Cash back credit cards: KL shares the link to a new card offer that will provide a bigger rebate on general spending than pretty much anything out there.
- It’s bigger than the 2% cash back on everything with the Fidelity Investment Rewards American Express.
- It’s bigger than the 2.2%+ rebate towards travel from all spending on the Barclaycard Arrival Plus World Elite MasterCard.
But you have to have $100,000 in cash and investments that you can deposit with Bank of America to take advantage of the offer.
Bank of America Travel Rewards gives you 1.5 points per dollar on all spending. That equates to a 1.5% rebate (2500 points = $25).
Bank of America Preferred Rewards members earn an additional bonus of 25%, 50%, or 75% depending on the volume of assets on deposit with BofA.
Here’s the requirements:
- $20,000 or more gets a 25% bonus
- $50,000 or more gets a 50% bonus
- $100,000 or more gets a 75% bonus
Bank of American Travel Rewards provides an annual 10% bonus on points earned for qualifying Bank of America accountholders.
Unfortunately it is not stackable with these other bonuses.
So if you have $100,000 in total assets with Bank of America, you get a 75% bonus on top of 1.5 points per dollar — or 2.625 points per dollar, equivalent to a 2.625% rebate.
But this only makes any sense if you happen to have these investable assets and don’t care who holds them.
You can still have them invested as you wish, the same as if you held the cash or investments with Chase (Private Client) or Citibank (Citi Gold) or any other firm.
This isn’t a play for most frequent flyers, but it will be useful to some.