moving money around to keep rewards going but figure a few here maybe might be interested

https://www.doctorofcredit.com/bank-of-america-preferred-rewards-adds-two-new-relationship-tiers/

Yeah, I'm ok with Platinum Honors, but I dunno that I would want to move more $$$ just for Diamond/Diamond Honor perks, even for the Premium Rewards Elite card. Which brings up the next question, for those customers who have $10MM (or greater), what would happen with their Octave card? Will it get switched to this one?

Re: From Reddit- upcoming BofA credit card updates

simplynoir — Thu, 04 Nov 2021 22:37:42 GMT

@FinStar wrote:
@simplynoir wrote:
Courtesy of Flyertalk/Doctor of Credit regarding the two new tiers some pictures of what it will look like. On the credit card front the 75% bonus for credit cards rewards remains intact for the time being for Platinum and above, and seems to be the changes are for other perks for those with the assets to get them. Relieved I didn't have to think about moving money around to keep rewards going but figure a few here maybe might be interested

https://www.doctorofcredit.com/bank-of-america-preferred-rewards-adds-two-new-relationship-tiers/

Yeah, I'm ok with Platinum Honors, but I dunno that I would want to move more $$$ just for Diamond/Diamond Honor perks, even for the Premium Rewards Elite card. Which brings up the next question, for those customers who have $10MM (or greater), what would happen with their Octave card? Will it get switched to this one?

From what I understand BofA wants to unify all customers under one "program" so my educated guess is they keep them on Octave for now but the plan is to move them over to the new elite card down the line. I honestly don't know what the incentive would be to PC to that card though. Maybe the unannounced lifestyle perks will shed some light on that

Re: From Reddit- upcoming BofA credit card updates

coldfusion — Thu, 04 Nov 2021 23:50:13 GMT

I would hope that those 'lifestyle perks' are several grades above those bundled with for example the CSR.

Re: From Reddit- upcoming BofA credit card updates

BronzeTrader — Mon, 15 Nov 2021 15:11:51 GMT

BA/ML should re-activate the Merrill Octave or even the Merrill+ card. There has been an internal struggle inside BA/ML on the branding. The HNWCs are almost all ML clients. They want the ML logo back on the card. ML brokers want that too.

Re: From Reddit- upcoming BofA credit card updates

TSlop — Mon, 15 Nov 2021 21:57:31 GMT

@BronzeTrader wrote:
BA/ML should re-activate the Merrill Octave or even the Merrill+ card. There has been an internal struggle inside BA/ML on the branding. The HNWCs are almost all ML clients. They want the ML logo back on the card. ML brokers want that too.

It's funny that the Premium Rewards originally had a small bull on the front, but the recent redesign moved it to the back.

Anyway, I'm interested to see what the new elite card will be like. We'll, interested to see if the information is accurate that has been found so far.

Re: From Reddit- upcoming BofA credit card updates

NoMoreE46 — Tue, 16 Nov 2021 05:03:27 GMT

Here's the official link from Merrill:

https://www.ml.com/solutions/preferred-rewards-for-wealth-management.html