How to get the most out of Amex BCE?

[Anonymous]

I mean, as long as it still yields my highest CB on groceries, it's worth keeping.  Who knows, maybe in a few years my grocery spend could increase significantly.  It just makes sense to ride it out with the card I suppose.  I do like the idea of having that CL available to move elsewhere at another point in future if need be and if I close the BCE I'd lose that option.

[Anonymous]

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@Anonymouswrote:

I mean, as long as it still yields my highest CB on groceries, it's worth keeping.  Who knows, maybe in a few years my grocery spend could increase significantly.  It just makes sense to ride it out with the card I suppose.  I do like the idea of having that CL available to move elsewhere at another point in future if need be and if I close the BCE I'd lose that option.

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The Bank of America Cash Rewards is a better card. 

You get 3.3%, 2.2%, 1.1% back on groceries, gas, and eveyrthing else with a Bank of America checking or savings account. The card is a Visa/Visa Signature, it posts the rewards once the statement hits, there's a $25 minimum but no $25 increments requirement, and if you're a preferred rewards customer, you can get even higher rewards. 

[Anonymous]

What's a preferred rewards customer?  I don't know anything about BoA products, so any additional information here would be cool.  I don't know how I feel about opening an account just to obtain a CC (I'm not a BoA account holder).  What's the deal with the .3, .2 and .1 endings to each tiered CB amount?  It almost looks like it was designed to slightly best the BCE?

[simplynoir]

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@Anonymouswrote:

What's a preferred rewards customer?  I don't know anything about BoA products, so any additional information here would be cool.  I don't know how I feel about opening an account just to obtain a CC (I'm not a BoA account holder).  What's the deal with the .3, .2 and .1 endings to each tiered CB amount?  It almost looks like it was designed to slightly best the BCE?

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The .3, .2, and .1 endings are because if you have a checking/savings account with BofA you can deposit your earnings in your bank account for a 10% increase. And preferred rewards status is when depending how much you hold with BofA total (checking/savings and ML/ME holdings) you can get an additional increase for your spending. More info on link below.

https://www.bankofamerica.com/preferred-rewards/

[Anonymous]

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@Anonymouswrote:

What's a preferred rewards customer?  I don't know anything about BoA products, so any additional information here would be cool.  I don't know how I feel about opening an account just to obtain a CC (I'm not a BoA account holder).  What's the deal with the .3, .2 and .1 endings to each tiered CB amount?  It almost looks like it was designed to slightly best the BCE?

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I do have a feeling Bank of America has the 10% minimum bonus with a checking or savings relationship to market increased rewards over the BCE, plus establish a relationship to make more money off of the cardholder by lending out money you stash in a savings and checking account. 

Use the link above that the other poster provided to find information about preferred rewards. Keep in mind, investments and retirement accounts through Merrill Lynch may count towards the deposit amount requirement. 

[HeavenOhio]

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@Anonymouswrote:

You get 3.3%, 2.2%, 1.1% back on groceries, gas, and eveyrthing else with a Bank of America checking or savings account. The card is a Visa/Visa Signature, it posts the rewards once the statement hits, there's a $25 minimum but no $25 increments requirement, and if you're a preferred rewards customer, you can get even higher rewards. 

It's flip-flopped: 3% on gas, 2% at grocery stores and wholesale clubs, and 1% on other purchases, plus whatever bonus you get for redeeming into a BoA account. So this card would beat the BCE for gas and become a backup for groceries. Visa Signature status is granted on limits of $5,000 or above.

As an option, the MLB version of this card has the same rewards structure. The difference is that it's a MasterCard. I can't find anything to indicate whether it can be a World or World Elite product.

Susan G. Komen Cash Rewards Visa is a third version of the card. Like the "main" card, Visa Signature status is granted on limits of $5,000 or above.

Note that the category rewards on these cards have a quarterly cap of $2,500. That could devalue their usefulness for some customers. I believe you need to keep a minimum of $300 in a checking account in order to avoid fees.

• Bank of America® Cash Rewards
• MLB Card
• Susan G. Komen Cash Rewards Visa

[Anonymous]

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@HeavenOhiowrote:

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@Anonymouswrote:

You get 3.3%, 2.2%, 1.1% back on groceries, gas, and eveyrthing else with a Bank of America checking or savings account. The card is a Visa/Visa Signature, it posts the rewards once the statement hits, there's a $25 minimum but no $25 increments requirement, and if you're a preferred rewards customer, you can get even higher rewards. 

It's flip-flopped: 3% on gas, 2% at grocery stores and wholesale clubs, and 1% on other purchases, plus whatever bonus you get for redeeming into a BoA account. So this card would beat the BCE for gas and become a backup for groceries. Visa Signature status is granted on limits of $5,000 or above.

As an option, the MLB version of this card has the same rewards structure. The difference is that it's a MasterCard. I can't find anything to indicate whether it can be a World or World Elite product.

Susan G. Komen Cash Rewards Visa is a third version of the card. Like the "main" card, Visa Signature status is granted on limits of $5,000 or above.

Note that the category rewards on these cards have a quarterly cap of $2,500. That could devalue their usefulness for some customers. I believe you need to keep a minimum of $300 in a checking account in order to avoid fees.

• Bank of America® Cash Rewards
• MLB Card
• Susan G. Komen Cash Rewards Visa

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Minimum to avoid fee with Core Checking is $1,500 or $250 direct deposit, which could be from a source like AMEX Serve.There's a $300 minimum for savings, which is more reasonable. 

Quarterly cap of $2,500 doesn't matter much when BCE caps groceries at $6,000 a year. Sure it doesn't cap gas, but it's hard to spend enough at a gas station and grocery store to add up to $2,500 every three months. One would have to spend $833 a month between gas and groceries to hit the cap... That means $150 a week on groceries and $50sh a week on gas, which is pretty steep for the average person. I can see the cap being a problem only if one shops at warehouse clubs. 

[HeavenOhio]

Thanks for the bank account info. The warehouse category is the one that concerened me as it'd be easy to want to spend a large amount occasionally.