2.1% Cash Back BOA card

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While there has been much discussion of 2% cards, especially since the demise of the 2% Schwab card.

However, there appears to be one possibly 2.1% card out there which I have seen little discussion of. This is the "BankAmericard Privileges® credit card with Travel Rewards. this card appears to earn 2 points per dollar spent. These can be redeemed against travel purchases to get 2% back. If the rewards are directed to a BOA active bank account, "you’ll automatically receive an annual 10% customer points bonus on your total purchases when you have a qualifying Bank of America account:. This makes the card a 2.2% card.


They mention it in the literature for the Platinum Privilege Program, but do not provide a link for
.http://creditcardforum.com/blog/bankamericard-privileges-card-re...

They state "$0 introductory annual fee for the first year, $75 fee thereafter. The fee will be waived each year if you maintain at least $50,000 in assets with Bank of America or its affiliates." Thus, if you got the card even for one year it might be valuable. Once you qualify for the Platinum Privilege Program, it appears free.

Getting details is a little hard. At first the "$50,000 in assets with Bank of America or its affiliates" makes it seem unattractive since BOA bank accounts pay low interest, and parking $50,000 there just to save an annual fee on a credit card, or even to get it, seems not worth it. However, Merrill Edge is a BOA affiliate and parking $50,000 there appears more attractive.

getting information has proved difficult, so I am turning to the experts at Fatwallet. The Merrill Edge literature mention the Platinum Privilege eligibility for %50,000 in assets, but the representatives I talked to culd not say much since it was a BOA status. My local BOA branch knew the program existed if I kept $50,000 with the bank, but they knew little about how to qualify via Merrill Edge, although it seem clearly possible (and even automatic according to the Merril Edge representative (who was unsure what it got you).

The Merril Edge brokerage appears a low cost place to park $50,000 in assets you already own since they have no maintenance fee. They also have incentives to bring the money over, as I duscussed in the thread on Brokerage bonuses. They offer up to $600 (for $200,000) for bringing money over in a brokerage account or IRA, plus $50 for a each 529 plan (over $5,000). They aggregate all the accounts (plus you bank accounts) to reach $50,000. If you do, you also get 50 free trades per month (nice). My wife expects to qualify via an IRA ($100 bonus) of less than $40,000, plus three 529 plans (total of $150 in bonuses).

They promise this will get us the "privilege" (after a credit check I presume) of applying for one of their two privileges cards. The Travel one is the attractive one for me. While we would have to apply, I suspect I could get one. I am not naive enough to believe that just have "Privilege" status would get approval, but in theory, knowing you have $50,000 in assets should make them feel more confident (they could know you actually have assets rather than just relying on what you claim (which could be a lie). I have three 529 plans, each with over $5,000 (and expect $150 in bonuses), and am wiring them another $200,000 to get another $600 in bnuses. My wife may do the same. Thus, a credit analyst might conclude that with that many assets with them that the default risk was low.

The card is actually issued by FIA, which from experience I know can be persuaded to do manual underwriting, and usually will give a card if you are willing to reallocate from another card (I already have three 2% cards with them). Still several recent inquiries have hurt my score, and I hesitate to request the card if it is no better than the three 2% cards I already have with the (or my 2% Priceline card).

A big question is whether the reward process would really yield 2% quickly. I am hoping a Fatwallet member with experience would report how many expenditures got classified into the categories that you could use to redeem for without waiting till you have done you first $12,500 in spending).

There is always a risk that what looks like a good deal might be modified later. This card is probably unprofitable on a stand alone basis (especially if no annual fee is collected) but as part of a Privileges package that induces someone to keep $50,000 at low interest with BOA, it may be profitable. However, $50,000 parked at Merrill Edge can generate little profits (especially if you have paid bonuses to get it to come there). I suspect the inclusion of Merrill Edge in this BOA promotion is unprofitable for them, and someday someone may notice.

The description of the reward process is below. This is for the BankAmericard Travel Rewards card whose rewards are stated to be 1.5 points per dollar spent, but I hope the Privileges version is the same with regard to these details.

https://www.managerewardsonline.bankofamerica.com/RWDapp/home?mc...

The $25 amount for redemption is the same as for Priceline. the "travel" category appears to be broadly defined and some who do not make long distance trips may find other redemption opportunities,such as local buses or possibly subways (anyone know), or "attractions" or "rental agencies."

