The Bank of America Cash Reward credit card offers a 3-2-1 cashback reward scheme. For the 3% category, you get to chose between a few different categories, you can earn 2% at grocery stores and wholesale club, and 1% back everywhere else.
If you happen to hold the Cash Reward credit card, you may have seen a pretty sweet targeted offer from Bank of America
Make sure to check your email inboxes, as Bank of America has been sending out offers to their Cash Reward credit card holders, the deal is as follows:
Until September 30th, 2019, whenever you use your Cash Reward credit card, you can earn twice as many points as normal.
There are of course some caveats to this deal. There is a total limit of $150 cashback you can earn at this increased rate. If you happen to be a Preferred Reward member through Bank of America, you will not earn the additional rate, just the base rate. Once September 30th has come around, you can expect your cashback to post to your account sometime within 12 weeks.
Finally, what’s interesting about this deal is that Bank of America says that the extra reward you earn could be taxable income, and they may send out a 1099 income tax form on any cashback you earn through this offer.
For those of you out there that use the Bank of America Cash Reward card, this is a perfect deal for you. Even if you can only earn $150, that’s still a pretty nice reward, almost like a mini-sign up bonus. Whats unfortunate is that the Preferred members do not earn any additional bonus on top of this, but it’s understandable that they don’t.
What I find really interesting, is that the terms state they you may be taxed on this income through the use of a 1099 form, which is ridiculous. In the past, 1099 forms were only given out when you would earn an income (think referral). Both sign up bonuses and reward have always been safe because in order to get them, you would have to spend money, and the IRS considers it a rebate. It’s possible that Bank of America is covering themselves, I really hope so anyway.
Is this worth deal worth doing? Let us know below