🔍

Is This the Best Bank of America Credit Card? Late 2020 - YouTube

Channel: Joey Kim

[0]

hey welcome back in today's video we're

[2]

going to be reviewing the bank of

[3]

america cash rewards credit card

[5]

i'm going to start by highlighting what

[7]

makes the bank of america casual awards

[9]

credit card special then i'm going to be

[10]

reviewing the card

[11]

and i'm also going to be comparing the

[13]

card to one of the one and only famous

[15]

city double cash back reward credit

[18]

cards so

[18]

i'm gonna start off by giving three

[20]

reasons why this card is unique

[21]

the first reason is gonna be that you

[24]

don't need a social security number to

[25]

apply for this card

[26]

you can apply for this card through an

[28]

individual taxpayer identification

[30]

number through the irs which can be used

[32]

to apply for this credit card

[34]

so if you are an international student

[36]

studying at the united states this can

[37]

be extremely helpful to continue earning

[39]

cash back just keep in mind to do this

[41]

you do need to go into the branch door

[43]

before applying online the

[44]

second point that helps this car stand

[46]

out is that you can earn cash back

[48]

your way my hi my way or the highway

[52]

what bro what are you talking about man

[54]

most cars come with the preset cashback

[56]

category for example the american

[58]

express blue cash earns three percent

[60]

cash at u.s supermarkets

[61]

and two percent cash back on select us

[63]

departments but with the bank of america

[65]

rewards cash back card every month you

[67]

can select between

[68]

guests online shopping dining travel

[70]

drug stores were home improvement on

[72]

whatever category you want to choose to

[74]

receive that month and the third reason

[75]

and the final reason this car stands out

[77]

is going to be the membership to your

[79]

rewards cashback bank of america has a

[81]

preferred rewards program which is

[82]

basically a loyalty program

[84]

that rewards a bank of america customers

[86]

by giving them a cash back boost

[87]

and the three tiers go from gold

[89]

platinum to platinum honors

[91]

so i'm just going to be giving a quick

[92]

breakdown in summary about the three

[94]

tiers regarding the credit cash back so

[95]

starting off with the gold in the gold

[97]

tier you need to carry a minimum of 20

[98]

thousand to fifty thousand balance in

[100]

the three months and doing so will give

[102]

you a twenty five percent boost on cash

[103]

back rewards so the three percent cash

[105]

back would increase to three point seven

[107]

five percent to be considered for the

[108]

platinum you need to have a balance of

[110]

fifty

[110]

thousand dollars to a hundred thousand

[112]

dollars but your cash back reward bonus

[113]

goes up by 50

[115]

so you would be earning 4.5 percent cash

[117]

back and

[118]

finally for platinum honors it requires

[120]

you to carry a balance of at least 100

[122]

000

[122]

with a cash back bonus boost of 75 so

[125]

you would be earning a cash back of 5.25

[127]

percent which is pretty great

[129]

but if you got over a hundred thousand

[130]

dollar balance are you really trying to

[132]

get the cash back man like come on

[133]

priorities

[134]

okay now going to the review of the card

[137]

currently this card comes with a 200

[139]

welcome bonus after making at least a

[141]

thousand dollars in purchases in the

[143]

first 90 days of your account opening

[145]

so as long as you can spend around 300

[147]

each month you should have no problem

[149]

claiming this welcome bonus

[151]

as mentioned earlier this comes with the

[152]

3 cashback between

[154]

gas online shopping dining travel

[155]

drugstores were home improvement

[157]

it's pretty nice how the categories are

[159]

pretty diverse and just emphasize

[160]

you can change the categories on a

[162]

monthly basis and you're gonna earn two

[164]

percent cash back at groceries stores

[166]

and wholesale clubs so that's going to

[167]

include

[168]

sam's club bj's and you know you know

[171]

costco has got to be on there and you're

[173]

just gonna be earning one percent cash

[174]

back on all other purchases

[176]

now i'll be sharing some pros and cons

[178]

about the card and of course we gotta

[180]

start with the bad news first

[181]

you'll earn three percent and two

[183]

percent cash back on the first 2500 in

[186]

combined choice categories

[187]

and grocery store or wholesale club

[189]

purchases each quarter

[191]

realistically if you are maxing out only

[193]

using the three percent cash back

[195]

category you would only be earning

[196]

75 each quarter and throughout the whole

[199]

year you would only be earning 300

[201]

and you also get charged for foreign

[202]

transaction fees so this might not be

[204]

the best card if you're looking for a

[206]

travel card

[206]

some pros there is no annual fee and

[209]

currently there's zero percent apr for

[211]

the first 15 months

[212]

although i would really highly suggest

[214]

against using your card for more than

[215]

you can afford

[216]

simply because it's a zero percent apr

[218]

now we'll be comparing this card against

[220]

the city double cash back

[221]

both these cards are cash back reward

[223]

cards with no annual fee

[225]

the city double cash back card earns you

[227]

2 cashback on

[228]

all purchases and rather than comparing

[231]

everyday expenses i'm gonna be showing

[232]

you the math of how much you would need

[234]

to spend

[234]

to get the same cash back as a bank of

[236]

america card so

[238]

with the bank of america card if you

[240]

spend two thousand five hundred dollars

[241]

in the three percent cash back category

[243]

you earn seventy five dollars back and

[245]

using the city double cash card you

[246]

would have to spend

[247]

three thousand seven hundred and fifty

[248]

dollars in a quarter or one thousand two

[250]

hundred fifty dollars in a month but

[251]

here's the catch with the citi card you

[253]

can spend it on anything but with the

[255]

bank of america card you need to

[256]

maximize simply on

[257]

one category each month to hit that 75

[260]

cash back personally since i have

[262]

multiple credit cards that i use for

[263]

different purposes like travel dining

[265]

and groceries

[266]

i find more practicality in the bank of

[268]

america card simply because there is

[269]

more versatility to switch between

[271]

different categories

[272]

however however if you are someone who

[274]

doesn't have multiple credit cards

[276]

and simply wants to maximize your

[277]

overall cashback i personally the city

[279]

double cashback makes more sense simply

[281]

because you are going to be spending

[283]

that much more money on your card

[285]

so for me the bank of america would be

[287]

the better choice but let me know down

[288]

in the comments below

[289]

which one you think is better you know

[291]

maybe i might start a rap battle between

[293]

credit cards i don't know if you guys

[294]

ever watched

[295]

epic rap battles of history where you

[296]

just roast the other person

[298]

but i think i might start making epic

[300]

rap battles of credit

[301]

foo for thought i'm just playing all

[303]

right that's all i got for today's video

[305]

as always if you enjoyed this video

[307]

please hit that subscribe button for

[309]