cancel
Showing results for 
Search instead for 
Did you mean: 

Has BoA CB Rewards ever changed offered categories?

Overmedicated
Community Leader
Valued Contributor

Re: Has BoA CB Rewards ever changed offered categories?


@Anonymous wrote:

@M_Smart007 wrote:

 

I just use the US Bank Cash+ for UT's

 


Maybe I had the BoA card confused with this one.  There was something that I was considering for utilities at one point.  The BoA card doesn't really appeal to me with the 3% categories offered, as I've got them covered across other cards already.  Thanks for the good info!


I think the BBVA Clearpoints has the 3% for utilities that you could select.

FICO 8
Message 11 of 18
DaveInAZ
Senior Contributor

Re: Has BoA CB Rewards ever changed offered categories?


@wasCB14 wrote:

@Anonymous wrote:

I was looking into this card a couple of years back and then not again until recently and thought perhaps the 3% categories have changed.  Have any been added or removed?  For some reason I thought that utilities was a possible category, but that doesn't seem to be the case. 


It used to be 3% (or more with status) on gas. The ability to choose has only been around for about two years.

 

2%+ at supermarkets, not including warehouse clubs.


Thanks, I'd forgotten it also has 2% on groceries. Mine is set for 3% for gas which isn't a big spend for me, but bigger than the other choices. BoA sent me an email offering an extra 1% on top of other rewards thru 12/31, I clicked & activated it. But my Amex BCP gets me 6% on groceries and my BBVA Visa is giving me 5% on groceries thru 12/31, including my Walmart that codes as grocery, so Cash Rewards will still only get gas.

Message 12 of 18
Anonymous
Not applicable

Re: Has BoA CB Rewards ever changed offered categories?

Anyone else feel like 2% and 1% categories (on a card that offers >2% on something else) are irrelevant to most?  I feel like most people carry a card that gets them 2% CB on everything.  Maybe that's not true and I just assume that since this is a CC forum.  I know there are people out there that only carry 1 or 2 cards so those 1% or 2% categories may mean something to them, but I think for the majority of us we probably only see value in the main category for most cards that offer smaller CB on other categories.  Thoughts anyone?

Message 13 of 18
wasCB14
Super Contributor

Re: Has BoA CB Rewards ever changed offered categories?


@Anonymous wrote:

Anyone else feel like 2% and 1% categories (on a card that offers >2% on something else) are irrelevant to most?  I feel like most people carry a card that gets them 2% CB on everything.  Maybe that's not true and I just assume that since this is a CC forum.  I know there are people out there that only carry 1 or 2 cards so those 1% or 2% categories may mean something to them, but I think for the majority of us we probably only see value in the main category for most cards that offer smaller CB on other categories.  Thoughts anyone?


Keep in mind one person 2% category is another's 3% or 3.5% category.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
SUB: JetBlue, Amex Platinum
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 14 of 18
Aim_High
Senior Contributor

Re: Has BoA CB Rewards ever changed offered categories?


@wasCB14 wrote:

@Anonymous wrote:

Anyone else feel like 2% and 1% categories (on a card that offers >2% on something else) are irrelevant to most?  I feel like most people carry a card that gets them 2% CB on everything.  Maybe that's not true and I just assume that since this is a CC forum.  I know there are people out there that only carry 1 or 2 cards so those 1% or 2% categories may mean something to them, but I think for the majority of us we probably only see value in the main category for most cards that offer smaller CB on other categories.  Thoughts anyone?


Keep in mind one person 2% category is another's 3% or 3.5% category.


^ This. 

 

For one thing, many cards set up a tiered system that pays only 1% on the base level. A lot of people don't have 2% or 1.5% cards or they just want a simple wallet with one or two cards.  They aren't like us.  Lol ... so they actually use cards like that at 1% and 2% categories.

 

But what @wasCB14 is exactly right.  With both Cash Rewards and Premium Rewards, Bank of America pays their Preferred Rewards clients a nice bonus.  +25% for Gold ($20K in deposits),  +50% for Platinum ($50K in deposits), and +75% for Platinum Honors ($100K in deposits).   Bank of America makes rewarding relationship very straightforward and obvious. 

 

I moved assets to Merrill Lynch to qualify for Platinum Honors recently, so I get ...

  • Cash Rewards 3% category (3.00 x 1.75)  = 5.25%
  • Cash Rewards 2% category (2.00 x 1.75) = 3.50%
  • Cash Rewards 1% category (which I don't use) would give me (1.00 x 1.75) = 1.75%
  • Premium Rewards 2% on dining and travel (2.00 x 1.75) = 3.50%
  • Premium Rewards 1.50% on everything else (1.50 x 1.75) = 2.625%

That 3.5% on warehouse clubs gives me 3.5% off at Costco, beating my Citi-Costco card's 2% and my AOD FCU Visa's card 3.00%.  Smiley Very Happy



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 15 of 18
Anonymous
Not applicable

Re: Has BoA CB Rewards ever changed offered categories?

I get it when you're talking about the system that BoA has.  That's more of the exception though and wasn't speaking specifically about them and moreso about cards in general that have 1% and 2% categories offered behind whatever the main 3%-5% or whatever category is.

Message 16 of 18
Aim_High
Senior Contributor

Re: Has BoA CB Rewards ever changed offered categories?


@Anonymous wrote:

I get it when you're talking about the system that BoA has.  That's more of the exception though and wasn't speaking specifically about them and moreso about cards in general that have 1% and 2% categories offered behind whatever the main 3%-5% or whatever category is.


I think the lender's intent is what I mentioned in the first part of my reply; that they hope to capture people who aren't as focused or savvy on finding the absolute best rewards deals and are satisfied with a card that pays at least one percent.  Lenders know some people just want a simple wallet with only a few cards, so they're willing to compromise on rewards.

 

We are all outliers on My Fico.  While the average number of credit cards per consumer is between about 2 and three, statistically I would bet that the number who have a card that pays 2% or higher in cash back, uncapped and uncategorized, is probably very small.  I would guess the number is no more than about 20% to 25% of the consumers who have cards.  Why?  A lot don't know much about the subject or take time to research it.  I can't tell you how many people I've chatted with about cards who are still using some that only pay 1.5% or less, and these people have good credit.  Also, there's a lot of consumers in the bottom half of the credit ratings with subprime cards that may not pass underwriting for many of the 2% or better cards.   While cards paying 1.5% are more common and a little easier to get, a lot of consumers are probably swayed by the 3% or 2% categories and may not take time to do the math to see how these cards compare to other options.   Those 2% and 3% numbers look pretty jaw-dropping to them in context, and the 1% still seems acceptable to them.



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 17 of 18
Anonymous
Not applicable

Re: Has BoA CB Rewards ever changed offered categories?

True that against the big picture we members of this forum are probably about the equal to pissing in the ocean.

Message 18 of 18
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.