bank of america

Review: Bank of America Premium Rewards

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The Bank of America Premium Rewards Visa Signature is a mid-tier travel-focused credit card. It’s a fair option for casual travelers since the card can pay for itself. However, it’s best if you’re enrolled in the Preferred Rewards program. Anyone who isn’t in that program may be better served with other credit cards.

FEATURES AT A GLANCE

  • $95 annual fee
  • No foreign transaction fees
  • 2x points on travel
  • 2x points on dining
  • 1.5x points on everything else
  • $100 annual airline incidental credit
  • $100 credit towards Global Entry or TSA PreCheck (once every 4 years)

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The Top 15 Credit Cards For 0% APR

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0% APR can have a variety of applications. Sometimes you need more than 30 days to pay for something, or need to increase the amount of cash on hand. This is usually the best way to solve that problem while avoiding interest. Credit cards normally have 15-20% APR, and it’s rarely worthwhile to pay interest on card purchases. One of the downsides here is that most of the below cards require a minimum credit score of 650+. People who really need 0% APR often have lower credit scores. If you fall into this category, check to see if you’re prequalified before applying. Most banks have this option. Search “[bank name] prequalification” and their website should pop right up.

Most of the below cards also have 0% APR on balance transfers, but balance transfers almost always have a fee associated with them. It’s better to put new purchases on a 0% APR card instead of trying to do a balance transfer. Note: This list is current as of December 2021 and is subject to change.

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Review: Bank of America Customized Cash Rewards

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Bank of America Customized Cash Rewards is a Visa credit card which lets people choose a category for earning 3% cash back. There are some hoops to jump through (see below) but the card can be a decent earner. It’s a flexible card with good niche usage potential. Most people should consider the card, although the highest value is reserved for Preferred Rewards customers at Platinum Honors tier or above.

In August 2023, Bank of America expanded their 3% categories slightly. “Gas” now includes electric vehicle charging stations. “Online shopping” now includes cable, streaming, internet, and phone plans.

FEATURES AT A GLANCE

  • No annual fee
  • 3% foreign transaction fee
  • 3% cash back in the category of your choice (6 options) up to $2,500 spent per quarter
  • 2% cash back at grocery stores and wholesale clubs
  • 1% cash back on everything else

3% eligible categories:

  1. Gas and EV charging stations (default category until changed)
  2. Online shopping (including Amazon) and cable/streaming/internet/phone plans
  3. Dining
  4. Travel
  5. Drug stores and pharmacies
  6. Home improvement and furnishings

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How To Earn More Cash Back With Bank of America Preferred Rewards

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Bank of America’s credit card options are reasonable in general. What sets them apart, however, is the bank’s Preferred Rewards program. The more money you have with BoA, the more you earn with their credit cards. While each tier has a variety of benefits, YMMV in terms of usefulness. We’ll primarily cover the credit card information in this article.

To enroll in Preferred Rewards, the requirements are simple: have a “qualifying” Bank of America deposit account (such as a personal checking account) and/or Merrill investment account(s), with a three-month combined average daily balance of $X or more. Depending on what X is, you’ll gain access to one of the below tiers. You don’t need to keep exact amounts since it’s a combined average.

Once you qualify for a tier, you’ll retain that tier status for at least 12 months. Your balance can temporarily dip without consequence. BoA goes on to say “If after a year you no longer meet the balance requirement, you’ll have a three-month grace period. If you haven’t met the balance requirement after three months, you’ll be moved to a lower tier or lose your Preferred Rewards benefits.”

Note that you have to manually enroll into the program to get any benefits. It isn’t automatically awarded to customers who may qualify.

There’s also a business version of Preferred Rewards with slightly different requirements and benefits.

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Anti-Churning Rules and Chase 5/24 Explained

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“Churners” seek sign-up bonuses and other rewards by opening lots of credit cards. In most cases, they’re legitimate customers who want extra cash back or free travel. A lot of credit cards offer great rewards and bonuses. As people become more educated about credit cards (CCs) some inevitably want to maximize (or abuse) the system, despite risks to their credit scores.

As a result, banks have implemented rules (sometimes unofficially) to deter churners. They naturally aim for a positive ROI on customers. Here’s a compilation of the most important things to keep in mind. Keep in mind that this isn’t a comprehensive list of all rules/guidelines, and things are subject to change.

As a side note, some banks might shut you down if you go too hard and fast. They can take away points or close your cards. We recommend applying for 1 new card every 3-4 months, to start. If you have higher risk tolerance, maybe apply for a new card every 2-3 months, once your credit history is pretty well-established. Don’t go overboard. Start with credit cards that you’re likely to use on a regular basis, and pay your balance in full every month.

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