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

JV13 225 March 6, 2013 at 10:15 AM in Finance (2)
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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.

1,209 Comments

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#16
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?)
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.
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#17
hmm... worth it to get a new card?
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#18
if only the card offers rewards on purchases, still a good deal though.
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#19
Quote from greensam88 View Post :
Does the card still offer 1% back on purchases on top of the free $100/year for paying on time?
Quote from BlackHat001X View Post :
Nope. Just the $25 per quarter plus an extra $20 if you have an account with boa. So total $120 per year. No other rewards according to chat.

"Louis: BankAmericard Better Balance Rewards earns rewards only on payments.
You: okay so the $25 per quarter only correct?
Louis: The BankAmericard Better Balance Rewards credit card lets you earn up to $120 in cash rewards each year: $25 each quarter in which you pay any amount more than the minimum due each month, and every payment is on time and an extra $5 each quarter, if you have a qualifying account.
Louis: Yes, absolutely.
You: okay so no other rewards besides that right? just want to be sure
Louis: Yes."
Still an amazing deal. Even if you spent $2500 on the card (you couldn't get another card with better rewards) it would still be 1% cash back that directly deposits to checking/savings.
But it's like getting free money. You only have to spend a minimum amount.

Wondering if I should wait for a better deal though. Maybe they'll offer additional benefits.
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#20
if everyone pay credit card bill on time? how they make money?
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#21
Quote from desimillionaire View Post :
Sounds like a good benefit. Just charge your monthly phone bill and pay it off the following week.
I think you need to let the bill post before paying it off.
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#22
This is a card I would use exactly once every quarter.
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#23
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.
Hm. I didn't get instant approval for the other card either though.
Maybe it's because of the promo?
...I'm trying to be optimistic.
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#24
Quote from satanslover View Post :
Good card, the bonus keeps on coming.


BankAmericard® Better Balance Rewards™ Program Information. 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. 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.
Awesome calling this out.

BofA ftl. Bauerfinancial.com rates BofA at three stars. I'd only deal with banks that are 4 or 5 stars and has as much minimal derivatives exposure as possible.

Stay out of debt or get out of it ASAP. Then use slickdeals to get good deals on stuff you need. Then get one year of savings. Then if you have extra, blow it on other stuff you find on slickdeals. Big Grin
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#25
Quote from bluetrep View Post :
if everyone pay credit card bill on time? how they make money?
You'll be surprised by the number of people who do not pay on time despite the simplicity of online payment.
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#26
Can anyone confirm that if you only charge say $1, per billing cycle, that you get the $25? Use credit to buy gift cards. Then keep charging $1. Lots of profit to be had here.
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#27
Quote from bluetrep View Post :
if everyone pay credit card bill on time? how they make money?
They make between 1% and 3% on every transaction your make on the card.
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#28
Quote from nizzy1115 View Post :
I think you need to let the bill post before paying it off.
True.
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#29
Seems pretty easy...just do an auto-bill pay set-up for some account, and then auto-pay the BoA card as well...$25 in your pocket every 3 months.
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#30
Quote from ricohitman View Post :
Can anyone confirm that if you only charge say $1, per billing cycle, that you get the $25? Use credit to buy gift cards. Then keeping charing $1. Lots of profit to be had here.
That's what the rules say. The don't specify minimums, just that you have a balance each month.

Quote from 1stBuy View Post :
Seems pretty easy...just do an auto-bill pay set-up for some account, and then auto-pay the BoA card as well...$25 in your pocket every 4 months.
Every 3 months. There are 3 months in a quarter.
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