I'm reading a lot of contradictory things now about how the relationship bonuses are applied, so I should walk back my earlier assumptions for now.
Usually with BOA cards, if you're depositing into your account the bonus is applied with that transaction. So, if I cash out $300 for deposit into an eligible account, I get a 10% ($30), 25% ($75), 50% ($150), or 75% ($225) bonus depending on status, but would get no bonus whatsoever for depositing into say a Navy FCU account. Some of the language I am reading at other sites states that the bonuses are earned with the purchase, which would not only mean that you'd receive the full relationship bonus depositing the funds away from BOA, but it means that the signup bonus wouldn't get the additional bonus since the bonus isn't being applied after the fact at redemption.
Unfortunately, the card is too new so I can't locate a PDF of the rewards terms and conditions that includes the Premium Rewards card yet. I'll report back and let everyone know what I see in there when I get the hard copy. As for the checking relationship, I do see that the wording is changed from the TR and CR cards, but they also made it wordier so maybe it was just an accidental omission? Again, that should be in the T&C of the rewards program. Sorry if I may have unintentionally misled anyone; it just seems odd if they change the terms just for this one card.
@kdm31091 wrote:Maybe I'm missing it, but I don't see any mention of a 10% customer bonus for this card like they do for the Cash and Travel cards. It seems for this specific product, you only are entitled at a bonus on your rewards if you are Preferred Rewards. Regular checking account holders don't get anything extra, again, unless I'm missing it?
Thanks for specifically bringing that up. It is confusing since they changed the wording up from the other two cards. I'll report back as soon as I know.
@happypill wrote:I've also got over 30k points sitting in my Travel Rewards card right now. Can those be transferred over to this new card for the 75% bonus as well (I don't think so because it wasn't possible with the Cash Rewards).
I don't think BOA lets you transfer points from one account to the other. Otherwise, those with Cash Rewards and Travel Rewards cards would have been able to transfer over their TR points to cash out at 1cpp instead of 0.6cpp. The terms on the Premium Rewards do state 1cpp for cash redemption, so again transfers from TR to PR would also result in being able to redeem for more cash value.
Big congrats K on superb sl. Letting ya know while i still got cell
@DeeBee78 wrote:Congrats on the approval! I guess you won't find out until the card is showing up in your account tomorrow if they robbed Peter to pay Paul?
Peter has been robbed, unfortunately. Peter apparently carries the Travel Rewards card from Bank of America, and I updated my first post. I am disappointed, but I'll put in for a CLI on the Travel Rewards card and see what happens. Fortunately, the BT that was on that card was nearly paid off (~$1600 left) so even taking $21,000 from it still leaves it at just under 30% utilization. I'm still thrilled to have been approved for the card to get the sign-up bonus, and I very well may end up keeping the card (although it's possible I may later PC my Travel Rewards card (opened 2005) to the Premium Rewards before consolidating).
@Anonymous wrote:Major congrats K in Boston. How much longer until you sit on the board at BOA? 😜
Not sure, although seeing that I may have hit a temporary ceiling with them I might have to settle for sitting on the sidewalk outside of a local branch. I'm just a touch under 30% exposure-to-income with them and that's where DW is currently at. Admittedly, I have some huge balances that should give lenders some pause, but again my payment history has always been flawless, utilization is under control, and at least on paper the income supports the credit lines and amount of debt.
@kdm31091 wrote:You can absolutely transfer points among certain card types. The Travel Rewards card can transfer points to AAA Visa. You can't transfer anything in or out of the Cash Rewards card, however.
Wow, I never realized you could transfer points to co-branded cards. As I don't have any, I tend to think of the primary lending cards (BankAmericard, CR, TR, and now PR) when talking about BOA's cards. I am assuming that they still won't allow transfers from PR to TR, either, since TR's cash value is much lower for redemption at 0.6cpp compared to the full 1cpp of PR. As a side note on co-branded, if it weren't for the lousy section of Terminal C here at Logan that Alaska/Virgin America uses that is segregated from the rest of the terminal (it's literally just a hallway with 3 gates, a food cart and 2 tiny restrooms with no TSA PreCheck), I would have grabbed the Alaska Airlines card a while ago.
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AJC, I hope you are safe and sound. Thank you everyone for the congratulations, and I promise I'll post updates as soon as I get the T&C of the Rewards program to answer questions about the 10% relationship bonus and whether points can be transferred.