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BoA premium --> cash rewards downgrade?

BrutalBodyShots
Super Contributor

Re: BoA premium --> cash rewards downgrade?

Also slightly off topic, but what sort of range do we typically see for SLs on BoA core products like premium rewards, cash rewards, etc?  Just trying to gauge somewhat of where my landing potential could be if I do in fact pull the trigger on one of their products.

Message 21 of 41
coldfusion
Community Leader
Super Contributor

Re: BoA premium --> cash rewards downgrade?


@BrutalBodyShots wrote:

Also slightly off topic, but what sort of range do we typically see for SLs on BoA core products like premium rewards, cash rewards, etc?  Just trying to gauge somewhat of where my landing potential could be if I do in fact pull the trigger on one of their products.


$5K, $10K, $17K seem to be sweet spots, unusual to see more than $20K SL.   



(4/2021)
FICO 8 (EX) 815 (TU) 822 (EQ) 808
FICO 9 (EX) 827 (TU) 826 (EQ) 832

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 22 of 41
frogman1
Valued Contributor

Re: BoA premium --> cash rewards downgrade?


@BrutalBodyShots wrote:

Also slightly off topic, but what sort of range do we typically see for SLs on BoA core products like premium rewards, cash rewards, etc?  Just trying to gauge somewhat of where my landing potential could be if I do in fact pull the trigger on one of their products.


$20k for me. 

More cards than I can mention in a signature.
Message 23 of 41
Aim_High
Senior Contributor

Re: BoA premium --> cash rewards downgrade?

@frogman1 wrote:  "For anyone who doesn't have 100k in a BOA account it doesn't make any sense.  2 percent on travel and 1.5 percent on other purchases + annual fee makes it a pretty terrible card.   There are 2 percent cards on everything with no annual fee."



I've been considering the Premium Rewards for the SUB, but then planned to either PC it to Travel Rewards or move the CL to Cash Rewards.  Or perhaps PC the Cash Rewards to Travel Rewards and move the CL.  Options, options.... Smiley Happy

 

But I certainly wouldn't call the Premium Rewards a 'terrible' card to keep and I have thought of just keeping it.

 

While I agree that if you have $50K to $100K with Bank of America that it becomes a much better card, it seems to me to be worth keeping as a stand-alone depending on your usage. Those balances can be in investments with Merrill Lynch, so you don't have to tie up big money in low-interest checking or savings.  I don't believe there are fees if you put the money in stocks or funds and leave it alone to grow. 

 

Yes, AF's suck and you need value back on that.  But if you can use the Global Entry for yourself or a family member, that is worth $20 a year ($100 every 5 years average), bringing the AF down to $75.  And if you use the $100 domestic airline fee-reimbursement every year (for which you don't even have to pick a single airline like AMEX), you just MADE an extra $25 for carrying the card!  Smiley Very Happy  There are few AF cards that actually pay your fee back 100% and then put extra cash in your pocket!  (*It would take $1250 in charges on the 2% card before you'd start to get ahead, even without the Preferred Rewards.)

 

Then, if you do couple it with the Preferred Rewards, you get 10% bonus with just a simple checking account, or 25%/50%/75% with $20K to $100K balances, so that is just the icing on the cake. (1.65%, 1.875%, 2.25%, or 2.625%) on everything you buy.  While 1.65/1.875 is not as high as some cards, that unlimited 2.625% on everything, no limits, is the highest pure cash-back card I have ever heard of.  When coupled with the Cash Rewards, it can also go up to 5.25% on up to $10K in annual spending on your preferred category (@ $2.5K per quarter.)

 

Or if you don't have the investments to qualify for Preferred Rewards or don't want to tie up your money, just take the $25 and use your other 2% card.  Free money. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 27 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 24 of 41
BrutalBodyShots
Super Contributor

Re: BoA premium --> cash rewards downgrade?


@frogman1 wrote:


$20k for me. 


