Bank of america cash rewards card - Revision history

Editor at 06:36, 19 February 2021

2021-02-19T06:36:26Z

Editor: Editor moved page Bank of America Cash Rewards Card to Bank of america cash rewards card without leaving a redirect

2021-02-19T00:12:26Z

Editor moved page Bank of America Cash Rewards Card to Bank of america cash rewards card without leaving a redirect

Editor: /* Collecting the Signup Bonus */

2021-02-17T22:41:51Z

‎Collecting the Signup Bonus

Editor: /* Bank of America Cash Reward Card Options */

2021-02-15T20:08:12Z

‎Bank of America Cash Reward Card Options

Editor: /* Bank of America Cash Reward Card Options */

2021-02-15T20:07:00Z

‎Bank of America Cash Reward Card Options

Editor: /* Getting Rid of the Card */

2020-10-24T16:49:50Z

‎Getting Rid of the Card

Editor: /* Getting Rid of the Card */

2020-10-24T16:49:38Z

‎Getting Rid of the Card

Editor: /* Bonus Categories */

2020-10-19T19:53:24Z

‎Bonus Categories

Editor: /* Bonus Categories */

2020-10-19T03:29:54Z

‎Bonus Categories

Editor at 03:26, 19 October 2020

2020-10-19T03:26:25Z

← Older revision		Revision as of 06:36, 19 February 2021
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		+	{{DISPLAYTITLE: Bank of America Cash Rewards}}
	{{Page\|card\|BOA cards}}		{{Page\|card\|BOA cards}}

@@ Line 66: / Line 66: @@
 <ul class="bulletlist">
-<li>'''The signup bonus on the Cash Rewards card is a not that interesting'''. You'll receive $200 (with $500 initial spend). The primary reason to get the card is for the bonus category reward rates. In the past, we would have recommended signing up for the Premium Rewards card (for its 50,000 point bonus) and converting it to a Cash Rewards card. But with the new restrictions on getting the Premium Rewards card, you are more likely to have to get the Cash Rewards card directly.</li>
+<li>{{Signup Intro|interesting|bonus reward rate on the category of your choice}} {{Signup Amount|$200}} {{Signup Value|185|1000|0}}</li>
-<li>'''There are restrictions to earning the signup bonuses multiple times'''. You aren't eligible for the Cash Rewards card, if you already have the card, unless you've had it for at least 24 months. But, you don't have to cancel it, in order to apply for another card. Curiously, the co-branded variants don't have this language in their terms, so you may be able to get them instead.</li>
+In the past, we would have recommended signing up for the Premium Rewards card (for its 50,000 point bonus) and converting it to a Cash Rewards Card. But with the new restrictions on getting the Premium Rewards Card, you are more likely to have to apply for the Cash Rewards Card directly.
 Regardless, you are still subject to BOA's overall rules of two new cards every three months, three new cards every year, and four new cards every two years.

← Older revision		Revision as of 20:08, 15 February 2021
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	Bank of America offers a number of other credit cards that are essentially identical to the Cash Rewards card: the Susan Komen, World Wildlife, and U.S. Pride cards, and a card for every baseball team. Each variation has the same reward rates, signup bonus, and benefits. There is a also a student version of the Cash Rewards card. [//www.bankofamerica.com/credit-cards/#filter Bank of America Card Listing].		Bank of America offers a number of other credit cards that are essentially identical to the Cash Rewards card: the Susan Komen, World Wildlife, and U.S. Pride cards, and a card for every baseball team. Each variation has the same reward rates, signup bonus, and benefits. There is a also a student version of the Cash Rewards card. [//www.bankofamerica.com/credit-cards/#filter Bank of America Card Listing].
−
−	Many credit unions offer a "Max Cash Preferred Card", which offers the same rewards structure as the BOA Cash Rewards Card, but with a slightly lower signup bonus ($150). It is essentially the same card as the Cash Rewards Card and is operated behind-the-scenes by Bank of America. The advantage is that it may be possible to get approved for one or more of these on top of the one directly from Bank of America. Doctor of Credit publishes a partial list of [//www.doctorofcredit.com/elan-max-cash-preferred-5-on-two-categories/ credit unions that offer this version].

