Why Bank of America Credit Cards Are The WORST! ( but sometimes best, IF you're Preferred Rewards )

[@ProudMoney]

Support our channel by choosing your next credit card using one of the card links at: - BEST: www.proudmoney.com/best-credit-cards-on-the-market/ - CASH BACK: www.proudmoney.com/best-cash-back-credit-cards/ - TRAVEL: www.proudmoney.com/best-travel-credit-cards/ - BONUS: www.proudmoney.com/best-credit-card-bonus-offers/ - BALANCE TRANSFER: www.proudmoney.com/best-balance-transfer-credit-cards/ - GAS: www.proudmoney.com/best-gas-credit-cards/ - BUSINESS: www.proudmoney.com/best-business-credit-cards/ - FAIR CREDIT: www.proudmoney.com/credit-cards-for-fair-credit/ - BAD CREDIT: www.proudmoney.com/best-credit-cards-for-bad-credit-unsecured-secured/ (We'll get compensated if you're approved, and we thank you kindly.) Other ways to support this channel: - Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=68388c1c-9593-48a6-8872-7052db78d937 - Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.) . NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!

[@philspd473]

Informative content as always... I'm interested in your take on the Union Bank platinum visa for balance transfers...

[@joeyvee_]

Hey Proud! If I have the unlimited cash rewards CC which offers 1.5% on everything how much will it increase with the gold tier 20k in checking ??...

[@rumar4u]

We can include Synchrony as well… They closed me 5 accounts with low balances, and the worst part is that customer service didn’t know why, as service is handle by store reps, not Synchrony. So nobody knew anything… all I received was a letter by mail.

[@cardojp]

I like having the custom cash card for online shopping whenever its not a 5% quarter. Great content as always, thanks Adam!!!

[@niceandflyy]

Custom cash has online shopping ?

[@cardojp]

Yes, online shopping is one of the categories you can choose for your 3% cash back

[@supremeobliterator]

I think you have thr custom cash from Citi confusef with a BAC card.

[@cardojp]

BOA has a customized rewards card where you can choose once per month on what you want to be your 3% cash back category. Citi custom card gives you 5% cash back in your highest spending category for the month

[@BrunoRatedR]

You’re like a father figure to me when it comes to credit cards, credit scores, and the credit system in general.

[@sjg6158]

Relationship bank. They take care of their own, if you have and invest the capital. If you don't, they have little use for you. As a baseline, 2.62% cash back on the Unlimited Cash Back Card as a Platinum Member is the best going. The 5.25% back for choice categories is good too.

[@JacobKustra]

My girlfriend has a Bank of America card. She requested a credit limit increase twice (even though she had other cards from Chase with almost 7x the limit of this card), they denied her both times. Essentially they told her she needed to bank with them or have more accounts (like loans) with them to even be considered for a higher limit, regardless of having that excellent credit score. It definitely turned me away from ever getting a card with them.

[@Tulku]

WF did that early this year when I applied for an increase. I'd closed my bank accounts with them after I heard about yet another scandal.

[@kenesttajohnson]

Bank of America seems to be stingy, I've asked for a credit line increase and was also declined. I've been doing business with them over 15 years. Now I only use it for small purchases

[@breakingbadabq]

If you have other credit cards with high credit limits.... it's not surprising that she's having trouble getting more credit line. It puts her at a higher risk of being able to run high debt and maybe eventually bankruptcy. More isn't always better.

[@LiftWeigh]

How high of a limit was she asking for?

[@stevenwoo2881]

Became a preferred rewards member this year and transferred my retirement accounts to Merrill for the boost and having a good experience so far

[@ilvbunnies]

My BoA trifecta is 2x Customized Cash Rewards cards and the Premium Rewards card for 5.25% Gas, 5.25% Online, 3.5% Groceries, 3.5% Warehouse, 3.5% Dining, 3.5% Travel, and 2.63% non-category purchases. The Premium Rewards card is $95AF, but with the $100 airline incidental credit means they pay me $5 to use to card. The Online Shopping category covers the entire universe of MCC codes with the exception of specific non-retail MCC codes. In addition, BoA definition of Groceries, Dining, and Travel cover the broadest set of MCC codes in the entire industry.

[@markbeiser]

If you have your utility bills set to auto pay through the provider, BoA counts the charges as "online shopping" too!

[@sam9242]

No other cards have a 3% on-line bonus. Preferred Rewards at 5.25% on $10,000 per year is unmatched. No fee.

