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I got this offer in the mail yesterday, and very tempted to bite.

Bankamericard - 2% Cash Back without limit.

Redeem cash in $25 increments for statement credit, check, or deposit into any checking or savings account.

Redeem $300 or more in a single redemption request and receive a 25% bonus, or $75.

Thus, if redeemed at $300, this effectively becomes a 2.5% Cash Back card on everything.

Did anyone else get this offer?

Member Summary
Most Recent Posts
TheKa,

No, I didn't spend $15,000 yet, but on my way!

I was just pointing out the way the redemption website was setup. S... (more)

quiznut1 (Nov. 10, 2010 @ 1:02p) |

Quiznut1, were you told you had 1% Cash Back and it is actually 2%? All of my packet information and all customer reps ... (more)

Pocketbulletz (Nov. 11, 2010 @ 3:02p) |

Pocketbulletz, the initial solicitation in the mail I got was 2%, and I also got it with the welcome packet. My question... (more)

quiznut1 (Nov. 12, 2010 @ 7:32a) |

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
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Maybe Scan it or provide a phone number?

2% for what time period before it reverts back to 1%?

SUCKISSTAPLES - I left the offer letter at home so I don't have a phone number. The offer does have a code that is "non-transferable" (taking that with a grain of salt though).

turtlebug - The offer letter specifies the 2% is ongoing, with the usual disclaimer for any credit card offer. "We reserve the right to change these terms at any time, for any reason."

Seems very hot if that 2.5% is on going, and not a one time deal.

Waiting for a link or something. I find it hard to believe that something like this would come from BoA without caveat.

edit: I should say that I find it hard to believe that a credit card from BoA could be as good as or better than Schwab.

The standard Bankamericard terms include only 1% CashBack. I suspect that this "2%" offer is a promotion for a short time before reversion back to 1%.

I desperately searched online and only found the 1% deal you guys have talked about. That's why I am a little unsure if I want to proceed.

Since $300 is %15K in spending can you delay making a redemption request until you've accumulated $300 in Cash Back, even if it takes several months to do so? Do the terms state how often you can make redemption requests, e.g. only at the end of a statement period or during statement periods?

Are there any restrictions that the terms say won't earn the 2% CashBack? What do the terms say about possible forfeiture of the CashBack? Thanks!

Seems good, but I need to see more information!

glxpass - I am not sure all the specifics on the redemption, but I know you can redeem the rewards on a website that was mentioned. You can set up an automatic redemption once you reach $25, or redemption "on-demand" where you request it at any dollar amount you choose. I don't know if they wait until your statement closes to post your rewards, or post them right away (as Orchard's 2% card does), pending no return purchases.

You must redeem $300 in Cash Back rewards to get the $75 bonus, or 2.5% Cash Back. Otherwise, it is 2% back for any rewards redeemed that are lower than $300. There is no limit to how much Cash Back you can earn.

Also, pretty standard stuff doesn't earn the Cash Back, like cash advances, returned purchases, purchases made for business, money orders or cash equivalent transactions.

Assuming 2% Cash Back is permanent and not a promotion, that's pretty good.
Although it would take my family almost a year before we could accumulate that much spending ($15,000).

For now Schwab is better for my family since the money is back in our account sooner.

I hope there more offers like this to come from other credit card companies.

zarut1 said: I hope there more offers like this to come from other credit card companies.

Probably we might see some better offers, but interest rates would have to go up.
I don't see offers being as good as the past: i.e. 5% back on EDP, etc.

How I wish I was paying attention to which CC's I owned at that time.

I wouldn't count on any offer with such weasel words "We reserve the right to change these terms at any time, for any reason.", especially from a mediocre credit card company like Bank of America.

Citi Forward is 2.7% for food/books/movies/music, 0.7% everything else, so it's a good alternative.

if you look hard enough I bet all credit card will have "We reserve the right to change these terms at any time, for any reason." somewhere in the long disclosures. If not tons of law suits would have been filled against credit card companies. They change their terms as often as you would change your underwear.

huffboy said: if you look hard enough I bet all credit card will have "We reserve the right to change these terms at any time, for any reason." somewhere in the long disclosures. If not tons of law suits would have been filled against credit card companies. They change their terms as often as you would change your underwear.
So what ? Every bank has such a language, they might screw you up the the future.

However, this card (if confirmed) would be the best CC deal on a market. FWF attitude would be to grab it, use (and abuse if possible) the hell out of it, then move on to next deal when the ride is over.

