Bank of America VISA 2% cashback on everything?

[wollepopolle]

So, I received this "pre-selected" offer from Bank of America two days ago. It's a Bankamericard Visa Signature with 2% cashback on EVERYTHING! No cap and no annual limit and no tier system. Just 2% on everything straightforward.

I looked on their website and couldn't find that exact card, only one with a lower cashback rate. Thus I went to www.bankofamerica.com/mynewcard and enter my "pre-selection" code and submitted my application and was approved online for a CL of $7000.Yay!

Have you guys heard about this card? Is it a new card? After I submitted my application, I had grave misgivings. Had a fallen into some spam trap? But then, the website that I stated above is legit and is owned by Bank of America, isn't it? Also, the offer that I received was a formal piece of mail. Nothing about it identifies it as fake. Please tell me that I am safe, lol!

If that card is real (which I believe it is) then it is one of the greatest cashback cards out there. I am just surpised this is coming from Bank of America.

Addendum: I should also add that it carries no annual fee.Also, when I googled "Bankamericard 2% cashback" a post from a fellow CC user on fatwallet.com came up who had received the same letter a couple of days ago and was wondering if it was for real, too. So, it is really weird why this card doesn't appear online. I have a good FICO score in the 760ies (not the FAKO score!) but I am not a 800 candidate as of now. Do they send out these offers randomly to people with good credit to vitalize their business? It really makes me wonder.

[haulingthescoreup]

Wow, congrats!

So there's nothing in the eensie-weensie print that says it's 2% for 6 months, and then drops back to 1%?

[wollepopolle]

Nope, 2% all the time.I saw on their website that they have a card with a 60 or 90 day 3% cashback on gas and groceries and the standard 1% on everything else.  But that is a different one. As I said, this card offer that I received doesn't even show up online.

---

So there's nothing in the eensie-weensie print that says it's 2% for 6 months, and then drops back to 1%?

---

The funny thing is that when I got the "pre-selected" offer I was wary as that means by no means an approval as we all know.It's just a tease.So I went ahead and checkedon their website if I prequalify for any of their cards. Funny enough, the response was I would currently not. Then I couldn't resist appying for this card, though, and lo and behold, I was approved.The formula behind that makes absolutely no sense to me. Well, so be it.

[jforsyth]

Well, it would make sense, considering FIA issues BofA's card and they already issue the 2% Fidelity card.

I also know for a fact that BofA has an arsenal of cards that are not shown on their website. I, myself, have a white BofA MasterCard that it not on the website.

[KIPPIE12]

I received the exact same preselected offer this week.  2% cash back on every purchase.  No limit to cash rewards you can earn.  Mineis for the BankAmericard Cash Rewards, not the Signature.  I wonder if  I would get the Siggie if the credit line granted is over 5k?

I don't have a BOA card, but have been thinking about going for this one since  the cashback can really add up.

[haulingthescoreup]

I might need to call these fine folks back. I would absolutely make my BofA card my go-to card, except for gas (5% on PenFed), if they're paying 2% for the indefinite future!

[jforsyth]

I'm guessing they're testing the waters with private offers for this card before they decide whether or not to fully launch it on their website. I don't know how much money they can actually make off of a 2% card, especially as a large bank. I would assume the 2% card works for Fidelity because it draws people into their investment services. For BofA, however, I just don't see it being sustainable right now. The rates on that thing are probably going to be astronomical to compensate (although that'd be irrelevant to my interests as I always PIF). I feel like a 2% card would be better suited for Merril Lynch to get people investing and paying for trades.

I really hope I get an offer, though. I already have a BofA MasterCard with pretty poor rewards, and I would love to do a PC to a 2% Visa. It would also save me an application for the Fidelity Amex in the future.