Bank of America sent out a survey with different options for how the Platinum Honors, Platinum, and Gold bonuses might work for relationship customers, according to Reddit user kdm31091.
The survey options included doing away with the relationship bonus entirely, lowering it to 50%, etc. But none of the options had the Platinum Honors bonus remaining at 75%. We obviously don’t know how this will play out, but – at a minimum – Bank of America is looking at reducing or eliminating that bonus which would spell the end of the 2.62% everywhere card, the 5.25% categories, etc.
I don’t typically like putting much stock into surveys, but thought it was worth sharing this once since it could help people plan out their credit card application strategies. Even if they do make the change, I’d expect it to take a while until it comes into effect, and to likely include other relationship benefits or perks to ‘offset’ the lower relationship bonus.
Just did a BoA panel survey for a potential no-AF Travel Rewards card that has insane benefits, including 1:1 air/hotel transfer and a NEXUS credit. Doesn’t seem likely to ever go live as it would cannibalize the other two premium cards.
Are there any updates? I have been considering moving funds to Bofa to available the rewards. If this is going away, I’d rather not start on this at all
Anyone anyone?
Any updates?
Perhaps capping rewards makes more sense – say no rewards for spending over $10,000 a month like Alliant does now. That would kneecap the MSers but keep other “clients” and their $100K+ accounts.
I have no issue moving my $$$ from Merrill Edge to Vanguard / Fidelity / TD / wherever if they drop the bonuses. I’m already annoyed at ME because of their nanny attitude (could not purchase a gaming ETF with ME, had to go to Fidelity to buy it). But I’ll enjoy my 2.625% on Premium Rewards while it lasts, esp. with tuition payments due next month.
I think BofA decided to effectively kill its reward program by gutting its Merrill brokerage. They had 2-3 major outages during market crashes this year already and they just had two massive outages the last two days and that will be followed by an exodus of a lot of very pissed off customers. I was not affected too much (yet) but I’m definitely not happy and will probably move to TD. Can be a pain, but whatever plus there is still a bonus at TD.
I will pull $200k+ out for sure if they take Platinum away and build my system elsewhere. I changed my credit card strategy this year to mostly using BofA cards suite to keep my spending simple but I won’t hesitate to go elsewhere. It currently has no other redeeming qualities to make me stay other than Platinum tier bonus.
Hmm, well this makes CPC even more attractive now.
I hope it does not change!
I spend 300k a month with business account. If 2.625% goes away what is the best option for general spend and automotive? (cashback preferred over points)
My go to cards are:
BOA Travel rewards 2.625%
BOA Business travel 2.625%
Occasional use:
Chase ink bus preferrered 3x for shipping and advertising (current spending at 1/2 capacity in category)
American express business gold (4x shipping and max it out each year)
Sock drawered (in favor of BOA card)
Fidelity 2%
Capital one spark 2%
These are cards I used in the past and am looking for other options.
Used and not eligible …. Alliant 2.5%
Used and not eligible …. Discover IT miles business 1.5%+1.5% match
Used and not eligible …. Discover miles personal 1.5%+1.5% match
Please respond with suggestions.
The only thing I can think of is to check around local credit unions.
I’d pull my money out if they take 75% away.
YEP, SAME!
This would be annoying. But I’m about a trillion times more concerned about The Great Reset and Xi Jinping becoming dictator of the whole world.
Please tell me you’re kidding
No I am most definitely not kidding.