Help clarify BofA

Tran92 · ‎12-20-2012

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?

TU 746 (10/13)
GOAL: 750+

tinuviel · ‎12-20-2012

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.

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HiLine · ‎12-20-2012

+1

---> HiLine's personal finance blog - Follow my journey!

Tran92 · ‎12-20-2012

So every 3 months?

TU 746 (10/13)
GOAL: 750+

HiLine · ‎12-20-2012

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

---> HiLine's personal finance blog - Follow my journey!

bs6054 · ‎12-20-2012

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 · ‎12-20-2012

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?

TU 746 (10/13)
GOAL: 750+

supersam101 · ‎12-20-2012

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

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