Clean/thick/aged file and average to above average income I'm assuming when you applied?

Message 25 of 41
CreditCuriosity
Moderator

Re: BoA premium --> cash rewards downgrade?


@BrutalBodyShots wrote:

@frogman1 wrote:


$20k for me. 


Clean/thick/aged file and average to above average income I'm assuming when you applied?


put it this way people with 200k+ income are getting around 18kish-20kish on past approvals.  It will certainly grow with sp cli's just like your discover has.  I speculate even with your 850 scores you would get around a 5-10k approval although this is just a guess based off what i know about your credit profile a few high cards being Discover and Amex if i recall correctly.. BofA doesn't try to compete with other lenders off the bat, but SP clis are easy with them.  I could be way off and you might get a higher approval, but really arent you just in it for the bonus?

Message 26 of 41
kdm31091
Super Contributor

Re: BoA premium --> cash rewards downgrade?

If you’re just wanting the bonus it seems a huge limit doesn’t really matter. The minimum for the Premium card is 5k, which seems even at that bare minimum more than sufficient for use of just getting the bonus.
Message 27 of 41
BrutalBodyShots
Super Contributor

Re: BoA premium --> cash rewards downgrade?

I don't think I'd ever get a card just for a bonus.  I never have, anyway.  I'd have to see value in the card outside of the bonus, like picking up another CB category, which I touched in in the first few sentences of my original post.  That's just my personal feeling on it though.  Having said that, limit still would matter to me.  I've also got an odd personal goal of having a high ACL.  No real reason for it, as there are very few models that even care, but it's just a personal thing since I don't have a lot of cards I always have a goal of maintaining a high ACL... quality over quantity I suppose. 

Message 28 of 41
arkane
Established Contributor

Re: BoA premium --> cash rewards downgrade?


@Aim_High wrote:
@frogman1 wrote:  "For anyone who doesn't have 100k in a BOA account it doesn't make any sense.  2 percent on travel and 1.5 percent on other purchases + annual fee makes it a pretty terrible card.   There are 2 percent cards on everything with no annual fee."



 

Yes, AF's suck and you need value back on that.  But if you can use the Global Entry for yourself or a family member, that is worth $20 a year ($100 every 5 years average), bringing the AF down to $75.  And if you use the $100 domestic airline fee-reimbursement every year (for which you don't even have to pick a single airline like AMEX), you just MADE an extra $25 for carrying the card!  Smiley Very Happy  There are few AF cards that actually pay your fee back 100% and then put extra cash in your pocket!  (*It would take $1250 in charges on the 2% card before you'd start to get ahead, even without the Preferred Rewards.)

 

Or if you don't have the investments to qualify for Preferred Rewards or don't want to tie up your money, just take the $25 and use your other 2% card.  Free money. 


The $100 is technically supposed to only be for "airline incidentals", but of course there's the well known GC loophole that hopefully will keep working (dam you Amex!!!). As long as that's the case, you're already net $5 ahead each year if you do any flying with those airlines. If not, you could probably still resell that GC for about 85% value, so your net AF is only ~$10, which you'll break even after $666 in spending. Or if you have a BoA checking account, you get a 10% redemption bonus, for a effective 1.65% cashback, so only $606 spend required to break even. And of course if you have preferred rewards, that number drops even lower.

 

Overall while Premium Rewards is definitely not the strongest card (and certainly nothing premium about it except the $500 SUB), as long as they don't kill off that loophole, I think it's still worth keeping around.

 

P.S. Retirement accounts (IRAs) under Merrill Lynch qualify for preferred rewards too, and that's probably the absolute easiest way of attaining platinum honors status.

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6/8/20:

Message 29 of 41
BrutalBodyShots
Super Contributor

Re: BoA premium --> cash rewards downgrade?

Has anyone ever seen a > $200 SUB targeted offer or anything on the cash rewards card?  I have not heard of one, but I figured I'd ask.

Message 30 of 41
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