Bank of America® offers two no-annual-fee rewards cards-the Bank of America® Cash Rewards bank card – $200 Cash Rewards Offer and also the Bank of America ® Travel Rewards plastic card. When combined, both cards are usually a particularly powerful rewards-earning strategy-especially if you’re another Bank of America® checking customer. At the same time, you need to not pay any annual fees simply to use your bank card. Better together?
Bank of America® Premium Rewards® bank card
The rewards program structure is also just about the most useful available today, though much less lucrative because of Bank of America® Cash Rewards plastic card which offers around 3 percent cash return on select purchases. The Bank of America® Premium Rewards® charge card will give you 2 points for many travels and dining purchases and 1.5 points for anything else.
Another big reward credit card in the lauded Bank of America franchise will be the Bank of America® Premium Rewards® plastic card. It features a colossal signup bonus that might make anyone drool. You’ll get 50,000 points once your sign up and spend $3,000 within the first 3 months. That’s a $500 value which enables it to be easily hit if you use it for business purchases or put your recurring bills to the card. What’s nice concerning this arrangement is points are unlimited, to help you earn so long as you spend, there are merely two general categories which means you won’t think twice about which card to tug out when you shop at various stores. Plus, the points won’t expire provided that your money is at good standing.
Bank of America® Travel Rewards bank card
Instead of cash back, the Bank of America® Travel Rewards plastic card offers points that are worth one cent each towards any travel reservations. When you open a fresh account, you cash in on 25,000 online bonus points as soon as you spend $1,000 on new purchases within 90 days. You also earn 1.5 points per dollar invested in all purchases, without any limits. You can redeem your points as statement credits towards any travel purchase including flights, hotels, car rentals, travel packages, and in many cases baggage and change fees
Bank of America® Cash Rewards credit card – $200 Cash Rewards Offer
The Bank of America® Cash Rewards credit card – $200 Cash Rewards Offer offers new customers a $200 cash sign-up bonus once you spend at the very least $500 in purchases within the first 3 months from your opening. You also get 3 percent cash return on gas and a couple of percent cash back at food markets and wholesale clubs, on your first $2,500 in combined grocery/wholesale club/gas purchases each quarter. You’ll earn one percent cash return on all other purchases.
How to maximize Bank of America® credit card reward cards
It also implies that you may earn 1.65 points per dollar spent while using Bank of America® Travel Rewards charge card. By itself, the Bank of America® Cash Rewards charges card lets you earn two or three percent on your gas, grocery, and wholesale store purchases. But in addition, there’s the ability to earn much more points included in Bank of America®’s Preferred Rewards ® program. Just by using a Bank of America™ checking or checking account, you obtain a different 10 % rewards on both cards.
Bank of America® even has upper tiers of rewards including a 25 percent bonus for Gold members who may have $20,000 of combined balances. Members with $50,000 balances get you a 50 % boost and customers with $100,000 in combined balances receive a whopping 75 percent bonus. And before you decide to dismiss this idea, do not forget that including any 401(kor another investment accounts you might have with Merrill Lynch.
This card isn’t like other items that have $450 annual fees as well as a lot of open perks; this card includes a modest $95 annual fee along with a more modest number of benefits. But it offers great flexibility in redeeming points and yields extraordinary earn rates if you’re able to maximize B of A’s Preferred Banking Rewards program.
Credit card space may be burning down in the past few years, especially with all the launch of the Chase Sapphire Reserve in 2016. Then a year ago, the Bank of America Premium Rewards bank card was introduced, and yes it remains one from the best mid-tier entrants inside the market that I’ve seen for fixed-value points that can is redeemed for cash back.
Who Is This Card For?
The Premium Rewards bank card has a wide interest both point’s fans and credit card novices. It might not hold the most lucrative points or numerous transfers partners, but what it really has is flexibility. The Premium Rewards credit card has wide attracted both point’s fans and charge card novices. It might not have the most lucrative points or numerous transfers’ partners, but just what it has is flexibility.
I think of it as a stress-free travel card, since points are worth 1 cent apiece no matter what you redeem them for – you don’t need to worry about getting the maximum value of all the point, which can be often, be time intensive and frustrating. If you like the thought of redeeming your points as a statement credit against big purchases that aren’t protected by points – like new luggage or perhaps a TV – this is the card to acquire. You can redeem points for virtually any purchase, whether it’s a flight, a fresh car or even an over-the-top dinner. The points function essentially like cash.
Where things get interesting is always that the earning rates are better still if you’re already a Bank of America customer and can maximize the Preferred Rewards Program (more about that later). The Premium Rewards card is additionally a strong option for those that have a tendency to spend in broad bonus categories like travel and dining (2x or more using this card), but who would also like solid rewards (1.5x or more) for non-category bonus spend.
Earning the Premium Rewards card doesn’t earn traditional points or miles that can transfer and redeemed with travel partners, but alternatively acts much more a cash-back card with huge earning potential. I honestly never thought I’d want to think about money back, but as airlines have trimmed away the value of miles and severely limited saver availability, the idea seems more pleasing.
Before we breakdown the earn because of this card, it’s vital that you understand Bank of America’s Preferred Rewards program. Those who hold considerable assets in a very B of A or Merrill Lynch account – including retirement or investment accounts – meet the criteria for increased rewards when paying for the Premium Rewards card.
To enroll in B of A Preferred Rewards you’ll need and although we value most airline miles over 1 cent each, that’s mainly depending on to be able to find premium cabin saver seats. But it’s becoming progressively difficult to obtain the best value from points and miles, and that’s where this card comes in handy.
As I mentioned earlier, points are flexible using the Premium Rewards card; you can use them on anything – airlines, the gym, etc. – Essentially anywhere that accepts Visa. Your points can be toward purchasing those purchases (being a statement credit) and also the credit posts automatically.
An eligible Bank of America personal bank checking account AND a 3-month average combined a balance of $20,000 or more in a Bank of America account and/or Merrill Edge or Merrill Lynch investment accounts. There are three tiers in Preferred Rewards, plus your tier is based on how much money you’ve in your accounts. This will determine you’re earning while using Premium Rewards card.
When you think about that B of A it’s essentially paying you $5 annually (when you redeem the $100 airline credit) to get this card, you’re basically getting $500 at no cost only for enrolling and meeting the minimum spend! Use the sign-up bonus to take care of yourself to something extravagant, being a helicopter or private jet ride on Blade. With the Premium Rewards card, you’ll receive 50,000 bonus points we have spent $3,000 within the first ninety days of account opening. These points have a very fixed value of 1 cent each, and therefore 50,000 points are worth $500.