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

JV13 671 225 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:
E="5"]
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.[/SIZE]
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Community Wiki

Last Edited by ScreaminChicken July 31, 2016 at 08:12 AM
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(R), Merrill Edge(R) 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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1,382 Comments

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#616
Converted one of my old credit cards to this over BofA online chat. I had to forfeit a whole 2 points though... But, the whole process went smoothly. Now, to wait 2-4 weeks for my new card...
Reply Helpful Comment? 0 0
#617
Quote from mitchflorida View Post :
if you open an account and close it in 6 months, does it stay as 6 months for the next ten years? or does it age like an open account?

either way doesn't make much sense

Yes, it stay for 10 years after closed. Yes, it ages like open account, except that it will be dropped from credit report 10 year later after closed.

It makes perfect sense. Very simple. Really.
Average age is based on ALL accounts (both open or closed) on your credit report.
Closed accounts have no impact on AAoA ,only after it is dropped 10 years later.
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#618
I called and asked to be converted to the better balance card and the guy I spoke to said it would be no problem. I would get my new cards in the mail in a few weeks. Got them today, it's a cash rewards card....fail.
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#619
Quote from rsc272 View Post :
I already have the other card, and tried applying, but I rec'd the message that they couldn't give me instant approval, and they'd let me know by mail in 30 days. Doesn't look good.

did u get it ??Cool
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#620
got my card today in mail. I had converted from visa signature card.
Reply Helpful Comment? 0 0
#621
Quote from pumm3l View Post :
I called and asked to be converted to the better balance card and the guy I spoke to said it would be no problem. I would get my new cards in the mail in a few weeks. Got them today, it's a cash rewards card....fail.
lol that sucks.
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#622
i don't get it don't they want you to pay late so you pay interest? hey i'll take it...
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#623
I requested to converted my card way back on the first day of this thread, I have yet to receive my card. How are others getting theirs
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#624
Is there any benefit that a conversion case does not enjoy when compared to those enjoyed by a fresh application?
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#625
Quote from checkout View Post :
Is there any benefit that a conversion case does not enjoy when compared to those enjoyed by a fresh application?
Besides not getting the sign up bonus, no
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Joined Feb 2008
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#626
Quote from JuMpMaN6235 View Post :
I requested to converted my card way back on the first day of this thread, I have yet to receive my card. How are others getting theirs
You can call or chat with them to make sure yours was sent out.

I just received mine today, so it does take a couple of weeks to process and receive. Thankfully it's the correct type of card, so I should be set.
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#627
I requested my conversion via chat when this was first posted. I still haven't gotten my card but I can see the new number and the name Better Balance Rewards card in online banking.
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#628
Converted the Cash Rewards Visa Signature on the first day via the online chat. A few days ago noticed the new card name online with the old account number. Today received in the mail the new card. The account number was changed and the card was regular Visa, not the Signature. Noticed the new number online. Activated the card over the Internet and set the rewards to deposit into a checking account. The web site says to wait 15 days for the rewards to update deposit preferences. Way to go. Thanks OP for $120 years to come. Should be much easier than Keep the Change 250 $.01 transactions BofA made us to do.
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Last edited by qwe1234 March 28, 2013 at 09:48 PM
#629
Quote from checkout View Post :
Is there any benefit that a conversion case does not enjoy when compared to those enjoyed by a fresh application?

You won't get the one year of free interest on purchases.
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#630
I converted my 123 VISA. They told me I have to spend at least $25 a month to get the bonus. I will just cancel this new card if I don't like it.
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