BofA Cash Rewards - any version?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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2percentPlus
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BofA Cash Rewards - any version?

Postby 2percentPlus » Wed May 16, 2012 2:18 pm

I just converted a BofA Virgin Atlantic to a Cash Rewards, I already have the CR Visa, and they said they could give me the new one however I wanted it Visa/MC/Amex. Now, I'm wondering if the person on the phone was telling the truth or just had no idea.

I said I wanted the accelerated rewards cash amex, which isn't shown online anymore but some said it's available at the bank. The points version is still available. I said to them on the phone it's a black amex and cash back. They came back and forth and said they can give me a "black" amex in any of three programs, world points, power rewards or 1-2-3 cash. I said I didn't want a Visa because I already have the 1-2-3 cash Visa, she said it could be Amex or MC as well.

Will be interesting to see what I get in the mail, if anything.


DavidNY
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Postby DavidNY » Wed May 16, 2012 3:11 pm

Why do you want them?

2percentPlus
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Postby 2percentPlus » Wed May 16, 2012 4:21 pm

I wanted a product change on my BofA Virgin Atlantic. I already have BofA Americard or Cash Rewards whatever they call it now, which is 1-2-3% VISA. So when getting rid of the Virgin Atlantic I didn't want another of the same VISA card. I'm not really going to use the card, as I just use the Fidelity,even so I didn't want two of the same card or two VISA's.

I am just doubtful that the customer can pick and choose if they prefer Visa/MC or Amex all on the same card.

I wanted the Accelerated Rewards Cash Amex which was 1.5% IIRC, that card is gone. It might have been 1.25%. Also, I'm not sure what happened to the Cash rewards or Americard that you get 1% cash back, but when redeeming into a BofA checking you get a 25% bonus if it's over $300, something like that.

CC Deville
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Postby CC Deville » Wed May 16, 2012 5:18 pm

The BankAmericard Cash Reward card is available as Visa, MasterCard and Amex though they really only market the Visa. You may want to go online and start an online chat with them so that you can get it changed to a MasterCard or Amex version. I believe the upgrade/product change takes several weeks to complete so you might as well call or chat them now to prevent having to wait any longer. My "upgrade" from Visa Signature World Points to Visa Signature Cash Rewards took about three weeks to complete.

As far as the (no longer marketed) Accelerated Cash Rewards Amex, it is silver and earns 1.25% on all purchases. The Accelerated Rewards (points) Amex is black. I would skip the Accelerated Rewards Amex as the points are somewhat lame. I am not sure they offer the Accelerated Cash Rewards Amex anymore now that the Cash Rewards cards have come out-and they offer better cash back but it could be worth a shot to ask them.

I have both the Accelerated Cash Rewards Amex and the BankAmericard Cash Rewards Visa Signature. I like them both but I only use the Visa because the cash back is better. And with the Cash Rewards cards, you get an extra 10% bonus if you deposit your reward into a Bank of America checking account-not so with the Accelerated Cash Rewards Amex.

FutureBillionaire
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Postby FutureBillionaire » Wed May 16, 2012 5:51 pm

I still have the Amex and the original cash rewards visa signature with the 1% cash bank. I think you are right about the 25% bonus, but I need to double check.

Are you guys saying I can get the 123 card in Amex or mastercard? I might switch to Mastercard because I shop at Sam's...

I wanted the Accelerated Rewards Cash Amex which was 1.5% IIRC, that card is gone. It might have been 1.25%. Also, I'm not sure what happened to the Cash rewards or Americard that you get 1% cash back, but when redeeming into a BofA checking you get a 25% bonus if it's over $300, something like that.[/QUOTE]
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DavidNY
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Postby DavidNY » Wed May 16, 2012 6:31 pm

2percentPlus wrote:I wanted the Accelerated Rewards Cash Amex which was 1.5% IIRC, that card is gone. It might have been 1.25%. Also, I'm not sure what happened to the Cash rewards or Americard that you get 1% cash back, but when redeeming into a BofA checking you get a 25% bonus if it's over $300, something like that.


I don't know why you'd want a 1.5% Amex when you have a 2% one.

The old BofA rewards card with the larger bonus if you built the rewards up before redeeming them was replaced with the 1-2-3 Cash Rewards card with the 10% bonus. Aside from groceries and gas it's no better than the 2% card.

FutureBillionaire
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Postby FutureBillionaire » Wed May 16, 2012 6:34 pm

Fidelity only lets you deposit the funds in to a brokerage account though, right?
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

DavidNY
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Postby DavidNY » Wed May 16, 2012 6:42 pm

With the "Investment Rewards" version (the one 2%+ and I have) the bonus goes into a "cash management account" which works like a free checking account. It comes with checks and a debit card, and if you take money out of it using an ATM they reimburse any fees. You can move the bonus cash into your bank account, or you can put some bucks into the cash management account and not worry about out-of-network ATM fees.

2percentPlus
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Postby 2percentPlus » Wed May 16, 2012 10:18 pm

I'm not sure if my Visa gets a 10% bonus or a 25% bonus, I was pretty sure it was 25% but if they changed it from 1% cashback to 1-2-3% then maybe the bonus went from 25% to 10%. I had the old school Financial Rewards card which was a metallic white color, that gave you $1 for every $100 spent, so not quite 1%. That automatically became a Bank Americard Cash Rewards. I really have no idea if it gives me 1-2-3% or 1%, and what the bonus is since I haven't cashed out.

Anyway, good to know that the current BofA cash rewards card is available in any flavor, they said it would take about 3 weeks so that sounds right. It should come as an Amex, and if all works out I will probably switch the same card I have as a Visa over to a MC for the same Sam's club reason. This also might be better for my credit report getting rid of a Visa signature, although maybe the MC is World Mastercard if that's the same deal with no reported CL?

Re: Fidelity. Yes cash management account, is basically a checking or money market account with free checks, debit card and free ATM usage. I'm not really sure why they offer it if they don't have banks, but it's not bad. I would prefer a Merril Lynch 2% card though and access both the card and reward account through BofA...oh well

CC Deville
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Postby CC Deville » Thu May 17, 2012 5:13 pm

2percentPlus wrote:Anyway, good to know that the current BofA cash rewards card is available in any flavor, they said it would take about 3 weeks so that sounds right. It should come as an Amex, and if all works out I will probably switch the same card I have as a Visa over to a MC for the same Sam's club reason. This also might be better for my credit report getting rid of a Visa signature, although maybe the MC is World Mastercard if that's the same deal with no reported CL?



Correct. BofA does not report the credit line on Visa Signature or World MasterCard. They are one of the lone hold outs on this (Chase and Citibank began reporting last year) so I wouldn't be surprised if they join in on the fun and report the limits. Honestly, having one or two cards that do not report the limits is not as bad as everybody makes it out to be. But I can understand if you only have a few cards you would need them to report limits.



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