	Bank of America also has a Business Bank Rewards card, but it offers bonus rewards on completely different categories, and requires separate assets held in business accounts to qualify for the bonus rewards. [//www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/ Bank of America Business Cash Card Webpage].		Bank of America also has a Business Bank Rewards card, but it offers bonus rewards on completely different categories, and requires separate assets held in business accounts to qualify for the bonus rewards. [//www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/ Bank of America Business Cash Card Webpage].

@@ Line 55: / Line 55: @@
 === Bank of America Cash Reward Card Options ===
-Bank of America offers a number of other credit cards that are essentially identical to the Cash Rewards card: the Susan Komen, World Wildlife, and U.S. Pride cards, and a card for every baseball team. Each variation has the same reward rates, signup bonus, and benefits. [//www.bankofamerica.com/credit-cards/#filter Bank of America Card Listing].
+Bank of America offers a number of other credit cards that are essentially identical to the Cash Rewards card: the Susan Komen, World Wildlife, and U.S. Pride cards, and a card for every baseball team. Each variation has the same reward rates, signup bonus, and benefits. There is a also a student version of the Cash Rewards card. [//www.bankofamerica.com/credit-cards/#filter Bank of America Card Listing].
-There is a also a student version of the Cash Rewards card.
+Many credit unions offer a "Max Cash Preferred Card", which offers the same rewards structure as the BOA Cash Rewards Card, but with a slightly lower signup bonus ($150). It is essentially the same card as the Cash Rewards Card and is operated behind-the-scenes by Bank of America. The advantage is that it may be possible to get approved for one or more of these on top of the one directly from Bank of America. Doctor of Credit publishes a partial list of [//www.doctorofcredit.com/elan-max-cash-preferred-5-on-two-categories/ credit unions that offer this version].
 Bank of America also has a Business Bank Rewards card, but it offers bonus rewards on completely different categories, and requires separate assets held in business accounts to qualify for the bonus rewards.  [//www.bankofamerica.com/smallbusiness/credit-cards/products/cash-rewards-business-credit-card/ Bank of America Business Cash Card Webpage].

@@ Line 114: / Line 114: @@
 <li>'''If you cancel your card, you may not be able to easily get it back'''. Bank of America limits your ability to get more than 4 cards every 24 months and 3 cards every 12 months. And you can't get one of their cards if you've gotten more than 3 personal credit cards from any bank in the last 12 months (7 cards for BOA banking customers). If you are signing up for bunch of new credit cards, you won't be able to get new Bank of America cards. Furthermore, you explicitly can't sign up for the Cash Rewards Card if you already have one.</li>
-'''If you aren't currently using your Cash Rewards card, consider keeping it anyway'''. You aren't paying an annual fee and, sometime in the future, you may decide that you are willing to make the extra effort to maximize your rewards with its flexible bonus categories.
+<li>'''If you aren't currently using your Cash Rewards card, consider keeping it anyway'''. You aren't paying an annual fee and, sometime in the future, you may decide that you are willing to make the extra effort to maximize your rewards with its flexible bonus categories.</li>
 <li>{{Cancel Retention}}</li>

← Older revision	Revision as of 00:12, 19 February 2021
(No difference)

@@ Line 109: / Line 109: @@
 === Getting Rid of the Card ===
-Make sure to cash out your rewards before cancelling your card.
+<ul class="bulletlist">
-If you aren't currently using your Cash Rewards card, consider keeping it anyway. You aren't paying an annual fee and, sometime in the future, you may decide that you are willing to make the extra effort to maximize your rewards using its flexible bonus categories.
+<li>'''If you cancel your card, you may not be able to easily get it back'''. Bank of America limits your ability to get more than 4 cards every 24 months and 3 cards every 12 months. And you can't get one of their cards if you've gotten more than 3 personal credit cards from any bank in the last 12 months (7 cards for BOA banking customers). If you are signing up for bunch of new credit cards, you won't be able to get new Bank of America cards. Furthermore, you explicitly can't sign up for the Cash Rewards Card if you already have one.</li>
 {{/Main|card}}
 {{/Page|card}}

