Bank of America will be offering a “More Rewards” day on November 7, 2024 whereby all personal and business cards will offer an additional 2% cash back or 2 miles per dollar spent on up to $2,500 in purchases. This can be a great deal on a number of cards, particularly for those with Platinum Honors status.
The Deal
- Bank of America is offering a More Rewards Day on Thursday, 11/7/24 whereby Bank of America cardholders will earn an additional 2% cash back / 2 miles or points per dollar spent on up to $2,500 in purchases per card
- Direct link to more information
Key Terms
- The promotional offer is in effect 12:00am to 11:59pm Eastern Time (ET) on November 7, 2024. Only purchases that post to your account and appear on your statement with a transaction date of November 7, 2024 ET will qualify. Merchants provide the transaction date, which may be on or aſter the date you authorized the transaction, and before the date the transaction posts to your account. Transactions with delayed processing of 90 days or more will not be eligible to be included in the promotional offer.
- This promotional offer applies to all Purchase transactions. The following transaction types are not purchases and will not count towards this promotional offer: Balance Transfers; Cash Advances; fees and interest charges.
- You will earn the Preferred Rewards bonus on qualified purchase amount(s). The Preferred Rewards bonus does not apply to the additional bonus for this promotion.
Quick Thoughts
This offer can really make it compelling to use your Bank of America card(s) on November 7th.
This More Rewards deal adds an extra 2% cash back on top of earnings on cash back cards or an extra 2 miles / points per dollar spent on cards that earn miles or points. That is enough additional to turn even a ho-hum card into a great option for otherwise unbonused spend. I could see the additional 2 miles per dollar spent on the Alaska cards to be a good reason to do some of the spend required for the annual companion certificate for those who need it (note that cards issued since January 18, 2023 require $6K in spend to earn a companion certificate).
The deal gets even more interesting if you have Platinum Honors status with Bank of America. You can read more about it here, but the short story is that those with $100,000 in cash and/or investments with Bank of America and Merrill Lynch or Merrill Edge (including in IRA accounts) earn a 75% bonus on rewards earned on bank-branded cards like the Premium Rewards Card, Unlimited Cash Rewards card, Customized Cash card, and Travel Rewards card.
If you take a card like the Premium Rewards card as an example, that card ordinarily earns 2% back on travel and dining and 1.5% back everywhere else. However, if you have Platinum Honors status, you’ll earn 3.5% back on travel and dining and 2.625% cash back everywhere else. With the More Rewards promotion, that bumps up earnings to 5.5% on travel and dining or 4.625% back everywhere else. That’s a fantastic return on otherwise unbonused purchases. If you maxed out the $2,500 cap, you’d earn more than $115 in cash back.
If you’ve got the Customized Cash card, this could get really interesting. That card offers 3% back on the category of your choice each month (category choices include: gas and EV charging, online shopping, cable, streaming, internet & phone plans, dining, travel, drugstores, home improvement & furnishings) and 2% back on grocery and wholesale clubs up to a cap of $2,500 in combined purchases per quarter. If you have Platinum Honors status, that’s 5.25% back on the category of your choice with the 75% bonus. Add 2% for this deal and you could be earning 7.25% back on your chosen category on November 7th. That’s $181.25 back if you can max out the whole enchilada on November 7th! That could be a fantastic return if you’re booking travel or you can buy things at drugstores or home improvement stores for the purpose of maxing out the offer.
Also, don’t forget that you shouldn’t take a siesta on Sonesta — if you’re going to do the $7.5K annual spend for 30K bonus points, you might as well do $2,500 of it on the More Rewards day.
To that last point, keep in mind the cap: while there was no cap the first year year, keep in mind that the spend is now capped at $2,500 per card (though if you have multiple cards, keep in mind that each card gets its own $2500 cap).
One final warning: be aware that if you shop online, some merchants will not finalized the charge until the merchandise ships. For instance, if you ordered something from Dell today, Dell will run an initial authorization today. But if they ship the item tomorrow, the transaction date on your statement will end up with tomorrow’s date. For that reason, you may want to be careful about maxing out this offer with online shopping unless you know for sure from past experience that your purchase is likely to end up dated correctly. If the charge comes through on 11/8, you’re not going to get the bonus rewards.
H/T: Doctor of Credit
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