@Aim_High wrote:
@EverForward wrote:
I would personally consider Chase again, but after burning them on 2 cards, it'd be a long road uphill to regain their trust, and frankly I don't blame them. Alternatively, it seems best to begin fresh with a FI such as B of A, of course, I'll still have to prove my worth with them, as with every other FI, but nice to hear they do have some preferred programs.
Kind of irks me that my local FI seems, after a year+ with them, to be somewhat oblivious, hence my interest in looking elsewhere. I am planning on calling them Monday, guess I at least owe them that before I leave them.
I wouldn't say you "owe" them anything but if they care at all about their customers or if you think it might make a difference, you could ask to speak to a manager before you leave. Some people don't like to "complain" but a customer with an honest gripe can give good feedback to a receptive manager who is willing to listen and knows there is always room for improvement.
For anyone interested, here's a little more about how Bank of America rewards relationship. I do like how it's well-defined.
Just having a checking account at Bank of America boosts your credit card payouts by 10% when you deposit cash rewards. So a Cash Rewards card paying 1%, 2% or 3% earns 1.10, 2.20% or 3.30% respectively. That's a separate boost from the Preferred Rewards Program.
The Bank of America Preferred Rewards program requires total deposits in accounts and investments of at least $20,000. That is the bottom level of the Gold tier. Platinum starts at $50K. Platinum Honors at $100K. That's not just basic savings, checkings, CDs. Bank of America bought Merrill Lynch in 2009, and investment accounts there count also. Some people have rolled over IRA's or other long-term investments to qualify for higher Preferred Rewards status. Depending on the tier, you receive a range of benefits including waived fees, higher interest payments on accounts (although it's still not impressive), reduced fees on loans, etc. But for credit cards, it can really bump up your return. Instead of just 10% back like you get with checking, you get credit card rewards boost of 25%, 50% or even 75% respectively based on tier status, and that applies to any credit cards you hold. For a Cash Rewards card that pays 1% on anything, 2% on groceries or warehouse, or 3% on special category, that gives you:
- Gold (1.25%, 2.5%, 3.75%)
- Platinum (1.5%, 3%, 4.5%)
- Platinum Honors (1.75%, 3.5%, 5.25%)
The only cap is that the 2% and 3% categories combined only pay that amount up to $2500 per quarter, $10K per year.
Even at Platinum Honors, the base rewards level of the Cash Rewards card is unimpressive at 1.75%. There are lots of 2% or better cards. With the exception of a couple of unicorns like the recent AOD FCU 3% cash back card which may or may last for the long haul, the highest paying cash back cards that have stuck around have maxed out at about 2.5% (USAA Limitless Cash Back.) So Platinum or Platinum Honors clients would really benefit from having the Premium Rewards credit Card. As I mentioned upthread, it's hard to get without relationship, as a minimum some banking accounts if not investments. At face value, the card doesnt' look that impressive. It charges a $95 AF. And it only pays an uncapped 2% cash back on travel and dining out and 1.5% elsewhere, all uncapped. Yawn, right? It gets better. There are credits, so if you travel you get Global Entry or TSA precheck reimbursed once every 4 years (value $25 per year.) And you can be credited $100 annually for airline incidentals like checked bags or other fees. So if you use all the credits, Bank of America is actually paying you an average of $30 per year just to carry the card! This card is also eligible for the boost in credit card rewards. So instead of 1.5% and 2%, you earn:
- Gold: (2.5% travel-dining),(1.875% on anything else)
- Platinum: (3% travel-dining),(2.25% on anything else)
- Platinum Honors: (3.5% travel-dining),(2.625% on anything else)
These rewards are CASH payouts, so if you prefer flexible cash instead of dealing with more complex travel-limited MR-UR-TY points from AMEX, Chase, or CITI, this card might be attractive!
With the exception of those recent 3% "unicorn" cards (AOD FCU, USAlliance CU), that 2.625% has been the best available uncapped uncategorized cash-back rate that didn't require payment by Mobile Wallet. (US Bank Altitude Reserve pays 3% but only on Mobile Wallet payments and it carries a $400 AF, so allowance has to be made for offsetting part of that fee against cash back. The travel credits only help with $325 of that.)
This is an example of some banks get more concrete defining how they reward relationship instead of leaving clients hanging and wondering what they are getting back for their deposits and loyalty. I've seen very similar programs advertised by some other banks so there is industry imitation.