"You can redeem Points for a statement credit in U.S. dollars to offset qualifying travel purchases ("Travel Credit"). To obtain a Travel Credit visit the Site or telephone us. The redemption value for Points redeemed for Travel Credits may vary and is subject to change. Current Travel Credit values and their respective Points requirements can be obtained by signing into the Site. A Travel Credit will only be available to redeem for purchases from the Travel Center or for qualifying travel purchases made elsewhere as defined by the following merchant category codes ("MCC"): (a). Airlines, Air Carriers (MCC Codes 3000-3299, 4511) or (b). Lodging-Hotels, Motels, Resorts (MCC codes 3501-3999, 7011) or (c). Car Rental Agencies (MCC codes 3351-3441, 7512, 4121) or (d) Cruise Lines (MCC code 4411) or Travel Agencies and Tour Operators (MCC codes 4722, 4416, 4417) or (e) Passenger Railways (MCC code 4112) or (f)Transportation-Suburban and Local Commuter Passenger, including Ferries (MCC Code 4111) or (g) Bus Lines (MCC codes 4131, 4722) or (h) Transportation Services—not elsewhere classified (MCC code 4789 or (i) Real Estate Agents and Managers—Rentals (MCC code 6513) or (j) Timeshares (MCC code 7012) or (k) Campgrounds and Trailer Parks (MCC Code 7033) or (l)Motor Home and Recreational Vehicle Rental (MCC Code 7519) or (m) Tourist Attractions and Exhibits (MCC Code 7991, 5971) or (n) Amusement Parks, Carnivals, Circuses, Fortune Tellers (MCC Code 7996) or (o) Aquariums, Dolphinariums, Zoos, and Seaquariums (MCC Code 7998) or (p) Boat Leases and Boat Rentals (MCC Code 4457) or (q) Recreation Services-not elsewhere classified (MCC 7999). The minimum redemption value for a Travel Credit is $25. This can be comprised of a single credit that equals at least $25 or multiple individual credits that total at least $25 redeemed in one event. Purchases will be available for redemption for a Travel Credit on the Site for a period of 6 months from the posting date of the transaction and by phone for a period of 12 months from the posting date of the transaction.
Redeemed Points will be deducted from your Points balance on the date you request the Travel Credit. Travel Credits will be applied to your existing balance with the highest priced Annual Percentage Rate (APR). Receipt of a Travel Credit does not affect your responsibility to pay your Total Minimum Payment shown on each Statement you receive from us.
Merchandise and Gift Certificate Rewards"
Redeem Points for merchandise, gift cards or certificate selections at the Site or through the Redemption Center. All redemptions are final. The selection of items and the number of Points needed to obtain them may change at any time. Rewards are shipped prepaid. Returns or exchanges are only permitted for damaged or defective Rewards. The return must occur within"

Updated to eliminate incorrect statement about being able to get a $250 check for 25,000 points.

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I don't see it being listed as a 2% Cash Back anymore. When I googled the card it's 1% CashBack with a 50% bonus, instead of 2% with a 10% bonus. Not that I'd jump through a bunch of hoops for an extra .2% when I also already have other 2% everywhere cards and don't bank with BoA.

This is not a 2.2% card. This is same as the BankAmericard, except you get a 50% bonus instead of 10% w/ a qualifying BofA account. But have a annual fee or waived w/ $50K in combined assests. And if you have $50K in assest you get 30 free trades a month with Merrill Edge.

https://www.bankofamerica.com/credit-cards/products/bankamericard-privileges-cash-rewards-credit-card.go

Here are the details:


Get more Cash Back on the things you buy most

1% Cash Back on purchases everywhere, every time
2% on groceries and 3% on gas for the first $1,500 in combined gas and grocery purchases each quarter
Plus, get a 50% customer bonus when you redeem your Cash Back into a Bank of America® checking or savings account, or an investment account with Merrill Edge® or Merrill Lynch Wealth Management®
Rewards are automatic and do not expire. There's no need to register your card or sign up to earn your cash rewards
Get a $100 Cash Back bonus after qualifying purchase(s)
Now Chip Technology provides you expanded global acceptance when shopping anywhere you go, outside of the U.S.

Special services

Rest easy with Purchase Replacement, which covers purchases that are stolen, damaged or lost within 90 days of purchase
Priority servicing. You will have direct access to a team of knowledgeable customer service advocates 24 hours a day, 7 days a week

50% customer bonus offer
Bank of America® customer? Enjoy a 50% customer bonus when you redeem your rewards directly into your Bank of America checking or savings account, or an investment account with Merrill Edge® or Merrill Lynch Wealth Management®

See my (now archived) thread here:

http://www.fatwallet.com/forums/finance/1214126/

I don't see anywhere it says I will earn another 10% bonus if I deposit the cash into my BofA account for the Travel Rewards card.

https://www.bankofamerica.com/platinumprivileges/special-pricing...

