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[8/17 Update] According to FrequentMiler, this card will likely be discontinued in mid-September and is expected to be replaced by a new BofA card. If you want to apply, do it soon. Note that some applicants may be approved at first, but then later receive a strange “approved in error” notice. If you already have many BofA cards, it may be a good idea to close 1-2 cards before applying. Here is how to apply:

  • 50,000 sign-up bonus: Call 866-751-1257 and mention offer code: BAABZX. Before applying, confirm with the representative that the sign-up bonus is 50,000 after spending $3,000 within 3 months. (HT. Reddit)

MERRILL+ Visa Signature Credit Card Review

Application Link:

  • Must apply by phone: 866-751-1257, offer code BAABZX

Key Features:

  • Sign-up bonus: 50,000 Merrill points (after spending $3,000 within 3 months of account opening)
  • Earning rate: 1x Merrill+ point on all purchases
  • Redeeming points: Points can be redeemed for cash, gift cards, or airfare purchases.
  • No Foreign Transaction Fee
  • No annual fee

Highlights:

  • Strong sign-up bonus: 50,000 points can be redeemed for at least $500 in cash, or up to $1,000 toward airfare purchases
  • Double value when redeemed for airfare: If redeemed for cash, 1 Merrill point = $0.01. If redeemed for airfare, the value varies with the ticket price, ranging from $0.01 to $0.02 per point. 25,000 points can be used for any ticket worth $250-$510, so the value can be as high as 2c/p. You need to search for airfare through the BofA Merrill website (powered by the same platform as Orbitz) and then redeem points.
  • Big spender bonus: If you spend more than $50,000 per year, you can choose either a $200 travel credit or a Delta Sky Club lounge membership

BofA Card Benefits

  • Free museum admission: On the first weekend of every month, BofA cardholders get free admission to many museums nationwide. You can also add authorized users for family members so they can use this benefit too. For the list of participating museums by state, please click here
  • BofA Deal: Offers 5%-15% cash back or fixed-amount rebates at various merchants. Good deals seen in the past include Sears 15% cash back (up to $25), Nordstrom Rack 15% cash back (up to $37.5), plus an extra $5 for using any one BofA Deal. See: Guide to Using BofA Deals
  • Free credit score: BofA credit cards now provide a free TransUnion credit score. See: Comparison of Free Credit Scores

Cons

  • In theory, this card is only available to people who have a Merrill account (BofA's investment account). Applications may be denied for that reason, but in practice some people have been approved without one.

My Take

The best feature of this card is that points can be worth double when redeemed for airfare. If you can consistently get 2c/p, then this effectively becomes a no-annual-fee card that earns 2% back on all purchases, with a $1,000 sign-up bonus. That makes it a no-brainer application. And since it has no annual fee, it is also worth keeping long term.

So how do you get 2c/p in value? The best way is to take advantage of certain airlines' policies that refund canceled tickets as travel credit. First, search for and purchase a $500 ticket, then call the airline or handle it online and convert the ticket into that airline's travel credit for future use. Be especially careful about each airline's cancellation rules. Based on readers' experience, Alaska Airlines tickets can be refunded as travel credit.

Application

  • Application difficulty: Moderate. Best for people with at least one year of credit history and a score above 700. It is not recommended as your first BofA card.
  • Application status: Check BofA application status online
  • Things to note: In theory, this card is only available to people who have a Merrill account (BofA's investment account). Applications may be denied for that reason, but in practice some people have been approved without one. Also, if you apply as a student, you can only have 2 BofA credit cards; additional applications will be automatically denied. For more, see BofA Application Rules

Application Link

  • You can still get the 50,000-point sign-up bonus by applying over the phone. Call 866-751-1257 and mention offer code: BAABZX. Before applying, confirm with the representative that the sign-up bonus is 50,000 after spending $3,000 within 3 months.