I agree! The PR card really gets you a great multiplier on that dining and travel category, and with a high floor like you mentioned! Great AIO card for those who don't want to think much about card optimization. Thanks Shad!
I love your point about these cards being great in your end-game setup, due to how you'll have more assets and can take advantage of the Preferred Rewards multipliers on your ... multipliers. Insightful points per usual!
For sure Monty! These are definitely cards geared more towards the end-game setup as there are plenty of other cards that are much better catch-all category options. But once you get there, these cards are incredibly powerful!
The Travel Rewards card would be my last choice. Those redemption methods are pretty annoying, so if you're super against annual fees, I'd go the Unlimited Cash Rewards, but personally the Premium Rewards card would be my choice. Great breakdown as always Stan!! 👊🏼
Yeah, the TR has some really annoying redemption methods, but it's a nice NAF card with no FTFs! Premium Rewards is a great card, and I think works better even with the annual fee in that it covers a lot of great categories with higher multipliers - especially with the PH boost. Thanks so much, Spencer!
Always love to learn more about these cards, and you’re the go-to for them! I didn’t know that to redeem this statement credits, you need to actually have spend in that category to redeem them in. Makes sense in retrospect. Great video Stan, very thorough as always!
Thanks Tony! Yeah, these cards have some wonky rules, but once you're able to get to the higher tiers of their rewards system, these are the questions that matter! Appreciate it bro!
Bank of America's Custom Cash is probably the best cash back card when you have Platinum Honors. You essentially get 3% cash back for your selected category with the 75% boost for being a Platinum Honors Preferred member, effectively making it 5.25%.
I agree John! BofA CCR is definitely my favorite BofA credit card out of all of them. You get so much value with 5.25% back on a no annual fee card, and the fact that you can get multiple CCRs just makes it even better!
@stan I think the premium rewards card may be s rank. It does not get enough love from the community. It is easy to get positive value and has a good travel multiplier for direct flight bookings . It also has travel insurance.
I agree bro. PR should be an S rank card. It is the most universally accepted catch-all category card with that added bonus for travel and restaurants. The only thing keeping it out of the running is the fact that you need to have Platinum Honors for it to be this OP.
Hey thanks! Yeah, they have some pretty powerful cards. My favorite is the BofA CCR because it's pretty flexible and the 3% multiplier can get up to 5.25% making it a pretty valuable no annual fee card! Appreciate your support!
Thanks man! Yeah, I love doing BofA videos so there'll be more coming out on the future. WOW, 3 CCRs!! That's awesome - I'm working on getting my second!
@@TheCreditFrog CCRS are the MVPs in my hybrid setup (I also have Bilt, Prime, and Fidelity (but barely use Fidelity)). Would love a video that goes into detail about purchase/extended warranty protection, if any, offered by the CCR, UCR, and PR. The CCR physical cards say Visa Signature but I think BofA nerfed purchase protection
@billywalsh2313 Yeah I wouldn’t use the CCR for purchase protection / extended warranty. I actually have never looked into that on the BofA cards, will definitely take a look and see what I can find!
Great Video. BoA cards are so underrated. I think part of the reason is there are no BoA affiliate links, so youtubers don't have an incentive to talk about them.
Thanks Doug! Yeah, I agree - BofA cards are incredibly underrated! I will say that with the exception of the CCR card, the other branded cards are not really that great until you get into at least the Platinum tier. I really do wish there were affiliate links for these cards for selfish reasons, hah! But you're right, that may be part of the issue. I also think their cards aren't that popular because the base earnings on these cards aren't that great with the exception of the CCR.
@@TheCreditFrog Thanks, just FYI Truist Bank (big on the east coast - 6 or 7? largest bank in the US) also has a BOA type preferred rewards program. Not as good, I think 4.5% is the highest earnings power, but if you need a future video idea
Not sure if that was a statement or a question, but I’m pretty sure if you products change, you may lose your points depending on what card you PC into
Thanks for the detail Stan. My only relationship with BOA is having the Alaska Airlines Visa, and I've otherwise never been compelled/impressed to be a BOA customer, but your information is solid.
