BOA - BankAmericard Cash Rewards Credit Card Changes

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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amexmember12
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BOA - BankAmericard Cash Rewards Credit Card Changes

Postby amexmember12 » Fri Jun 03, 2016 3:41 pm

So I see that BOA has updated the rewards earning structure for their cash back card.

It used to be $1500 per quarter for gas, and groceries (supermarkets).

However the new structure is:

1% cash back on every purchase, 2% at grocery stores and now at wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter Calculate rewards


The upped the limit to $2500 per quarter and added warehouse clubs as eligible places.

https://www.bankofamerica.com/credit-ca ... edit-card/
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To My Credit
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Re: BOA - BankAmericard Cash Rewards Credit Card Changes

Postby To My Credit » Fri Jun 03, 2016 4:00 pm

For Preferred Rewards clients, it now becomes the best Costco card. Now, if they could just increase the cashback rewards for one of the categories from 2% to 3% or from 3% to 4%, it would become a card to be reckoned with.
Last edited by To My Credit on Sat Jun 04, 2016 1:44 am, edited 1 time in total.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

TXviking
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Re: BOA - BankAmericard Cash Rewards Credit Card Changes

Postby TXviking » Fri Jun 03, 2016 8:06 pm

To My Credit wrote:For Preferred Referred clients, it now becomes the best Costco card. Now, if they could just increase the cashback rewards for one of the categories from 2% to 3% or from 3% to 4%, it would become a card to be reckoned with.


The new Citi Costco Visa card offers 4% on gas ($7,000 per year limit, but most people won't hit that.) That would seem better than BofA's 3%?

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Re: BOA - BankAmericard Cash Rewards Credit Card Changes

Postby To My Credit » Fri Jun 03, 2016 9:26 pm

TXviking wrote:
To My Credit wrote:For Preferred Referred clients, it now becomes the best Costco card. Now, if they could just increase the cashback rewards for one of the categories from 2% to 3% or from 3% to 4%, it would become a card to be reckoned with.


The new Citi Costco Visa card offers 4% on gas ($7,000 per year limit, but most people won't hit that.) That would seem better than BofA's 3%?
I was talking in terms of Costco purchases. The Costco card just gives 2%, while BofA CR gives anywhere from 2% to 3.5%. Even for gas, the BofA card gives anywhere from 3% to 5.25%.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

TXviking
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Re: BOA - BankAmericard Cash Rewards Credit Card Changes

Postby TXviking » Fri Jun 03, 2016 10:25 pm

Not sure I understand. How is the rewards percentage determined on the BofA card?

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Re: BOA - BankAmericard Cash Rewards Credit Card Changes

Postby To My Credit » Sat Jun 04, 2016 1:13 am

TXviking wrote:Not sure I understand. How is the rewards percentage determined on the BofA card?

If you redeem your cashback to your BofA Checking & Savings account, you get a 10% bonus. So if you're redeeming a cashback amount of $100 to your BofA C&S account, you get $110.

Now, Bank of America also has a Preferred Rewards program which works like this:

(1) If you have a balance of at least $20,000 in your BofA C&S account, you get a bonus of 25% instead of the aforementioned 10%. That would get you $125 on a redemption of $100.

(2) If you have a balance of at least $50,000 in your BofA C&S account, you get a bonus of 50% instead of the aforementioned 10%/25%. That would get you $150 on a redemption of $100.

(3) If you have a balance of at least $100,000 in your BofA C&S account, you get a bonus of 75% instead of the aforementioned 10%/25%/50%. That would get you $175 on a redemption of $100.


So if you have a BofA C&S account, instead of the 3% cashback that you would ordinarily get on gas, you can get anywhere from 3.3% to 5.25% depending on your total account balance. Hope that makes sense.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+



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