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Bank of America® Premium Rewards® Visa® credit card: 50K bonus points w/ $3K in eligible purchases

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Bank of America is offering 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening with the Bank of America® Premium Rewards® Visa® credit card. The annual fee is $95.
  • Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening
  • Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
  • No limit to the points you can earn and your points don't expire
  • Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill Edge® and Merrill Lynch® accounts, or gift cards or purchases at the Bank of America Travel Center
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee
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Joined Feb 2013
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#76
Can anyone compare this card to Chase Sapphire Preferred and let me know which among these 2 are better? Thanks
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#77
BOA cash rewards card is better IMO. 200$ with 1k spend, no annual fee, and 5.25% back on travel with platinum honors.
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#78
"Low $95 annual fee" I hate yearly fees on cards =(

They already make money off the vendor and if you dont pay off your monthly balance...but they need more.
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#79
Quote from chili999
:
Can anyone compare this card to Chase Sapphire Preferred and let me know which among these 2 are better? Thanks
Better at what, specifically?


Quote from Troblin
:
BOA cash rewards card is better IMO. 200$ with 1k spend, no annual fee, and 5.25% back on travel with platinum honors.

If you actually travel much you can often do better than 5.25% cash back using flexible point systems like Chase or Amex or even Citi... (and not need to park 100k at BoA to do it either)




Quote from Loudog504
:
"Low $95 annual fee" I hate yearly fees on cards =(

They already make money off the vendor and if you dont pay off your monthly balance...but they need more.

There's no reason to be afraid of annual fees for signup bonuses, they're highly profitable above the fee first year.

Some remain profitable every year after too depending on usage, but most don't
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Joined May 2011
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#80
I use to keep 50k to hold the platinum preferred status for the perks but I recently moved it all to ally savings. It makes more sense to get 2.x apr
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#81
Quote from Knightshade
:
Better at what, specifically?





If you actually travel much you can often do better than 5.25% cash back using flexible point systems like Chase or Amex or even Citi... (and not need to park 100k at BoA to do it either)







There's no reason to be afraid of annual fees for signup bonuses, they're highly profitable above the fee first year.

Some remain profitable every year after too depending on usage, but most don't
For the casual traveler, the BOA cash rewards card is the best IMO. 5.25% on online purchases can't be touched and the travel cashback is top notch as well.

Preferred honors is quite easy to get as well. You don't have to "park 100k" at BOA, just transfer your 401k or CMA to Merrill. I transferred from TD Ameritrade, got 100 free trades a month, and they paid me $900 to boot.
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#82
Quote from Knightshade
:
Better at what, specifically?
I mean better at rewards. Which card is better when you travel 3-5 times an year approx. and which card is easy to use and redeem?
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#83
Quote from Troblin
:
For the casual traveler, the BOA cash rewards card is the best IMO. 5.25% on online purchases can't be touched

eh... it can be depending how you redeem other rewards... for example it's not hard to get 4-6 cents per point cash-equivalent for business class airplane bookings with point transfers, meaning the 1.5x chase points you can get with an unlimited card has you earning 6-9% cash-back-equivalent when used that way.

Ditto the 2x Amex MR points you can earn with a blue for biz plus card.

Plus the various chances to get 3x, 4x, or 5x in certain categories of online spend with various Chase or Amex cards, where again the points can be worth a lot more than 1c per.


Lastly for at least 1 quarter a year you can usually get 10% back churning DiscoverIT cards on any "online" purchase via paypal too though that's less flexible than "all" purchases.


None of the above require parking 100k with BoA to qualify either.




That said- 5.25% if you're already going to qualify for Platinum Honors, even though there's a $2500 cap on such spending a quarter, is certainly pretty solid for most folks.




Quote from Troblin
:
For t
and the travel cashback is top notch as well.
It's really not.

First- in order to get 5.25% on travel you have to not get 5.25% on online purchases.

So that only makes sense if you spend quite a bit on travel.

But even then it kinda sucks because there's a $2500 per quarter cap on spending- which won't cover the outlay on a lot of trips.

And it sucks even more because you can earn 3x-5x on that same travel with Chase and Amex and even Citi cards, which can get you way more than 5.25% cash-back-equivalent toward other travel.... and with no spending cap to speak of either.


The BoA cash card picking online as your category (if you qualify for 5.25% back) as I say ain't a bad deal under many circumstances.... picking travel is a bad deal under most compared to the alternatives.



Quote from Troblin
:
F
Preferred honors is quite easy to get as well. You don't have to "park 100k" at BOA, just transfer your 401k or CMA to Merrill

You can't transfer your 401k, but you can roll it over to an IRA... this may, or may not, be a good or bad idea for a given person depending on their options/costs/circumstances with their existing 401k plan....


Plus, of course, something like half the US population doesn't have a 401k.... and for the half that do, the average balance is barely over 100k so roughly half of them won't qualify for Plat Honors even if it otherwise isn't a problem for them to roll it over to BoA.


