Every time you post one of these BofA videos, it makes me realize how powerful their setups really are if you're in that Platinum Honors program with them. You could realistically just use these cards and nothing else if you wanted to go for simplicity. Great review here Stan!
Thanks Spencer! It's totally true, my endgame setup consists of the BofA PR card, as many CCR cards as possible, and the Amex Platinum 🤣 - maybe the Brilliant or Aspire depending how they look at the time. The key is getting to Platinum Honors, but once there, the floodgates open up with all the 5.25% goodness!
@@TheCreditFrog I think the PR elite credit card can still improve and compete with other high end cards, by adding more useful/easy to use statement credits and possibly reducing the annual fee
@@isao_the_2nd I agree, I think BofA should make this card a little more accessible to the typical user since it's a great card, but without the Preferred Rewards boost, it actually isn't that great. I think boosting the base multipliers so it's at least a little better than the Premium Rewards card would be a great start1
Honestly I have not been giving BofA cards a lot of attention, but the credits on this card seem really appealing. Also not being tied down to 1 airline for the incidental fee credit is CLUTCH.
Totally agree Chase! When traveling and using multiple airlines, it's so nice to have an airline incidental bank that I can turn to where I know that I'll be able to use it on any airline! BofA is a hidden gem for sure 👍
Having this as a Visa card + the fact that you are a Plat Honors member, like you said this Card seems like it could be a great backup option in that Restaurants category! Being able to use that airline incidental credit for multiple airlines is huge as well! Having the ability to downgrade that Elite Card even to a No-AF Card like the Customized Cash is huge as well, and actually might be a strategy that I use in the future! Definitely a good point about making sure to utilize your points before downgrading- totally fair strategy to keep the Card around for a while though! Seems like a cool repeatable process to get value similar to a strategy with the Chase Sapphire Bonuses refreshing every 4 years. Great video here Stan!
Thanks Matt! Yeah, I think that everyone is familiar with the Sapphire bonuses every 4 years, but it's cool that Bank of America only has a 2 year limit for their cards! I was also really pleased to hear about the potential downgrade options for this card since it's not often you hear about being able to downgrade a points-earning card down to a straight cash-back rewards earning card. I think that there's a lot of value of getting as many CCR cards as you can to maximize that choice category, and this card fits well into that strategy! I also like the flexibility of this airline incidental credit and being able to use it on multiple airlines since I'm used to Amex being so restrictive!
thanks for really breaking down the premium rewards elite credit card, great video as always. I don't have the Premium rewards elite card yet but hopefully in the near future
I love when you cover BOA! My P2 just got approved for the Elite and I was added as an authorized user. We are excited to use the card and benefits. We are only Platinum but will Honor this month so that extra bonus will the travel redemption will be great. I chase United status so booking through the BOA portal w/1.25 redemption plus the miles on United as a Platinum FF is a great deal.
Thanks! Yeah I love talking about BofA cards! They are super powerful with PH and it’s awesome that you have the card now too! The airline bonus is also a nice benefit for those who can use it like yourself! Congrats on the new card!! 🎉🎉
Haha! Yeah, this card certainly is for a specific audience, but if it makes sense in your setup, it can be a very powerful addition! I’m very much for this card and BofA’s ecosystem in general. Glad you enjoyed the video and got great value from it!
Good info Stan. A platinum honors member could really benefit from this info and these cards. I tried to make it work with BOA a while back but after I pulled my money from there, the card wasn't worth it any longer
@@TheCreditFrog If I ever go back to BOA I'm definitely going to look into it. I go thru bank accounts like I go thru credit cards. I'm surprised that I'm not on ChexSystems yet 😂. I Just canceled my Regions and Chase checking accounts today and I'm cancelling Citizens some time this week when I get my $300 out 😂😂
You certainly can Mark, and that's an excellent strategy to get 3 CCR-type of cards to get 3-5.25% on those choice categories depending on your tier status within the BofA Preferred Rewards system!
The Platinum Honors tier and the elevated cashback is my end game. Great set up to have when you no longer want to dedicate so much time and energy in the "credit card game". Time is valuable.
Same with me! It’s true, it’s always a balance between time and money for sure. One thing I’m always thinking about is making sure to use points and not hoard them as hoarded points aren’t worth anything until they are spent!
Thanks for updating on the retention bonus attempt. I do not see the value with this card . Other than the 20% bonus with redemption, the effective annual fees is $100 more than the much more useful premium travel card... It's ridiculous that the sign up bonus and points earnings are exactly the same between these two cards with hugely varied annual fees. Unless the 20% for point redemption bonus is $100 or greater, Doesn't make financial sense to get this card.. maybe I will get it once to triple dip and then convert to customized cash..
Sure, no problem! I had you in mind when I was asking for a retention offer 😀, but yeah, they denied me for one. I think if you wanted to get this card, having it for 1 year and then downgrading it into a CCR is the best way to go, and pretty much anyone can get value from that situation if they can also realistically use the statement credits. Personally, it fits in my setup for now, but I'll eventually downgrade this into a CCR card and probably simultaneously apply for the Premium Rewards card, since, like you mentioned, they are almost exactly the same.
Nice video, as usual. I don't tip before being served. Likewise, I don't like videos until I hear them fully. Friendly suggestion: have some outro time/music that gives time to like your videos. This vide is abruptly cut off and you deserve more likes! 🤞🏼👍🏼👍🏼
Hey, thanks Kevin! I really appreciate your support. Yeah, I should probably give more time for people to like the video - I'll think about that for the future! Glad you enjoyed the video!
