Anybody that reads this blog regularly knows that I’m a sucker for a credit card rewards survey. Reader Michael D received one from Bank of America yesterday regarding the Bank of America Cash Rewards card, they asked questions regarding the current benefits but one of the questions was regarding a new Bank of America credit card they are considering:
I suspect they aren’t considering a new card at all, but more thinking of changing the current Cash Rewards card to the above structure. For reference the current card offers the same but you don’t receive your own choice of a 3% category instead all cardholders receive gas as their 3% card. The spending limit is currently $2,500 per quarter whereas this would be $10,000 annually. The survey also asked for other suggestions for 3% categories. Keep in mind that 3% isn’t a huge category bonus, but it does become up to 5.25% with Preferred Rewards status.
4% –> 7% with Preferred Rewards? Yes that would be insane (and i don’t know how BoA could afford that). Even 3% –> 5.25% on a selectable category would be very nice (though I’d probably stick with gas and keep my Uber for 4% dining).
Interesting. I just responded to a new survey asking about possible names for this card. They were testing names like Cash Rewards II, Custom Cash Rewards, My Cash Rewards, Connected Cash Rewards, etc. Maybe they are considering a distinct product from the current Cash Rewards card?
If they just copied the Alliant Card at 2.5% for everything along with the BofA Preferred Reward bonus they would beat everyone. If they did that they would kick butt on Chase.
They would also lose an insane amount of money.
I doubt this is a new product. Sounds like they are just going to make the Cash Rewards 3% category something you can select instead of just gas. More options are never a bad thing. Still doesn’t make the card wonderful, but it’s something.
I got a similar survey, but mine said the switchable category would be 4% (with 2% grocery/wholesale, and no 3% spot). This would be slightly better.
Either way, it would IMO be a positive change to the product, nothing outstanding but better than nothing.
4% = up to 7% with Preferred Rewards? I’d call that outstanding!
Do the current BoA cash rewards have any buffer for the 3% grocery when u spend more than $2500 in the quarter especially when you are @ 2300 or so and spend a $500/$1000 and cross the 2.5K. The reason i am asking is i got 3% bonus on my total $2900 purchase. Also does the qtr refer to calendar qtr?. I am preferred reward platinum if that helps.
5.25% on dining would be fantastic! That’s the one big area of spending that it’s hard to find a way to get more than 3% year round.
I could stop caring about the 4% that the Uber Visa gives and the 3.5% that BoA’s premium travel rewards card that gives on dining (neither of which I have).
Bank of America is once again devising an unimaginative credit card. Online, gas, dining, and utilities are fairly common 3% (or better) categories on cards issued by other banks. What would make this card interesting would be to make groceries a 3% category.
Eh, but 5.25% in those categories would be top notch, especially on a no AF card.
Why is 3% on groceries special when the Blue Cash Everyday has offered that forever and BCP offers 6%?
5.25% requires Preferred Rewards status, and that requires a person to build their entire financial life around Bank of America including a hefty investment portfolio. Most of us either don’t have that kind of money, or, if we do, we have it at Vanguard, Fidelity, or Schwab.
Blue Cash Everyday takes almost two months for the points to post (i.e., the points for groceries bought in January appear on the March statement), and even then there’s a $25 minimum redemption which, for me, meant only redeeming once every three months. The world needs a better 3% grocery card than BCE. (The BCP is really a 4.4% card when you take into account the $95 annual fee and the $6,000 annual limit.)
On another survey related note… I got a survey from Southwest yesterday and a lot of questions on it regarding feelings toward bag fees and change fees. Sorry, I don’t have any screenshots.
Uh oh…. It would be a huge disappointment if Southwest adopted bag fees and change fees. They would be no better than the other major carriers.
Uhh, I’ll need 4 of this card if this change happens.
I support this change. I have a BoA cash card which I only use for 3% gas, but I’m about to replace it with the Ducks Unlimited 5% gas card. I would love to get 3% on utilities instead of 0% in the sock drawer.
Unrelated, I just got word from BoA that my card was possibly compromised and is being replaced, but they didn’t provide any details. Anyone else have this happen?
The US Bank Cash+ card is now offering Utilities as a 5% bonus category starting in April 2018, without any of the minimum balances required for Preferred Rewards.