So "quite easy to get" is a pretty check-your-privilege kinda thing to toss out there... It's very easy if you have six figures of specifically tax-advantaged, fully vested, investment $ to park there- AND no other reasons not to do so....which isn't something most Americans actually have.
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#84
Quote from Knightshade
:
eh... it can be depending how you redeem other rewards... for example it's not hard to get 4-6 cents per point cash-equivalent for business class airplane bookings with point transfers, meaning the 1.5x chase points you can get with an unlimited card has you earning 6-9% cash-back-equivalent when used that way.

Ditto the 2x Amex MR points you can earn with a blue for biz plus card.

Plus the various chances to get 3x, 4x, or 5x in certain categories of online spend with various Chase or Amex cards, where again the points can be worth a lot more than 1c per.


Lastly for at least 1 quarter a year you can usually get 10% back churning DiscoverIT cards on any "online" purchase via paypal too though that's less flexible than "all" purchases.


None of the above require parking 100k with BoA to qualify either.




That said- 5.25% if you're already going to qualify for Platinum Honors, even though there's a $2500 cap on such spending a quarter, is certainly pretty solid for most folks.






It's really not.

First- in order to get 5.25% on travel you have to not get 5.25% on online purchases.

So that only makes sense if you spend quite a bit on travel.

But even then it kinda sucks because there's a $2500 per quarter cap on spending- which won't cover the outlay on a lot of trips.

And it sucks even more because you can earn 3x-5x on that same travel with Chase and Amex and even Citi cards, which can get you way more than 5.25% cash-back-equivalent toward other travel.... and with no spending cap to speak of either.


The BoA cash card picking online as your category (if you qualify for 5.25% back) as I say ain't a bad deal under many circumstances.... picking travel is a bad deal under most compared to the alternatives.






You can't transfer your 401k, but you can roll it over to an IRA... this may, or may not, be a good or bad idea for a given person depending on their options/costs/circumstances with their existing 401k plan....


Plus, of course, something like half the US population doesn't have a 401k.... and for the half that do, the average balance is barely over 100k so roughly half of them won't qualify for Plat Honors even if it otherwise isn't a problem for them to roll it over to BoA.


So "quite easy to get" is a pretty check-your-privilege kinda thing to toss out there... It's very easy if you have six figures of specifically tax-advantaged, fully vested, investment $ to park there- AND no other reasons not to do so....which isn't something most Americans actually have.
Fair enough.

I don't travel enough to make it worthwhile for me to keep any of the exclusive travel cards. But i could see how that is a viable option for someone who typically spends 5-8k on vacations/year.

My general strategy is to churn the big bonus cards(Chase Sapphire Reserve, SW card, Ink Business lines, Capital One Savor).

For general spend, i primarily use the BOA cash card and Chase Freedom or Discover IT, depending on rotating cashback category.
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#85
Quote from chili999
:
I mean better at rewards. Which card is better when you travel 3-5 times an year approx. and which card is easy to use and redeem?
Both chase and Boa let you redeem your points for cash. That's the "easy" way to redeem either.

With BoA it's pretty much the only way. At 1 cent per point.

With Chase you can potentially get 1.25 cents or 1.5 cents per point when it's used for travel depending which chase cards you hold... that's also fairly simple but requires booking via the Chase travel portal.


And you can potentially get 2-2.5 cents a point for coach airfares or Hyatt hotels via point transfers.... or potentially 4-6 cents a point for business class airfares via transfers. But that is somewhat less simple than the other options.




The best way, by far, to rack up a lot of reward points though is not normal spending.

It's signup bonuses.

Depending on the amount you spend monthly you could rack up hundreds of thousands of points in a single year just opening a bunch of cards and completing the bonus spend on them (and your spouse can potentially do the same).... versus only maybe tens of thousands for the same amount of spending done "normally" on any single card.


But again it takes some work/research/keeping track of stuff to do this...and some folks aren't willing to do that.

As a quick example for someone who spends say 2-3k a month on credit cards on averageFrownjust an example- you'll want to do some reading on each banks rules for churning cards before you get started)


Jan 1- Open a Chase Ink Preferred- 80k UR points for signup bonus for 5k spend.

March 1- Open a Chase Ink Cash- 50k UR for 3k spend

April 2- Open a Chase Ink Unlimited- 50k UR for 3k spend

May 3- Open a Chase Sapphire Reserve- 50k UR for 4k spend (the CSR is superior to the Sapphire Preferred by a mile if you actually travel much, and you can only get one of em)

June 15- open a chase freedom- 15k UR for $500 spend


So you're done with signup bonus spend after 6 months on those... you've spent a total of $15,500.

And you have 245,000 Chase UR points for the signups, and then all the normal points earned on the spend, which will be between 1x and 5x depending what categories the spend was in- let's say just 1x for all of it though, so still over 260,000 chase points.


Which is $2600 taken as straight cash... or $3900 used to book travel in the CSR Travel Portal... or potentially 5-10k used via airline transfers.



