@ficobgtx wrote:I tried to PC from an old BOA Platinum Plus AMEX. No go. Guess I should just PC my cash rewards as I currently keep it in the SD.
Mine was going to the SD without the PC.
@celluloid17 wrote:
@BigBS wrote:Again, I don't have actual experience with use of the card, but everything I've read shows that it is that simple. Carry a balance and pay more than the minimum each month and you will receive the quarterly reward. They pulled EQ for me, but I think they can pull any of the 3. 3 to 4 weeks is what I was told by the CRA, but hopefully it won't be that long.Good to know! I wonder why it takes so long to get a new card from them? Most credit card companies want to get their cards out to people a.s.a.p. so people can start using them right away.
I was approved for their Cash Rewards card on 03/25 and received my card on 03/31.
@celluloid17 wrote:This card is intriguing to me, but I'm not quite sure I'm clear on how it works. I like to PIF every month, can you still do that with this card and get the quarterly bonus? For example, If I pay my car and/or health insurance with it every month (about $200), do I just have to refrain from paying the balance off until after the statement cuts? This almost seems too good to be true if it's actually that simple?!
I had been looking for a general spend card, like Cap1 Quicksilver, to put my bill pay and general spend through, but given that I spend pretty frugally, this card would actually net me better rewards than a QS or even a Fidelity Amex. Outside of my 5% cards that I use for specific purchases (i.e. gas, groceries, restaurants etc.), I probably only spend about $3000 annually, so with the quarterly bonuses it would make it about a 3.3% back card for me.
What CRA does BofA pull from? Does it really take 4 weeks to get a card from them after applying?!?
I also don't personally have the card, but I want it in the future and I look at it this way. I want the most bang for my buck to get that $25/quarter (or $30 if depositing into a BofA checking or savings btw), so I want to put the smallest amount through this card as possible to get the highest percentage back. If you put $200 through this card a month, that's $600/quarter yeilding 4.1% cash back, which is good, but not the best you get.
Say the minimum payment on this card is 1% of the balance or somewhere between $15-$30, whichever is greater. We'll say it's $30. I would put a $40 bill on it because it's higher than the minimum payment and PIF after statement cuts. That's $120/quarter, and since I have a savings with them, I would get $30 cash back resulting in a whopping 25% cash back per quarter, or 20.5% if only getting the $25 cash back.
So run just enough through this card as you have to, to get the best cash back percentage on it, and run everything else through your other cards for the best % back.
By the way if the minimum payment on this card is $15. Then run $20 through it a month and get either 50% cash back or 41% cash back depending on if you have an account with BofA and get either $25 or $30/quarter
Just my .02
@Santi78342 wrote:
@celluloid17 wrote:This card is intriguing to me, but I'm not quite sure I'm clear on how it works. I like to PIF every month, can you still do that with this card and get the quarterly bonus? For example, If I pay my car and/or health insurance with it every month (about $200), do I just have to refrain from paying the balance off until after the statement cuts? This almost seems too good to be true if it's actually that simple?!
I had been looking for a general spend card, like Cap1 Quicksilver, to put my bill pay and general spend through, but given that I spend pretty frugally, this card would actually net me better rewards than a QS or even a Fidelity Amex. Outside of my 5% cards that I use for specific purchases (i.e. gas, groceries, restaurants etc.), I probably only spend about $3000 annually, so with the quarterly bonuses it would make it about a 3.3% back card for me.
What CRA does BofA pull from? Does it really take 4 weeks to get a card from them after applying?!?
I also don't personally have the card, but I want it in the future and I look at it this way. I want the most bang for my buck to get that $25/quarter (or $30 if depositing into a BofA checking or savings btw), so I want to put the smallest amount through this card as possible to get the highest percentage back. If you put $200 through this card a month, that's $600/quarter yeilding 4.1% cash back, which is good, but not the best you get.
Say the minimum payment on this card is 1% of the balance or somewhere between $15-$30, whichever is greater. We'll say it's $30. I would put a $40 bill on it because it's higher than the minimum payment and PIF after statement cuts. That's $120/quarter, and since I have a savings with them, I would get $30 cash back resulting in a whopping 25% cash back per quarter, or 20.5% if only getting the $25 cash back.
So run just enough through this card as you have to, to get the best cash back percentage on it, and run everything else through your other cards for the best % back.
By the way if the minimum payment on this card is $15. Then run $20 through it a month and get either 50% cash back or 41% cash back depending on if you have an account with BofA and get either $25 or $30/quarter
Just my .02
I don't know this for certain, but I believe the minimum payment is $25 or the balance of the card (if less than $25). Not sure if paying more than a balance less than $25 meets the requirement. My plan is to run my CMS and web bills through it totaling ~$33 and come close to getting a free month on each per quarter (I have a BoA acount to deposit) for a 30% return. Because the quarter has already started and I had a $0 balance for the payment due this month I will not be eligible for the reward until September and next in December, so only $60 for the year. Was a little concerned that I would lose cash rewards through June, but based on my new strategy would only get $.99 per quarter (not even enough to meet the $25 minimum to redeem).
I received a message from BoA that they hope to have the card to me in the next 10 days. Doesn't matter as the balance of the Cash Rewards card will carry over, so plan still works.
@celluloid17 wrote:
@BigBS wrote:Again, I don't have actual experience with use of the card, but everything I've read shows that it is that simple. Carry a balance and pay more than the minimum each month and you will receive the quarterly reward. They pulled EQ for me, but I think they can pull any of the 3. 3 to 4 weeks is what I was told by the CRA, but hopefully it won't be that long.Good to know! I wonder why it takes so long to get a new card from them? Most credit card companies want to get their cards out to people a.s.a.p. so people can start using them right away.
Truly not sure why it takes so long. I know that my card will have EMV built-in and when I had that done with my PenFed Cash Rewards card took about 3 weeks.