@@ Line 99: / Line 99: @@
 At the maximum Preferred Rewards level, the 3% reward rate turns into 5.25%. You can even change your category every month, so you could earn 5.25% on online shopping in one month and 5.25% on Home Improvement in another.
-However, bonus rewards are capped on the first $2,500 of spending each quarter. Given that a Platinum Honors member can earn 2.625% on any purchase with the Travel or Premium Rewards card, the Cash Rewards card earns an extra 2.625% on its bonus categories. The maximum amount of extra rewards you can earn with the Cash Rewards is  $262.50 per year.
+However, bonus rewards are capped on the first $2,500 of spending each quarter. Given that a Platinum Honors member can earn 2.625% on any purchase with the Travel or Premium Rewards Card, the Cash Rewards Card earns up to an extra 2.625% on its bonus categories. The maximum amount of extra rewards you can earn with the Cash Rewards is  $262.50 per year.
-Since the bonus rewards are capped, it can be useful to get multiple cards. It is also generally better to use the card for categories like online shopping and home improvement, rather on categories like gas and dining, where you can already earn high reward rates from other cards.
+Since the bonus rewards are capped, it can be useful to get multiple cards. It is also generally better to use the card for categories like online shopping and home improvement, rather on categories like gas and dining where you can already earn high reward rates from other cards.
 Keep in mind that most rent or homeowners association charges are classified as part of BOA's travel category and for many people will be an easy way to qualify for the 3-5.25% reward rate.
-The card also earns '''2% at grocery store and warehouse clubs''', which turns into 3.25% at the Platinum Honors level. But, since spending in these categories counts against the cap, you'll want to focus on the the choose your 3% categories and only use the card at the 2% categories to fill in any remaining cap space.
+The card also earns '''2% at grocery store and warehouse clubs''', which turns into 3.25% at the Platinum Honors level. But since spending in these categories counts against the cap, you'll want to focus on the the choose your 3% categories and only use the card at the 2% categories to fill in any remaining cap space.
 === Getting Rid of the Card ===

@@ Line 86: / Line 86: @@
 === Bonus Categories ===
-Up through 2018, the Cash Rewards card earned 3% on gas. Starting in 2019, it earns 3% in one of category of your choice of:
+The Cash Rewards Card earns 3% in a your choice of one of the following categories:
 <ul class="checklist">
@@ Line 97: / Line 97: @@
 </ul>
-At the maximum Preferred Rewards level, the 3% rate turns into a 5.25% rate. You can even change your category every month, so you could earn 5.25% on online shopping in one month, and 5.25% on Home Improvement in another month.
+At the maximum Preferred Rewards level, the 3% reward rate turns into 5.25%. You can even change your category every month, so you could earn 5.25% on online shopping in one month and 5.25% on Home Improvement in another.
-However, bonus rewards are capped on the first $2,500 of spending each quarter. Given that you can a Platinum Honors member earns 2.625% on any purchase with the Travel or Premium Rewards card, the Cash Rewards card earns an extra 2.625% on its bonus categories, capped at a maximum of $262.50 in extra rewards per year.
+However, bonus rewards are capped on the first $2,500 of spending each quarter. Given that a Platinum Honors member can earn 2.625% on any purchase with the Travel or Premium Rewards card, the Cash Rewards card earns an extra 2.625% on its bonus categories. The maximum amount of extra rewards you can earn with the Cash Rewards is  $262.50 per year.
 Since the bonus rewards are capped, it can be useful to get multiple cards. It is also generally better to use the card for categories like online shopping and home improvement, rather on categories like gas and dining, where you can already earn high reward rates from other cards.
@@ Line 105: / Line 105: @@
 Keep in mind that most rent or homeowners association charges are classified as part of BOA's travel category and for many people will be an easy way to qualify for the 3-5.25% reward rate.
-The card also earns '''2% at grocery store and warehouse clubs''', which turns into 3.25% at the Platinum Honors level. But, since spending in these categories counts against the cap, you'll want to focus on the the choose your 3% categories, and only use the card at the 2% categories to fill in any remaining cap space.
+The card also earns '''2% at grocery store and warehouse clubs''', which turns into 3.25% at the Platinum Honors level. But, since spending in these categories counts against the cap, you'll want to focus on the the choose your 3% categories and only use the card at the 2% categories to fill in any remaining cap space.
 === Getting Rid of the Card ===

@@ Line 49: / Line 49: @@
 *[[#Collecting the Signup Bonus|Signup Bonus]]
 *[[#Bonus Categories|Bonus Categories]]
 *[[#Getting Rid of the Card|Getting Rid of the Card]]
 {{/TOC}}