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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 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®, 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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1,382 Comments

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#1366
Quote from P3731242 View Post :
Anyone get their reward for this quarter?
yes, got on 6th
Reply Helpful Comment? 0 0
#1367
if i spend 6 dollar each month and pay off $6 before due date. also i set the $30 reward to deposit to my checking account. Can i get reward this way???
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Joined Sep 2008
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#1368
Quote from BenM5 View Post :
if i spend 6 dollar each month and pay off $6 before due date. also i set the $30 reward to deposit to my checking account. Can i get reward this way???
Yes.

.
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#1369
Amazon.com egift card - the lowest we can buy has increased from $0.5 to $1
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Joined Jan 2013
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#1370
Quote from stsd9 View Post :
Amazon.com egift card - the lowest we can buy has increased from $0.5 to $1
used to be 15c Smilie
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#1371
Quote from comeback View Post :
used to be 15c Smilie
interesting...didn't know
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#1372
Quote from ubiquitous View Post :
BoA does not honor this. The card is a lie. I charge it and pay the bill every month and never get the bonus.

The last time they paid me was 1/2016. I've had a balance, mad a charge and paid by bill every month since then.
Yeah, same here. I have been receiving the bonus for 2 years and then it stopped in 1/2016. I get a letter saying "Payment(s) received didn't exceed the minimum monthly payment requirement for all three months in the quarter."

I called BoA to elaborate and be specific on what "the minimum monthly payment requirement" was exactly, but never got a straight answer. They just gave me the run-around.

What a bunch of crooks!
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#1373
Quote from prlgrox View Post :
Yeah, same here. I have been receiving the bonus for 2 years and then it stopped in 1/2016. I get a letter saying "Payment(s) received didn't exceed the minimum monthly payment requirement for all three months in the quarter."

I called BoA to elaborate and be specific on what "the minimum monthly payment requirement" was exactly, but never got a straight answer. They just gave me the run-around.

What a bunch of crooks!
I wrote about this card a few months ago. My recommendation was to charge AT LEAST $25.01 to the card each month and pay in full to avoid this interpretation problem. Why take the risk charging less than that just to game this card so hard?

http://pointsyak.com/credit-cards...tle-spend/
Reply Helpful Comment? 0 0
#1374
Quote from junhao123 View Post :
If I already have BankAmericard Cash Rewards, will I be able to get this one too?
I'm assuming they'd probably reject it since they're equivalent cards?
(Just noticed this is a MasterCard, whereas the card before is Visa. Maybe it will go through?)

Would be great as a card just for paying my T-Mobile $30/mo plan.
I'm sure it's dependent on credit scores, I have 2 Visas with BoA, 3 with Chase, and 2 AMEX Blue having done these deals.
Reply Helpful Comment? 0 0
#1375
BOA may be starting to clamp down on people.

Code:
C: If you continue to make such small purchases, you will never meet any of the requirements.  
You: So what is the minimum ?
C: You need to start using your card more, I can not tell you exactly how much more but it does not make sense to spend $2.50  every month and receive $25.00 as a bonus.
You: The terms did not state a minimum
You: I understand that 2.5 may be to low
You: 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
C: That is correct.
C: You are not making payments greater than the minimum due.
You: Oh alright
You: So say I make a 10 purchase
C: You actually can't because if you do you would have a negative balance which also disqualifies you.
You: I pay 11
C: That is still too low.
C: You would have a credit of $1.00 and you would be disqualified.
You: Wait, I am confused
You: So should I pay more than the balance or not
C: Customers earn $25 each calendar quarter if the following conditions are met:
C: 1. Account must be open with active charging privileges
C: 2. There must be a payment due in each month of the quarter;  $0 balance or a credit balance does NOT qualify;
C: There is no spend requirement
C: 3. All monthly payments must be received on or before the due date
C: 4. All monthly payments must be more than the minimum payment due
C: You should pay more than the minimum due.
C: Since your balance is so low, you can not do that without having a credit.
You: So the problem is the balance
C: Let's say you have a balance of $1,000.00. Your minimum payment is $25.00 and you pay $50.00 on time.
C: You would receive your bonus because you met all the requirements.
You: Oh alright
C: Yes, the problem is the balance.
You: I get it now
C: We give you $25.00 every quarter to help you pay off a large balance.
Is seems that low amounts are coming under scrutiny and like a poster above said that more than $25 balances is the save way to go

Would appreciate some feedback on this matter

Thank you
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#1376
Set your reward as a $30 deposit into a BOA checking or saving account. Otherwise in Jan, Apr, Jul, Oct the $25 credit will screw up a statement cycle if spending is not >$25. I was burned many times until I did this. Now $30 deposits every quarter like money in the bank.
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Last edited by kaubay July 29, 2016 at 12:42 PM
#1377
Can I do balance transfer and do a little morethan minimum pretty months, will I still qualify for this quarterly 'income'?
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#1378
Quote from ZacharyA View Post :
BOA may be starting to clamp down on people.

Is seems that low amounts are coming under scrutiny and like a poster above said that more than $25 balances is the save way to go

Would appreciate some feedback on this matter

Thank you
I don't have this particular card, but my understanding of the minimum payment due calculation is as follows:
  • If your statement balance is <= $25, the minimum payment is = to your statement balance.
  • If your statement balance is between $25.01 and $2500, your minimum payment due is $25
  • If your statement balance is over $2500, your minimum payment due is 1% of your statement balance
The key is to manage your statement balance every month so that it's at least $25.01, thereby insuring that you can pay the bill in full AND that such payment is GREATER THAN the minimum payment due. If you charge less than $25 in a month, your full payment is only EQUAL TO the minimum payment due.

Hope this makes sense.
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#1379
Quote from PointsYak View Post :
I wrote about this card a few months ago. My recommendation was to charge AT LEAST $25.01 to the card each month and pay in full to avoid this interpretation problem. Why take the risk charging less than that just to game this card so hard?

http://pointsyak.com/credit-cards...tle-spend/
Thank you for the recommendation, I will try it next quarter. I just wish BoA would have made this clear to me the numerous times I called them so that I didn't miss out on 3 quarters of rewards. Even the program rules I got in the mail with the card say "a payment in full received on or before the
Due Date is a Qualifying Payment."

https://www.managerewardsonline.f...nce_PR.pdf
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Last edited by prlgrox July 29, 2016 at 06:58 PM
#1380
Quote from prlgrox View Post :
Thank you for the recommendation, I will try it next quarter. I just wish BoA would have made this clear to me so that I didn't miss out on 3 quarters of rewards. Even the program rules I got in the mail with the card say "a payment in full received on or before the
Due Date is a Qualifying Payment."

https://www.managerewardsonline.f...nce_PR.pdf
Don't get me wrong. I believe that those who spend $25 or less and pay in full monthly are technically in compliance with the terms per the quote above. However, I've read countless complaints from those who haven't received their credit, all of whom have pushed the limit by spending as little as possible.

Other bloggers may differ, but my advice is to make sure your bill is at least $25.01 every month in order to take away BofA's wiggle room.
Reply Helpful Comment? 0 0
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