@Anonymous wrote:
@longtimelurker wrote:I guess it also depends on your level of otherwise uncategorized spend. Many people here complain about too many cards, in this case for some it would be an extra card and an additional bank/brokerage account, so would need to make sure that the extra 0.625% was worth the "effort"
And that's not counting all of us that have the Limitless. I ran $42k through mine last year and the .125% difference would have only netted me an additional $52.50. Even if I chose to add the airline and Global Entry credits (both of which I have covered on multiple other cards) it's still below $200 a year. Considering the hassle of moving money over to BOA just to have it locked there in order to leverage an additional $50 a year, I don't personally see the value.
That's why we all have to do our own math and make our own decisions instead of following the masses. There is no right answer. "YMMV" (Your Mileage May Vary) could almost be appended to every My Fico message since our circumstances can be quite different.
In your case, you are probably correct that it's not worth a small difference. But a lot of us (myself included), even if otherwise eligible, missed out on the USAA Limitless Cash Back. And a lot of our members aren't eligible for USAA. While it would probably have been a good choice for me too, that's in the past unless they decide to reopen it. I'm not holding my breath and I have to move forward.
Given the options on the market today, the Premium Rewards card is by far my best cash-back option for uncategorized spend. USB AR pays 3% but only on mobile wallet. Beyond that, I'm aware of no other card that pays such a high uncapped, uncategorized rewards rate. Yes, moving assets over is a bit of a hassle but I'm invested in the markets anyway, so unless I have an awful experience with Merrill, I see no reason not to give it a shot.
Moreover, moving assets over to qualify for Preferred Rewards Platinum Honors level will also qualify you for a lot of other discounts or waived fees on Bank of America services, and bumps the earning power of the Cash Rewards card (if you hold it like I do) up to 5.25% on your selected special category spend and 3.5% on groceries and warehouse spend. For a comparison, that's almost as much as the 4.4% that the AMEX Blue Cash Preferred earns on your first $6K in groceries after accounting for the $95 AF, but the combined cap on Cash Rewards has a higher $10K on special categories combined. So for anyone comparing and considering options, make sure you take the entire Preferred Rewards program benefits into account when making your decision. The Premium Rewards card 2.625% return is just part of the total equation.
@Anonymous wrote:
@Aim_High wrote:
@wasCB14 wrote:
@Anonymous wrote:
@galahad15 wrote:just curious why would BoA offer a "Premium Rewards" card product with an AF and less cashback rewards than the standard "Cash Rewards" card product with higher cashback return and no AF?
The Premium Rewards card offers travel insurance. $500 for 12 hour+ trip delay. $100/day for baggage delay. $5,000 for trip cancellation, etc. Plus $100 every 4 years for TSA/Global Entry, and $100 every year for airline incidentals.
While the Cash Rewards card set on "travel" does earn more than Premium Rewards (5.25% to 3.5% at Platinum Honors), Cash Rewards offers none of those travel perks.
Two things have lessened my desire for the BOA Premium Rewards card:
1. AMEX now offers travel coverage similar to/better than the above on a couple of cards that I have.
2. Citi Double Cash now offers TY Point conversion, which is a marginally better deal (with transfer partners) than the Premium Rewards 2.625% earn rate on non-category spend. In addition, Blue Business Plus (2x MR) and World of Hyatt (effectively 2x on the first $15K) are marginally more attractive.
I used my 2019 and 2020 PR credits for AA gift cards. As long as that works, it's not really an AF card for me.
It's true that the Premium Rewards card has travel protections, although not as rich as some of the true premium higher-AF travel cards like AMEX PLAT, CSR, CITI Prestige, USB AR. But that misses the point ...
You make a good point about freedom and point devaluation.
I was responding to OP's question about why the $0 AF Cash Rewards offered up to 5.25% back on travel while the $95 Premium Rewards offered only up to 3.5% on travel. It's because of the insurance and other perks like airline incidentals...
Yes, and that was a good answer. Thanks for pointing that out. Also the PR travel category is uncapped, so for high spenders it could be much more lucrative. The 5.25% is only good on up to $10K spend annually (and further divided by $2500 cap per quarter.) And it's even less if you take advantage of the 2% (or up to 3.5% with Platinum Honors) cash-back on groceries and warehouse clubs.
