Currently my daily driver is BoA Unlimited Cash Rewards (grey card). It's especially good for big purchases.
With the BoA's top tier Honors segment, this card is giving me 2.62% cash back on everything purchased. No per month spending limitations and it has no annual fee. Well, the only limiting ability would be my available Credit Limit/s (I have 2 of the same card). I also use my Penfed 2% Cash Rewards for my larger purchases we well.
Does anyone have anything equal to or greater than to these cards as far as cash back only categories (not points)?
Thanks!
@CramEiko wrote:Currently my daily driver is BoA Unlimited Cash Rewards (grey card). It's especially good for big purchases.
With the BoA's top tier Honors segment, this card is giving me 2.62% cash back on everything purchased. No per month spending limitations and it has no annual fee. Well, the only limiting ability would be my available Credit Limit/s (I have 2 of the same card). I also use my Penfed 2% Cash Rewards for my larger purchases we well.
Does anyone have anything equal to or greater than to these cards as far as cash back only categories (not points)?
Thanks!
There are some cards that will give 3% or more CB at an exact spend. For instance the Ford or Lincoln card - disregarding any Ford points that you may or may not benefit from - gives a $200 statement credit when you spend $6,000 in a 12 month period. If you spend more than $6,000 and as much as $12,000 annually, you can apply for a FordPass card and also a Lincoln Access card. 3.33% CB at $6,000 (or $12,000) annual spend.
The FNBO Evergreen Business card gives 2% CB on all purchases and then a $100 bonus when you spend $10,000 in a year. 3.0% CB at $10,000 annual spend.
Your top tier BoA card with 2.62% CB is great. Good for you.
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The U.S. Bank Cash Plus Visa has two 5 percent categories and one 2 percent category. I believe you can get two of these cards. In addition, you can also get an Elan Max Preferred Cash card. That's at least 6 different categories at 5 percent cash back each and another 3 categories at 2 percent cash back. None of these cards have an annual fee. Also, you can change them as you see fit each quarter. This can be very powerful depending on what your monthly spend is like.
Last update: 4/8/2024
@CramEiko wrote:Currently my daily driver is BoA Unlimited Cash Rewards (grey card). It's especially good for big purchases.
With the BoA's top tier Honors segment, this card is giving me 2.62% cash back on everything purchased. No per month spending limitations and it has no annual fee. Well, the only limiting ability would be my available Credit Limit/s (I have 2 of the same card). I also use my Penfed 2% Cash Rewards for my larger purchases we well.
Does anyone have anything equal to or greater than to these cards as far as cash back only categories (not points)?
Thanks!
Concur with the AOD FCU (now only for grandfathered members) at 3% and US Alliance at 3%. There are also a few outliers like the PCMCU (People Caring More CU) with a highly-geofenced card that earns 5% back on the first $1k monthly spend or the Aerospace FCU Platinum Visa that could offer as much or more depending on spend (5% gas; 4% dining-entertainment; 3% travel; 2% everything else. Caps apply on 3% to 5% categories.)
As pointed out above, there are many cards that pay 3% to 5% (or higher) in specific categories so if you're willing to carry multiple cards you could increase your overall earnings substantially above the 2.625% or even 3% average.
@CramEiko, unless you don't travel or dine out at all, I would highly suggest you product change the Unlimited card to the original Premium Rewards card with the $95 AF. It also earns 1.5% (2.625% with Platinum Honors) on all purchases but it also earns 2% (3.5% with Platinum Honors) on all dining and travel, uncapped. That $95 AF is quickly reduced by a $100 annual airline fee credit and $100/4 years TSA Global Entry fee credit, effectively making this card a $30 annual profit before you even begin to accrue rewards on spending. Premium Rewards also has no FTF (versus 3% on the Unlimited.) As long as you are using the credits to offset the AF, you're increasing your rewards above the 2.625 level on all dining and travel. While it's unlikely to exceed 3% overall, it's still some improvement over your current earnings.
And unlike the Unlimited, the Premium Rewards also offers many additional perks including:
- Travel Protections: Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays, lost luggage and emergency evacuation and transportation.
- Purchase Protections: Shop with confidence, with excellent purchase protections like Warranty Manager Service, Return Protection and Purchase Security. These can help with repair, replacement or reimbursement on purchases, or extend the manufacturers' warranty.
- Automotive Protections: Feel safer on the road with our 24/7 Roadside Dispatch Program, plus added protection with Auto Rental Collision Damage Waiver
- Visa Signature Luxury Hotel Collection: Enjoy a premium set of benefits when you use your Premium Rewards® card to book through the Visa Signature Luxury Hotel Collection
- Visa Signature Concierge Service: The Visa Signature concierge service gives you access to concierges who can help with travel planning, restaurant recommendations and event reservations.
If you travel frequently and are willing to accept travel a higher level of travel rewards instead of cash back, the Premium Rewards ELITE card could also be a good consideration since it enhances value of points for airfare redemptions.
Also, remember that the Customized Cash Rewards cards also earn at enhanced rates and BofA has been reported to allow multiples. You could earn 3.5% with Platinum Honors at grocery and warehouse clubs as well as 5.25% in selected categories (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings ... changeable monthly at your discretion.) With Platinum Honors, one Premium Rewards card combined with one Customized Cash Rewards card is a very powerful combo.
@C6 wrote:I'd suggest Alliant 2.5% flat and the FNBO Business Evergreen for 3% on the first 10,000 spend. I'd never park $100,000+ in a BOA checking or savings account to get the higher rate. Earning .04% on savings is laughable from a "Too Big To Fail Bank". BOA is not well capitalized and I have no faith in the FDIC.
From the little research I did, I'm pretty sure you don't need to park the money in the measly checking or savings account. You're right, that would be losing more money than you are gaining with the increased cash back. It's $100,000 in total assets with BoA / Merrill. The money can be in an investment account.
@C6 wrote:I'd suggest Alliant 2.5% flat and the FNBO Business Evergreen for 3% on the first 10,000 spend. I'd never park $100,000+ in a BOA checking or savings account to get the higher rate. Earning .04% on savings is laughable from a "Too Big To Fail Bank". BOA is not well capitalized and I have no faith in the FDIC.
I don't know of anyone who would park $100K in a "big bank" checking or savings account @C6. The deposit requirements for Bank of America Preferred Rewards are total deposits including not only those low-yielding bank deposit accounts but also investments with Merrill Lynch. Merrill offers Merrill Edge Self-Directed, Merrill Guided Investing, or Merrill Lynch Wealth Managment options. Merrill Edge Self-Directed offers Unlimited $0 online stock, ETF and option trades with no trade or balance minimums. Many of our forum members who pursuded Preferred Rewards status moved invested assets including IRAs over while maintaining minimal banking deposits.