[@markbeiser]

The AmEx Blue Cash Everyday card has a 3% online bonus, so is good for people that don't bank with BoA. Even just having a free checking account with BoA adds a 10% relationship bonus to the Customizable Cash Rewards card though.

[@Aj-me8mo]

The AmEx blue cash everyday card sucks because they only give you your cash back as a statement credit and can't be deposited or wired to your bank account. That alone kills the card's value @@markbeiser

[@jadagonzalez1436]

Please do a new video on the best gas cards in the market!

[@philspd473]

Abound... 5% all day every day

[@noelprez2895]

@@philspd473 Is there a cap on how much cash back you get for gas purchases in a year? Do you have to live in Kentucky or can anyone in the country get the card?

[@philspd473]

@@noelprez2895 I live in jersey and have it... I haven't found a cap yet. .05/1.00 all day everyday

[@EricTangOfficial]

100% True! If Bank of America didn't have their Preferred Rewards Program, people would be running away as quick as possible!

[@sweetsharie66]

Yes, the best with Preferred Rewards. The online shopping category is an unbeatable catch all! The pandemic has caused me to rethink a lot of things so I’m parking my cash for the time being. 😊

[@Candikanelane]

They send me offers, but I have not really been interested. You are right about their offers being non-competitive.

[@dh2266]

*raises hand* Platinum honors member due to ML. Best card ever to GET PAID $5/year to get 2.625% cashback on everyday spend and 3.5% on travel and dining, and 5.25% in online shopping and 3.5% at wholesale clubs.

[@abitler9445]

Retirment accounts do count for preferred rewards. More people have large sums in retiremnt accounts

[@sincere355]

Only independent ones that pay fees. If it’s an employer sponsored account like a 401k, HSA, etc it doesn’t count.

[@thejokerspeaks]

We chose BofA because of their preferred Rewards. Seemed like Chase bribes you on the front end, where BofA rewards you for the long haul. At the time, Wells Fargo had sticky fingers with my account and identity, kind of opposite approach, punishment for sticking with them. Custom Cash + Premium Rewards is a great setup at the 75% boost.

[@RemcoAlexanderPhD]

Even if I had $100k in my IRA, I would still not move it to Bank of America, since they don't offer all the great ETFs and funds that say Fidelity has (e.g. Avantis ETFs). Huge missed opportunity.

[@RemcoAlexanderPhD]

@@benchoflemons398 I'm talking about tilting to small cap value with ETFs like AVUV and AVDV.

[@PointsInbound]

If you did have the 100k, would you really want to move all over just to get the extra reward points?

[@thejokerspeaks]

You might if Wells Fargo just committed identity theft against you, and you're looking for a new bank anyways.

[@PointsInbound]

@@thejokerspeaks 😂

[@mitchell.9632]

If you have that much to move to them on the investing side, I suppose so. On savings one thinks they make up for it by giving you less interest.

[@relevant.c5411]

better question, if u had 100k why would u have it in the system. fine print states once u deposit $ in ur account u no longer own it. and bail in's were made legal after that last fiasco in 2008-2009 meaning the govt wont bail the banks out out they will just take ur funds in ur acct.

[@motofreak2772]

It’s surprisingly easy actually. The banks are drooling at the mouth for your money so they make it seamless. Completely different experience than when you have a customer service issue.

[@MissEnglish123]

I have the boa customized cash card & I just got approved for the unlimited cash rewards card, I am a preferred rewards member, cash back all the way

[@PatrickDKing]

I always laugh when these banks, including chase have "perks" or waive monthly fees when you keep 100k 250k, etc etc with them. Put that hundred grand in a self directed investment account (fidelity, td ameritrade, etc) and buy almost anything, example AT&T stock at the price I recorded is paying dividends equal to 7.68% per year. Forget about the puny credit card cash back which are expenses or cash outflows to you and focus on cash inflows, like capital gains, dividends, and grow your money and wealth.

[@kevindao1103]

Schwab literally offers almost all of these perks at a very low ceiling. For $0! 🤦‍♂️ Only thing you lose is ATM Network and branches, but Schwab offers any ATM to you at no charge. Plus, their branches are not by-centers like the big four. Mainly for paperwork, in-person wealth management, and notary’s only. I don’t think I miss a bank branch. Though I keep a community bank for cash deposits or in the need to pull out a big wad of cash (which I hope I don’t).

[@daw7773]

You get 7.68% per year in dividends but a BAC credit card pays 5.25% per purchase. Also, one can have the best of both worlds with a BAC Merrill account holding dividend stocks, ETF and/or mutual funds.

