Bank of America Cash Rewards 3% category

IPIF · ‎01-13-2019

on-line banking now allows you to select your 3% category effective today.

on-line shopping category is broad, but it is unclear whether ebay qualifies.

DaveInAZ · ‎01-13-2019

Yeah, finally showed up for me when I logged in yesterday. I use my Cash Rewards card for gas, but as my car gets 35mpg+ and it's a 10 minute commute to work gas isn't a big spend category for me. But the other choices -

- Dining: No thanks, I use my Uber for 4%

- Drug stores: What are those? Now, if my AZ Medical Marijuana Dispensary would count . . . but they can't take CCs anyway

- Home Improvement: No thanks, my Lowes gives me 5%

- Travel: The last time I suffered through an airport was in 2010 for a nephew's wedding. Another nephew is getting married in May, so maybe then, but thinking of driving even though it's Tucson to Tallahassee, but I really hate airports & airplanes

- Online Shopping: Yeah, need more detail on what counts as "online shopping". My Uber was supposed to give 2% on PayPal but was very spotty so I gave up and just use it for dining.

NRB525 · ‎01-13-2019

Well the nice thing is, it’s not a lifetime commitment to pick a 3% category.

Go for for online shopping and report back your findings.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765

kdm31091 · ‎01-13-2019

@NRB525 wrote:
Well the nice thing is, it’s not a lifetime commitment to pick a 3% category.

Go for for online shopping and report back your findings.

Exactly. Try it out and see how it goes. It doesn't sound like the other categories benefit that poster much anyway.

For me, probably will select online shopping, as my Costco covers gas and dining, and the other categories aren't large areas of my spending. I may select home improvement here and there when I need to make a meaningful Home Depot or IKEA purchase (assuming IKEA counts).

I'm still not seeing the option on my BOA portal but it wasn't supposed to be "official" until tomorrow, so I guess just a slow rollout.

Anonymous · ‎01-13-2019

they need selected 4 or 5 % categories now. 3% is too low.

kdm31091 · ‎01-13-2019

@Anonymous wrote:
they need selected 4 or 5 % categories now. 3% is too low.

They're kind of backed into a corner because of the 75% bonus they give for certain Preferred Reward clients. This means the 3% already becomes 5.25%. So if the base were 5%, they'd be giving what, almost 9% on the categories? Not gonna happen unless they nerf or get rid of the Preferred program.

So yes, for base clients, 3% is nothing all that exciting, but I don't think BOA can really offer much more.

Anonymous · ‎01-13-2019

You are absolutely right, they backed themselves into a corner. Their criteria of getting higher reward is too hard for many, if not most customers.

Its a structure issue. I think BofA needs to reevaluate the system and see if it makes sense to implement some changes to attract new customers who cannot meet their criteria to get bonuses.

Credit-hoarder · ‎01-13-2019

Gonna keep mine set at gas for now. I commute about 20 miles to work each way so it'll give me a chance to put a little spend on it to help justify me having my limit. All my other cards that offer gas are 2% except for SPG biz which is 4%--but the pts. aren't worth as much as cash.

BUSINESS

Rewards Pts.-Miles: UR-MR-TYP-Venture

longtimelurker · ‎01-13-2019

@Anonymous wrote:
You are absolutely right, they backed themselves into a corner. Their criteria of getting higher reward is too hard for many, if not most customers.

Its a structure issue. I think BofA needs to reevaluate the system and see if it makes sense to implement some changes to attract new customers who cannot meet their criteria to get bonuses.

Well, the customers who do benefit are the ones that they want the most. But I don't know if those customers are significantly attracted by the increased rewards (aren't the rewards capped fairly low?)

Anonymous · ‎01-13-2019

@longtimelurker wrote:
@Anonymous wrote:
You are absolutely right, they backed themselves into a corner. Their criteria of getting higher reward is too hard for many, if not most customers.

Its a structure issue. I think BofA needs to reevaluate the system and see if it makes sense to implement some changes to attract new customers who cannot meet their criteria to get bonuses.
Well, the customers who do benefit are the ones that they want the most. But I don't know if those customers are significantly attracted by the increased rewards (aren't the rewards capped fairly low?)

Yes. "Earn 3% and 2% cash back on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter."