Bank of America: Preferred Rewards

[learner]

I recently found out about this Bank of America offer and thought I’d mention it here.

Bank of America’s Preferred Rewards Program offers great benefits for customers with $50,000 of combined balances across savings, checking and brokerage accounts (IRAs excl.).  The main benefits are:

1. 30 free trades per month

2. 50% kicker on credit card rewards.  For someone with the Bank of America Cash Rewards credit card (1% on all purchases, 2% on groceries, 3% on gas), the kicker would result in cash back rewards of 1.5% on all purchases, 3% on groceries, 4.5% on gas.  I think this is industry leading.  For accounts with $100,000 in combined balances, this kicker is revised up to 75%.

 

All details can be found at:  https://www.bankofamerica.com/preferred-rewards/details.go

 

[Mephistopheles]

With $100,000+ you also get fees refunded for the use of any non-BAC atm, with a smaller limit for $50k+ balances.

[tede02]

I had the B of A card previously and didn't have a great experience.  The system they are using to determine if you purchase gas or groceries is flawed.  I found that only about half of the fuel stations I used would result in the 3% reward.  The same held true for groceries.  As I understand it, the company is using merchant codes which are not precise at all.  The card program doesn't know what you're buying if you purchase groceries from say Wal-Mart, Target or Costco for example (and thus the reward defaults to 1%).  I canceled the card in favor of Fidelity's which is 2% cash back on all purchases. 

[Guest longinvestor]

I had the B of A card previously and didn't have a great experience.  The system they are using to determine if you purchase gas or groceries is flawed.  I found that only about half of the fuel stations I used would result in the 3% reward.  The same held true for groceries.  As I understand it, the company is using merchant codes which are not precise at all.  The card program doesn't know what you're buying if you purchase groceries from say Wal-Mart, Target or Costco for example (and thus the reward defaults to 1%).  I canceled the card in favor of Fidelity's which is 2% cash back on all purchases.

 

I too have Fidelity Visa and am enjoying the cash returned to me. Only minor irritant is that after the first $15,000 in charges, the cash does not automatically deposit to my account. It appears that I have to select where the rewards get sent after this threshold.

[rkbabang]

I recently found out about this Bank of America offer and thought I’d mention it here.

Bank of America’s Preferred Rewards Program offers great benefits for customers with $50,000 of combined balances across savings, checking and brokerage accounts (IRAs excl.).  The main benefits are:

1. 30 free trades per month

2. 50% kicker on credit card rewards.  For someone with the Bank of America Cash Rewards credit card (1% on all purchases, 2% on groceries, 3% on gas), the kicker would result in cash back rewards of 1.5% on all purchases, 3% on groceries, 4.5% on gas.  I think this is industry leading.  For accounts with $100,000 in combined balances, this kicker is revised up to 75%.

 

All details can be found at:  https://www.bankofamerica.com/preferred-rewards/details.go

 

I have a few cards I use which combined give me better cash back than even the $100K level above.  Thanks to someone on this board for gas and groceries I now use the Sally Mae Mastercard which pays 5% on those categories.  I use the Amazon VISA, for amazon.com purchases it pays 3%.  And for everything else I use my Fidelity AmEx card which pays 2% for everything with no monthly or yearly limit on the rewards.  I also have a Target RedCard for 5% off at Target, but we don't buy from Target very often.

 

[Ross812]

Amex Blue Cash Preferred:

 

6% cash back for grocery stores up to 6k a year (8% at wholefoods)

3% cash back at gas stations

3% cash back at department stores

1% everywhere else

 

Citi Double Cash:

 

2% on everything and its Master Card, so its more widely accepted than Amex.

[thepupil]

Amex Blue Cash Preferred:

 

6% cash back for grocery stores up to 6k a year (8% at wholefoods)

3% cash back at gas stations

3% cash back at department stores

1% everywhere else

 

Citi Double Cash:

 

2% on everything and its Master Card, so its more widely accepted than Amex.

 

this is the combo i use as my base and then I layer in a promotion every now and then if it's worth it.

 

they claim to have gotten rid of it but it seems like you can still get away with buying amazon (or other store) gift cards at the grocery's to get 6% off whatever you want if you don't spend the full $6K on groceries.

 

 

[muscleman]

Amex Blue Cash Preferred:

 

6% cash back for grocery stores up to 6k a year (8% at wholefoods)

3% cash back at gas stations

3% cash back at department stores

1% everywhere else

 

Citi Double Cash:

 

2% on everything and its Master Card, so its more widely accepted than Amex.

 

Yeah. I use Amex preferred on grocery, priceline visa 2% cashback everything (No longer available, but you can use Citi as the alternative), Chase freedom + Sapphire. This combination gives me the best rewards.

Chase reward points can be transferred to airline miles on a 1:1 basis.

[bobp]

Hey learner thanks for posting. It kills me that they don't automatically put you in it - you have to enroll. I just enrolled.

[stahleyp]

Has this program improved at all?

 

With the 75% bonus, you'd get 3.5% at costco (food/whole sale) and 5.25% back at gas stations and 1.75% bank on everything else. best I can see (without rotating depending on the quarter) now that sallie mae (well the worthwhile reasons for owning it) is going kaput.

[sys]

you wouldn't get 3.5% on costco purchases.  costco codes as a discount club, not a grocer.

[stahleyp]

sys,

 

Here's what I see:

 

https://www.bankofamerica.com/credit-cards/

 

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

[sys]

sys,

 

Here's what I see:

 

https://www.bankofamerica.com/credit-cards/

 

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

 

my mistake.  i didn't look at the boa card's terms, just the first post in this thread.

[Junto]

We have a decent credit card rewards line up. You can check it out at https://online1.elancard.com/oad/begin?locationCode=4985

 

Both business and personal rewards. Business has boost for office supplies, internet, telephone etc.