Help clarify BofA

[Tran92]

So if I get the BofA secured credit card and add the 123 rewards, does the 3% and 2% cash back goes away forever after reaching $1500 in spendings?

[Anonymous]

From the BoA website:

"1% cash back on purchases, 2% on groceries and 3% on gas for the first $1,500 in combined gas and grocery purchases each quarter"

So the bonus cap should reset every quarter.

[HiLine]

+1

[Tran92]

So every 3 months?

[HiLine]

Yes, a quarter means 3 months. Or were you asking something else?

[bs6054]

And to maximize the bonus, buy $1,500 of gas each quarter before buying any groceries!

The bonus, while more amazing than the new Discover IT one, is still fairly small, between $30 and $45 a quarter.   Unless gas spending is much higher than groceries, the Amex BCE would give more back.

Edit: Missed this is the secured one.   Given that, the rewards are pretty good.

[Tran92]

Well that's good then I plan on using the card mainly for gas. Do anyone know if its a hard pull to increase your limit for the secured?

[Anonymous]

Yes a customer initiated credit limit increase is always a hard pull with Bank of America.