We recently made a post on the Spectrum Rewards card from BB&T, this card earns at a rate of 3% cash back for the first three months and also a 5% anniversary bonus and 30% cash bonus if you spend $50,000 or more per year which made it possible to earn up to 4.05% cash back on all purchases for the first three months. I had a few more questions about the card which weren’t answered in the fine print, I reached out to the CEO line that BB&T offers and here are the responses.
Question 1:
“I have a question regarding your BB&T Spectrum Rewards card. I’m just wondering if I would earn the anniversary bonus on purchases made within the first three months (when the card earns at a rate of 3% cash back).”
Response:
Yes. Anniversary bonus is calculated by multiplying the anniversary bonus percentage by the annual earn (amount of rewards value earned during the anniversary year which includes both the enrollment bonus earn of 3% in first three months and the 1% earn thereafter).
Question 2:
“Also, is it possible to let me know what the redemption rates are for non-cash options?”
Response:
All reward options can be viewed either by logging into BB&T Online Banking and selecting the ‘Manage BB&T Rewards’ link on the credit card details page, or by calling the Spectrum Rewards Center at 800-778-1721. Spectrum Rewards offers are very transparent; for example, a $25 merchant gift card (i.e. Lowe’s, Amazon, etc.) can be redeemed for $25 of Spectrum Rewards value.
Final Thoughts
The answers are what I expected, but it’s always good to have clarification especially when it comes to the anniversary bonus counting on the 3% cash back spend. To get the best value out of this card you’d need to be able to spend $50,000 within the first three months or more (in which case you’d net $2,025 cash back), realistically this is only going to be an option if you’re extremely well off or you do large amounts of manufactured spending (and it still remains to be seen how tolerate BB&T is in terms of MS and also credit limits they offer). This card is still a pass for me, but it might make sense for the small minority.