Versus if you'd simply run that 15.5k through a single BoA card where you might (if you had 100k parked there) get somewhere in the ballpark of 1k including the $500 signup bonus IF all your spend was in the right category too.


That's 2.5-4x the value doing multiple cards on the low end, 5-10x the value on the higher end.

And you can keep doing that for a good while through various banks and cards.
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#86
Quote from Knightshade
:
Both chase and Boa let you redeem your points for cash. That's the "easy" way to redeem either.

With BoA it's pretty much the only way. At 1 cent per point.

With Chase you can potentially get 1.25 cents or 1.5 cents per point when it's used for travel depending which chase cards you hold... that's also fairly simple but requires booking via the Chase travel portal.


And you can potentially get 2-2.5 cents a point for coach airfares or Hyatt hotels via point transfers.... or potentially 4-6 cents a point for business class airfares via transfers. But that is somewhat less simple than the other options.




The best way, by far, to rack up a lot of reward points though is not normal spending.

It's signup bonuses.

Depending on the amount you spend monthly you could rack up hundreds of thousands of points in a single year just opening a bunch of cards and completing the bonus spend on them (and your spouse can potentially do the same).... versus only maybe tens of thousands for the same amount of spending done "normally" on any single card.


But again it takes some work/research/keeping track of stuff to do this...and some folks aren't willing to do that.

As a quick example for someone who spends say 2-3k a month on credit cards on averageFrownjust an example- you'll want to do some reading on each banks rules for churning cards before you get started)


Jan 1- Open a Chase Ink Preferred- 80k UR points for signup bonus for 5k spend.

March 1- Open a Chase Ink Cash- 50k UR for 3k spend

April 2- Open a Chase Ink Unlimited- 50k UR for 3k spend

May 3- Open a Chase Sapphire Reserve- 50k UR for 4k spend (the CSR is superior to the Sapphire Preferred by a mile if you actually travel much, and you can only get one of em)

June 15- open a chase freedom- 15k UR for $500 spend


So you're done with signup bonus spend after 6 months on those... you've spent a total of $15,500.

And you have 245,000 Chase UR points for the signups, and then all the normal points earned on the spend, which will be between 1x and 5x depending what categories the spend was in- let's say just 1x for all of it though, so still over 260,000 chase points.


Which is $2600 taken as straight cash... or $3900 used to book travel in the CSR Travel Portal... or potentially 5-10k used via airline transfers.



Versus if you'd simply run that 15.5k through a single BoA card where you might (if you had 100k parked there) get somewhere in the ballpark of 1k including the $500 signup bonus IF all your spend was in the right category too.


That's 2.5-4x the value doing multiple cards on the low end, 5-10x the value on the higher end.

And you can keep doing that for a good while through various banks and cards.
If anyone can qualify for all five of those Chase cards inside six months, I bow to you.
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#87
Quote from myadidas1981
:
If anyone can qualify for all five of those Chase cards inside six months, I bow to you.

Anybody can (assuming good credit and the ability to make the spend).



Chase rules are basically these:

5/24- they won't approve any new cards if you've got 5 or more personal lines of credit opened in the last 24 months- so I start from assuming you're at 0 when you begin.... (business cards open don't count against the 5...but being over the limit of 5 will prevent business card approvals)


1/30- They will only approve 1 business card every 30 days

2/30- They will only approve 2 total cards (usually 1 biz 1 personal) every 30 days.


The timetable I list fits under all those rules.



Each bank has their own sets of rules, some easier figured out than others, some easier or harder to deal with than others.

Chase 5/24 being what it is it's usually best to start with their cards though (and/or any other business cards).
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#88
Quote from Knightshade
:
Anybody can (assuming good credit and the ability to make the spend).



Chase rules are basically these:

5/24- they won't approve any new cards if you've got 5 or more personal lines of credit opened in the last 24 months- so I start from assuming you're at 0 when you begin.... (business cards open don't count against the 5...but being over the limit of 5 will prevent business card approvals)


1/30- They will only approve 1 business card every 30 days

2/30- They will only approve 2 total cards (usually 1 biz 1 personal) every 30 days.


The timetable I list fits under all those rules.



Each bank has their own sets of rules, some easier figured out than others, some easier or harder to deal with than others.

Chase 5/24 being what it is it's usually best to start with their cards though (and/or any other business cards).
That's what I meant. Getting all five of these requires not having any other new accounts inside of two years. Which puts a lot of us out of contention.
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#89
Quote from myadidas1981
:
That's what I meant. Getting all five of these requires not having any other new accounts inside of two years. Which puts a lot of us out of contention.

Technically you could have 3 already-open accounts in the last 2 years and still do what I describe since the first 3 cards are biz cards.... but I was replying to someone who appeared to be asking what to "start" with.
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#90
Quote from Knightshade
:
Technically you could have 3 already-open accounts in the last 2 years and still do what I describe since the first 3 cards are biz cards.... but I was replying to someone who appeared to be asking what to "start" with.
Gotcha. Great roadmap for someone new to churning, especially if they can pull it off. That's a lot of value.
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