Bank of America Preferred Rewards

Finance
41

I spoke with my Merrill rep and he told me broadly about the various benefits. They’re stuff like free banking services or fee waivers (wires), lower rates on mortgage / HELOC products, and similar things. There are no higher tiers for CC points.

42

What are these travel credits you speak of?

43

More details here if you care about the banking side benefits.

2 Likes
44

I was referring to the $100 annual airline credit and the $100 global entry reimbursement every four years.

45

No, unless the account is jointly held, but I don’t think that’s what you were asking.

46

Interesting that the one thing they don’t seem to mention are the card annual fees.

Also “Foreign currency exchange rate discount for mobile and online orders only” is a strange line item. I wonder if this means, effectively:

  • We are surcharging the 1% standard ‘international fee’ (not the same as a foreign currency fee) by adding some percentage (1% I believe, for a total of 2%?) to it
  • But for rewards customers, we are discounting 1, 1.5 or 2 percent (really none, .5 or all) of that foreign fee; however
  • It does not apply to actual use abroad (that is, card present transactions made in other countries, including ATMs for the debit card if you have one, as well as the credit card) because the discount is only for mobile or online orders; so
  • All rewards customers pay 2% fees regardless when you go abroad; which is 1% higher than many other cards charge you.

So your 75% rewards are less rewarding when used abroad - still good, just less.

I wonder if I am reading the implications of that line item correctly and if these are changes from existing surcharges. This wording is byzantine – also I may be reading too much into this. Interesting trying to ‘decypher’ (and I think that is the correct term) the marketing verbiage. Of course I could just be reading too much into it… I hope so, but wanted to see if anyone else things I am off-base. Also, I am unsure if this is only for the BofA debit card or the credit cards, both or something else. Hope this is helpful and does not just raise more questions than answers.