I get 2 pts per dollar and then 10% annual bonus. So it is just 2.1% AFAIK. This card has no Foreign Transaction Fee, this alone makes it a keeper.

A lot of things got classified in the travel category. Parking, Park Entrance, etc. BofA is very generous in that regard.

On top of that, there is 30 commission free trades per month with your $50K deposit to Merill Edge. This is much better than Sharebuilder.

And when you combined asset reached $250K, you will also be bumped to BofA's "Wealth Management" status which will likely earn you some personal privileges (like direct phone number for supports, etc)

NVcheapster said:   This is not a 2.2% card. This is same as the BankAmericard, except you get a 50% bonus instead of 10% w/ a qualifying BofA account. But have a annual fee or waived w/ $50K in combined assests. And if you have $50K in assest you get 30 free trades a month with Merrill Edge.

https://www.bankofamerica.com/credit-cards/products/bankamericard-privileges-cash-rewards-credit-card.go

Here are the details:


Get more Cash Back on the things you buy most

1% Cash Back on purchases everywhere, every time
2% on groceries and 3% on gas for the first $1,500 in combined gas and grocery purchases each quarter
Plus, get a 50% customer bonus when you redeem your Cash Back into a Bank of America® checking or savings account, or an investment account with Merrill Edge® or Merrill Lynch Wealth Management®
Rewards are automatic and do not expire. There's no need to register your card or sign up to earn your cash rewards
Get a $100 Cash Back bonus after qualifying purchase(s)
Now Chip Technology provides you expanded global acceptance when shopping anywhere you go, outside of the U.S.

Special service

Rest easy with Purchase Replacement, which covers purchases that are stolen, damaged or lost within 90 days of purchase
Priority servicing. You will have direct access to a team of knowledgeable customer service advocates 24 hours a day, 7 days a week

50% customer bonus offer
Bank of America® customer? Enjoy a 50% customer bonus when you redeem your rewards directly into your Bank of America checking or savings account, or an investment account with Merrill Edge® or Merrill Lynch Wealth Management®


They list two Privileges cards in the Merrill Edge literature, one of which is the one you discuss. However, this literature also lists the Travel Rewards Card which is the one I am interested in. It is possible they have quit offering this, but since they induced me to seek Privileges status by their offer, I may wish to argue. It may not be the first time a large organization has decided to withdraw an offer as too generous, but left other parts still advertising it.

Please keep us updated, as if it is still available I will definately be transfering some money into BoA so that I can qualify.

kickerstarter said:   See my (now archived) thread here:

http://www.fatwallet.com/forums/finance/1214126/

I don't see anywhere it says I will earn another 10% bonus if I deposit the cash into my BofA account for the Travel Rewards card.

https://www.bankofamerica.com/platinumprivileges/special-pricing...

I get 2 pts per dollar and then 10% annual bonus. So it is just 2.1% AFAIK. This card has no Foreign Transaction Fee, this alone makes it a keeper.

A lot of things got classified in the travel category. Parking, Park Entrance, etc. BofA is very generous in that regard.

On top of that, there is 30 commission free trades per month with your $50K deposit to Merill Edge. This is much better than Sharebuilder.

And when you combined asset reached $250K, you will also be bumped to BofA's "Wealth Management" status which will likely earn you some personal privileges (like direct phone number for supports, etc)


Thanks for the link to the earlier thread. It contains useful information. The last post warns that an active account requires activity every month, but points out an automatic deposit and a bill pay might protect you against that.

The actual wording of their literature is a 10% bonus if deposited to your BOA account, and 2% + .1 X 2% is 2.2%. However, the other thread reports it is really 2.1% somehow. Possibly in the small print they give themselves an out against charges of deceptive advertising. Perhaps Kickster can explain how they do the computation.

If any find this attractive, but lack a BOA checking account there appears to be a $100 bonus offer out there (but those who have an account, or have recently had one seem to be excluded).

This card is linked from https://www.bankofamerica.com/platinumprivileges/special-pricing...
but as far as I understand it is only available to Platinum Privileges clients (50k in combined bofa/ML accounts), or I'm wrong?

Professor Ed,

While I do not have this card, I can provide you with some additional information.

