kdm31091 wrote:I dont get why myfico users harp about BOAs platinum honors, as if throwing 100k in an account with them is nothing, or commonplace for many people. They always list it as a great option as if its easily attainable for anyone (BOA travel rewards with plat honors). And even if it is attainable, I dont get the obsession with forcing yourself into travel redemptions 100 percent of the time when there are many flexible options on the market.
The problem I see with the card is:
If you want to have $100k at BofA for PH, where do you put it?
For most people, that means checking, savings, CDs, discount brokerage, or full service brokerage.
Checking? You'd have to be spending a lot to need $100k in checking. If not, you're missing out on interest.
Savings? 0.06% for PH. Discover pays me 0.95%.
CDs? $100k for 24 months yields 0.10%. I don't know what the best CD rates are, but I'll take 0.95% on savings instead.
Discount brokerage? Merrill Edge still gets poor ratings due to IT problems.
Full service? You're paying high fees.
There's simply not any reason for me to want to sacrifice hundreds of dollars in interest income just to make a slightly higher rate of cash back on spending.
That's before I consider greater inconvenience from dealing with BofA, which I'd otherwise have no need to do. For Visa spending, I'll take my chances earning URs.