[@canyonoverlook9937]

I am going to move investments to Chase and get the 2000 bonus. Then I might move it to Bank of America. I'll also apply for Chase Sapphire in March or the Bank of America Preferred. The Chase cards are useless after the bonus unless you travel a lot.

[@sdeestar]

Even their customers do not get their best. BOA does not know what relationship banking means

[@popap1995]

YES!!! BoA is TRASH. They canceled my card without any warning due to lack of usage (Travel Rewards card-not going or use it in a pandemic) and said there was nothing they could do. Took all my business to Chase and never looked back 😎

[@palmtreewhisperer]

Nice 👍🏼 which card(s) did you get ?

[@fnanderss]

Lmao I want to upgrade that Travel Rewards card. The rewards after the bonus are awful!

[@DougWilliams06]

I've been a BofA customer for over a decade and it's been terrible the entire time. I was getting 4+% of online purchases is good. That's good. But my interactions with the bank have always been contentious at best. So why stick around for a few hundred in discounts. There are other ways to save/make that much without being with a neglectful bank.

[@emmapeel4299]

I get so much spam from BoA. I see a lot of people had their accounts closed during pandemic (not the only offending bank issuer), but that hurts responsible credit card holders. Thanks for the info and crunching the numbers!

[@canyonoverlook9937]

The cash rewards card it good. 2 percent even at Walmart and Target, but 3 percent online, travel depending on what I choose that month.

[@markJones38133]

I have had 12k card with them for about 13 years, just recently it was increased to 20K. I have all my deposits goes to them which is 12K a month.

[@Soma2501]

Not worth it unless ur doing meriyl lynch investing. Their savings is just bad for every preferred tier and imo having you're savings in a higher apy account is better than the cash back you could get from these cards

[@sudhisira]

I had to keep some money safe for a few years so I went to Merrill Lynch and set up a ladder of brokered CDs that I couldn't find anywhere else (I believe CDARS provides that facility but ML was more approachable because of a BofA branch nearby). When I needed the money in 2020, interest rates had collapsed, so I could cash out my 100K CDs at 103K to 106K i.e. at a decent profit. But I left behind 100K just so that I could retain my Preferred Rewards Honors status.

[@Volkswagenplanet]

THEY ARE DEFINITELY RELATIONSHIP RELATED BANK.

[@NotShowingOff]

But atleast they are honest about it. Other banks don’t have these conditions listed but make approval secretly based on a relationship. It’s like, if you want a certain amount deposited just tell me. 🙄

[@Volkswagenplanet]

@@NotShowingOff I agree. My other bank in Wells Fargo. The complete opposite. Take care, stay safe. Happy Holidays.

[@Family_isthe_key]

Why doesn’t bank of american have credit cards increase on buisness credit cards online do you have to call has any one call request a increase on a buisness credit card Thanks

[@kenesttajohnson]

You have to call for a personal credit card as well

[@Family_isthe_key]

@@kenesttajohnson not really lets me do it Online personal but buisness doesnt

[@kenesttajohnson]

@@Family_isthe_key thank you for the info. I will look back into this on my next credit line increase

[@markbeiser]

I had my mortgage through BoA before they sold it on, and have my Roth IRA parked there, so even though I'm not rich, their cash back cards work really well for me.

[@Tristen_Smith]

Is Discover better ?

[@mitchell.9632]

Customer service wise, definitely yes. Cash back after the first year, meh.

[@richardshufflebottom4011]

I agree and I don’t think very much of BOA and their customer service is the worse!

[@Mousirelen]

What an absolute coincidence, it was this morning I was sitting with my BOA business banker and she was persuading me to take a business credit card offer that is available on my account. After answering my first question, I swiftly decline. " Does this report on my personal credit file"? Answer was yes, how disappointing. I already have 12 cards reporting, I definitely do not want business charges holding down my score.

[@olivern4784]

Your banker was wrong. BofA business cards do not report to consumer credit reporting agencies. They might report to the business agencies. PS I know the business "321" card and the Alaska Business card do not report to TransUnion, Experian, or Equifax.

[@stephencsoma564]

I got the cash rewards. It's my oldest account. But 100% correct. This card is feast of famine. If you have a lot of money with BoA and Merrill you will make out like a bandit. But it sucks if you aren't with BoA

[@app1mxh]

I'm ok with my BOA rewards. Capitol One is bad.

[@stephannieq2837]

I so agree about Cap1 credit cards. Just a horrible credit card overall

[@BrunoRatedR]

Had anyone applied for the Customized Cash card and got approved without having any kind of relationship with them?

[@lastamericanhero59]

No Capital one is the worst.

[@lestatstaton7856]

Credit One

[@mitchell.9632]

What makes them the worst?

[@lastamericanhero59]

@@mitchell.9632 Bucketing!!!! Let's start there sir!!!

[@gabebiwit9783]

They also can close my account for paying by balance in full every month for balance financial ratio not making any money from me which is bs.

[@alexc2265]

I suppose that happened to you? Did you at least let balances show up on statements? Creditors actually prefer to see use that way, though they still prefer small balances.

[@mlw3984]

Yeah the card works for me because I'm a preferred rewards customer but I'm slowly using my money in savings to invest so will have to find another cc once I no longer receive those perks

[@laranitasantana]

Discover will give me 5% rewards starting January 2022 in all groceries that I spend

[@ewhite1546]

Do you know if home loans count as "capital" with BOA?

[@NotShowingOff]

Like refinancing with boa? Technically they are giving you the money.

[@nicolecook1245]

Been loving your reviews!!

[@moreno-walks]

Cards work fine but god forbid you ever have to call and get assistance from a human being because this is the absolute worst experience ever!

[@gladigatorrawr1480]

The rich get richer SMH 😞

[@marksantucci4230]

That's like the Capital X , Citi Than you, American Express platinum? lounge acess and then regular miles? 2x for Capital- minus airline purchaes on there website and hotels? chase Sapphire reserve 3x on dining and travel? Think about how you would compare Capital 1, Citi and Chase after I get some things done we can do a comparasion? Discover is the other 5% rotating category!

[@jasongray8016]

Cash cards don't have a rotating category in BofA. I have one cash card for Amazon - 5% cash back and another for other online purchases. Zero annual fee on both.

[@marksantucci4230]

@@jasongray8016 where did I write Bank of America and yes on the 3% category you can change it?

[@superanthony973]

If I have an auto loan with chase will that increase my chances of getting one of there credit cards?

[@athencroft5139]

It doesn’t make a difference with chase as they go by the 5/24 rule. Only way to bypass this is if you are part of their high end customer…example, have the chase sapphire savings and above

[@Volkswagenplanet]

I LOVE MY REWARDS CARD FROM BOA. BEEN WITH 24 MONTHS. IM STILL AT % APR. I PAY OFF MY CARD MONTHLY. I DO HAVE MONEY IN MERRILL AS WELL. THEY DOUBLED MY LIMIT AT 10 MONTHS. IM AT 20K AT THE MOMENT. CANT SAY ANYTHING BAD ABOUT THE CARD. NO ANNUAL FEE. IT WORKS FOR THE WIFE AS WELL. O, BOY CAN SHE SPEND. CASH BACK PAID FOR CHRISTMAS THIS YEAR. WIN, WIN. HAPPY HOLIDAYS

[@eduardazayev4230]

No, not interested in boa cards.

[@nickv4073]

Bad deal when you consider you are locking up $100K in a bank paying nothing in interest as opposed to an online bank like Ally paying 0.5% interest.

[@motofreak2772]

The money can be in a Merrill lynch investment account. Retirement accounts count too.

[@sincere355]

@@motofreak2772 only certain retirement accounts. If it’s an employer sponsored 401k, HSA, etc it doesn’t count. It must be an independent IRA that pays fees.

[@Afrocow]

@@sincere355 they can be in self-directed Merrill accounts (CMA, Roth IRA, Traditional IRA, Rollover IRA, Inherited IRA, SEP IRA, SIMPLE IRA, NextGen 529 etc.) which don’t have trading fees, commissions, or minimums.

[@game98killer11]

@@Afrocow exactly! 💯 I've been in preferred rewards and just rolled over my Roth 401k to my Roth IRA

[@garrymyers8459]

Why didn't I think that I'll just move a 100 grand over. Lol thanks Adam

[@ProudMoney]

Exactly, get on it. 😃

[@Fil0girl]

@@ProudMoney did you notice how to redeem rewards? It looks like you'll have difficulty doing so without one of their checking accounts.

[@spidermark6722]

If im gold right now will it going to boost once my tier moves up or do i have to re apply credit card ?

[@markbeiser]

The relationship bonuses automatically change.

[@viethuynh6808]

Bank of America is good. I canceled my card with them but I would come back. I have a capital one card though.

[@PremiumElectric]

You don’t “park” cash there. Put it in investments and make more money

[@basiltiffani8850]

We've got a genius here, folks.

[@mitchell.9632]

They ended up in the past with the best retention offer in the past which was an extra 6.666...% on top of existing rewards.

[@relevant.c5411]

thats ominous.

[@TJwasHere92]

Bank of America cards are the worst because Bank of America is the worst lol

[@sam9242]

You forgetting Wells Fargo?

[@ravensjewel-3886]

I have a card from them and it’s okay at best. I plan to cancel it soon. It’s just not a good card.

[@relevant.c5411]

keep it, just don't use it. it helps with ur credit score. if u close it that negatively impacts ur credit score. the more available credit u have available raises ur score, the more u owe lowers ur score.

[@ravensjewel-3886]

@@relevant.c5411 I know this but I haven’t had it long and it’s not a long term credit line. I have a high amount of credit so this card won’t do much for me. I don’t like to have a ton of cards.

[@pedromiranda7346]

@@ravensjewel-3886 if you have longer cards that have been open, then closing the card may raise your average age of credit making your score go up

[@ravensjewel-3886]

@@pedromiranda7346 i know. It’s not an older card.

[@pedromiranda7346]

@@ravensjewel-3886 Its a good move then bro

[@sammychicago]

First viewer again!😁

[@jefff6884]

It USE to be U.S Bank but their line-up of cards have approved GREATLY.

[@abushukriah]

Move a $100,000? That’s all? Huh, I don’t feel special anymore.

[@markbeiser]

A Roth IRA counts for that.

[@Joshualibbyy]

Can u make a video explaining why Adam is the best? 😂

[@mitchell.9632]

It has to be filled with humor, right? That is how he lives up to the favorite talking head.

[@laranitasantana]

I have always disliked Bank of America. They always have a catch 😡

[@app1mxh]

US Bank 😊

[@infantrycaptain9224]

Roger,that. Bank of Amerika sucks!

[@relevant.c5411]

no offense dude but if u knew what was going on in the financial systems and behind the scenes bringing in this great reset u wouldnt be telling people to keep their money in the system at all especially large banks. dont keep money in the system u cant afford to lose. bail in's legal and the financial system on crutches. same with 401k's and stocks. precious metals are better they will always have value and protect the wealth u have

[@jdrancho1864]

way too many numbers being thrown around. video is just as confusing as the cc program it tries to explain.

[@laranitasantana]

With all my respects, BOA is for poor people and recently arrived immigrants who desperately need to open a checking account. It is like the Washignton Mutual from the 90s

[@NotShowingOff]

Stop it. They all target nearly everyone. And if you aren’t poor, maybe you’d like to add a fee for the privilege of using a credit card. 🙄

[@leonelle30]

Rabbit hole explanation 😂

[@popap1995]

1

[@chiefexecutive]

I’m working and waiting til I’m ready for the sapphire reserve. BOA keeps sending me offers. Didn’t know they sucked

[@jasongray8016]

They don't suck if you have higher tier. Best rewards on the market with higher tier which can be achieved with combination of BofA and Merrill. Only makes sense then.

[@shawnkurtti3902]

I would have to disagree..... I have watched almost all of your videos past like 3 years, and with this video Bank of America is not the worst, I just applied for a got the B of A Customized cash card a couple months ago, and the 3% category is very competitive, more than the Wells Fargo 2% that you boast as a great card, its kinda like Capital One that you constantly rave about for their cards, I think they are the worst of the top Credit Card Companies, its almost like you receive compensation from Wells or Capital One given your reviews of them over other cards. And just incase, although you say that U.S. Bank is your "nemesis", I have found it to be quite great for me, I have had the Fry's world Elite for a few years and that gives me alot of benefits/rewards (even more since Nov 1st when they upped it even more) plus up to the $1 a gallon for gas up to 35 gallons which is whole lot and that alone can add up to $350 a year for me, and with the new U.S. Bank Altitude Connect card I got a couple months ago, other than the $500 sign up bonus (which I have already received as statement credit) I have earned 21k bookoo points just in last 2 months, it is right up there with my Am Ex gold and Barclay Arrival plus World Elite card. In short, I think you should give a little more credit where credit is due, I find your channel very informative and will continue to watch as you state it like it is, most times and not some of these other fake gangsters on KZbin credit forums, but try not to be or seem so prejudice with other cards and so "in favor" with Capital One and Wells Fargo. We are both about the same age and I can most certainly prove that even my Discover cards have more rewards than Wells Fargo Active Cash card plus dont have to deal with such horrible company that has screwed millions of people over and more rewards than most Capital One cards. The Capital One Venture X seems worthy, but requires alot of thought.

[@ProudMoney]

Fine to disagree, but Wells Fargo and Cap One aren't paying me a cent. Everyone's experiences are different, I am just adding an opinion. Do what is best for you.