Based on combined balance in Merrill and BofA, one can get fairly lucrative cash back rates on BofA credit cards. On May 27, the program will be rebranded BofA Rewards.
Under the current program, you get a 50% boost in cash back with $50K combined balance, and 75% cash back with $100K+. That brings the base rate of 1.5% cash back up to 2.25% and 2.625% respectively. Even better with cards that have starting rates of 2% or 3% cash back (before boosts) in certain categories.
Starting in May, the thresholds are increased. You'll need $100K balance to get a 50% boost, and $1M to get the old 75% boost. Below $100K won't seem worthwhile except for special categories, as 1.5% will get boosted to just 1.875%, less than cards like Fidelity's pay.
So if you're not already using Merrill for this program, the changes are not likely to entice you despite some other sweeteners. And if you are using Merrill but haven't reached the 6 figure level, you might consider consolidating elsewhere or increasing your Merrill balance. For those over $100K, the added sweeteners include a monthly credit ($8 or $15) against streaming services or news subscriptions.
Here's the best writieup I've found, from The Points Guy:
https://thepointsguy.com/credit-cards/bank-of-america-new-rewards-program/One feature of the BofA cards that I like is the very broad definition of "travel". It even includes rent and HOA fees paid through a property management company. Here's how BofA travel stacks up against the travel category for other credit cards:
https://www.nerdwallet.com/credit-cards/learn/credit-card-issuers-define-travel
Comments
w/out explicit details, this looks like a 'gotcha', which is why i dont bother much except uniform cash back. (recently, my amex had rewards for all internet fees...except google fiber. not the first time for such chicanery.)
Property management companies usually code their charges as mcc 6513. That's included in BofA's travel category. The property management companies often outsource their financial management services, including billing, to companies like buildium and appfolio. These charges are also coded 6513.
I can confirm this based on personal experience paying "common charges" to two property management companies. A problem is that you may be charged a "service fee" for paying by credit card. I've been charged a modest flat fee and a barely legal 2.99% fee (see, e.g. buildium's fee)
To make the latter work, you need a credit card that pays at least 3%. BofA's customized cash reward card, if used for travel, pays a 3% base rate plus any boost based on level of assets at Merrill/BofA. But that is limited to $2500/quarter. Still, that should work for many people. (Side note: this is the card that the old Schwab 2% cash back card turned into.)
Alternatively, BofA's premium rewards card ($95 annual fee) pays a 2% base rate on travel, which can get boosted to 3% (50% boost) or 3.5% (75% boost).
Regarding chicanery, the banks' reward rates depend on the MCC coding that the vendor uses. Google may be using some code based on its main service rather than coding its internet service charges separately. I agree that it is annoying to say the least to discover that something isn't counted the way you expect.
So far, the worst offender on the banking side IMHO is US Bank. It has a very narrow list of charges it counts as travel (e.g. excluding airline tickets or hotel reservations made through agencies like Expedia). And it doesn't clearly document what it covers; it just says that its travel category includes charges such as... But on what it does cover (mass transit, cabs, directly booked hotels/flights, gas) it pays a rich 4%.
jealous of many fidelity perks , in permanent vanguard golden handcuffs.
attempted to move all assets in ~2022.