I am at VG, BofA/ME and Fidelity, and I view this Reddit post and list as bunk. BofA has been nothing but good to me, never had a fee I can remember, never had a time-wasting sales call (have been left a VM 2 times in 7 years), had only excellent customer service with no hold times, and never had a limit issue. I have received thousands of dollars of bonuses from them for everything from opening a checking accounts or credit card, to transferring assets, to best in class credit card cash back. The offering has only improved since I have been there-unlimited trades, no more push issue, and better cash options. Is it perfect, no, but the point is, put your emergency fund there, along with ETFs for some of your taxable and be done with it.
Someone on Reddit thinks the BoA Preferred Rewards program isn't worth the "costs" of putting up with BoA's shenanigans:The pereon then lists the "costs" associated with the extra $6.25/month benefit:Since I use other cards for travel and dining out, I was getting the 2.625% only on general spending. For me, this comes out to at most $1,000 per month. Compared to cards like the Fidelity Visa or Citi Double Cash that give you 2% on everything with no annual fee, the difference in cash back was max $75 per year or on average $6.25 per month ($12,000 x 0.625%).Complex phone trees, long hold times, subpar customer service.
Time-wasting sales calls.
Stingy rewards program conditions.
Dumb fees.
Dumb limits.
Plaid integration mess.
Incessant advertising.
I have had some of those things on the list at Vanguard, i.e. peppered with PAS pop ups, emails, etc. That said, Fidelity is a great card for an all around 2%’er, but I would not fear BofA. YMMV.
Statistics: Posted by Lastrun — Tue Jun 11, 2024 5:15 am — Replies 49 — Views 5865