Absolutely Mitchell! It's very similar to the SUB limit on the Chase Sapphire cards, but the nice thing about BofA is that you can have multiple CCRs no problem, as long as you're willing to wait!
I would absolutely jump on this card. The only way I could get platinum honors is through a savings account but other savings account have much, much better interest rates over BOA. I do t have any need to open anything through ML
I think doing a savings for just Platinum Honors is a little much. Opening a self-directed brokerage with Merrill is the better way to go as it can act as a pseudo-retirement account while you invest in ETFs for the long term!
Well, if you have $100K in cash that you don't want to invest but want it to be FDIC insured, you have the option to use Merrill's Preferred Deposit program. Alternatively, park the cash in one of Merrill's Institutional Money Market Funds.
No retention offer!! Boycott, let’s go back to Amex boys! That is an interesting downgrade path that’s possible with BOA. I like how you included the credits since yes, you can use both in the first year technically, and it’s a pretty powerful card! Even though I’ve watched your videos, only now am I just acknowledging the “lifestyle” Credit. Nice Stan!
Haha, I run a hybrid Amex/BofA setup. As you know, we need a backup VISA so cutting BofA out may not work out haha! Sadly, it's well known that BofA does not give out retention offers as much as Amex. Yes, the downgrade path is such a nice feature with this card - and of course, you shouldn't forget about the Lifestyle credit! It's exactly the same as the Amex instead it's an annual credit and renews every calendar year!
@@AnthonyVenture Yeah, the credit is incredibly flexible. My older video goes into a little more detail: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-1ovrEoI28-g.html
@@TheCreditFrog As far a I can tell they "flipped the switch off" and have not given retention offers for over a year now. They used to even give them on no annual fee cards and they had one of the best return for the money spent.
Why doesn't Wells Fargo have high-end credit cards like Amex's Platinum Card or Capital One's Venture X? Big three bank like BOA and Chase they both have it
Do your authorized users also get the same elevated rewards as the main card holder? (Ex. If you’re on Platinum Honors, but they don’t have a BoA relationship, do their purchases also get the 2.625/3.5x rates?)
question one: if i have one Customized Cash Rewards and one elite and then i want to downgrade the elite, i will get another Customized Cash Rewards. so i can have two Customized Cash Rewards is that correct? question 2: how did you make your Customized Cash Rewards on 10:56 with 5.25% gas and 3.5% costco? sorry, my English is not good
Hi! Let me answer your questions. For 1. Yes, if you downgrade the Elite, you can downgrade to a CCR and you'll be able to have 2 CCRs. For 2. If you are Platinum Honors Tier with BofA, you get a 75% boost to your credit card points so the 3% gas category becomes 5.25% and the 2% wholesale club category becomes 3.5%!
There's 2 cards that have similar names, but are different products. The Premium Rewards card is a $95 annual fee while the Premium Rewards ELITE card is $550
Sure! It's pretty simple. Just go into your BofA PR Elite credit card in your BofA online account and then click Rewards. Then click Redeem Rewards. It will take you to a screen where you can book air travel, and when you click that button, it will take you to the BofA Travel Portal where you can book your flight as usual 👍!
I’ve had this card for two years and my annual fee just came up. Trying to decide if I want to keep it or downgrade to the regular premium rewards. Do you currently still use yours?
Mine is coming up very soon! I'm probably going to PC to the CCR and get the regular PR instead. I like the 20% airline redemption bonus, but over the past several years, I noticed that I don't use that feature as often as I should!
How long did it take for your airlines incidental credit to hit after your bag purchase? I bought bags on Lufthansa 3 weeks ago haven't seen anything yet.
It takes about a week to post - it shouldn’t be that long! Did you buy the bag purchase separately from your ticket? If you did, I may call BofA CS and see what’s up. I think the T&Cs allow up to 8 weeks though so if it’s an international airline, maybe it just takes longer.
One more strike for Elite. Apparently not only do they not cover discount carriers but, they also don't cover international carriers. I don't see me keeping this card. What kind of a travel card is this? Not very infinite if you ask me.
@@kylemcclory7347 Oh dang, didn't know that they didn't cover international carriers! That's definitely a loss for sure. I'm also not a fan of how Southwest is no longer on their travel portal, although that may not be BofA's fault.
Definitely make sure you say that in your new videos. No international carriers! But she did say Southwest qualified for the credit. Either way I don't see me renewing in November, already put a reminder on the calendar to cancel first weekend in November. Guess ill just be a platinum honors with a bunch of 3% cards.😄
@@kylemcclory7347 Haha! Multiple CCRs is definitely a 300 IQ move! I would also consider downgrading to the standard PR card - much lower annual fee, but basically the same card without the travel benefits/redemptions. I'm debating between downgrading to CCR or PR next year, but haven't made up my mind yet.
I can confirm it works! I’m sitting at BWI as I type this and the BofA black card got me a full $28 credit for my meal for free at the participating restaurant.. you do have to pay gratuity out of pocket. But remember to check priority pass app to see which restaurant at your particular airport accepts it.. if you use this benefit, then you can’t use the minute suites or lounge since you can only use one benefit per “flight” - I guess. Of note… there was a big sign at the hostess desk mentioning that Capital One Venture X and AMEX do not have this benefit so BofA Elite Black card for the WIN!
@@mariaho4386 That’s amazing to hear Maria! Thanks so much for providing this DP! I know that was a big question a lot of us had so I’m really happy to hear that this PP works at restaurants. Enjoy your trip!!
Bank of America Preferred Rewards Platinum Honors tier gives you a 75% boost on points. So with the BofA CCR card that gets 2% on wholesale clubs, the boost makes the multiplier 3.5%!
