Doctor of Credit points out that the Bank of America Premium Rewards card is now showing a new bonus category: get 2x on grocery store purchases now through 12/31/21. This means that those with Bank of America Preferred Rewards Platinum Honors status will receive a 75% bonus good for 3.5% total cash back. While we didn’t receive any notification of this change for our account, I do see it online under “Rewards”.
While this isn’t the absolute best category bonus for grocery stores, getting an uncapped 3.5% cash back certainly isn’t a bad deal for those who qualify for Preferred Rewards Platinum Honors status (see more about how the Preferred Rewards bonuses work in this post: Bank of America cards: awesome if you have $100K lying around). Keep in mind that investments like self-directed IRAs do count toward the requirements for Preferred Rewards status (and there is usually a decent bonus available for moving your investments over to Merrill Edge). Note that the Cash Rewards card also offers a similar 2x grocery bonus, but the $2500 quarterly cap applies to combined spend in 2x and 3x categories, so this is a much better deal and preserves bandwidth on the Cash Rewards card for a 3x category.