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Finally in with Bank of America

doinit1
Valued Contributor

Re: Finally in with Bank of America

+1

 

American Express Business Gold(NPSL 10k) Chase CSP (25k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(4.1k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (1k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(4.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (500✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until June 2021

FICO 8 Scores EX 700 EQ 696 TU 703
AAOA 5.2yrs TCL=268,700
Message 11 of 15
grillandwinemaster
Valued Contributor

Re: Finally in with Bank of America


@JonMark wrote:

Now, this would be awesome because it turns this card into a 11, 12, and 13% cash back card! ...


JonMark, I think your analysis has a HUGE flaw in it.  Having a qualifying checking or savings account DOES NOT turn this card into 11,12, and 13% card. I'm afraid that would be unsustainable on BofA's part.

 

If I understand it correctly, the 10% Applies to the Cash back ALREADY earned, not to the Cash back TO BE earned. 

 

Meaning, let's say in the grocery category you spent $100. You automatically earn 2%, which comes out to $2.00

 

The bonus would be 10% of that, which would be 0.20 cents.

 

With your scenario, the rate of return would be $12.00. At this point, BofA would have single handed changed the face of the American economy! Heck, we could essentially fund our retirement account on the back of BofA credit card! 

 

Don't get me wrong, I REALLY wish to be wrong since I have the BofA Cash Rewards and a qualifying checking account, but unfortunately, I don't believe I'm wrong. 


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 12 of 15
JonMark
New Contributor

Re: Finally in with Bank of America

Ahh .. You are actually right lol, I was adding the bonus 10% on the front end rather than on the back end. That does make a huge difference, and it was my mistake lol - but still pretty awesome to have the additional 10% of the earned cash back! Thanks for knocking sense into me lol 

Total Credit: $29,650

AMEX Delta Skymiles: $6,000 | Discover IT Secured: $500 | Capital One QuickSilver: $2,600 | eBay Mastercard: $500 | Bank of America Cash Rewards: $500 | Minor Credit Cards: $19,550
Message 13 of 15
Anusara
Senior Contributor

Re: Finally in with Bank of America

Congrats on your approvals!!!
Gardening since 10/01/18 Gardenversary 10/01/20 Score: xx/xx/xx EQ xxx TU xxx EXP xxx
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 14 of 15
frogman1
Valued Contributor

Re: Finally in with Bank of America


@JonMark wrote:

Ahh .. You are actually right lol, I was adding the bonus 10% on the front end rather than on the back end. That does make a huge difference, and it was my mistake lol - but still pretty awesome to have the additional 10% of the earned cash back! Thanks for knocking sense into me lol 


It is 1.1 %, 2.2% and 3.3 % if you just have an account.  A co-worker has 75k in his B of A savings and it is a 1.5, 3, and 4.5 % card for him.  Although with what Bank of America gives in iterest it is a terrible card for him. 

 

I got 84 dollars back in the first two months of having the card.  I had to make 6 payments a month though.  Very annoying.  The nice thing about it is you can get the cash back with amounts as low as 25 dollars.  I haven't used it since then as I have other reward cards now and the 500 limit is such a pain. 

More cards than I can mention in a signature.
Message 15 of 15
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