[Update: Errors][Expired] Bank of America Offers Extra 2%/2x Rewards On November 5th For All Personal & Business Cards (‘More Rewards Day’)

Update 12/12/22: You should see a manual adjustment for the missing More Rewards points. It’ll show as a separate line-item sometime at the end of November. For me it happened on November 25th, others are seeing November 28th.

Update 11/21/22: I was told by BofA Twitter support that everyone will be getting credited within 12 weeks for transactions that were processed on the 5th and are showing a later date. I’m just holding tight and hope it comes through automatically.

Transaction dates are provided to the bank by the merchant; however, this date may differ from when the merchant authorized a charge. As a courtesy, in addition to all charges with a transaction date of Nov. 5 being awarded an incremental <2%, 2 miles or 2 points>, the bank will also award the bonus on purchases that were authorized on Nov. 5 but have a transaction date later than Nov. 5. It may take up to 12 weeks for qualified courtesy adjustments to be applied.

I asked them whether they need my personal info to identify my account and issue the credit. They replied:

This will happen automatically. If after 12 weeks, you do not see the adjustment, please reach out so we can research your account farther. 

Update 11/8/22: Bonus points are reflecting for most purchase. However, BofA apparently messed up for transactions posted near midnight and are not crediting bonus rewards, even for those transactions that clearly reflected as charged in the BofA system before midnight. For me, a transaction a little after 11pm got the bonus, but two transactions in the final 15 minutes of the day did not get rewards, despite both showing the pending transaction already before midnight. Others report that some transactions from earlier in the day are having this issue as well. I’ve reached out to BofA twitter support, we’ll see how those goes.

Update 11/5/22: Ends at 11:59pm Eastern Time (ET) on November 5, 2022

Update 11/4/22: This promo goes live tomorrow. Worth putting some thought into where you can pay out to maximize this deal. You might also want to pay down your BofA cards now to clear up the credit limits.

The Offer

Direct Link to offer

• Bank of America is offering a one-day rewards holiday on Saturday, November 5, 2022 whereby all personal and business cards from Bank of America will earn an extra 2% cash back / 2x rewards points.

The Fine Print

• No enrollment necessary.
• The promotional offer is in effect 12:00am to 11:59pm Eastern Time (ET) on November 5, 2022. Only purchases that appear on your statement with a transaction date of November 5, 2022 will qualify. Transactions with delayed processing of 90 days or more will not be eligible to be included in the promotional offer.
• This promotional offer applies to all purchases. Certain transactions, such as Cash Advances, Balance Transfers and Wire Transfers, are not considered retail purchases and do not apply for purposes of this offer. This offer will not apply to any customer bonus or account opening bonus.
• This promotional offer is applicable to all Bank of America Consumer and Small Business credit cards that are open with active charging privileges on November 5, 2022.
• Please allow up to 12 weeks after the promotional offer ends for the bonus rewards to be added to your account.
• You may use all your available credit line. Please visit your account details in the Mobile Banking app or Online Banking to see your current available credit.
• You will earn the Preferred Rewards bonus on the purchase amount(s). The Preferred Rewards bonus does not apply to the incremental bonus earn for this promotion.

• The value of this reward may constitute taxable income to you. You may be issued an Internal Revenue Service Form 1099 (or other appropriate form) that reflects the value of such reward. Please consult your tax advisor, as neither we, nor our affiliates, provide tax advice.

Our Verdict

Interesting promotion, wow! If you have a card that already earns a competitive rate, this will make it even better. Some examples of where this can be a great deal:

1. The Travel Rewards, Premium Rewards, and Unlimited Cash Rewards cards earn 1.5% on all purchases. On November 5th you’ll get an extra 2% for 3.5% total everywhere.
   • This is especially interesting for top-tier Preferred Rewards relationship clients who always get 2.62% on all purchases with these cards and will get 4.62% everywhere on November 5th.
2. Bank of America Customized Cash Rewards card always gets 3% on one category of your choice (or 5.25% for Preferred Rewards clients) and 2% on grocery/wholesale (3.5% for Preferred Rewards clients) on up to $2,500 in purchases. On November 5th it’ll be 2% on top of that. That’s a potential total of 7.25% on your chosen category for top-tier Preferred Rewards clients.
3. Earn 3x miles per dollar everywhere on the Alaska Airlines card.
4. Apply for a new Bank of America card now and you’ll hopefully have the card by November 5th when you can meet the minimum spend at increased earn rates.
5. Let us know what other opportunities interest you

Some tips:

1. If you want to hit this hard, try getting your credit limit as high as possible in advance of November 5th.
2. Consider paying taxes with the credit card convenience fee of around 2% on November 5th and you’ll still come out ahead.
3. Pay out any utility bills, medical bills, insurance premiums, charity donations on November 5th.
4. Some people might want to manufacture spend, e.g. purchase $500 Visa gift cards, on November 5th.
5. Let us know your own suggestions in the comments below (we are aware that the comments aren’t working right now for most people).