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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:

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.
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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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1,379 Comments

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#691
Quote from lex2000 View Post :
The "per quarter" status is based on payment due date(not statement cut date). So if the card is converted on early March and a payment is due later, even if the card is not received/activated by then, its already in system thus qualifies the 1st quarter bonus.

I didn't receive the March bonus because my card is due on every 2nd of the month and that falls into the 2nd quarter.
My card is due on 19th of the month and I received the March bonus. I think if your card is approved and in system prior to ststement cut date, you will get your bonus, assuming all other terms are satisfied.
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#692
my card just arrived on 4/4/2013 and I activated it right away, today I see that I have received $30 rewards already, wow..
OP Thanks again, repped.
older boa CC had $30 annual fee, now I save $30 a year + make $120
Reply Helpful Comment? 0 0
#693
I converted my card a over a month ago and still haven't received my new one. It shows online that the card was converted. They told me I should get it within 5-10 business days. Does it take this long for anyone else?
Reply Helpful Comment? 0 0
#694
Quote from YanksIn2009 View Post :
Since this does not even give you 1% back, it is pretty useless imo unless you just want to make $100 by charging a buck or two to the card each month. Hardly worth the trouble and you can sign up for cards that give you $100-$400 for spending a certain amount in the first 3 months that are much better than this (Chase Freedom, Amex Blue, SW Visa, etc.).
That's how I see it as well. It should at least have the standard (pretty standard) 1%. Plenty of 1% cards out there that have sign up bonuses. You'd need to hold and screw with this card for 2-3 years just to break even compared with what you'd get up front with a bonus card.
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#695
Quote from matrix5k View Post :
I converted my card a over a month ago and still haven't received my new one. It shows online that the card was converted. They told me I should get it within 5-10 business days. Does it take this long for anyone else?
2-4weeks to convert.
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#696
unless you had a payment due in March, you won't be getting a bonus until july.
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Joined Jan 2006
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#697
Quote from promemorex View Post :
I converted both of my BofA cards to this new one. I had no spending on both cards on previous months before converting.

I got $30 as a statement credit to my CC. I spent over $200 before the billing statement closed before I got the card.

My 2nd BofA card didn't get it when I had only spent 4 dollars on it. I guess maybe there's a minimum spending requirement a month in order to get the bonus.
Just want to be clear what you means.

So you have one credit card
- you had no spending on this card on previous months
- But you did spent over $200 before the billing statement closed before you got the card
- and this card you got $30 as statement credit

For another credit card
- also you had no spending on this card on previous months
- But you did spent $4 dollar on it before the billing statement closed? So the other card you spent $200+ and this one over $4?
- and this card you didn't get any statement credit
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Joined Jun 2008
Eater of Tasty Muffins
652 Posts
122 Reputation
#698
Just saw this thread, where was it hiding?

I signed up, going to use this card just for my cell phone bill. Easy $100 cash back a year. Thx OP.
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#699
Quote from MozartA View Post :
Just want to be clear what you means.

So you have one credit card
- you had no spending on this card on previous months
- But you did spent over $200 before the billing statement closed before you got the card
- and this card you got $30 as statement credit

For another credit card
- also you had no spending on this card on previous months
- But you did spent $4 dollar on it before the billing statement closed? So the other card you spent $200+ and this one over $4?
- and this card you didn't get any statement credit

that is correct.
Reply Helpful Comment? 0 0
#700
Just noticed this transaction.. Looks like a free $30 already without doing anything

04/04/2013 Collapse transaction for Transaction date: 04/04/2013 QUARTERLY CASH REWARDS
Transaction date: 04/04/2013
Card type: Visa
Transaction type: ATM Cash Advances or Bank Transaction
Reference number: XXXX
Merchant information ,
Type Bank Transaction
-$30.00
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#701
I was accepted I called and it was changed so that was easy and smooth question how long will this take to receive my card in the mail?
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Joined Aug 2011
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338 Posts
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#702
Can you guys comfirm it for me? I used my BOA CC every month and paid in full amount. If I convert my card after 4/4/2013, am i still qualified for the first quarter bonus?

Thanks a lot
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Joined Aug 2010
previously crazee_an
8,839 Posts
1,786 Reputation
#703
Quote from MozartA View Post :
Just want to be clear what you means.

So you have one credit card
- you had no spending on this card on previous months
- But you did spent over $200 before the billing statement closed before you got the card
- and this card you got $30 as statement credit

For another credit card
- also you had no spending on this card on previous months
- But you did spent $4 dollar on it before the billing statement closed? So the other card you spent $200+ and this one over $4?
- and this card you didn't get any statement credit
Quote from promemorex View Post :
that is correct.
how about the statement closing dates and the payment due dates? were both of them in march for both the cards? or if some of them were in april (which ones?)?
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#704
Quote from crazee_an View Post :
how about the statement closing dates and the payment due dates? were both of them in march for both the cards? or if some of them were in april (which ones?)?
Both closed on the 2nd of April. Payment due May 1st. I always pay when I receive the statement online.
Reply Helpful Comment? 0 0
Joined Aug 2010
previously crazee_an
8,839 Posts
1,786 Reputation
#705
Quote from promemorex View Post :
Both closed on the 2nd of April. Payment due May 1st. I always pay when I receive the statement online.
hmmm.. very interesting.. almost seems like both these balances should have counted for second quarter instead.. you did not have any balances on your statements before this one, right?
Reply Helpful Comment? 0 0
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