Your emotions would be wasted on hating or loving financial institution, leave them for a people; bank's offer are here for us to take advantage of

jhtrico1850 - The offer terms didn't state exactly how I quoted it. It was more in general terms that's what the offer letter said.

For everyone: I have a phone number and a website, but I don't know how much it will help. The phone number is 1-888-224-8735. The prompts ask you if you are applying for a new card or checking the status of an application. The website is here: Bank of America which will prompt you to enter the personal secure code, which I mentioned earlier was in my offer letter, but mentioned that it was non-transferrable.

turtlebug said: 2% for what time period before it reverts back to 1%?

Last I had this card the rebate was 1% with an annual .5% bonus=1.5%. I don't know if that changed to 2% or if 2% is a promotional rate and it reverts to 1.5% or if they did away with the annual .5% bonus, or if you needed a BOA bank account to get the bonus. I think this may have been earned in points and the % I gave was the cash equivilent if you redeemed points for cash at $25 or above (below $25 the redemption equivilent for cash was less) They might have changed this, but FYI and researching purposes...

I have one of these and it's 1% back. Also, you don't get automatic Cash Back every year like AMEX, you have to accumulate points and then redeem them for a check - the minimum redemption amount is 2500 ($25). I'm very close to the 2500 points; once I get there I'm going to cash out and only use the card from time to time to keep it alive (I have an $8000 credit limit on it).

Also, there's some notice on the rewards page that says the 2500 points for $25 is a "promotion" (scoff). Apparently sometime next year you'll need 5000 points for a $25 check, making the effective CashBack on this card 0.5%. I don't know what OP is talking about...

Household bank had a 2% card a couple years ago. They pay every $25 and to this day continue at 2% without pulling what BOA is notorious for. I don't know if they still have the 2% card at housebank bank but I use it for everything after they bumped my credit limit from $500 to 10K

Card also mentioned here -> http://www.flyertalk.com/forum/other-credit-card-programs/1124609-bofa-cash-rewards-visa-2-cashback-everything.html

Seems like its legit.

Dreamtoday said: Household bank had a 2% card a couple years ago. They pay every $25 and to this day continue at 2% without pulling what BOA is notorious for. I don't know if they still have the 2% card at housebank bank but I use it for everything after they bumped my credit limit from $500 to 10K

Wow, I could never get them to increase this card beyond $2000.

Is this the one? 3% for gas, supermarkets and Drugstore..

Link

pyro123 said: Is this the one? 3% for gas, supermarkets and Drugstore..

Link

Would suck it if was:

Base Rewards 1 cent per dollar spent (1% CashBack).
Special Rewards Earn an additional 2 cents per dollar spent (2% CashBack) on all gas, grocery and drug store purchases during your first 6 months after account opening.

Redemption requirements •If you redeem $300 or more in one redemption request, you will receive a 25% bonus based on the amount you redeemed. The PlasticIQ ranking engine assumes that this behavior is exhibited.

•BankAmericard rewards redeemable in the form of statement credit, check, deposit to checking or savings account of your choice, or payment of a mortgage loan serviced by Bank of America.

I received the offer from BOA 'earn 3% Cash Back' on all purchases up to $800 through Sept 30, 2010. I also received a second promotion from BOA for 1% Cash Back with 25% bonus if you redeem for $300, but not 2% CB.

I got an offer like xina's 2nd today: 1% Cash Back, $75 bonus on $300 redemption, 3% on gas, groceries and drugstores. Also 15 months 0% on purchases and BT (4%, uncapped).

Not terrible, but not quite as good as what I have now, so no application for me.

cool deal. hard to believe. i cant imagine how it could be profitable.

huffboy said: if you look hard enough I bet all credit card will have "We reserve the right to change these terms at any time, for any reason." somewhere in the long disclosures. If not tons of law suits would have been filled against credit card companies. They change their terms as often as you would change your underwear.[/Q].


Exactly. I only change my tighty whities when there is a recession

do the CashBack(?) expire? 15k is a lot to spend...

Also, I remember one incarnation of BoA credit card as having 1% back...only the numbers have to be nice, as in 1% of $100 = $1, but if you happen to spend $175, you still only get $1. If this card is a straightforward card, I hope this will not do that.

axm0701 - I do know my offer letter said something like "no points to keep track of, just straightforward Cash Back." I would be surprised if this card earned "points" to get the Cash Back as opposed to just listing the "Cash Back earnings" at the bottom of the statement like some of my cards do.