Of course Sean! The Alaska card is a solid card to have. I wish BofA had better multipliers to make them more competitive, but they're only really relevant once you get into the Preferred Rewards system.
I haven't made the venture into BOA cards just yet. All of my retirement, savings and checking accounts are spread out to various banks for now. I'm thinking longterm I might go with chase or BOA but for now I'm hunting bonuses and the best rate for each individual product. In about 10-15 years I know I'll need to consolidate.
Nice! The value from bank account and credit card sign-up bonuses is real! But if you need a place to park extra money in a brokerage or something, the self-directed Merrill account is a great way to get into the Preferred Rewards program and get you to that Platinum Honors tier for your endgame setup!
I even tried a secured BofA card a week ago after denials for unsecured they said no lol same day I grabbed an approval elsewhere and a Business card LMAO!
I still don’t understand why BOA doesn’t get into the transfer partners game. I’d like to know what their excuse is for this because it kind of defeats the purpose of having a travel rewards card if you can’t transfer points. Even Wells Fargo is beginning to understand this. Anyhow, that’s my rant for today. Btw, I saw how you flashed that ugly gold card in my face. 🤦🏾♂️ Excellent video Stan and I can confidently say that none of these credit cards are for me.
Haha! Well said CJ! BofA really needs to add transfer partners if they want to be taken more seriously. I’m glad WF is jumping in - hopefully BofA and US Bank will follow! And yea, BofA cards are not for everyone. And classic Gold is the best!
Great video here Stan! I think the Premium Rewards Card ultimately wins out as the best BofA Catch All Card (assuming you can maximize the $100 Airline Incidental Credit) due to the simplicity (easy 1 cent per point), higher multipliers for Dining & Travel and No FTFs.
Totally agree Matt! The Premium Rewards card is definitely the sweet spot, and works great for dining and travel, which are two very popular categories as well! That $100 Airline Incidental credit is also really nice!
My setup is customized card, premium rewards elite, and business customized card. Best trifecta for me of course. Customized card for online purchases, business customized card for gas ( I drive a lot, 3 cars in the house, all under the same card) and premium elite for everything else. Nice and easy, I don't have time for those annoying monthly credits, that wants me to spend money to find value 👎.
That's a great setup! Especially with PH, that is some serious value you're rocking! And you get a lot of great premium travel perks with the PR Elite so if those are your only cards, that's definitely a great move to have the PR Elite over the PR. Nice to hear from another BofA fan! Their cards are so underrated beacause of the Preferred Rewards thing, but once you use them at that level, it's easier to understand how powerful they really are!
Im having trouble deciding as I am new to the credit card cashback game. I only get my gas from Costco, and BofA debit holder. Which card would you recommend from BofA, Customized Cash Rewards or Unlimited Cash Rewards? I'd like a "Do it All' card, but I am limited with Costco and Visa partnership. Thanks.
The CCR is a great option if you can be in BofA Platinum Honors tier. Then, you can earn a combined 3.5% cash back at Costco and 5.25% on Costco Gas on up to $2,500 per quarter, which may be sufficient for most. If not, adding a second CCR through a spouse or other Player 2, can elevated that cap too!
@@TheCreditFrog Thanks for the reply. I decided to go with Customized Cash Rewards, and got approved for the Gold tier. The $2500 cap is not a deal breaker for me, as I am not a big spender. Now, would it be a bad idea to apply for a travels cc now, or too soon? FYI, this Customized Cash Rewards cc is my first new cc again in almost 10-15yrs. I have two other cc that are free of debt. Thanks again.
Thanks for the video Stan. Can I use the points from the travel card and transfer them to the elite card for 20% off airline bookings in the BOA portal? I can’t find info anywhere showing if they are compatible.