I was responding more to your comparison of PR to AMEX PLAT or other premium travel cards and cash-back versus MR/UR/TY redemption. I don't think BoA was trying to compete head-on with those products and comparing them can be confusing or even deceptive, IMO. Their approach, with a coupled lower AF and cash-back instead of transfer partner and points with all their potential complications and devaluations seemed refreshing to me. The Premium Rewards card isn't for everyone but I also like leveling the playing field when card comparisons are made so a fair comparison can be made. If I'm going to choose one card over the other, I need all the information to make the best choice. Not so much trying to convince you that PR is better than PLAT but just putting out the opposite position for everyone to evaluate on their own. 
@Anonymous wrote:Thanks, AimHigh.
I wasn't trying to deceive anyone. I don't think I mentioned the Amex Platinum, as I don't have that card.
The BOA PR card is an awesome travel card for someone who:
1. Does not have travel protections elsewhere,
2. Has money with Merrill and can maximize the 2% on travel (converting it up to 3.5%), and
3. Prefers the flexibility of straight up cash back at up to 2.625% vs. other "points" options yielding up to 3.4% on noncategory spend but with the risk of devaluation or inability to use all of them.
But there are better travel protections available. And better travel earning rates. And potentially higher noncategory earn rates with points partners.
It's kinda like the Wells Propel card. 3x on restaurants, gas, transit, flights, hotels, AirBNB and streaming. A great all-in-one card, and the card I recommend to beginners looking for a simple $0 AF cash back set up (Propel, Double Cash & Blue Cash Everyday).
But Propel is not optimal in any one of those categories compared to the competition.
Life's a trade off.
You're welcome, and no I didn't think you were trying to deceive anyone. I was just putting out another perspective.
Sorry, I assumed you meant the AMEX Platinum when you meant travel protections. Still, I think comparing any of AMEX's $150 to $550 AF charge cards which have better travel protections and earn MR points isn't a level comparison to what BofA is trying to do with PR. It's a different market segment.
Totally agree that Premium Rewards is a great card ... but for the right person.
And that there are better travel cards and travel-earning cards out there.
So card choices are definitely a trade-off. And deciding which way to attack the dragon is a personal choice. If I add the PR, it will just give me more options but I like having choices and flexibility. It keeps me from getting too locked-in and committed to one bank and one rewards pool.
@Aim_High wrote:
@Anonymous wrote:
@Aim_High wrote:
@wasCB14 wrote:
@Anonymous wrote:
@galahad15 wrote:just curious why would BoA offer a "Premium Rewards" card product with an AF and less cashback rewards than the standard "Cash Rewards" card product with higher cashback return and no AF?
The Premium Rewards card offers travel insurance. $500 for 12 hour+ trip delay. $100/day for baggage delay. $5,000 for trip cancellation, etc. Plus $100 every 4 years for TSA/Global Entry, and $100 every year for airline incidentals.
While the Cash Rewards card set on "travel" does earn more than Premium Rewards (5.25% to 3.5% at Platinum Honors), Cash Rewards offers none of those travel perks.
Two things have lessened my desire for the BOA Premium Rewards card:
1. AMEX now offers travel coverage similar to/better than the above on a couple of cards that I have.
2. Citi Double Cash now offers TY Point conversion, which is a marginally better deal (with transfer partners) than the Premium Rewards 2.625% earn rate on non-category spend. In addition, Blue Business Plus (2x MR) and World of Hyatt (effectively 2x on the first $15K) are marginally more attractive.
I used my 2019 and 2020 PR credits for AA gift cards. As long as that works, it's not really an AF card for me.
It's true that the Premium Rewards card has travel protections, although not as rich as some of the true premium higher-AF travel cards like AMEX PLAT, CSR, CITI Prestige, USB AR. But that misses the point ...
You make a good point about freedom and point devaluation.
I was responding to OP's question about why the $0 AF Cash Rewards offered up to 5.25% back on travel while the $95 Premium Rewards offered only up to 3.5% on travel. It's because of the insurance and other perks like airline incidentals...
Yes, and that was a good answer. Thanks for pointing that out. Also the PR travel category is uncapped, so for high spenders it could be much more lucrative. The 5.25% is only good on up to $10K spend annually (and further divided by $2500 cap per quarter.) And it's even less if you take advantage of the 2% (or up to 3.5% with Platinum Honors) cash-back on groceries and warehouse clubs.