Dreamtoday - They no longer offer the Househould or Orchard Bank credit card. I actually have two of those, but the extra .5% was what initially piqued my curiousity. I will still keep my Orchard cards alive no matter what. 2% is so hard to find now.

VivYip - I did not mention it in my original post, but the Cash Back expires 5 years after it is earned.

Here are more details courtesy of Flyer Talk:

It's targeted. I can only log in with my invitation code.

Reward terms:

§BankAmericard Cash Rewards™. Earn Cash Rewards of 2% of new net retail purchase transactions (qualifying purchases less credits, returns, and adjustments) charged to the card each billing cycle. Fractions are truncated at the 100th decimal place, and are subject to verification. Balance Transfers, cash advances, including purchases of money orders or other cash equivalents, out-of-network payments made through the Bill Pay Choice® service, any bill payments made through online banking, purchases made by or for a business or for a business purpose, fees, interest charges, unauthorized/fraudulent transactions and certain other charges do not earn Cash Rewards. Earn unlimited Cash Rewards. There is no annual cap on rewards redemption. Cash Rewards are valid for 5 years. If you redeem $300 or more in Cash Rewards in one redemption request, you will receive a redemption bonus equal to 25% of the amount redeemed. Cash Rewards shall be issued for a U.S. dollar sum in the form of a statement credit, check, an electronic deposit to a checking or savings account of your choice or a payment on a mortgage loan serviced by Bank of America, N.A. or BAC Home Loans Servicing, LP (reverse mortgages are not eligible). Cash Rewards may be requested on demand, or by registering for the automatic reward redemption method of choice, as described in more detail in the Program Rules. To obtain Cash Rewards or register for automatic reward redemption, go to Bank of Americaor call the number on the back of your card. Receipt of a statement credit does not affect your responsibility to pay your minimum monthly payment. Cash Rewards checks expire 90 days after date of issue. Cash Rewards may not be combined with other discount or reward programs, unless specifically authorized by FIA Card Services, N.A. Other significant terms apply. Program subject to change. Details accompany new account materials.

Got the same offer letter @ 2% CB. I already have the same card at 1% CB (never used.)
Calling BOA...

I received this offer today and it is very tempting.

VivYip said: do the CashBack(?) expire? 15k is a lot to spend...

Also, I remember one incarnation of BoA credit card as having 1% back...only the numbers have to be nice, as in 1% of $100 = $1, but if you happen to spend $175, you still only get $1. If this card is a straightforward card, I hope this will not do that.


Hopefully, the card doesn't truncates the Cash Back for every transaction.

jcb193 said: Dreamtoday said: Household bank had a 2% card a couple years ago. They pay every $25 and to this day continue at 2% without pulling what BOA is notorious for. I don't know if they still have the 2% card at housebank bank but I use it for everything after they bumped my credit limit from $500 to 10K

Wow, I could never get them to increase this card beyond $2000.


Lucky you, Orchard Bank wouldn't increase my limit on the straight 2% card past $300. And at the time, I had at least one $10k+ CL. I even asked for a CLI and got hit with another hard inquiry, but they weren't having any of it. I sockdrawered their ass once I got the Schwab.

I got the 2% offer also. An offer came in the same day from BOA for my wife, but it was 1%. I also have 2 household 2% CB cards w/credit limits of 2k and 2.5k. They wouldn't raise the CL higher when I tried.

I have the 1% BankAmericard. I'm curious if anyone with the 1% card is able to get it converted to the 2% card.

Also, someone in the flyertalk thread said "The mail offer indicates it's for current customers.(I have a checking acct)". I wonder if having a BOA checking account is a requirement to get the 2% card.

Got the same thing in the mail. Also tempted to bite and sockdrawer my Orchard Bank card if this is permanent.

Curious about the people receiving this targeted offer - Carry a balance? Extremely high credit score?, High credit limit? Can anyone help with data points?

Skipping 74 Messages...
Pocketbulletz, the initial solicitation in the mail I got was 2%, and I also got it with the welcome packet. My questioning was whether the terms and conditions allowed you to redeem your Cash Back for the full 2.5% if you redeemed via check or direct deposit. It appears via the rewards website you can. Redeeming your Cash Back for a mortgage credit appears to be slightly different however.



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