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BofA Cash Rewards 3% options

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xvassagox
New Contributor

BofA Cash Rewards 3% options

Bank of America is going to allow Cash Rewards holders to choose their 3% category starting next January.

 

https://newsroom.bankofamerica.com/press-releases/consumer-banking/bank-america-clients-have-power-c...

 

This will be great for those on the Platinum Honors tier to get 5.25% back on things other than gas. 


Sock Drawered -
Equifax Bankcard 8 - 830 - 4/21 | Experian Score 8 - 812 - 5/26 | TransUnion Score 8 - 810 - 5/1
Message 1 of 31
30 REPLIES 30
Anonymous
Not applicable

Re: BofA Cash Rewards 3% options

Cool beans.  Now they need to make it 5% for category spend like some of the competition.

 

Message 2 of 31
Anonymous
Not applicable

Re: BofA Cash Rewards 3% options

Meh, quarterly limit is only $2500. 1% after that. Might be useful if they raised the cap or removed it altogether.
Message 3 of 31
kdm31091
Super Contributor

Re: BofA Cash Rewards 3% options

Good move. Always better to have choice than not. My Costco visa covers gas and dining anyway so I’ll probably choose home furnishings.
Message 4 of 31
gdale6
Moderator Emeritus

Re: BofA Cash Rewards 3% options

Well, well I might have to keep the card now that they will allow this, was going to deep six it early next year as its redundant to other cards I have.
Message 5 of 31
K-in-Boston
Credit Mentor

Re: BofA Cash Rewards 3% options

If private school tuition and summer camp were a 3% category... oh, wait there's a cap?  Smiley Sad

Message 6 of 31
Anonymous
Not applicable

Re: BofA Cash Rewards 3% options

This is good news - a minor game changer for this card and for my love/hate relationship with BOA these days.  The travel 3% category would be a great 1st quarter for me, as I'd hit the limit before the end of January and then have to wait until April for another sure thing.  Gas and grocery spend doesn't come anywhere close to useful in terms of rewards for me.

Message 7 of 31
Anonymous
Not applicable

Re: BofA Cash Rewards 3% options

This is certainly a good move for BOA, even considering the quarterly cap. I will likely take this out of the SD next month and give it some use. I would only use this card for the 3% category (Travel/Gas) so the 2500 cap wouldn’t be an issue for me at all.

 

This also makes it a little easier for me to dump my Citi Premier when the AF hits in August. I only use the Premier for portal redemptions so I’m really only getting 3.75% back on travel and gas. Paying a 95$ fee for a 3.75% travel card makes no sense when I can get 3% back with a no af card.

 

Is the 10% customer bonus still in or did they replace that with preferred awards?

Message 8 of 31
Anonymous
Not applicable

Re: BofA Cash Rewards 3% options

Current lineup of BoA credit cards feel a bit lackluster for sure. Products named 'cash rewards', 'travel rewards', and 'premium rewards', but in reality all just cash back cards with 3-2-1 categories, a flat 1.5%, and a 2% meh travel/dining with some minor perks. It'd be nice to see them get some transfer partners or get a travel portal with elevated redemption rate similar to Chase. For being such a large bank, it seems weird that they're so reluctant to get into the game.

 

Message 9 of 31
longtimelurker
Epic Contributor

Re: BofA Cash Rewards 3% options


@Anonymous wrote:

Current lineup of BoA credit cards feel a bit lackluster for sure. Products named 'cash rewards', 'travel rewards', and 'premium rewards', but in reality all just cash back cards with 3-2-1 categories, a flat 1.5%, and a 2% meh travel/dining with some minor perks. It'd be nice to see them get some transfer partners or get a travel portal with elevated redemption rate similar to Chase. For being such a large bank, it seems weird that they're so reluctant to get into the game.

 


No longer a customer so I'm not sure how much they push the Preferred stuff, but to me that makes sense as a strategy:  ho-hum cards that really transform into some best of class with $100K in an IRA.   Why "give away" rewards for free when you attract money to your core business!

Message 10 of 31
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