You can go here to see the details of the rewards program: https://www.managerewardsonline.bankofamerica.com/cms/draft/root... Although, it doesn't provide a lot of details, it doesn't mention anything about the 25,000 points = $250 CashBack redemption option. In fact while it supposedly uses the worldpoints program the redemtpion options for cash are lower then with other worldpoints cards.

However, when you redeem for travel you are supposed to get a full 1% per point so the card is really a 2.1% as long as you maintain a BofA checking account since you receive a 10% annual relationship bonus on all spend for the previous year.

The rewards program website can be found here: https://www.managerewardsonline.bankofamerica.com/RWDapp/home?mc...

Hope this information helps you.

ironfist99 said:   Please keep us updated, as if it is still available I will definately be transfering some money into BoA so that I can qualify.

I will, but the real attractiveness is probably transferring into Merrill Edge. At least for me, the loss of interest on bank deposits makes bring money into BOA deposits for this unattractive, but there is less opportunity cost from being money into Merrill Edge (and several bonuses to encourage you).

awstick said:   I don't see it being listed as a 2% Cash Back anymore. When I googled the card it's 1% CashBack with a 50% bonus, instead of 2% with a 10% bonus. Not that I'd jump through a bunch of hoops for an extra .2% when I also already have other 2% everywhere cards and don't bank with BoA.

I had a similar experience with Googling it, but it is mentioned in the Merrill Edge advertising.

Actually, not banking with BOA could be an advantage since I believe you could get $100 for opening an account.

kickerstarter said:   See my (now archived) thread here:

http://www.fatwallet.com/forums/finance/1214126/
. . .

A lot of things got classified in the travel category. Parking, Park Entrance, etc. BofA is very generous in that regard.



Your experience is valuable because with the Discover Miles card, I found we did not easily have the $100 of travel expenditures needed for redemption (before Amazon could be used).

However, you report it was easier to redeem the points with BOA's less restrictive travel categories. Plus, there may be more $25 expenditures than $100 ones (notably cheaper motels, short trips, admissions, etc).

ProfessorEd said:   The actual wording of their literature is a 10% bonus if deposited to your BOA account, and 2% + .1 X 2% is 2.2%. However, the other thread reports it is really 2.1% somehow. Possibly in the small print they give themselves an out against charges of deceptive advertising. Perhaps Kickster can explain how they do the computation.

You get 2 points for each dollar spent. (2% if you redeem for cash, but only in large increments).

Once a year, you get 1 extra point for every ten dollars spent. This is the 10% "bonus."

2 + 0.1 = 2.1.

I don't think I qualify for this one, but for those that do, the commuter rail category seems useful for those who live in/near big cities. I expect I could apply the travel rewards against my monthly subway pass.

How generous would BoA be if I asked to convert to this card from another card product?

thok said:   ProfessorEd said:   The actual wording of their literature is a 10% bonus if deposited to your BOA account, and 2% + .1 X 2% is 2.2%. However, the other thread reports it is really 2.1% somehow. Possibly in the small print they give themselves an out against charges of deceptive advertising. Perhaps Kickster can explain how they do the computation.

You get 2 points for each dollar spent. (2% if you redeem for cash, but only in large increments).

Once a year, you get 1 extra point for every ten dollars spent. This is the 10% "bonus."

2 + 0.1 = 2.1.


Here is the wording and when and how the bonus is done

Please allow us to inform you that the promotion of the 10% annual bonus states the following:

If the Primary Cardholder on the Card account has an open checking, savings or retirement account with Bank of America, a Cash Management Account, Merrill Edge or any other account with Merrill Lynch, Pierce, Fenner & Smith Incorporated or U.S. Trust the Card account will earn an annual Bonus Points award of 10% of the amount of Net Purchases (or 1 Bonus Point for every $10) made with the Card during the year.

The Primary Applicants Qualifying Customer Account must be open at the time of review, which will occur on or around December 31st of each year.

The Annual Customer Bonus will be calculated on the amount of Net Purchases made with the Card from January 1st through December 31st each calendar year.

The Annual Customer Bonus will appear on your February or March monthly billing statements. Points are calculated at each transaction, rounded to the nearest whole Point and are subject to verification.

Can anybody confirm the 2% for everything actually exists? All the links show 1% for everything combined with their regular 2/3/4 rewards. The regular travel card is 1.5% which isn't bad...

https://www.bankofamerica.com/credit-cards/products/bankamericar...

But only the cash version of the high card is on their site for me (probably because either I don't have 50K with them or this card is no longer carried).

nymgiants said:   thok said:   ProfessorEd said:   The actual wording of their literature is a 10% bonus if deposited to your BOA account, and 2% + .1 X 2% is 2.2%. However, the other thread reports it is really 2.1% somehow. Possibly in the small print they give themselves an out against charges of deceptive advertising. Perhaps Kickster can explain how they do the computation.

You get 2 points for each dollar spent. (2% if you redeem for cash, but only in large increments).

Once a year, you get 1 extra point for every ten dollars spent. This is the 10% "bonus."

2 + 0.1 = 2.1.


Here is the wording and when and how the bonus is done

Please allow us to inform you that the promotion of the 10% annual bonus states the following:

If the Primary Cardholder on the Card account has an open checking, savings or retirement account with Bank of America, a Cash Management Account, Merrill Edge or any other account with Merrill Lynch, Pierce, Fenner & Smith Incorporated or U.S. Trust the Card account will earn an annual Bonus Points award of 10% of the amount of Net Purchases (or 1 Bonus Point for every $10) made with the Card during the year.

The Primary Applicants Qualifying Customer Account must be open at the time of review, which will occur on or around December 31st of each year.

The Annual Customer Bonus will be calculated on the amount of Net Purchases made with the Card from January 1st through December 31st each calendar year.

The Annual Customer Bonus will appear on your February or March monthly billing statements. Points are calculated at each transaction, rounded to the nearest whole Point and are subject to verification.


Is this the Travel Rewards Card, with its promised 2%? Mathematically, this works only if the base rate if 1%, but the stated base rate is 2%. I ask because I believe the Cash Rewards version starts with 1%, and then gives a extra .5% if you qualify. Thus, the end of the year bonus of 10% culd be calculated on the 1% base rate, and amount to an extra point per dollar spent.

I was approved for this card before they took the public link down. I can confirm that the points have 1:1 value if applied to a travel purchase. Not all that great when compared to the Priceline card that has the ability to apply points to any purchase above $25 IMO.

mattun said:   Can anybody confirm the 2% for everything actually exists? All the links show 1% for everything combined with their regular 2/3/4 rewards. The regular travel card is 1.5% which isn't bad...

https://www.bankofamerica.com/credit-cards/products/bankamericar...

But only the cash version of the high card is on their site for me (probably because either I don't have 50K with them or this card is no longer carried).


I just talked to the Merrill Edge representative and what he has still shows the 2% card Travel Privileges card. He says my eligibility should show up tomorrow on the banking site tomorrow (since they did receive my wire for enough money to easily qualify). If it does not show up, and I decide I want it, I have grounds for making an issue of it, since they had not modified their sales literature and it was used to induce me to put a lot of money with them. From comments n the older thread, it appears at least one person does have the card, so it would not be too hard for them to honor their promises.

Of course, if they fouled up, it would not be the first time a big bank had not had their act together. A couple of years ago I wasted a vast amount of time on a Chase promise of a Freedom with 5% on all everyday categories which was promised if you had a checking account. CSR's had a constantly changing list of excuses regarding bad coding, give it more time, etc. hidden conditions, etc. I now believe the credit card people had decided the card was unprofitable, not told the bankers to withdraw the offer, and not told the CSR's what was happening.

I expect to post here whether they are still offering the card as promised.

For what it's worth, when I applied for the BankAmericard Privileges Travel Card last year, I had no existing relationship whatsoever with either BofA or ML, and I was approved for the card. Even now, if you click through to the application for this card (from the BofA Platinum Privileges section of the website), it doesn't request that you input any information regarding your relationship(s) with BofA or its affiliates.

After further research, Here is the link to apply:

https://consumer.bankofamerica.com/USCCapp/Ctl/entry?sc=VABO59&mboxSession=1361299203592-831049

Looks like anyone can apply. First year annual fee is waived. need and banking account to get the yearly 10% though. And need $50K in investment or bank accounts to get the annual fee for the second year+ waived.
I have the Platinum Privileges 1-2-3 w/ 50% bonus (which is 1.5%-3%-4.5%). I'm going to check to see if I can get both cards. I like the travel rewards card for overseas traveling and for general purchases.
Good Luck and good find ProfessorED

Good find NV. I was planning on going after a BOA and a FIA card in an AOR. I already have two BOA and one FIA. Would it be dangerous adding this?

Is this the Travel Rewards Card, with its promised 2%? Mathematically, this works only if the base rate if 1%, but the stated base rate is 2%. I ask because I believe the Cash Rewards version starts with 1%, and then gives a extra .5% if you qualify. Thus, the end of the year bonus of 10% culd be calculated on the 1% base rate, and amount to an extra point per dollar spent.

yes travel rewards card and receiving 2pts per. I should be receiving the 10% bonus in my statement in 1 week or next month the latest

mattun said:   Good find NV. I was planning on going after a BOA and a FIA card in an AOR. I already have two BOA and one FIA. Would it be dangerous adding this?

It will presumably be an additional application, hurting your score somewhat. I believe this is a FIA card, and I suspect that they would not want two applications, although possibly if you have a good reason you might get both (but probably with low credit limits on both). Whether to apply for this may depend on whether you have another 2% card. If I get this is would be my fourth 2% card with FIA, and just a marginal improvement over the other 2% cards. (end of year deposits into a BOA bank account of an extra 10% in points). Dividing spending between cards would delay the time when anyone was large enough to produce a credit ($50 on the other cards), although it appears that this one permits redemption at $25 if you have done the right types of travel spending (subway cards and amusement admissions for instance may count). It is possible to talk to FIA credit analysts and you may be able to explain you are not seeking more credit, but better cards for certain purposes.

NVcheapster said:   After further research, Here is the link to apply:

https://consumer.bankofamerica.com/USCCapp/Ctl/entry?sc=VABO59&mboxSession=1361299203592-831049

Looks like anyone can apply. First year annual fee is waived. need and banking account to get the yearly 10% though. And need $50K in investment or bank accounts to get the annual fee for the second year+ waived.
I have the Platinum Privileges 1-2-3 w/ 50% bonus (which is 1.5%-3%-4.5%). I'm going to check to see if I can get both cards. I like the travel rewards card for overseas traveling and for general purchases.
Good Luck and good find ProfessorED


Thanks. I suspect from this application that the only advantage to having "Privileges" status is having the second annual fee waived. This may be valuable if the crediting of the bonus is timed to occur about when the fee is due, and they are trying to get you to keep the card and renew,and also if you have points you have not been able to cash out.

The application reveals that there is a 10,000 point bonus which makes the card more valuable. It appears that if just establishing BOA/Merrill relationships you could collect a lot in bonuses ($100 this card, $100 new bank account, up to $600 for new brokerage accounts or IRA accounts, and $50 per new 529 plan). With a wife involved, the total might be even bigger. My family may end up with abut $1700 in bonuses from the combined firm and after considerable trouble (see the discussion in the brokerage bonuses thread).

Update.

I did apply for this card. Since I had just gotten a Fedelity American Express card I tried calling to see if they could use the credit pull they had done on this card. They were courteous, but I think I was transferred about 10 times before the connection was lost. Perhaps a total time of 45 minutes experience the flattering experience of being treated as a valued customer, but no information obtained other than that it appearred they automatically

I then tried the Merril Edge representative who had helped get accounts set up. He go me through to the Platinum Privileges call center, and reported I was verified (perhaps 15 minutes so far). Then explaining what I wanted they kindly talked repeatedly to the credit department. After perhaps a half an hour of them serving as an intermediary, they got me through to a real life credit analysts. She had been well briefed on the problem and wished just to confirm I had questions abut the card I had just been approved for. This proved to be my Fidelity AMEX Card (approved 2 weeks ago). Those familiar with the children's game of telephone know message relayed are often not accurately transmitted. She could not find the new application in the system and suggested I call back again tomorrow. Very courteous service for about 45 minutes.

One quick conclusion is that the Platinum "Privileges" service was not very good, although slightly better than standard BOA service. It does not quite rise to the level of my experience with FIA service, in which I had been able to reach a credit analyst much quicker. They kindly spared me the trouble of talking directly to a credit analysts, putting me on hold while they got my questions answered, this was at the cost of garbling messages, and wasting much time for both of us (it appears the credit analyst spent much time on reviewing the application for an already approved card.

While FIA call center staff can look at all BOA cards but only if the customer reveals he knows he is talking to a BOA subsidiary), the Platinum Privilege staff lacked the power to look at "Transparent "cards. "Transparent " is their internal term for codes bearing brands names of competitors of BOA such as Fidelity (or Schwab), who do not wish to reveal to their customers that their cards are issued by a BOA subsidiary. It is hence not a very strong reason for putting $50,000 with BOA/Merrill (or much more).

It does appear the credit analysts may be able to see as much as the BOA customer sees on the BOA site, and that can include a list of his Merrill accounts with the dollar amounts. This happens only if you link the Merrill and the BOA account. Thus, it appears he could see that I had 3 529 plans (each with $5000 plus) and a brokerage account that was shown as having a value in excess of half a million. I could imagine this making him more willing to approve a large line than if you merely asserted that you had liquid assets of a that amount (credit card applicants may lie). Linking your accunts is probably wise if you are to apply for this card, or other BOA cards.

Speculating further, it may pay to time your application for this card, or other cards, for times when you Merrill account (or accounts) is well funded, or possibly to even fund it generously for a short time. I believe all the BOA staff can see only the total dollar amounts (based on a comment made), not the full history, but I may be wrong).

Another travel rewards card exists. On logging off of my BOA account, I saw an ad for it, promising 1.5% back. This is lower than the 2% mentioned in the application reached by the link above, so anyone applying over the phone or in a branch should be careful, since they may not end up with the card they expect. The 1.5% is BOA Travel Reward, and the 2% one contains the word "Privileges". Care should be taken in talking to employees to be certain you get what you want. The Travel Rewards card appears to have no annual fee, and to provide 0% interest on purchases for the first 12 months, so it may actually be more valuable for some people, depending of what interest rate they would pay on invested money and how high a limit they get (0% on purchases is not worth much if you have a low limit).

mattun said:   Good find NV. I was planning on going after a BOA and a FIA card in an AOR. I already have two BOA and one FIA. Would it be dangerous adding this?

After an excessively long time on the phone, I was approved for this card. I had recently been approved for the Fidelity AMEX and this probably created confusion. I first applied online, and got a deferred decision. Their automated system for status kept reporting "Congratulations, you have been approved," but it was for the Fidelity AMEX (also 2%). When I finally could reach a live credit analyst, the first time they reported they could find no application. The next day (again after much time) I got through to a live analyst and they could not find the application. Their records showed no credit report had been pulled. My guess is that they have an automated system that discards an application when another has recently been approved, presuming it is a duplicate.

I filled in a second one while they waited (possible benefit of the Privileges status), which they could see, and after discussion was approved. I had an option of sending in a lot of proofs of assets and income tax data, or reallocating lines from cards I already had. I took the reallocation as much less work.

From the discussion, it does appear that the card is really a 2.1% card (in spite of their advertising), with the bonus not being 10% of the rewards earned, but another point per $10 of spending.

ProfessorEd said:   mattun said:   Good find NV. I was planning on going after a BOA and a FIA card in an AOR. I already have two BOA and one FIA. Would it be dangerous adding this?

After an excessively long time on the phone, I was approved for this card. I had recently been approved for the Fidelity AMEX and this probably created confusion. I first applied online, and got a deferred decision. Their automated system for status kept reporting "Congratulations, you have been approved," but it was for the Fidelity AMEX (also 2%). When I finally could reach a live credit analyst, the first time they reported they could find no application. The next day (again after much time) I got through to a live analyst and they could not find the application. Their records showed no credit report had been pulled. My guess is that they have an automated system that discards an application when another has recently been approved, presuming it is a duplicate.

I filled in a second one while they waited (possible benefit of the Privileges status), which they could see, and after discussion was approved. I had an option of sending in a lot of poofs of assets and income tax data, or reallocating lines from cards I already had. I took the reallocation as much less work.

From the discussion, it does appear that the card is really a 2.1% card (in spite of their advertising), with the bonus not being 10% of the rewards earned, but another point per $10 of spending.

Please change your thread title, if you haven't done so already. Thanks.

ProfessorEd said:   I had an option of sending in a lot of poofsthat could expose you to liability

xoneinax said:   ProfessorEd said:   I had an option of sending in a lot of poofsthat could expose you to liability
I corrected the spelling error, if that was your point.

glxpass said:   . . .
Please change your thread title, if you haven't done so already. Thanks.


I changed the thread title, since 2.1% appears to be the minimum they pay, although that is still not clear. I suspect some (including the analyst I talked to) are reading from a slightly different card's terms (the cash Reward card where a bonus of 10% on the base rate would be only an extra point per dollar).

Given their advertising, failing to credit 10% of the bonus would be grounds for complaint, and I believe you would win on that. However, it will be a while before I get the 10% bonus, and a chance to see what they really credit.

The extra .1 or .2% appears a little less valuable since they only credit it once a year (lowering the present value), and you may not get it if you do not have the card then. I suspect this is timed so that to get it you do have to pay the annual fee (if not exempted due to having the $50,000 in assets with BOA/Merrill).

Thus, this appears to be a 2.1% card with a chance of more if you argue. I know when I applied (and started this thread), I was taking their advertising at face value, and concluding it would yield 2.2%.

ProfessorEd said:   glxpass said:   . . .
Please change your thread title, if you haven't done so already. Thanks.


I changed the thread title, since 2.1% appears to be the minimum they pay, although that is still not clear. I suspect some (including the analyst I talked to) are reading from a slightly different card's terms (the cash Reward card where a bonus of 10% on the base rate would be only an extra point per dollar).

Given their advertising, failing to credit 10% of the bonus would be grounds for complaint, and I believe you would win on that. However, it will be a while before I get the 10% bonus, and a chance to see what they really credit.

The extra .1 or .2% appears a little less valuable since they only credit it once a year (lowering the present value), and you may not get it if you do not have the card then. I suspect this is timed so that to get it you do have to pay the annual fee (if not exempted due to having the $50,000 in assets with BOA/Merrill).

Thus, this appears to be a 2.1% card with a chance of more if you argue. I know when I applied (and started this thread), I was taking their advertising at face value, and concluding it would yield 2.2%.


I received my "annual bonus" as they base it on calendar year. you were correct in changing the title as i received .1 pt per $ spent i received in the couple of months i had the card.

nymgiants said:   ProfessorEd said:   glxpass said:   . . .
Please change your thread title, if you haven't done so already. Thanks.


I changed the thread title, since 2.1% appears to be the minimum they pay, although that is still not clear. I suspect some (including the analyst I talked to) are reading from a slightly different card's terms (the cash Reward card where a bonus of 10% on the base rate would be only an extra point per dollar).

Given their advertising, failing to credit 10% of the bonus would be grounds for complaint, and I believe you would win on that. However, it will be a while before I get the 10% bonus, and a chance to see what they really credit.

The extra .1 or .2% appears a little less valuable since they only credit it once a year (lowering the present value), and you may not get it if you do not have the card then. I suspect this is timed so that to get it you do have to pay the annual fee (if not exempted due to having the $50,000 in assets with BOA/Merrill).

Thus, this appears to be a 2.1% card with a chance of more if you argue. I know when I applied (and started this thread), I was taking their advertising at face value, and concluding it would yield 2.2%.


I received my "annual bonus" as they base it on calendar year. you were correct in changing the title as i received .1 pt per $ spent i received in the couple of months i had the card.


Did you try arguing with them, pointing to the clear advertising of a 10% bonus at the end of the calendar year.

ProfessorEd said:   Did you try arguing with them, pointing to the clear advertising of a 10% bonus at the end of the calendar year.

Probably not worth it, their description page outlines exactly how the bonus is calculated.

https://consumer.bankofamerica.com/USCCapp/Ctl/entry?sc=VABO59&m...

If the primary applicant for this card has a checking, savings or retirement account with Bank of America, N.A., a Cash Management Account®, Merrill Edge® or any other account with Merrill Lynch, Pierce, Fenner & Smith Incorporated or U.S. Trust, the card account will receive an annual bonus points award of 10% of the amount of net purchases (or 1 bonus point for every $10) made with the card during the year.

It doesn't say 10% bonus on points, it says 10% bonus on net purchases and they even gave an example

Update: I got the card, and have used the Privileges customer service.Privileges status does seem to give better service than you regularly get with BOA.

Does this card provide 25,000 points = $250 CashBack redemption option?

Skipping 46 Messages...
ProfessorEd said:   There appears to still be provision for transfer to my Fidelity 529 American Express card which appears the best use (points become deposits in my 529 plan at the end of the month, giving a 1 cent per point return. While my statement had closed, they had not yet updated the points, so I could not confirm it was still possible  (as it was last month), but the form still appears.
  I was able to transfer my points today to my FIA Amex, and at the end of the month (since the available points exceed 5000) this will produce a payment to my 529 Plan o over $400. I also took advantage of points transfer to move about $4.00 worth of points on a little used card to the Fidelity Amex, which will also result in a 529 deposits. Because transferred points expire if not used fairly promptly, such a small transfer would not have normally been worthwhile since they would probably expire unused, but when transferred to the FIA Amex where the minimum for redemption had already been met, they will be.

Thus being able to use small left over World Point balances is a minor advantage of having these cards and adopting this redemption strategy.



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