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Bank of America credit card with 2% cash back

post #1 of 16
Thread Starter 

Does anyone use this card? 

 

Claims there is no annual fee. I read all the fine print.

 

We charge almost everything on cc and pay it off every month. Our current card gives us 1% cash back, which has been great.

 

Does 2% sound too good to be true? Will they change the "rules" once we start using the card? 

 

Any thoughts? I'd love to get 2% back if we could!

post #2 of 16

It's probably UP TO 2% back.  It's probably not a straight 2%.  But I don't know for sure.  Call the company and ask. 

post #3 of 16

Any card can change the terms at any time.  I dont see a BofA card with 2% cash back right now, but that doesn't mean one isn't out there.

 

post #4 of 16

 I have my discover card and can get 5% on certain purchases.My dh has a cititcard and a capital one that offers rewards but I forget the amount. As long as there is no annual fee and you pay the balance off each month I would say give it a try.

post #5 of 16
Thread Starter 

It definitely says 2% cash back, not up to 2%. I've read the fine print several times and haven't found a catch. We just received this offer in our mail yesterday, so maybe it's a new card. I guess I can just give it a try and see what happens. 

post #6 of 16

Is it a visa/mc/amex?  not that it matters overall but curious for my own knowledge.

 

So is it B of A visa, B of a Mastercard, B of A Amex? etc..

post #7 of 16

Honestly if BofA were the last financial institution on earth, I wouldn't do business with them. I would deal only in cash, and keep it all in my mattress. I have heard way too many terrible stories from friends who bank with them and I just won't do it.

 

One friend lost their house b/c they had a huge water main issue in their front yard, and they applied to refi their mortgage to pay for the repairs. Well, the bank put in the paperwork that if they miss a single payment, the bank owns the house. Then the lending associate (whatever the person was called) told them that because of the way they did their refi they had two full months before they needed to make another payment. Of course, that meant they "missed" a payment or two, the bank took possession of their house, and they were forced to move. I'm not sure if they ended up foreclosing on the loan or what, but it sounded ugly.

 

Another friend had his assets frozen when his wife was deployed to the Middle East. Even though he was named on the account, they said that to protect deployed military personnel, accounts of those deployed get frozen til they come back. Well, how are military spouses supposed to carry on with paying the bills and taking care of the family if the money is tied up? Just what the soldiers need -- to worry that their kids can't eat b/c their spouse can't get money for food from their paycheck.

 

It goes on and on. I wouldn't do it. You want 2% back? Join Costco and get an Amex. Or get a Discover card, if they're still offering the 3% or 5% rebate.

post #8 of 16
Quote:
Originally Posted by swd12422 View Post

Honestly if BofA were the last financial institution on earth, I wouldn't do business with them.


I TOTALLY agree!!!!!

post #9 of 16

I totally agree too. I have only heard horror stories about that bank.

post #10 of 16

I'm with the last 2 posters.  DH and I got a BofA card when we were first married.  We asked lots of questions of the banker to make sure we understood all the fine print, and still got screwed.  It was a very low interest card at first, but then we got a notice in the mail a few months later saying "blah blah blah.... your interest rate will be 24% as of the next billing cycle"  When we went into our local branch (usually VERY good about dealing with things) they said their hands were tired it was a decision made on many cards from the top.  We bailed and never looked back!

post #11 of 16
Quote:
Originally Posted by swd12422 View Post

Honestly if BofA were the last financial institution on earth, I wouldn't do business with them. I would deal only in cash, and keep it all in my mattress.


Hate, hate, HATE BoA. Nothing but problems when we had an account with them a couple years ago. I'm seriously peeved that our mortgage got sold to them this year. irked.gif
post #12 of 16
Thread Starter 

Wow. Lots of horror stories! Our current VISA is excellent, but only offers 1% cash back. We usually charge around $2K/month on it, so will get about $240 cash back. If we switched to the BoA VISA, we'd get $480 back. But maybe the extra $240/year is not worth the potential hassles? Our current cc was once stolen, and somebody made tons of charges on it, and we were able to easily get reimbursed for everything. Thanks for everyone's input!

post #13 of 16
Yikes!!

We just got Upromise BoA card because of the 2% back into our upromise account. I pay it off every month. If we have one problem, I will cancel it.

greensad.gif
post #14 of 16

FWIW, I've had a BoA credit card for years and I've never had issues with them.  When my wallet was stolen 6 years ago, I found out quickly because BoA called me to ask about unusual account activity about an hour after the wallet was taken.  The thief did charge about $500 at Walmart, but my card was placed on a temporary hold before they were able to charge $1000s at Best Buy 30 minutes later.  I found BoA to be really easy to deal with.

 

I will concede that my interest rate went up right before the new laws went into effect last year.  But since I don't carry a balance, it wasn't an issue.  And the rate increase wasn't nearly as extreme as what happened with my DH's Capital One card (we both have excellent credit scores).  BoA also reduced my credit limit at around the same time.  But again, the decision was in line with the way I use the card, and didn't create a hardship for me at all.

 

Our mortgage has been sold a few times and is now owned by BoA also.  Again, no issues with the way our mortgage has been handled. 

post #15 of 16

I've had multiple BoA accounts for years (no clue--since their last major merger when they took over Fleet--which is who I was with).  I don't have problems with them FREQUENTLY, but when I do--it's usually big.  I know that several years ago I was very close to moving ALL of our accounts out of there but at the time, nobody had an online banking system as comprehensive.  And I didn't have any cc problems with them UNTIL they handed over servicing to FIA Card Services.  In fact, I wrote them off and didn't cancel the account because I didn't want to affect my credit rating and just last month took advantage of a balance xfer offer (we're knee deep in a renovation of a foreclosure and will roll it over into the house in 6mo) and here I am in dispute from the day I got my first bill, account canceled, and now I really AM going to move all of my accounts (so several thousands of dollars, nearly 18 years of history (for the accounts they inherited), and a glowing credit score... walking away).  I'm sure by now, some other bank's online banking system is up to the challenge.

 

There are a number of cards that offer a similar program.  I'd go looking at others before giving in on BoA.

post #16 of 16

Ugh, Heather! I saw your other post, and was tempted to ask if it was BoA, but then started feeling a little biased.... So sorry you're having issues with them, too!

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