@Aim_High First of all congrats on the offer!
BoA has been sending out carefully targeted offers and my husband also has the offer since March, extended twice already. He has gotten 2 BoA cards since last summer so definitely not been a good gardener as far as BoA can tell. 😆 But as you see it does not seem to be a deterrent. On the other hand I have two other family members who are also Preferred Rewards members but do not have the same offer for PR.
I just asked hubby to log in and I took a couple of pictures with my phone and you can compare:
He is not going for it because I already have the PR and there is no point for him to get one too except for the SUB and we don't want to be too greedy. 😆
About the tier qualification, I can't say for sure about the initial process but I know once you qualify you are good for one year. BoA will re-evaluate during month 10, 11 and 12, and if during those 3 months your average fund dips below your current tier level BoA will give you extra 3 months to bring it back up again. So in reality once you reach a certain tier you won't be dropped for at least 15 months.
As far as the the card application is concerned I would think having a targeted offer is more helpful than having a certain tier level. If the expiration date of the offer won't allow you to reach Plat Honors I would pull the trigger.
@TSlop wrote:Personally, I'd go for it, but I don't mind HPs since I don't usually throw many out per year. Having a solid APR is helpful in the app process.
I previously did not know this was a tough card to get because I cold app'd and was instantly approved, but I've had an IRA since 2010 with Merrill Lynch. As you have mentioned, I've come to read that this is a relationship card.
@CreditCuriosity wrote:
You should be good since you got cash with them. As you echoed the 3% AOD kinda changes things up and personally I think AOD will be around for awhile since they have tightened up their GEO-FENCE. With that said you still come out ahead each year if not mistaken on the BOFA card as it is a loss leader for them not only the 500$ sign-up bonus, but the credit each year I believe they lose money ... It is a GOOD card if you have 100k parked with BofA and it isn't costing you money meaning they work as good as any other trading firm for you and you aren't just parking it in savings, etc.. Also HP's are WAYYYY overrated imho it would only be one, so if you want I would role the dice and I bet you will get snake eyes and come out with an approval
@K-in-Boston wrote:
I got paged. Uhh, if the card makes sense for you, go for it. Definitely looks like a real prequal like I've had in the past with them. The card has a net negative annual fee if you use the airline credit (it's very easy to use with all of the domestic carriers, and unlike Amex works on paid upgrades) and that SUB is wonderful.
@wasCB14 wrote:
Re: Page
I can't really speak to the underwriting criteria. I got instant approval on my two apps but had less in the way of new credit. And I was comfortably Platinum Honors, not Gold. Apps were in December and March.
I saw a similar "targeted" ad/offer on the website for Cash Rewards around October after I set up my checking account. I didn't note whether the APR was exact or in a range. But I still got an instant approval for Premium Rewards when I applied 2-point-something months later (they upgraded me to PH a little early, despite the technical 3 month requirement). And I got a similar ad/offer for Premium Rewards on the website shortly after that (though by the time I got the ad/offer, I'd already had the card for a week or so).
@Turbobuick wrote:
I got an invite to this party! lol
If it were me, and looks like I'm alone, in saying wait until you quality for the perferred rewards program. I believe it would greatly boost your chances and necessary only because of your numerous applications of late. Then again, if the offer disappears, who's to say it would come back later?
Thanks for the feedbacks @TSlop , @CreditCuriosity , @K-in-Boston , @wasCB14 , @Turbobuick. I do appreciate all the comments. Yes, maybe I'm just being too cautious trying to avoid another denial. I just didn't expect to get a targeted offer so I wanted to bounce it off you guys. Thanks KinBoston and ColdFusion for verifying that it looked like a real targeted prequal offer.
Yes, the "net negative" AF just makes sense even if you rarely travel to get the credit. And I do like having another high cash-back payout option. I just can't see myself right now putting 100% of my rewards into travel credits. Maybe in a few years I will rethink that if circumstances change. Right now with the coronavirus changes to travel, it makes me value the cash-back payout options even more.
@FieryDance wrote:@Aim_High First of all congrats on the offer!
BoA has been sending out carefully targeted offers and my husband also has the offer since March, extended twice already. He has gotten 2 BoA cards since last summer so definitely not been a good gardener as far as BoA can tell. 😆 But as you see it does not seem to be a deterrent. On the other hand I have two other family members who are also Preferred Rewards members but do not have the same offer for PR. I just asked hubby to log in and I took a couple of pictures with my phone and you can compare: ... He is not going for it because I already have the PR and there is no point for him to get one too except for the SUB and we don't want to be too greedy. 😆
About the tier qualification, I can't say for sure about the initial process but I know once you qualify you are good for one year. BoA will re-evaluate during month 10, 11 and 12, and if during those 3 months your average fund dips below your current tier level BoA will give you extra 3 months to bring it back up again. So in reality once you reach a certain tier you won't be dropped for at least 15 months.
