Bank of America Increased Offers
Bank of America may be the forgotten issuer a bit around these parts, which is because most of their cards are the cash back variety. That is especially true for their own non co-branded cards. They pitch them as travel & premium cards but there are no transfer partners or outsized value from their points. With BOA, it is all about the Benjamins! That isn't a bad thing in my book though. We all need cash while traveling to cover things like food, award flight taxes and fees, activities and everything in between. That is why I was happy to see some Bank of America increased offers roll out. Let's take a look at the details of these two new offers and discuss who they could make sense for.
Update 12/6/23: Consider The Triple Dip
I am back, and these offers never left! I had said that if the increased offers stayed around till the end of the year they would offer up a nice triple dip, and they have. This is similar to the line of thinking with some of the American Express cards. The downside here is these Bank of America cards are personal cards and will count against your Chase 5/24 status. That isn't the case with all of the Amex triple dip cards, so that is a better option if you are under 5/24. If you are already over, and not trying to dip back under, then consider these cards for big payoffs.
It is best to probably grab these in a week or so to ensure you have some cushion on the triple dip timeline.
Bank of America Premium Rewards Triple Dip
Since the perks are based on calendar year, here is what you would get with the Premium Rewards card:
- 60,000 points (worth $600)
- $100 airline incidental credit to use before 1/1/24
- Another $100 to use starting 1/1/23
- A third $100 to use on 1/1/25, since you get one statement period, or about 30 days, to close the card and get your annual fee refunded.
- That is $900 in value for one $95 annual fee
For more info on the card, read the full write up below.
Bank of America Premium Rewards Elite Triple Dip
Since the perks are based on calendar year, here is what you would get with the Premium Rewards Elite card:
- 75,000 points worth $750
- $300 in airline incidental credits and $150 in lifestyle credits to use by 1/1/24
- Another $300 in airline incidental credits and $150 in lifestyle credits to use after 1/1/24
- A third $300 in airline incidental credits and $150 in lifestyle credits to use after 1/1/25
- $2100 in value for a $550 annual fee
For more info on the card, read the full write up below.
My Experience With The Lifestyle Credits
The hardest part about the Elite card triple dip is the lifestyle credit. I played around a bit with this one on my card and here is what I found out:
- DoorDash from a store (Staples) did trigger it
- Food from both DoorDash and Uber Eats worked
- An Uber cash reload triggered the credit (I did one for $100 and one for $50)
- A DoorDash reload DID NOT trigger the credit
Loading Uber Cash may be the easiest way to get this done unless you have a couple of big food orders. Pick up worked fine for me as well.
Bank Of America Premium Rewards
The first card up is the Bank of America Premium Rewards. The new and improved offer terms are as follows:
- Earn 60,000 points (worth $600) after spending $4,000 within the first 90 days
- The $95 annual fee is NOT waived
This is an increase of $100 from the standard offer on the card.
Earning Structure
The card has a pretty pedestrian earning structure, that is unless you are a Bank of America Honors member:
- 2% back on travel & dining
- 1.5% back on everything else
If you have Bank of America Platinum Honors status you get a 75% increase on the earning rates increasing the cash back rate to 3.5% back on travel and dining. It would increase the rate on everyday earning to 2.62% as well, which is pretty tough to beat for non bonus spend. It takes a lot of money with BOA to qualify but it should be noted that Merrill Lynch retirement accounts qualify too.
Card Perks
The Bank of America Premium Rewards card comes with a couple of nice credits:
- $100 airline incidental credits per calendar year (much like the Amex credits)
- Since it is calendar year you get this twice within the first cardmember year
- $100 TSA or Global Entry application fees credit every four years
Summary
All in all, if you grabbed this card it is good for a $600 cash bonus plus $200 in airline incidental credits in the first cardmember year. All of that for only a $95 annual fee. That is a pretty decent return in my book. Having said that, this is a great offered for the more seasoned miles and points people out there. People that left Chase 5/24 in their rearview mirror long ago.
Direct Link To Offer
Bank Of America Premium Rewards Elite
The other card that got a bump is the newest card in the BOA card lineup. Here are the offer details for the Bank of America Premium Rewards Elite:
- Earn 75,000 points (worth $750) after spending $5,000 within the first 90 days
- The $550 annual fee is NOT waived
The previous offer on this card was for 50,000 points or $500.
Earning Structure
- 2% back on travel & dining
- 1.5% back on everything else
I don't know why Bank of America decided to give both cards the exact same earning structure but here we are. Just like the Premium Rewards card, if you have top tier status with BOA then it can be a compelling everyday option at 2.62% back on non bonus spend.
Card Perks
Card perks is where the two cards differ, as they should with the Elite card's $550 annual fee. You get the following perks to help offset the yearly fee:
- $300 in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services
- $150 in lifestyle conveniences credits including video streaming services, food delivery, fitness subscriptions and rideshare services
- Receive up to $100 in statement credits for either Global Entry or TSA PreCheck® application fees, every four years
- Save 20% on domestic or international airfare for any class when you pay with points
- Enjoy free unlimited access to airport lounges and experiences worldwide with up to 4 complimentary Priority Pass™ Select Memberships
The nice thing about the airline incidental credit is some things like American Airlines gift cards purchased in $100 quantities work to trigger it. The credit is also per calendar year. That means you get $600 in airline incidental credits within the first cardmember year. If you waited until closer to the end of the year you could potentially triple dip the credit for $900. You would get one credit at the end of December, one starting January 1st and then one the following January 1st. You should have 30 days to downgrade or cancel when the annual fee posts, giving you until mid January to capture of all 3.
I am sure some unexpected things trigger the $150 lifestyle credits too. If you stick to a double dip of the airline incidental credit, and maximize the lifestyle credits with streaming or food delivery twice in the first cardmember year, then you are looking at $900 in value for a $550 annual fee. This is possible since the credits are based on calendar year and not cardmember year. Throw in the $750 welcome offer and now we're cooking with gas!
Direct Link To Offer
Bank of America Increased Offers: ToP Thoughts
While we like to focus on points earning cards and their welcome offers at ToP, there are costs that miles and points just can't cover. That is when a cash back type offer can come in handy. Especially when those offers are at all time highs. Having said that, these offers are not to be trifled with if you are still around Chase 5/24. Even if you just busted past it I would focus on Citi and Capital One before meandering down this road too.
For the rest of you in the back, the lol/24 crowd like myself, this is a pretty good deal. I think I just talked myself into my next application over here. Come on down Bank Of America Premium Rewards Elite!
