On November 7, 2023, Bank of America is bringing back More Rewards Day, giving cardholders the opportunity to earn extra rewards on eligible purchases. With the chance to get an additional 2% cash back or 2x points/miles, this event is especially enticing for Preferred Rewards members. To make the most of this opportunity, however, strategic spending is key. Let’s break down how to maximize your rewards and what qualifies as an eligible purchase during this promotion.
Overview of More Rewards Day
Bank of America’s More Rewards Day runs from midnight to 11:59 p.m. EST on November 7, 2023. During this one-day event, you can earn extra rewards on purchases made with any Bank of America consumer or small-business credit card. The bonus structure allows you to rack up an additional 2% cash back or 2x points/miles on eligible purchases, capped at $2,500 per account.
What makes this promotion convenient is that you don’t have to enroll—every Bank of America card is automatically eligible. So, if you’re planning holiday shopping or have larger purchases on the horizon, this is a great opportunity to earn extra rewards.
Maximizing Your Rewards
To make the most of More Rewards Day, your goal should be to hit the $2,500 spending cap on your Bank of America credit cards. The extra 2% cash back or 2 points/miles per dollar on purchases means you could earn up to $50 in additional cash back or 5,000 extra points/miles on that day.
Preferred Rewards members can increase their rewards even further. For example, instead of the standard 2.62% cash back, you can reach up to 4.62% for eligible purchases. Focus your spending on categories that already offer higher base rewards, like gas, dining, and streaming, to maximize your returns.
It’s essential to plan your purchases carefully and ensure your transactions post on November 7 to qualify for the bonus. Purchases made outside this date won’t count toward the promotion, so timing is crucial.
What Counts as an Eligible Purchase?
Knowing which purchases qualify for the More Rewards Day promotion is essential to maximizing your benefits. The key here is that only transactions posted on November 7, 2023, will count toward the bonus. Each Bank of America consumer or small-business card can earn extra rewards up to $2,500 in eligible purchases.
Eligible purchases include anything from grocery shopping to dining out, but remember that exclusions apply. Cash advances, balance transfers, and purchases made before November 7 are not eligible for the bonus. So, focus on everyday spending categories like gas, groceries, entertainment, and online shopping to maximize your rewards.
Preferred Rewards Members: Bigger Benefits
If you’re part of Bank of America’s Preferred Rewards program, you’re in for even better rewards on More Rewards Day. On November 7, you’ll earn up to 4.62% cash back on eligible purchases, a significant boost from the usual rate of 2.62%.
The bonus earned during More Rewards Day is separate from your usual Preferred Rewards bonuses, meaning you can double up on earnings. This day is an excellent opportunity to ramp up your holiday shopping and maximize the value of your Preferred Rewards membership.
Keep in mind that the $2,500 spending cap still applies, meaning you can earn a maximum of $50 cash back or 5,000 points/miles on this day.
Spending Cap: How It Works
Bank of America’s More Rewards Day comes with a spending cap of $2,500 per account on November 7, 2023. This cap is essential for understanding how much you can earn in additional rewards. With the bonus structure, you can collect up to $50 cash back or 5,000 extra points/miles on your eligible purchases.
If you plan to hit this cap, prioritize higher-ticket items or essential purchases to get the most out of the promotion. Each unique Bank of America consumer or small-business card is eligible, so you can maximize rewards across multiple accounts.
How It Compares to Other Programs
When stacked against other reward programs, Bank of America’s More Rewards Day shines for its straightforward bonus structure. Unlike Chase Ultimate Rewards or American Express Membership Rewards, where point values can vary, Bank of America offers a simple, additional 2% cash back or 2x points/miles on eligible purchases during this promotional day.
The Preferred Rewards program adds another layer of value, with an earn rate that can climb to 7.25%, outpacing most competitors. For comparison, Capital One typically offers around 1.85 cents per mile, making More Rewards Day a clear winner for those looking to maximize cash and points in a short window.
Tips for Cardholders
To fully leverage More Rewards Day, keep these key tips in mind:
- Plan your spending: Maximize your rewards by focusing on essential purchases that get you closer to the $2,500 spending cap.
- Time your transactions: Ensure that purchases post to your account on November 7 to qualify for bonus rewards.
- Use multiple cards: If you have more than one Bank of America card, you can spread your spending across accounts to maximize rewards.
By following these strategies, you can significantly increase your earnings and make the most of Bank of America’s promotional event.
Conclusion
Bank of America’s More Rewards Day is an excellent opportunity to boost your rewards on everyday purchases. Whether you’re a Preferred Rewards member or just someone looking to earn extra cash back or points, this promotion provides a simple way to maximize your credit card rewards. Mark your calendar for November 7, 2023, plan your purchases strategically, and get ready to rack up extra rewards just in time for the holiday season!
