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From Reddit- upcoming BofA credit card updates

NoMoreE46
Established Contributor

From Reddit- upcoming BofA credit card updates

https://www.reddit.com/r/CreditCards/comments/q6thrv/new_bofa_tiers_and_credit_card_coming_soon/?utm...

 

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Message 1 of 10
9 REPLIES 9
icejam
Member

Re: From Reddit- upcoming BofA credit card updates

Like several commenters in that thread said, I just hope this change doesn't involve nerfing the existing tiers/rewards. I'd have to rethink the bulk of my card usage (not to mention where I keep a lot of my investments), if they do end up changing things. Currently making pretty heavy use of the platinum honors tier and multiple customized cash rewards cards for that sweet 5.25% cash back.

Message 2 of 10
xenon3030
Established Contributor

Re: From Reddit- upcoming BofA credit card updates

The rewards look almost similar to the BOA Premium Rewards card. I predict a hefty SUB for this upcoming card Smiley Happy


Fico8: EX~EQ~TU~780 (12 month goal~840).
BOA (Custom Cash Rewards, Better Cash Rewards, Premium Rewards), Chase (Freedom, CSP, Amazon), US Bank (Cash+, Altitude Go/Connect), Discover, Amex (BCP, HH), Walmart/Cap1, Barclay View.
Message 3 of 10
Namaste7
Established Contributor

Re: From Reddit- upcoming BofA credit card updates


@icejam wrote:

Like several commenters in that thread said, I just hope this change doesn't involve nerfing the existing tiers/rewards. I'd have to rethink the bulk of my card usage (not to mention where I keep a lot of my investments), if they do end up changing things. Currently making pretty heavy use of the platinum honors tier and multiple customized cash rewards cards for that sweet 5.25% cash back.


Per the source's comments, these changes seem to offer additional benefits rather than nerfing the existing program: "These new tiers are to recognize the value of your high net worth and ultra high net worth clients relationships. Because it offers exclusive benefits, lifestyle rewards and experiences that go far beyond fee waivers and mortgage discounts, this program gives your clients even more reasons to engage and deepen their relationships... Sounds like the card might be lifestyle focused. The previous Octave Card had 20% off domestic coach round trips, $350 travel credits, plus other minor stuff."
 
If they do nerf the PH CC benefits, I'll continue to use their cards because 3% CB for online purchases is great for a no-AF card; however, I'll move my assets by year-end.

 

~~MMXX~~
My Garden Goal: Double NW
Message 4 of 10
kilroy8
Super Contributor

Re: From Reddit- upcoming BofA credit card updates

DOC giving this a "not worth it" shrug. 

 

We'll see.

Message 5 of 10
Turbobuick
Established Contributor

Re: From Reddit- upcoming BofA credit card updates

Message 6 of 10
JLRDC909
Contributor

Re: From Reddit- upcoming BofA credit card updates

I saw this on Dr of Credit. I thought it's might be a good card for some, but just not what I would want. 

Odd how Citi ditched the Prestige on July 1 and eliminated the one high-end card they had, and 4 months later BofA enter the luxury card market. 

JR
Message 7 of 10
FinStar
Moderator

Re: From Reddit- upcoming BofA credit card updates


@JLRDC909 wrote:

I saw this on Dr of Credit. I thought it's might be a good card for some, but just not what I would want. 

Odd how Citi ditched the Prestige on July 1 and eliminated the one high-end card they had, and 4 months later BofA enter the luxury card market. 


BoA has always had a 'luxury card' for their UHNW clients, specifically the Octave AmEx, which at one point was targetted toward those who had $10MM with ML.

Message 8 of 10
coldfusion
Community Leader
Super Contributor

BoA mailer re: Preferred Rewards expansion

 

It's been mentioned on this site that BoA is expanding the Preferred Rewards program; today's Informed Delivery shows I'm getting a postcard announcing that changes are coming soon.   I'm posting it here as while most commentary on the program centers on CC cashback earnings there are other perks associated with the program not associated with BoA/Merrill CC, such as interest rate reductions and ATM fee waivers.   The card confirms the upcoming Diamond and Diamond Honors tiers. 

 

I can't tell if all Preferred Rewards members will be getting this mailer or if it is targeted based on some threshold like mininum tiering or mininum investment level that doesn't exactly align with a current or future tier. 

 

 

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I've had images of mine posted here mysteriously reappear on other sites so this time I customized it a bit Smiley Wink



(10/2021)
FICO 8 (EX) 804 (TU) 830 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 9 of 10
MJ-san
Regular Contributor

Re: From Reddit- upcoming BofA credit card updates

Just got this today ... 

BOA.jpg

Message 10 of 10
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