I was responding more to your comparison of PR to AMEX PLAT or other premium travel cards and cash-back versus MR/UR/TY redemption. I don't think BoA was trying to compete head-on with those products and comparing them can be confusing or even deceptive, IMO. Their approach, with a coupled lower AF and cash-back instead of transfer partner and points with all their potential complications and devaluations seemed refreshing to me. The Premium Rewards card isn't for everyone but I also like leveling the playing field when card comparisons are made so a fair comparison can be made. If I'm going to choose one card over the other, I need all the information to make the best choice. Not so much trying to convince you that PR is better than PLAT but just putting out the opposite position for everyone to evaluate on their own.
In my research and YMMV but the AMEX Platinum card buries all the rest of travel cards. Now going for MR points program besides business cards.
For me, I will be traveling at least 1x a month from Green Bay, WI to O'Hare then to Las Vegas. I can use Delta lounge with the card but it offers Centurion lounge access. Thats 3x access each trip according to rules. Free food at either with a comfort level usually not with priority pass is enough for me.
Two years ago a strange thing happened. My wife was laid off after 41 yrs when her facility was closed. We put her 401K into a Merrill/Bofa IRA, she became "platinum honors" and I suddenly became a "financially insignificant hangar on". I used to be the bread winner, but it's all good! lol
We now have 6 pairs of BofA credit cards. I'm on hers now as "authorized user". We don't use our prior cards, where she was the AU, unless there is a special promotional deal that beats 5.25% or 2.62%.
All my old card balances sit at zero, but my fico score loves it as I've been at 850 for a year now. My wifes score "dropped" to 830 as we put $30-40K a year on "her" cards.
I still handle all the financials/investing/banking, but I log into our free joint bank account, see her welcome message, still use my phone for codes and email for messages. If a conversation happens, she needs to be on the phone. Anyway, my life has changed some, I'm still adjusting, but I think its for the better. 
Oh yeah, somone mentioned getting the Visa cash rewards for Costco as you'd earn more than Citi Costco. Instead, if you set any BofA cash rewards card to online purchases, go to costco.com and buy their Cash/Shop card, you get 5.25% off everything at Costco including gas. We buy $600 (2x300) every other month with a $31.50 cash rebate. My Citi Costco card is getting dusty. Also tie your Paypal account to the online purchase card for 5.25% off Ebay puchases.
Sorry for being off topic.
@KELSTAR wrote: In my research and YMMV but the AMEX Platinum card buries all the rest of travel cards. Now going for MR points program besides business cards.
I'm confused based on your signature. Are you saying you want the AMEX Platinum because I don't see it listed in your cards?? And is the statement on firm commitment to Chase Ultimate Rewards out-of-date?
PERSONAL ACCOUNTS/OPEN DATE
CHASE FU=24.1k 07/19 AMEX BCP=24k 06/18 CITI COSTCO VISA=11.5k 06/18 DISCOVER=34k 10/17 PENFED PLATINUM REWARDS=10k 07/18 US BANK CASH+=3.5k 06/18 CITI BEST BUY VISA=4k 11/17 CAP1 GMC MC=4K 12/17
BUSINESS ACCOUNTS/OPEN DATE
AMEX SPG=10k 02/19 CHASE INK BUSINESS CASH=19.6k 07/18 CHASE INK BUSINESS UNLIMITED=30k 09/19 US BANK BUSINESS CASH+=29k 10/19 WELLS FARGO BUSINESS PLATINUM=20k 11/19 AMEX LOWES BUSINESS=15K 11/19
FUTURE PLANS
Close many cards as I am fully committed to Chase Ultimate Rewards program now.< < < ???
@KELSTAR wrote: In my research and YMMV but the AMEX Platinum card buries all the rest of travel cards.
Definitely YMMV. As everything with cards, it depends on a lot of factors. In some respects, you are correct but AMEX Platinum is not the end-all travel card for every profile. It depends on how you travel, how often you travel, how you redeem rewards, and your priorities on a card's benefits and rewards. I'm not saying that Platinum is not the best card for you but I like to respond to any claims that it always buries all the other travel cards. It doesn't for everyone in every situation.
AMEX Platinum is a great card for frequent fliers. It's primarily all about the air travel. The lounge access on the Platinum is unmatched with over 1200 lounges including not only all the Priority Pass lounges typical for other premium cards but also the Centurion Lounges, Delta SkyClub or Lufthansa when flying those airlines, as well as some smaller lounge networks like Plaza Premium, Escape, and Airspace. If you fly a lot and airport lounge access if your priority, then this is a card you want. Likewise, the rewards for purchasing airfare are rich on this card with 5x MR's per dollar spent. (You also get the 5x MR's on hotels but only if booked through AMEX Travel.) And MR's, like Chase's UR's, are most valuable (up to 2ccp) when transferred to airline partners, primarily for cabin class upgrades on international travel. So if you fly a lot, have membership status in several major airlines' frequent-flier programs (more transfer options), and highly value that cabin class upgrade ability, you'll get more value per point by transferring with either AMEX PLAT or CSR. And AMEX has a slightly larger network of airline transfer partners among the top-tier travel cards.
The problem is, for many people including myself, "travel" isn't confined to simply air travel. And for those of us who don't purchase airfare frequently or fly alot for business, we will never get the same value proposition from AMEX Platinum. Consequently, cards like the Chase Sapphire Reserve that I chose instead fits me and my travel profile much better than the Platinum. The wide definition of travel on CSR means I can use it for 3x UR points on almost any types of travel including not only airfare and hotels (booked anywhere, not just through Chase), but also cruises, rental cars, campgrounds, railroads, buses, ferries, taxi/limos, tolls, and parking. Those points can still be redeemed for up to 2ccp value when transferred like MRs, but can also be simply redeemed through Chase for automatic 50% travel bonus, so earning 4.5% on all travel as a minimum - all without the fuss of having to find the best travel partner deal. Moreover, I also earn 3 URs on all dining out without having to pay an additional AF for the higher AMEX dining return on their Gold card, which is very beneficial to me to have on the same card program. This card just works for me much better than a Platinum + Gold would work, but I respect the Platinum's value for frequent fliers.
AMEX far from "buries" all the other travel cards when it comes to trip protections and insurances. In particular, CSR really shines in this area and it was another reason I considered it a superior value to Platinum. The only area when AMEX is better is for "Emergency Medical Evacuation coverage," which CSR also offers but AMEX's coverage is considered superior. AMEX recently "upgraded" some travel protections to try to catch Chase, but only managed to match some of their benefits while nerfing others they previously offered. AMEX added trip cancellation and trip delay coverages. Trip delay insurance now matches CSR. However, both coverages require you to pay full fare with your AMEX card and also require a round-trip purchase, neither of which is a CSR requirement. Trip cancellation is less than CSR but an improvement (CSR pays up to $20K per trip; PLAT pays up to $10K per trip. Both pay up to $10K per person.) Moreover, AMEX dropped their Travel Accident Insurance coverage and their Roadside Assistance coverage, of which CSR still offers very generous benefits on both. CSR still has primary rental car coverage included at no additional cost and AD&D travel insurance up to $1Million. Roadside assistance is paid up to 4x per year at up to the first $50 per incident. CSR even pays up to $2500 for emergency medical or dental treatment on any covered trip up to 100 miles away from your home-of-record. You can purchase some of these protections elsewhere at an additional cost; CSR includes them as part of your AF. If you are comparing other cards, note also when the coverage kicks in for delays (# hours) or the amount of coverage allowed per claim. Most "rental car coverage," if even included is secondary so it pays after you file a claim on your own insurance, pay your deductible, and you may be exposed to higher insurance rates as a result of a claim. (Primary pays first and regardless of other insurance.) Likewise, some "Roadside Assistance" plans only have a hotline to call to help you get assistance but don't help you pay for the call. All the travel protections on CSR are a significant reason why the recent $100 increase in AF didn't spook me too badly to jump ship; nobody is offering the coverage that it does.
I found a good summary of the top travel card protections on frequentmiler website. I did my own research but this is a nice consolidation and was updated recently. I particularly liked their graphics.
" ... we can conclude that:
- Chase Sapphire Reserve and Chase Ritz* (*No longer available for new applicants) have the best all-around coverage.
- Now that Citi has dropped travel protections from almost all of their cards, the Prestige card is no longer a good choice peace of mind when purchasing travel.
- The Amex Platinum card is great to have for its emergency evacuation and transportation benefit. There is no need to pay for travel with this card in order to get that benefit. However, starting January 1, 2020, it is no longer a bad choice to use Ultra-Premium Amex cards to purchase round-trip airfare. In fact, the 6 hour trip delay coverage matches Chase’s best-in-class coverage. That said, Chase still covers a number of things that Amex does not."
*"Full" or "Partial" indicates whether you must
pay the full or partial fare to have that benefit*
Chase Sapphire Reserve Benefits Guide: