Here is the relevant thread in Fat Wallet that discusses this card if you are interested.
Bank of America Preferred Rewards is a program that Bank of America will be rolling out nationwide in October. If you have $100,000 with Bank of America or any of their affiliates (think Merrill Lynch), and an active Checking account, you are eligible for the highest brackets, Platinum Honors.
Bonus:
- You get a 75% bonus on any rewards you accumulate with many of their regular credit cards. All of their miles credit cards are excluded from the bonus.
Let's take the
Bank of America Cash Rewards card for example:
- Normal rewards: 1% everywhere, 2% grocery stores, 3% gas, up to $1,500 a quarter for the bonus categories.
- Preferred Rewards Platinum Honors: 1.75% everywhere, 3.5% at grocery stores and 5.25% at gas stations, up to $1,500 per quarter for the bonus categories.
The Bottom Line
If you have 100k with Bank of America, this is great news. If you don't, I probably would not start transferring money to them just for the extra credit card rewards that probably won't amount to too much anyways.
If you are someone who only wants one credit card, this is probably the card for you. It isn't AMEX so it is accepted everywhere, has high rewards for any spending and has bonus rewards for the two biggest expenses for most people.
Note:
Until now, there was the
Bank of America Platinum Privileges, which gave a 50% bonus if you had $50,000 with Bank of Americ and an active checking accoujnt, so this is a nice step up if you have the money with them anyway. Keep in mind that the actual
Platinum Privileges credit card is not eligible for the 75% bonus, unless you are in the Platinum Honors tier ($100,000 or more). If you are in Gold or Platinum (25 and 50k), you will need to downgrade your card to a regular Cash Rewards card from the Platinum Privileges card to essentially get the same rewards you get now. Sound confusing? It is.
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