How I Turned $95 in to $950

How did I turn $95 in to $950?

Between November and December,  I accepted an offer to product change my Bank of America Customized Cash to the Bank of America Unlimited Cash Rewards Card which has a bonus of $200 after $1000 in spend within 90 days. This card offers 1.5% cash back on all purchases but with Bank Of America’s Preferred Rewards program, I was earning 1.87% cash back.

Then I opened the Bank of America Premium Rewards which offers $500 back after $3,000 in spend within the first 90 days. With this card I was earning 2.5% back on travel and dining purchases and 1.87% on everything else. This card did come with an annual fee of $95.

With my combined spend on both cards and the bonuses, I earned about $850 in cash back. You’re probably wondering.where the other $100 came from. Well, the Premium Rewards Card can get up to $100 in Airport Security Statement Credits towards TSA PreCheck or Global Entry Application fees. I used my card to pay for a friend’s Global Entry, and after 3 days I got reimbursed the $100, effectively giving me $950 in value within the first 90 days of having both cards. 

Bank of America Unlimited Cash:

‍This card offers unlimited 1.5% cash back on all other purchases. There is no annual fee for this card. This card comes with no annual fee. The bonus for this card is $200 after $1000 in spend within the first 90 days. This card earns a simple and straightforward cash back rate on all purchases. You can increase that rate if enrolled in Bank of America’s  Preferred Rewards program.

Bank of America Premium Rewards:

‍This card offers unlimited 2% cash back on travel and dining purchases, as well as 1.5% back on all other purchases. The $95 annual fee is offset by $100 in airline incidental credits that you can use to pay for baggage fees, pet fees, as well as seat upgrade, and up to another $100 in Airport Security Statement Credits that can be applied towards TSA PreCheck or Global Entry Application fees. This card also grants access to world class travel perks, travel and purchase protections, the Luxury Hotel Collection and concierge service. The cash back from this card can be used as statement credit, for travel, or be deposited in to a Bank of America or Merrill Lynch investment account.

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What is Bank of America’s Preferred Rewards Program:

Bank of America Preferred Rewards is a rewards program meant to encourage Bank of America and Merrill Lynch investment customers to increase their asset holdings with the bank. To first qualify for the program, customers must keep a daily average of $20,000 between a Bank of America checking account and/or Merrill Lynch investment accounts.

The program rewards eligible customers with benefits including increasing awards multipliers on credit cards, removing ATM fees, and reducing interest rates on loans across several Bank of America and Merrill Lynch services. For many the most appealing feature of Preferred Rewards is the ability to pump up their credit card rewards by 25-75%.

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