Consumerism Commentary posted last week about Bank of America’s 3-2-1 cash back promotion for their credit cards. Here’s how it works:
One their cash back cards, you get 3% cash back on gas, 2% cashback on groceries, and 1% cashback on everything else.
Currently, I have a Bank Americard Cash Rewards credit card, and I have been getting 1% on everything, so an additional 1-2% sounds fantastic to me!
To top if off, if you deposit the cashback to one of your Bank of America accounts, they’ll give you a 10% bonus. For example, if you’ve got $100 in rewards coming to you, they’ll add another $10!
This is only valid for the first $1,500 in eligible grocery and gas purchases each quarter, but that’s a lot more than I typically spend in a quarter, so I won’t come close to hitting those limits.
It sounds too good to be true, so I called and asked why everyone wasn’t converted over immediately. The only drawback I found was that with my current card, when I reached $300, I could cash out for a 25% bonus ($75 extra on top of my $300 in rewards).
I’m not at that level, and I won’t be for many months and possibly years, so I decided now was the right time to activate the feature and start saving on gas!
One thing I didn’t like was that I had to find out about this promotion via another blogger’s post instead of receiving an email from Bank of America letting me know this is an option. So for all of you who have Bank of America credit cards, call up and ask to opt in!