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New Bank of America Credit Card $25 ($30 for Bank of America customer) per quarter for paying on time

JV13 664 225 March 6, 2013 at 10:15 AM in Finance (2)
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Last Edited by JV13 March 18, 2015 at 06:39 PM
I was looking to open a new credit card for BOFA and found this new credit card that just released yesterday. Not sure if this is a repost BTW.


-Earn $25 in cash rewards each calendar quarter when you pay more than the monthly minimum and pay each bill on time – up to $100 in cash rewards each year
-Get an extra $5 bonus per quarter if you have at least one other qualifying account with us for an additional $20 in cash rewards per year – that's up to $120 in total cash rewards per year
-Rewards are automatically credited to your card balance or you can choose to deposit them into your savings or checking account
-No Annual Fee

0% APR for 12 months

https://www.bankofamerica.com/cre...rewards.go

Edit:

So for the first quarter, we pay by April 30.
For second quarter, it would be end of July
For third, it would end of October and it is end of January for the last quarter.

Community Wiki

Last Edited by MozartA April 7, 2013 at 10:26 PM
Detailed information on the rewards program (PDF): https://www.managerewardsonline.f...nce_PR.pdf
Official T&C: https://www.bankofamerica.com/cre...1999&po=VW

Q: What is the basic features for this card (product)?
A: 0% APR on purchase for NEW customers (credit pull inevitable); No annual fee; $25 quarterly bonus when you make qualifying payments every month; $5 extra quarterly bonus if you also have certain BoA financial product(s), for example, saving and/or checking accounts (other credit cards do not qualify though).

Q: How to be eligible for the $25 quarterly bonus?
A: Quote from the official T&C: "You will earn a $25 cash reward for each calendar quarter in which all of your monthly payments are received on or before the due date and are more than the minimum payment due. You must have a payment due in each of the monthly cycles of the calendar quarter to be eligible for the quarterly cash reward; a zero balance or a credit balance does not qualify." The simple version: have a positive balance on your every statement in a quarter and pay at least minimum amount due before due day instructed on that same statement.

Q: How to be eligible for the extra $5 quarterly bonus?
A: Quote from the official T&C: "If the primary applicant for this card has at least one checking, savings or retirement account with Bank of America N.A., a Cash Management Account®, Merrill Edge® or any other account with Merrill Lynch, Pierce, Fenner & Smith Incorporated or U.S. Trust, the card account will receive a customer bonus of $5 for each quarter you qualify, for a total of $30 per quarter."

Q: How much statement balance should I have to be eligible for the bonus?
A: Any statement balance that is positive (≥ $0.01).

Q: How much should I pay after each statement and before due date for that statement to be eligible for the bonus?
A: Any amount ≥ "minimum payment due". The minimum payment due = (1) $15 when the statement balance ≥ $15; (2) full balance due when the statement balance < $15.

Q: I am a current BOA credit card customer, can I convert my credit card to Better Balance Rewards card? If so, how to? Any credit pull?
A: Yes (most likely, especially for Cash Rewards Card members). You can call in or live chat to convert the product/account type. No credit pull to convert a current BOA credit card to Better Balance Rewards card.

Q: What's gonna happen after I convert my current BoA credit card to this Better Balance Rewards card?
A: You'll be issued a new card with a different number, delivered to you in 2-4 weeks. Your current card is active along with all the benefits, until your new card is activated.

Q: I currently have the 1-2-3 Cash Rewards Card, what will happen to my rewards when I convert this card to Better Balance Rewards card?
A: Your bonus dollars/points will forfeit on the date your new card is activated. Redeem the bonus points/dollars as soon as possible, as least before you activate your new card. --> my bonus points were forfeited (around $30) before I activated my card (I still haven't received the card yet). I am definitely contesting it. I had saved the chat history where rep had confirmed that the rewards will not be forfeited before activation.

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1,347 Comments

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Joined Mar 2008
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#571
"converted" mine a few weeks ago, haven't received anything

got on chat today and the CS person says that it's still "on process of conversation" whatever that means

and I had to get them to reprocess the conversion of the card
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Last edited by dreamexecution March 24, 2013 at 11:53 AM
#572
Quote from dreamexecution View Post :
"converted" mine a few weeks ago, haven't received anything

got on chat today and the CS person says that it's still "on process of conversation" whatever that means

and I had to get them to reprocess the conversion of the card

What's the fastest way to get the converted card?
Call
Chat
In Bank
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Joined Mar 2008
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#573
Quote from quizzer View Post :
What's the fastest way to get the converted card?
Call
Chat
In Bank
actually go into a branch I suppose
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#574
Applied for this card since I already had credit pull on Friday when applying for 2 Southwest Airlines Credit cards. Since these 3 cards will count as 1 hard pull then minus as well I should just apply for this one. This is easy $100. Free money is good!!!!
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#575
Quote from dreamexecution View Post :
actually go into a branch I suppose
This is not a "signature" card right. I will be converting from platinum plus to this one.

So I will get a Visa card.
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Joined Sep 2005
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#576
haven't received the new card yet but my online banking is updated and shows the new card, with the old last 4-digit acct#.

requested PC on 3/6.
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#577
Quote from Heat6Jones View Post :
I received my card but I don't quite understand the minimum amount I need to pay to qualify.



Does this mean I need to spend at least $0.01 each month or each quarter?
It means you must spend at least $0.01 each month on the card in order to qualify for 3 consecutive "on-time more-than-minimum" payments.
What I would do is charge the card once for something each month. Once the statement comes in, pay it in full and repeat.

Hope this helps
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Joined Mar 2008
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#578
Quote from quizzer View Post :
This is not a "signature" card right. I will be converting from platinum plus to this one.

So I will get a Visa card.
the better balance card is a mastercard not a visa
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Last edited by dreamexecution March 25, 2013 at 12:06 PM
#579
Quote from kayquac View Post :
It means you must spend at least $0.01 each month on the card in order to qualify for 3 consecutive "on-time more-than-minimum" payments.
What I would do is charge the card once for something each month. Once the statement comes in, pay it in full and repeat.

Hope this helps
To be on the safe side, bill at least $15.01 a month.
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#580
Quote from dreamexecution View Post :
the better balance card is a mastercard not a visa
I have the plat plus visa and want to convert that into better balance card.
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#581
Quote from lex2000 View Post :
haven't received the new card yet but my online banking is updated and shows the new card, with the old last 4-digit acct#.

requested PC on 3/6.
My online was showing old card just yesterday but just checked now and it's got the new name with old number just like yours. Guess they just started processing the conversion.
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Joined Jul 2010
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#582
Still waiting for converted card but online shows new card name
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#583
Quote from mitchflorida View Post :
To be on the safe side, bill at least $15.01 a month.
ConfusedI think this may be right because it does say "more than the minimum" and others have stated the minimum payments on this account are $15. everyone agree? Confused
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#584
Quote from dreamexecution View Post :
"converted" mine a few weeks ago, haven't received anything

got on chat today and the CS person says that it's still "on process of conversation" whatever that means

and I had to get them to reprocess the conversion of the card
Did the same thing weeks ago and got on chat today rep told me that there is NO convert rquest on my account even though I have confirmation emails, she did it again,
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#585
I put in the request about 3 weeks ago and I do see the name of the new card in my account details: BankAmericard Better Balance Rewards Platinum Plus Visa - 1234. <-those 4 numbers show last 4 digits of my current card.

I'm still waiting for my card to show up in the mail and from the look of the name, they do have a Visa for this card.
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Last edited by corpomonkey March 26, 2013 at 07:34 AM
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