Sure thing Steve! I don't know the answer to this question. I know that you can transfer PR points to the PR Elite for the 20% redemption, but I'm unsure if the same is true for the TR card!
I know that credit card rewards are not taxed, but I was wondering if you redeem your rewards by direct depositing it into a BofA account or Merrill account, would it be considered a bonus and taxed?
As far as I know, credit card rewards are not taxed, including when you direct deposit into your account. I’ve direct deposited my cash back for many years and have never run into this issue.
Just joined the BoFa club with a targeted 300 dollar sub for 1k spend on the unlimited cash rewards card. I know it is geared more toward end game, but I figure it could help to get in now to build some positive history with BoFa for the future. Any tips on how long to wait or rules before applying for their business cards?
There’s no set rules that I’m aware other than the 2/3/4 Rule and 7/12 rule. For BofA cards, you can only apply for 2 BofA cards in 2 months, 3 in 12 months, and 4 in 24 months. If you have a BofA checking account, you may get denied if you have 7 or more new accounts with all issuers in the past 24 months. So you should be good to apply for that business card whenever. Generally I recommend waiting 30 days between cards if you can.
Hard inquiries- if denied for a regular Travel Rewards card will I get a second hard inquiry if I apply for the secured version immediately afterwards?
Yes, unfortunately they are separate card products so expect another hard pull. It some rare exceptions if you apply for two cards within one bank it counts as one inquiry, but this depends on the bank and I don’t know if this applies to BofA
@@TheCreditFrog thank you. I've been trying to find out and even their reps didn't know. I even tried asking if a supervisor knew and was told that they don't know either. I've had a relationship with them for almost 20 years, but know they can be kind of sketch with giving out credit cards.
@evilnaughtysmurfette In my experience, customer service reps only know the basics but they’re pretty clueless on nuanced questions. This goes for all issuers.
@@TheCreditFrog I had to learn that. Your answer is better than the rep's. You tend to have way more information than most bank employees. I was looking for a good starter travel card and now I think I'm going to just work on product changing my Discover card into their Miles version instead. I was worried about how the merger would work out and wanted a card with another company in case it ended up being negative for consumers since I also have a Capital One card.
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This is a great card for your spouse who doesn't want to think about what card to use. Can't go wrong with a floor of 2.625% back.
I agree! The PR card really gets you a great multiplier on that dining and travel category, and with a high floor like you mentioned! Great AIO card for those who don't want to think much about card optimization. Thanks Shad!
I love your point about these cards being great in your end-game setup, due to how you'll have more assets and can take advantage of the Preferred Rewards multipliers on your ... multipliers. Insightful points per usual!
For sure Monty! These are definitely cards geared more towards the end-game setup as there are plenty of other cards that are much better catch-all category options. But once you get there, these cards are incredibly powerful!
You're always so clear and concise making these confusing topics much easier to understand - thank you!
Of course! That's my goal with the videos, and I'm glad you found it helpful!
The Travel Rewards card would be my last choice. Those redemption methods are pretty annoying, so if you're super against annual fees, I'd go the Unlimited Cash Rewards, but personally the Premium Rewards card would be my choice. Great breakdown as always Stan!! 👊🏼
Yeah, the TR has some really annoying redemption methods, but it's a nice NAF card with no FTFs! Premium Rewards is a great card, and I think works better even with the annual fee in that it covers a lot of great categories with higher multipliers - especially with the PH boost. Thanks so much, Spencer!
I know they're not for everyone, but I really appreciate your making videos about the Bank of America credit cards.
Of course! I make these videos for people like yourself!!
Always love to learn more about these cards, and you’re the go-to for them!
I didn’t know that to redeem this statement credits, you need to actually have spend in that category to redeem them in. Makes sense in retrospect.
Great video Stan, very thorough as always!
Thanks Tony! Yeah, these cards have some wonky rules, but once you're able to get to the higher tiers of their rewards system, these are the questions that matter! Appreciate it bro!
Stan, this is the kind of content that keeps me subscribed. Thank you for going deep into the T&C’s for us.
Of course, Dayne! Glad you found the video helpful, and yes, it's always super important to look into the T&Cs!!
Bank of America's Custom Cash is probably the best cash back card when you have Platinum Honors. You essentially get 3% cash back for your selected category with the 75% boost for being a Platinum Honors Preferred member, effectively making it 5.25%.
I agree John! BofA CCR is definitely my favorite BofA credit card out of all of them. You get so much value with 5.25% back on a no annual fee card, and the fact that you can get multiple CCRs just makes it even better!
@stan I think the premium rewards card may be s rank. It does not get enough love from the community. It is easy to get positive value and has a good travel multiplier for direct flight bookings . It also has travel insurance.
I agree bro. PR should be an S rank card. It is the most universally accepted catch-all category card with that added bonus for travel and restaurants. The only thing keeping it out of the running is the fact that you need to have Platinum Honors for it to be this OP.
Another great video Stan! Never really put much thought into Bank of America cards but now I will def take a look, keep up the great videos!
Hey thanks! Yeah, they have some pretty powerful cards. My favorite is the BofA CCR because it's pretty flexible and the 3% multiplier can get up to 5.25% making it a pretty valuable no annual fee card! Appreciate your support!
Great video, Stan. Would love to see you do more BofA videos. I have 3 CCRs and the UCR with Platinum Honors
Thanks man! Yeah, I love doing BofA videos so there'll be more coming out on the future. WOW, 3 CCRs!! That's awesome - I'm working on getting my second!
@@TheCreditFrog CCRS are the MVPs in my hybrid setup (I also have Bilt, Prime, and Fidelity (but barely use Fidelity)). Would love a video that goes into detail about purchase/extended warranty protection, if any, offered by the CCR, UCR, and PR. The CCR physical cards say Visa Signature but I think BofA nerfed purchase protection
@billywalsh2313 Yeah I wouldn’t use the CCR for purchase protection / extended warranty. I actually have never looked into that on the BofA cards, will definitely take a look and see what I can find!
Great Video. BoA cards are so underrated. I think part of the reason is there are no BoA affiliate links, so youtubers don't have an incentive to talk about them.
Thanks Doug! Yeah, I agree - BofA cards are incredibly underrated! I will say that with the exception of the CCR card, the other branded cards are not really that great until you get into at least the Platinum tier. I really do wish there were affiliate links for these cards for selfish reasons, hah! But you're right, that may be part of the issue. I also think their cards aren't that popular because the base earnings on these cards aren't that great with the exception of the CCR.
@@TheCreditFrog Thanks, just FYI Truist Bank (big on the east coast - 6 or 7? largest bank in the US) also has a BOA type preferred rewards program. Not as good, I think 4.5% is the highest earnings power, but if you need a future video idea
Starbucks is now offering 2% cash back on Starbucks purchases with your BofA Debit and Credit Cards excellent perk for regular Starbucks goers! ✊
Ooh, that's pretty nice! Great to have 2% cash back these days, especially at common merchants like Starbucks. Thanks for the tip Shawn!
For the Travel Rewards, can do a product change to redeem more easily then change back to keep enjoying the 2.625% rewards
Not sure if that was a statement or a question, but I’m pretty sure if you products change, you may lose your points depending on what card you PC into
Thanks for the detail Stan. My only relationship with BOA is having the Alaska Airlines Visa, and I've otherwise never been compelled/impressed to be a BOA customer, but your information is solid.
Of course Sean! The Alaska card is a solid card to have. I wish BofA had better multipliers to make them more competitive, but they're only really relevant once you get into the Preferred Rewards system.
I haven't made the venture into BOA cards just yet. All of my retirement, savings and checking accounts are spread out to various banks for now. I'm thinking longterm I might go with chase or BOA but for now I'm hunting bonuses and the best rate for each individual product. In about 10-15 years I know I'll need to consolidate.
Nice! The value from bank account and credit card sign-up bonuses is real! But if you need a place to park extra money in a brokerage or something, the self-directed Merrill account is a great way to get into the Preferred Rewards program and get you to that Platinum Honors tier for your endgame setup!
I still wish that I got some personal credit cards with BOA when I was a customer for 15 or so years
Yeah, BofA have some great cards. They're more for an end-game setup though, and I feel that you're still pretty busy getting new cards, Sledge!
@@TheCreditFrog I'm actually slowing down and restructuring hahaha
But there is never an end game Stan!!! Hahahaa
I even tried a secured BofA card a week ago after denials for unsecured they said no lol same day I grabbed an approval elsewhere and a Business card LMAO!
I still don’t understand why BOA doesn’t get into the transfer partners game. I’d like to know what their excuse is for this because it kind of defeats the purpose of having a travel rewards card if you can’t transfer points. Even Wells Fargo is beginning to understand this. Anyhow, that’s my rant for today.
Btw, I saw how you flashed that ugly gold card in my face. 🤦🏾♂️
Excellent video Stan and I can confidently say that none of these credit cards are for me.
Haha! Well said CJ! BofA really needs to add transfer partners if they want to be taken more seriously. I’m glad WF is jumping in - hopefully BofA and US Bank will follow! And yea, BofA cards are not for everyone. And classic Gold is the best!
@@TheCreditFrog classic gold 🤮
@@ItsMeCJ 🤣
Great video here Stan! I think the Premium Rewards Card ultimately wins out as the best BofA Catch All Card (assuming you can maximize the $100 Airline Incidental Credit) due to the simplicity (easy 1 cent per point), higher multipliers for Dining & Travel and No FTFs.
Totally agree Matt! The Premium Rewards card is definitely the sweet spot, and works great for dining and travel, which are two very popular categories as well! That $100 Airline Incidental credit is also really nice!
Not sure if you have reviewed the Alliant Visa Signature card but it's a 2.5% card - check it out when you get a chance
Great card! Reviewed it in an upcoming video. Definitely a catch-all card worth considering!
Great video
Thanks!
Great vid. Personally on the cash back side
Thanks Eric! Cash back is great!
My setup is customized card, premium rewards elite, and business customized card. Best trifecta for me of course. Customized card for online purchases, business customized card for gas ( I drive a lot, 3 cars in the house, all under the same card) and premium elite for everything else. Nice and easy, I don't have time for those annoying monthly credits, that wants me to spend money to find value 👎.
That's a great setup! Especially with PH, that is some serious value you're rocking! And you get a lot of great premium travel perks with the PR Elite so if those are your only cards, that's definitely a great move to have the PR Elite over the PR. Nice to hear from another BofA fan! Their cards are so underrated beacause of the Preferred Rewards thing, but once you use them at that level, it's easier to understand how powerful they really are!
Im having trouble deciding as I am new to the credit card cashback game. I only get my gas from Costco, and BofA debit holder. Which card would you recommend from BofA, Customized Cash Rewards or Unlimited Cash Rewards? I'd like a "Do it All' card, but I am limited with Costco and Visa partnership. Thanks.
The CCR is a great option if you can be in BofA Platinum Honors tier. Then, you can earn a combined 3.5% cash back at Costco and 5.25% on Costco Gas on up to $2,500 per quarter, which may be sufficient for most. If not, adding a second CCR through a spouse or other Player 2, can elevated that cap too!
@@TheCreditFrog Thanks for the reply. I decided to go with Customized Cash Rewards, and got approved for the Gold tier. The $2500 cap is not a deal breaker for me, as I am not a big spender. Now, would it be a bad idea to apply for a travels cc now, or too soon? FYI, this Customized Cash Rewards cc is my first new cc again in almost 10-15yrs. I have two other cc that are free of debt. Thanks again.
Thanks for the video Stan. Can I use the points from the travel card and transfer them to the elite card for 20% off airline bookings in the BOA portal? I can’t find info anywhere showing if they are compatible.
Sure thing Steve! I don't know the answer to this question. I know that you can transfer PR points to the PR Elite for the 20% redemption, but I'm unsure if the same is true for the TR card!
I know that credit card rewards are not taxed, but I was wondering if you redeem your rewards by direct depositing it into a BofA account or Merrill account, would it be considered a bonus and taxed?
As far as I know, credit card rewards are not taxed, including when you direct deposit into your account. I’ve direct deposited my cash back for many years and have never run into this issue.
Just joined the BoFa club with a targeted 300 dollar sub for 1k spend on the unlimited cash rewards card. I know it is geared more toward end game, but I figure it could help to get in now to build some positive history with BoFa for the future. Any tips on how long to wait or rules before applying for their business cards?
There’s no set rules that I’m aware other than the 2/3/4 Rule and 7/12 rule. For BofA cards, you can only apply for 2 BofA cards in 2 months, 3 in 12 months, and 4 in 24 months. If you have a BofA checking account, you may get denied if you have 7 or more new accounts with all issuers in the past 24 months. So you should be good to apply for that business card whenever. Generally I recommend waiting 30 days between cards if you can.
Yes Sir! Thank you for this video! 👍
You’re welcome! Glad you enjoyed it!
Do I still get points or travel rewards if I make a purchase, then I get a refund back to my credit card?
No those points will be taken back too
I rarely see any RUclipsr recommending Bank of America cards.
I love my BofA credit cards!
A fresher video for Bofa? Do you still have your elite card?
Yup! Gotta get working on that. I still have my PRE!
If I want to redeem the point for the Elite card, do I have minimum like 2500
You can redeem as little as 1 point!
Good video.
@@lifewithjon6809 thanks!
hello fellow stan, subscribed
Hello Stan! Thank you!!
Great points brother! I’m far from getting value from these though 🤣
Thank you Kostas!! Definitely some great cards to think about one day!
@@TheCreditFrog yes, one day but not today (with Tom Cruise voice on Maverick)
thank you,
You’re welcome!
Stan the Man!
Hi there! 😎
First
You should check the rules of the game….but I’m sorry (not really) to inform you that you’ve been disqualified. 😢
@@ItsMeCJeh…
Congrats Ahmad! You are again FIRST today! 🏆
Sorry CJ .. Ahmad strikes again!
@@TheCreditFrogno! He’s disqualified! **reaches for first place trophy 🙃**
Hard inquiries- if denied for a regular Travel Rewards card will I get a second hard inquiry if I apply for the secured version immediately afterwards?
Yes, unfortunately they are separate card products so expect another hard pull. It some rare exceptions if you apply for two cards within one bank it counts as one inquiry, but this depends on the bank and I don’t know if this applies to BofA
@@TheCreditFrog thank you. I've been trying to find out and even their reps didn't know. I even tried asking if a supervisor knew and was told that they don't know either. I've had a relationship with them for almost 20 years, but know they can be kind of sketch with giving out credit cards.
@evilnaughtysmurfette In my experience, customer service reps only know the basics but they’re pretty clueless on nuanced questions. This goes for all issuers.
@@TheCreditFrog I had to learn that. Your answer is better than the rep's. You tend to have way more information than most bank employees. I was looking for a good starter travel card and now I think I'm going to just work on product changing my Discover card into their Miles version instead. I was worried about how the merger would work out and wanted a card with another company in case it ended up being negative for consumers since I also have a Capital One card.
I rarely see any RUclipsr recommending Bank of America cards.
I love my BofA credit cards!
First
Almost CJ! 🥈