Bank of America Promo
One of our favorites is coming back! More Rewards Day, the annual Bank of America promo where individuals can earn an additional 2%/2x rewards on its card portfolio, returns on 6 November. I, and many of you, have enjoyed maximizing this offer for years. You can check out the full details in DDG’s post. More recently, the offer has been capped per card. On the bright side, it’s still worth the effort for most Bank of America cardholders to participate. I know I’ll be going hard, so this is how I’m preparing. I recommend others interested do the same!
Review Your Card Credit Limits
Bank of America is capping the additional 2%/2x of rewards at $2.5k spend per card. While that’s relatively low and most individuals have at least this much credit limit, I still encourage everyone to review their current status on each card. That’s because, for a variety of reasons, available credit limits may have changed.
My wife and I routinely move around our credit limits on our Bank of America credit cards to meet big spend bonus requirements in a more timely fashion. Also, Bank of America has been known to decrease a credit limit on an existing card in order to approve a new application without the individual’s okay. Personally, I’ve been fine with that since a new card is a net-win, but this artifact can build in some unintended consequences for those not prepared.
If you need to move credit limit with Bank of America, it’s fairly easy to accomplish.
Plan Your Spend
So let’s say you’ve confirmed you have enough credit limit available on all the cards you’re interested in using with this Bank of America promo. Obviously, those with limited spend should put it off until 6 November. Why take inferior rewards now when superior arrives on that date? Of course, individuals in that group who are currently participating in a welcome offer expiring previous to that date shouldn’t defer. But others should wait on the spend for 6 Nov.
Elsewhere, many others have no problems spending high amounts on their Bank of America cards. It’s important for these individuals not to overdo it. Refresh your memory on your card statement timeframes. Don’t max out your credit limit early in the statement period, which could effectively eliminate one’s ability to safely maximize this Bank of America promo. (Of course, the definition of “safe” varies.) Leave space in your credit limit to spend the maximum $2.5k amount on 6 November.
Also, decide specifically where you are going to spend on 6 Nov. Certain Bank of America cards require one to select a category in advance for increased 3%/2%/etc rewards. Based on your 6 Nov spending plan, check and update as necessary your categories for bonus spend.
Clear the Calendar and Carefully Spend
Look at your calendar and plan 6 Nov accordingly to ensure you have enough time to spend. And, if you have the option, I recommend allotting time earlier in the day for doing so. Out of an abundance of caution, I don’t start extremely early (overnight), as I don’t want time differences to interfere with the transaction date.
But I recommend getting a good start spending on 6 November, bright and early. That way, you’re doing everything in your power to ensure that Bank of America correctly codes the transaction date as 6 November.
However, in your haste to spend, don’t overwhelm yourself. Check the card info you’re using for a given transaction, check again, and keep detailed records. Move to the next transaction and proceed deliberately. Accidentally spending too much on the wrong card at unbonused rates effectively decreases the explosive value of this Bank of America promo.
Proactively Pay Your Accounts
Many of you may spend more than normal during this Bank of America promo. Consequently, those not paying close attention may take bigger hits to their credit utilization, leading to lower credit scores.
To mitigate, pay off your Bank of America balances well before the statement close dates. Obviously, this implies that you have enough funds to promptly pay off your balances. While that’s a given for my situation and many of yours, it isn’t for everyone.
Rule #1 in our hobby is to pay off your balances without incurring interest. And doing so in ways that minimize the negative impact on your credit score is integral, as well. If you don’t have the ability to pay off your balances before the statement period ends, this may not be the promo for you.
Bank of America Promo – Conclusion
Beyond big spend bonuses, look for other obvious stacks with this spend, including card-linked offers and Preferred Rewards multipliers. Plus, ensure that the points and cash back accurately arrive in your account. Posting timeframes can vary. Follow up with Bank of America on any discrepancies. Knock on wood, I’ve never had any, but I’ll keep consistently checking. Assume nothing!
Bank of America’s More Rewards Day is one of my favorite ongoing promotions, and I look forward to another fruitful day on 6 Nov. I wish you the best of luck. Get motivated, stay curious, be prepared, and do big things!
What are your Bank of America promo priorities for 6 Nov?
How many Flying Blue cards do you have?