Bank of America has a Preferred Rewards program for their high rollers. It's a tiered rewards program.
If you have $20,000 (Gold) with any BofA institution (including Merryl Lynch), you will get a 25% bonus on all your rewards from eligible credit cards (does not include Better Balance Rewards - I would love that!)
At $50,000 (Platinum) your rewards bonus is 50%.
At $100,000 (Platinum Honors) your rewards bonus is 75%.
Let me first start with the standard disclaimer:
Don't transfer in $100,000 into a Bank of America checking account to qualify. That's dumb. Don't even transfer it into Merryl Lynch. Don't make your investment decisions based on a couple extra % of credit card rewards. If you already qualify, this is something to know about.
Shawn over at Miles to Memories already wrote how this program turns their Travel Rewards credit card into a 2.625% everywhere card (redeemable for travel expenses only).
Overlooked by many is the standard Bank of America Cash Rewards credit card. It has a 1-2-3 structure. 3% back at gas stations, 2% back at Grocery Stores and 1% back on every other purchase. On its own this is nothing special, you can do better at all of these categories with other cards. Pair it with Platinum Honors and you have an industry leader for gas stations.
As far as I know and please correct me if I am wrong, there are no gas credit cards earning more than 5% at Gas Stations.
With the 75% bonus, 3% at gas stations becomes 5.25% at gas stations.
The downside is that you are limited to $1,500 of purchases at Gas Stations per quarter.
That being said, most 7-11's are coded as Gas Stations for Visa and Mastercard cards. Many 7-11's also sell $500 Visa Gift Cards. While this is true, every store will have different rules. Some will allow you to use a credit card to purchase the VGCs and some will not. Try it and see.
It's not scalable but it's actually one of the most profitable standard Manufactured Spending techniques I know (outside of fuel points). It might be worth a look if you qualify anyways.
If you have $20,000 (Gold) with any BofA institution (including Merryl Lynch), you will get a 25% bonus on all your rewards from eligible credit cards (does not include Better Balance Rewards - I would love that!)
At $50,000 (Platinum) your rewards bonus is 50%.
At $100,000 (Platinum Honors) your rewards bonus is 75%.
Let me first start with the standard disclaimer:
Don't transfer in $100,000 into a Bank of America checking account to qualify. That's dumb. Don't even transfer it into Merryl Lynch. Don't make your investment decisions based on a couple extra % of credit card rewards. If you already qualify, this is something to know about.
Shawn over at Miles to Memories already wrote how this program turns their Travel Rewards credit card into a 2.625% everywhere card (redeemable for travel expenses only).
Bank of America Cash Rewards Platinum Honors is 5.25% at Gas Stations
Overlooked by many is the standard Bank of America Cash Rewards credit card. It has a 1-2-3 structure. 3% back at gas stations, 2% back at Grocery Stores and 1% back on every other purchase. On its own this is nothing special, you can do better at all of these categories with other cards. Pair it with Platinum Honors and you have an industry leader for gas stations.
As far as I know and please correct me if I am wrong, there are no gas credit cards earning more than 5% at Gas Stations.
With the 75% bonus, 3% at gas stations becomes 5.25% at gas stations.
The downside is that you are limited to $1,500 of purchases at Gas Stations per quarter.
That being said, most 7-11's are coded as Gas Stations for Visa and Mastercard cards. Many 7-11's also sell $500 Visa Gift Cards. While this is true, every store will have different rules. Some will allow you to use a credit card to purchase the VGCs and some will not. Try it and see.
It's not scalable but it's actually one of the most profitable standard Manufactured Spending techniques I know (outside of fuel points). It might be worth a look if you qualify anyways.
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