Almost exactly a year ago, I wrote a post that was something of an ode to the Bank of America Premium Rewards card called Retirement planning mistakes fixed by credit cards. In that post, I explained that I wanted the Bank of America Premium Rewards card‘s 2.625% cash back everywhere rate, but in order to have funds enough on deposit with Bank of America to get that rate I needed to move my Roth IRA retirement account to Merrill Edge (which was a good thing as it led to a more critical look at my investments and some things I needed to change). I thought that I had found my match for the best everywhere-else card on the market and this was to be a partnership for the long-haul. How surprised I was when along came something new a few days ago and made me question whether the Premium Rewards card may be on its way out of my wallet in the very near future.
With little fanfare and no advance notice, Bank of America quietly introduced a new credit card last Thursday that they initially only made available for some people as a product change before rolling it out publicly yesterday. The Unlimited Cash Rewards card only offers a flat 1.5% cash back on all purchases, but that’s notablebecause of Bank of America’s Preferred Rewards program. If you have top-tier Bank of America Platinum Honors status, the Unlimited Cash Rewards card turns into2.625% cash back everywhere. That’s
Note that in order to get that 2.625% rate, you need top-tier Platinum Honors status in the Bank of America Preferred Rewards program. It’s easier than it sounds at first: you need to have $100K on deposit in any mix of cash
Bank Of America Premium Rewards Credit Card Complete Guide
At Merrill Edge. Even retirement investments can count (as noted above, we used Roth IRAs to qualify for Preferred Rewards), so while you do need $100K that may be easier than it sounds for those who have been saving for retirement for a while. Also note that while Merrill
Is the self-directed discount brokerage arm, which features no-fee trades on stocks and ETFs and no annual management fees. See this post for more: Bank of America credit cards: Awesome with Platinum Honors status.
In my post about the Unlimited Cash Rewards card, I noted that I hoped Bank of America had plans to revamp its Premium Rewards card because it otherwise offers very little advantage beyond the welcome bonus. As discussion continued in the comments, I had myself more or less convinced that there is no reason for
Is It A Keeper? My Take On Boa's New Premium Rewards Card
To keep the Premium Rewards card (though there may be enough reason for some readers to keep it depending on your circumstances).
Is that really true? I expect the annual fee on our Premium Rewards card to post within the coming days and when it does, am I really going to drop the Premium Rewards in favor of Unlimited Rewards? Maybe. I had to first consider the advantages and drawbacks on either side. Note that in this case, I’m comparing long-term value. In terms of first-year value, the Premium Rewards card wins hands down with a much better welcome bonus.
Before I sat down to write this post, I was sure that it was time to call and see if there is a retention offer available (at least one reader reports calling and asking to downgrade but being offered a $100 credit with $1500 spend in 3 months to keep the Premium Rewards card). Assuming no such offer, I had myself pretty convinced that downgrading was the way to go assuming Bank of America would allow it (Bank of America can be weird about product changes and sometimes certain changes are possible and others aren’t).
Bank Of America Premium Rewards Elite Card Increased 75,000 Points Signup Bonus ($750 Cash Bonus; $550 Annual Fee)
Value purchase protections. When I wrote about Amex purchase protection a few months ago, I specifically noted that as someone with young kids who aren’t always gentle with toys, protection against damage was certainly something I’d be considering when making purchases for stuff that could even potentially be broken. The more I thought about my “everywhere else” card, the more I realized that I value that protection more on the card I’m going to use on purchases from places like Best Buy, Target, and other places that don’t trigger bonus categories. I wouldn’t pay a
For this coverage, but since I do find it easy enough to use the card’s airline fee rebate, I think I’ll probably keep the Premium Rewards card. I was surprised to come to that conclusion and will probably still look for a retention offer because the Unlimited Cash Rewards certainly made me question the value of the card. If not for the purchase protection benefit, the $5 win each year on the airline fee rebate wouldn’t be enough for me to keep the Premium Rewards card.
We keep a list of the best current credit card bonuses and this page offers more instructions about how it all works.
Your Downgrade Options For Bank Of America Credit Cards [2021]
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Bank Of America Preferred Rewards: New Tiers For $1m+ Assets — My Money Blog
Regarding comments: Comments posted at the bottom of Frequent Miler pages and posts are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.It’s a cash back card indeed. 2% on dining and travel, with 1.5% everything else, makes it an acceptable card on daily purchases. Comparing to Chase Sapphire Preferred, it doesn’t support transferring points to your loyalty program, which isn’t surprising because BoA doesn’t offer such features so far. However, you do find it easy to offset the $95 annual fee due to its $100 annual airline credit. We are not sure if purchasing GC’s work but you can still maximize it by taking advantage that $100 is reset at the beginning of every calendar year. If you have $100k+ balance in BoA or Merrill Edge, you can earn 2%*(1+75%)=3.5% for travel and dining, and 1.5%*(1+75%)=2.625% for everything else! This return is the highest among all credit cards for non-bonus category, and suitable for those who really spend a lot. The money in BoA or Merrill Edge is not required to be in form of cash, you can buy some MMF (Money Market Funds) which has very little risk, so there really isn’t much opportunity cost if you have such money.
When you don’t want to pay its annual fee any more, don’t forget BoA has no fee cards BoA Unlimited Cash and BoA Travel Rewards as downgrade options. They also earn 1.5x points on everything and up to ×1.75 if you have the banking relationship.
Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved, or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
Bank Of America® Customized Cash Back Rewards Credit Card
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Bank Of America® Premium Rewards® Credit Card Review
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