BofA Cash Rewards 3% options

[coldfusion]

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@longtimelurker wrote:

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@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.

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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!

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They don't beat the drums hard and they aren't in your face about it but they do provide (mostly) subtle reminders about the program and what they consider as benefits.     

You can also qualify via IRAs through Merrill Lynch, including those invested in non-ML funds that you are holding through an ML account.

[galahad15]

Very interesting!  Sounds like BoA may be trying to start competing to a certain extent with the Wells Fargo Propel card possibly, with the new 3% category options? I already have my FNBO Travelite and Propel cards for 3% on travel, so I just may choose the 3% online shopping category for the BoA Cash Rewards card once the new 3% categories go live...

ETA:  in any event, in mho, the new 3% categories make an already-good rewards card even better!    My BoA Cash Rewards card will very likely be seeing a lot of new spending from me, once the new 3% options go into effect...

[NRB525]

Interesting.
I wonder what the category “Online Shopping” includes.
This works as a minor supplement to Cash+ in certain situations.

It will be a good way to keep one of my oldest accounts active. Gas still a possible option.

[Anonymous]

Your bank of America cash rewards card is getting more rewarding

New Rewards BofA

3% gas , online shopping  , dining  , travels , drugs store and home improvement

2% cash back at grocery and wholesale clubs

1% unlimited cash back on all other purchase

[AverageJoesCredit]

LEO🍷🍸😁

[Remedios]

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@AverageJoesCredit wrote:
LEO🍷🍸😁

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NO LEO! 

[HeavenOhio]

Here's the NerdWallet article:

Bank of America Will Launch Cash-Back Card With Choices

The article says that there are six cashback categories. Customers can choose one to be 3%; the rest will be 2%. Customers can choose their category up to once a month. If the category isn't changed, it'll remain the same as the previous month.

[Anonymous]

BOA is coming adding to its rewards category starting Jan 14 2019. You can select one of several categories each MONTH depending on your purchase plan each month.

here is the email i just got

<Mod note:  Pic has been removed; you're welcome to replace the image once you edit to redact your personal info.  --UB>

[simplynoir]

Post about this here.

https://ficoforums.myfico.com/t5/Credit-Cards/BofA-Cash-Rewards-3-options/td-p/5431087

[Anonymous]

Cap?