New limited-time provide. The Financial institution of America Limitless Money Rewards Card is the most straightforward, simple, no-annual-fee bank card within the Financial institution of America line-up. If you’re a Most popular Rewards shopper, you may enhance the money again earned by 25% to 75%. Proper, they’re additionally providing a particular provide in the course of the first 12 months. Listed here are the highlights:
- New prospects: $200 money rewards bonus after $1,000 in purchases within the first 90 days.
- 2% money again on purchases for the primary 12 months from account opening. After that, the usual construction is limitless 1.5% money again on all purchases. Redeem as an announcement credit score, deposit to BofA checking account, or deposit to Merrill brokerage account (together with 529).
- Financial institution of America Most popular Rewards® members earn 25%-75% additional cash again on each buy. Nonetheless, Most popular Rewards bonuses aren’t utilized to the 0.5% first-year bonus. Particulars beneath.
- 0% Introductory APR provide. See hyperlink for particulars.
- 3% overseas transaction price.
- No annual price.
In the course of the present limited-time provide, the money again rewards are boosted to 2% for the primary 12 months. The 75% Most popular Rewards bonus for Platinum members doesn’t apply to the additional 0.5%, so the web money again in the course of the first 12 months for Platinum members could be 1.5% * 1.75 + 0.5% = 3.125% money again on the whole lot in the course of the first 12 months. I’m wondering if that is in response the latest US Financial institution Well card modifications… now that new candidates can’t get an identical deal at 4% money again, this may be the perfect deal on the town once more.
Most popular Rewards bonus fundamentals. The Most popular Rewards program is designed to rewards purchasers with a number of account and better property situated at Financial institution of America banking, Merrill Edge on-line brokerage, and Merrill Lynch funding accounts. Here’s a partial desk taken from their comparability chart (click on to enlarge):
Let’s take into account the choices. Financial institution of America’s rates of interest on money accounts are usually decrease than highest-available outdoors banks (learn: almost zero), so shifting money over to qualify could lead to incomes much less curiosity in your money deposits. Merrill Lynch advisory accounts additionally often include administration charges. The candy spot is due to this fact the Merrill Edge self-directed brokerage, the place you may transfer over your current brokerage property like shares, mutual funds, and ETFs held elsewhere (Vanguard, Constancy, Schwab, and so on).
Up to now, shifting over to Merrill Edge on the Platinum and Platinum Plus ranges additionally led to 30 to 100 free on-line inventory trades each month. Quick ahead to now, and almost all main on-line brokers provide commission-free trades anyway.
Personally, I moved over $100k of brokerage property from Vanguard to Merrill Edge to qualify for Platinum Honors. You must ask Merrill Edge if they’ll cowl any ACAT switch charges concerned. I notice not everybody could have this stage of property to maneuver round, however if you happen to do then it’s value contemplating. Remember the fact that it would take some time in your “3-month common mixed stability” to achieve the $100k stage and formally qualify for Platinum Honors. (In sure circumstances, once you open a brand new Merrill Edge account and new BofA Checking with a asset switch bonus provide, you could be eligible to “quick observe” to a better tier.) You would possibly turn out to be Gold first, then Platinum, and so forth. After that, the 25%-75% rewards bonus on bank card rewards kick in. When you attain a sure tier, BofA ensures that you’ll keep there for a 12 months it doesn’t matter what, even when your stability fluctuates.
Boosted money again percentages with Most popular Rewards. The usual construction is a flat 1.5% money again on all purchases. Right here’s how the numbers work out after you attain every tier:
- Platinum Honors: 2.625% money again on all purchases (75% bonus).
- Platinum: 2.25% money again on all purchases (50% bonus).
- Gold: 1.875% money again on all purchases (25% bonus).
I take into account the bar set at 2% money again to be thought-about a “nice” rewards card. The Platinum and Platinum Honors ranges assist you to surpass that bar. Once more, not everybody could have this stage of property to maneuver round, and so this provide just isn’t obtainable to everybody. BofA is prepared to pay such excessive money again on the bank card as a result of they hope to make it again via their different merchandise (banking, brokerage, loans).
Their plan labored on me as a result of Financial institution of America has managed to persuade me to go from solely having a checking account with them to now additionally having a Merrill Edge brokerage account and a Financial institution of America bank card.
Comparability towards different BofA bank cards. Not all Financial institution of America shopper bank cards qualify for Most popular Rewards. Different playing cards of curiosity that do qualify are:
Truthfully, these are all strong playing cards if you qualify for Most popular Rewards. I can see any one in every of them being a sensible choice for those who need comparatively easy rewards after organising a “relationship” with BofA.
My slight private favourite is the Journey Rewards bank card. The rewards construction on the Journey Rewards is just like the Limitless Money Rewards card together with the 1.5% again (as much as 2.62% with Most popular Rewards) incomes charge and no annual price, besides that the rewards can solely be used to offset previous journey and eating purchases made on the cardboard prior to now 12 months. I’ve redeemed hundreds of {dollars} in assertion credit and by no means run out of journey/eating purchases to offset. Their redemption course of is fast and simple. One distinction is that the Journey Rewards has no overseas transaction price, whereas this Limitless Money Rewards card has a 3% overseas transaction price. Collectively, this makes the Journey Rewards card an awesome “catch-all” card that I at all times have in my pockets. Chances are you’ll favor the Limitless Money Rewards card you probably have little or no journey/eating fees.
The Premium Rewards card could also be higher if you happen to can reliably make the most of the $100 annual Airline Incidentals credit score (seat upgrades, baggage charges, lounge charges) to offset the $95 annual price, as then the elevated money again on journey/eating is all internet revenue. The Personalized Money Rewards playing cards with its 3/2/1 construction can be tempting as a companion to the Journey/Limitless Money, however you could favor different rewards card for particular classes.
Backside line. The Financial institution of America Limitless Money Rewards Credit score Card is an “okay” money again rewards card with a 1.5% money again on the whole lot construction, however turns into an “glorious” 2.62% money again rewards card if you happen to can take full benefit of their Most popular Rewards program. Should you switch $100,000 of current brokerage property (might be ETFs or mutual funds) over to Merrill Edge, you may qualify for the best Platinum Honors tier. This gained’t be possibility for everybody, however one thing to concentrate on if you happen to can swing it.
In the course of the present limited-time provide, the money again rewards are boosted to 2% for the primary 12 months. The 75% Most popular Rewards bonus for Platinum members doesn’t apply to the additional 0.5%, so the web money again in the course of the first 12 months for Platinum members could be 1.5% * 1.75 + 0.5% = 3.12% money again on the whole lot in the course of the first 12 months.