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BofA Cash Rewards Credit Card Adds New Benefits

mrawesomepants 587 155 June 1, 2016 at 11:23 AM in Finance (2)
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The 2% cash back category now includes wholesale clubs (Costco!) and the 3% and 2% cash back categories has increased to $2,500 spent per quarter (up from $1,500).

https://www.bankofamerica.com/cre...edit-card/

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#2
Awesome, that means that this BoA CC offers better Costco CB% than Costco's own Citi Anywhere Visa when combined with any Preferred Rewards account.
(Of course it would never beat the rotating 5% that CCs like Chase Freedom offer, but when you've exhausted the $1.5k/3k CB-eligible limit on those...)

Thanks for the heads up OP!
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#3
Does costco accept CC? From the time I have been its member, it only accepts Debit Card except Amex, no?
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slick Confused EEK!

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#4
Quote from yourr8 View Post :
Does costco accept CC? From the time I have been its member, it only accepts Debit Card except Amex, no?
They used to only accept debit and AMEX only. They are switching from AMEX to VISA on June 20th.
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#5
Quote from mrawesomepants View Post :
They used to only accept debit and AMEX only. They are switching from AMEX to VISA on June 20th.
So they will now accept credit cards on their warehouse and also their gasoline stations?
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Last edited by gpister June 1, 2016 at 03:18 PM
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#6
Quote from gpister View Post :
So they will now accept credit cards on their warehouse and also their gasoline stations?
Yup!!!
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#7
Quote from mrawesomepants View Post :
Yup!!!
Rep man this is sweet thanks for the heads up looking forward to this now Big Grin
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#8
Quote from mrcookies View Post :
Awesome, that means that this BoA CC offers better Costco CB% than Costco's own Citi ...
How? It is 2% on both, but I am guessing you know some hidden feature of BofA card that takes it beyond 2%?
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#9
Quote from Sunday View Post :
How? It is 2% on both, but I am guessing you know some hidden feature of BofA card that takes it beyond 2%?
you can deposit into a bofa checking account to get 10% bonus on cash redemption into your bank account.
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#10
delete
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Last edited by dealhound123 June 1, 2016 at 07:31 PM
#11
Quote from Sunday View Post :
How? It is 2% on both, but I am guessing you know some hidden feature of BofA card that takes it beyond 2%?
Does anyone still read an entire post anymore, or do we all have to start putting tl;drs at the end of every post?
Quote from mrcookies View Post :
...when combined with any Preferred Rewards account.
25% greater CB redemption with Preferred Rewards Gold (i.e. 2% turns into 2.5%), 50% with Platinum, and 75% with Platinum Honors. Yes, you're probably not leaving your money in the right place if you satisfy the requirements for Platinum/Platinum Honors 100% of the time, but all you need to obtain the Rewards status for a whole year is meeting the requirement for just a 3-month average, which means that you're only losing out on opportunity cost for those 3 months. And of course the Rewards program confers other potentially more important perks too, the increased CC CB is just a side benefit.
Quote from Switching2Geico View Post :
you can deposit into a bofa checking account to get 10% bonus on cash redemption into your bank account.
Yes this is true too, but I didn't think that 10% was really worth mentioning Stick Out Tongue Although CB is indeed always more flexible than earning Costco vouchers that must be redeemed at Costco and have expiry dates (as per the Citi Anywhere rewards program).
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#12
Does anybody know if you use the BofA Cash Rewards to buy Costco gas, will you get 2% (wholesale club) or 3% (gas) cashback?
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#13
Quote from mrcookies View Post :
Does anyone still read an entire post anymore, or do we all have to start putting tl;drs at the end of every post?
You only told us _how_ in the post I am responding to right now. I did read your entire post. "when combined with..." does not tell how. Your second post had the necessary info. Thanks for sharing that.

Edit: weak. $20K in their "savings" account with 0% (0.03%) to get extra 25% or $50K to get extra 50% is not worth it. The $20K can be deposited safely into another MMA/Savings at 1% giving me $200 a year. I spend maybe $10K at Costco, so 0.5% is $50 a year. I guess this is for people who spend much more. Other categories are not attracting me at all. Costco Citi will have 4$ on gas, and my grocery cash back is 6% with Blue Amex (there is annual fee, but it pays for itself in a few months).
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Last edited by Sunday June 2, 2016 at 04:04 AM
#14
Quote from Sunday View Post :
You only told us _how_ in the post I am responding to right now. I did read your entire post. "when combined with..." does not tell how. Your second post had the necessary info. Thanks for sharing that.

Edit: weak. $20K in their "savings" account with 0% (0.03%) to get extra 25% or $50K to get extra 50% is not worth it. The $20K can be deposited safely into another MMA/Savings at 1% giving me $200 a year. I spend maybe $10K at Costco, so 0.5% is $50 a year. I guess this is for people who spend much more. Other categories are not attracting me at all. Costco Citi will have 4$ on gas, and my grocery cash back is 6% with Blue Amex (there is annual fee, but it pays for itself in a few months).
thanks for the savings comparison. I hate losing out on $10 just to make $1 somewhere else.
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#15
Quote from Sunday View Post :
You only told us _how_ in the post I am responding to right now. I did read your entire post. "when combined with..." does not tell how. Your second post had the necessary info. Thanks for sharing that.

Edit: weak. $20K in their "savings" account with 0% (0.03%) to get extra 25% or $50K to get extra 50% is not worth it. The $20K can be deposited safely into another MMA/Savings at 1% giving me $200 a year. I spend maybe $10K at Costco, so 0.5% is $50 a year. I guess this is for people who spend much more. Other categories are not attracting me at all. Costco Citi will have 4$ on gas, and my grocery cash back is 6% with Blue Amex (there is annual fee, but it pays for itself in a few months).
Again, please read my entire post about the actual enrollment/maintenance requirement and whether it may or may not be worth the opportunity cost.

To summarize, you simply need your account ending balances at the end of each month of a consecutive 3-month period to average to $20k/50k/100k (G/P/PH). You can do whatever you want with that money within each month and for the rest of the year, so really this kind of thing would be of more interest to those with relatively liquid/high-equity investment portfolios; I'd imagine that most SDers would not be above such 'gaming'. Like I mentioned previously, the CB bonus should be considered more of a side perk than a main feature, which is why I only mentioned it in passing in my first post. For example, those who invest with ME would be more interested in the free ME trades that come with the program.
Finally, this probably also makes more sense for those who use BoA for their main checking account, since the requirement is assessed on the combined total of all linked BoA accounts.

Edit: Also wanted to point out that "Blue Amex" is ambiguous; I presume you were referring to the Blue Cash Preferred (which I use frequently) as opposed to the Blue Cash Everyday (which I immediately canceled after receiving the spending bonus).
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Last edited by mrcookies June 2, 2016 at 07:27 AM
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