As far as the the card application is concerned I would think having a targeted offer is more helpful than having a certain tier level. If the expiration date of the offer won't allow you to reach Plat Honors I would pull the trigger.
Thanks very much @FieryDance ! Yes, those screen shots look exactly like my offers on my computer log-in screens. (I think your hubby ought to be a greedy My-Fico'er and go for the extra SUB personally. 
LOL.)
It's good to know your status sticks for at least a year. Hopefully, I won't have a problem with balances shrinking enough to cause a change in status.
I'm moving significant funds to Merrill this week so it won't change my Preferred Rewards status before the current targeted offer ends on 07/04/2020. While I would really expect it to be extended, I probably won't take my chances. As you and others have said, app'ing while there is an offer is probably a more favorable time. Worst case, if they deny me for too many new accounts and won't recon it, I'll chill until the Fall when some start falling back off.
@credit_is_crack wrote:Solid News @Aim_High !! This is absolutely a preapproval. That's what my BofA Biz Cash reward offer looked like before I got it. It just popped up on my main login page. I pondered like you did due to high activity, but just went for it and got an instant approval.
Of course it was a $3,500 limit, but considering the last time I cold app's they offered me the secured biz version, I was stoked.
I didn't know about the "once you qualify you're good for a year" .. that's VERY nice to know. I think you just go for it. I've applied for this one twice (back when it first came out - got approved, collected SUB and PCd to a cash rewards, then applied again last year for a 2nd SUB).
Not saying you have to do that, but if you did you'd have two 5.25% cash cards long term. The online shopping category is extremely broad so you could really bank it up. Like you mentioned keeping it as a PR would still net you 2.65% card as a catch all, should the AOD get nerfed.
touve been chasing the top tiers for BofA, strike while the iron is hot!
Thanks @credit_is_crack ! That's encouraging news! Thanks for the advice. Yes, I had thought about getting a 2nd Cash Rewards card. I had seen where @FieryDance and a couple of others already mentioned that strategy in other threads so I thought I might try it too. Getting 5.25% cash back on category is a great deal and the CR spending limits are high at $2.5K per quarter.
After all this PR talk I just realized I can qualify for Gold if I open up a checking account and park my main checking and direct deposit there. That is, if they combine both my checking account and Merrill Lynch IRA totals, but I believe that should be the case. Huzzah!
I don't think I'll do this quite yet though. The extra 25% won't overpower the targeted SUB of $300, so I will still wait.
@TSlop wrote:After all this PR talk I just realized I can qualify for Gold if I open up a checking account and park my main checking and direct deposit there. That is, if they combine both my checking account and Merrill Lynch IRA totals, but I believe that should be the case. Huzzah!
I don't think I'll do this quite yet though. The extra 25% won't overpower the targeted SUB of $300, so I will still wait.
@TSlop, yes, the qualifying deposits count the total of anything you have in checking, savings, CDs, or in Merrill investment accounts including IRA's. I put $20K in checking and savings with my Direct Deposit to get into Preferred Rewards as a Gold member but then moved larger deposits over to Merrill for Platinum Honors. I'm not expecting to keep much money in banking accounts. The interest is too low, but the fees are waived as a PR member. I got the $300 SUB for new checking with Direct Deposit, and I hope to get $375 as a PR member for opening Merrill with $100K deposits (special offer to PR members), as well as the $500 SUB on Premium Rewards card. In total, $1175 in SUBS with BofA inside of 12 months. 
Forgive me if you previously mentioned it @Aim_High , but was your $300 SUB for the checking account from a targeted offer? I faintly recall seeing the offer in my account in the past but I never jumped on it. Naturally, now that I want it, it is gone. I'm hoping that it will cycle back in the next few months. As you have mentioned, their interest is too low so I only want to use their checking account for the preferred rewards. I have my savings elsewhere.
@TSlop wrote:Forgive me if you previously mentioned it @Aim_High , but was your $300 SUB for the checking account from a targeted offer? I faintly recall seeing the offer in my account in the past but I never jumped on it. Naturally, now that I want it, it is gone. I'm hoping that it will cycle back in the next few months. As you have mentioned, their interest is too low so I only want to use their checking account for the preferred rewards. I have my savings elsewhere.
Yes it was targeted but here are some links I found and posted lately on a recent thread about Bank Of America. I believe you can sign in and open the links and apply to take advantage of any of them. If you do, let us know how it works out!
$400 SUB for $4K in total Direct Deposits on new checking:
https://promo.bankofamerica.com/ff2020T2400/
$500 SUB for $10K in total Direct Deposits on new checking:
https://promo.bankofamerica.com/ff2020T2500/?#
Special SUBs for Preferred Rewards clients who open new Merrill: