BankAmerica Visa card bumps reward

[rayvt]

Just got a mailing from Bank of America about their Cash Rewards card.
Beginning in January, you get to pick your own category for the 3% cashback bonus. Which is actually 5.25% at the Platinum Honors level ($100,000 at Merrill Lynch). No restrictions on how you redeem your reward.

2% (3.5%) at grocery stores & Sam's & Costco.

Good. I am SO SICK of having to remember which card is giving me 5% in different categories each quarter.

 

[Debinnov a]

I just got this too. Have to figure out what is my best bet each month. So, does this mean that if I choose travel related for the month I pay off my cruise, I'm going to get my 3% plus 75% bump for platinum on the entire cruise amount - or is there a cap?

 

[scrabbler1]

I got the email, too. I see how it says we can change it from month to month which is helpful because I have some spikes in at least one category they mentioned.

 

[fh2000]

I just got this too. Have to figure out what is my best bet each month. So, does this mean that if I choose travel related for the month I pay off my cruise, I'm going to get my 3% plus 75% bump for platinum on the entire cruise amount - or is there a cap?

Gas is the same as before.
Grocery, Costco are the same.

The new ones are 3% for Travel, Dining, and DrugStore. They will be 5.25% for me.

 

[audreyh1]

I need 3% for telecommunications!

And what is this generic “online shopping” category?

 

[Dtail]

I just got this too. Have to figure out what is my best bet each month. So, does this mean that if I choose travel related for the month I pay off my cruise, I'm going to get my 3% plus 75% bump for platinum on the entire cruise amount - or is there a cap?

It is limited to the 2500 quarterly max for the combined 2% and 3% categories.
I have payments coming up in a cruise next year, so I in the same ahem boat.

Edit - I now recall that currently when I spent on the expense which took me over the 2500 limit, they allowed the % credit on the entire expense, so maybe it could work out.

 

[Dtail]

If one has 100k at ML/BOA, these cards are quite good. One will just have to keep track of the quarterly expenses up to the 2,500 limit. I currently have 2 of these cards.
I will substitute my Premier card for Dining and Travel to go from 3.5% to 5.25% and there are no annual fees.

 

[Another Reader]

Gas is the same as before.
Grocery, Costco are the same.

The new ones are 3% for Travel, Dining, and DrugStore. They will be 5.25% for me.

Actually, you will have to choose gas as your three percent category now. Before it was set at three percent. In my experience, they are the only card to recognize Safeway gas stations as gas expenditures.

 

[Dtail]

Actually, you will have to choose gas as your three percent category now. Before it was set at three percent. In my experience, they are the only card to recognize Safeway gas stations as gas expenditures.

Technically not really. The gas category will be the default category and will only change if you choose a different category.

 

[rayvt]

5.25% on gas is good. Currently I use the PenFed card for gas (and only for gas). since they changed their categories a couple of years ago, 5% on gas is the only thing that is worthwhile. So now PenFed card will go back in the safe.

 

[Texas Proud]

5.25% on gas is good. Currently I use the PenFed card for gas (and only for gas). since they changed their categories a couple of years ago, 5% on gas is the only thing that is worthwhile. So now PenFed card will go back in the safe.

Why? If I had 5% on gas already I would choose a different category for this card and have at least 5% on two different kinds of purchases...


I think I am going to have to move money into ML... have been thinking about it for awhile but have not done anything about it so far...

 

[audreyh1]

Anyone have any idea what that online shopping category is?

That’s the only one I would use as my other cards give same or better rates in the other categories.

 

[Golden sunsets]

Gas is the same as before.

Grocery, Costco are the same.



The new ones are 3% for Travel, Dining, and DrugStore. They will be 5.25% for me.

I haven't received the email yet, or perhaps I deleted it without reading it. So what you are saying essentially is you get to pick an additional category in addition to gas and groceries and that category can change from month to month?


Sent from my iPad using Early Retirement Forum

 

[audreyh1]

I haven't received the email yet, or perhaps I deleted it without reading it. So what you are saying essentially is you get to pick an additional category in addition to gas and groceries and that category can change from month to month?


Sent from my iPad using Early Retirement Forum

No, gas is one of several 3% options. You only get one.
Groceries is already at 2%. 1% on everything else.
Gas will be the default 3% option. You can change the category.

 

[Golden sunsets]

Also if I recall correctly there is a foreign transaction fee for charges made outside the US, (unlike the BOA Travel and Premium cards) on the cash back card, so travel is a good choice for the extra category only if in the US.


Sent from my iPad using Early Retirement Forum

 

[Golden sunsets]

No, gas is one of several 3% options. You only get one.

Groceries is already at 2%. So I suppose if you want you can choose it for the 3% option instead of one of the others.

OK. So I think for our situation I should make groceries the 3% (5.25%) category and switch gas to our Premium card.


Sent from my iPad using Early Retirement Forum

 

[Dtail]

OK. So I think for our situation I should make groceries the 3% (5.25%) category and switch gas to our Premium card.


Sent from my iPad using Early Retirement Forum

Groceries are at 2%. It is not one of the 3% choices.

 

[audreyh1]

OK. So I think for our situation I should make groceries the 3% (5.25%) category and switch gas to our Premium card.


Sent from my iPad using Early Retirement Forum

Sorry I later modified my response because groceries is not one of the 3% options.

 

[Drake3287]

If you have a fair amount deposited in various BofA accounts there Visa Travel Rewards card is even better cash reward wise. The rewards points are based on your level of deposits. I easily get at least $2,000. back in cash each year for just charging everything.

 

[Dtail]

If you have a fair amount deposited in various BofA accounts there Visa Travel Rewards card is even better cash reward wise. The rewards points are based on your level of deposits. I easily get at least $2,000. back in cash each year for just charging everything.

Well sometimes. If one has >100k in BOA/ML then,
Travel card = 2.625% on everything
Cash rewards = 3.5% on the 2% categories, 5.25% on the 3% categories. Everything else is 1.75%.
No fees on either card.

 

[Golden sunsets]

Well sometimes. If one has >100k in BOA/ML then,
Travel card = 2.625% on everything
Cash rewards = 3.5% on the 2% categories, 5.25% on the 3% categories. Everything else is 1.75%.
No fees on either card.

And the BOA Premium rewards has an annual fee but also has a $100/yr credit for baggage charges that offsets the annual fee plus a $100 reimbursement for a TSA card or Global entry card. So the annual fee is offset if you travel annualy and incur charges for baggage.

 

[Dtail]

And the BOA Premium rewards has an annual fee but also has a $100/yr credit for baggage charges that offsets the annual fee plus a $100 reimbursement for a TSA card or Global entry card. So the annual fee is offset if you travel annualy and incur charges for baggage.

Yes, will keep this card too as a backup for travel and dining (3.5% for each), if the cash rewards card hits the limit of $2,500 quarterly.

 

[Drake3287]

And the BOA Premium rewards has an annual fee but also has a $100/yr credit for baggage charges that offsets the annual fee plus a $100 reimbursement for a TSA card or Global entry card. So the annual fee is offset if you travel annualy and incur charges for baggage.

There must be more then one BofA Travel Visa card, my card doesn't charge a yearly fee. I'll have to look at that other one.

 

[Dtail]

There must be more then one BofA Travel Visa card, my card doesn't charge a yearly fee. I'll have to look at that other one.

It is called the BOA Premier rewards card which has the $95 annual fee, which has travel type rewards among other rewards, but is not called a Travel card.
The Travel rewards is a different card, which has no fee.

 

[Drake3287]

Well sometimes. If one has >100k in BOA/ML then,
Travel card = 2.625% on everything
Cash rewards = 3.5% on the 2% categories, 5.25% on the 3% categories. Everything else is 1.75%.
No fees on either card.

Correct, I have the Platinum Honors account which requires $100,000. combined deposits. I my case my 3 adult kids still have there original BofA accounts linked to my account from when they were teenagers, they just don't remember it!

Typically I don't have more then $50,000. with BofA simply because of the lower rates they offer.