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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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#31
Quote from junhao123 View Post :
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.
I got this message as well. Any number we can call?
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#32
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 keep charging $1. Lots of profit to be had here.
I don't know for sure, but I don't think that will work, based on this:
"pay more than the monthly minimum "

so if you just charged $1, then won't your monthly minimum be $1, and you won't be paying MORE. I'm assuming I'd have to charge something like $50 per month, and then the minimum might be something like $25.
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#33
Curious about the minimums too. It seems almost too good to be true.

So basically it's like free netflix, or amazon prime, for life, so long as we pay the bill each month? What happens if we apply the reward to our balance, and our balance is greater than the monthly fee?
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#34
This card is good for one Redbox rental every quarter.
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#35
Quote from wzwz View Post :
I got this message as well. Any number we can call?
Hopefully someone can answer this. It's not necessary, but I called in for a deal (several days later) on the other card and the CSR told me not to worry and I just had to wait, but the deal went through like a day after I called.
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#36
Quote from rsc272 View Post :
I don't know for sure, but I don't think that will work, based on this:
"pay more than the monthly minimum "

so if you just charged $1, then won't your monthly minimum be $1, and you won't be paying MORE. I'm assuming I'd have to charge something like $50 per month, and then the minimum might be something like $25.
I think in the case were the min and the actual are the same it doesn't apply, but worth asking I guess.

Edit: Yep, that's right, from the PDF in the Wiki:

Quote :
Qualifying Payment -- A monthly payment received on or before the Due Date, which is more than the Minimum Payment due; a payment in full received on or before the Due Date is a Qualifying Payment
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#37
The application you are requesting is currently unavailable.
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#38
Quote from tripleplay View Post :
The application you are requesting is currently unavailable.
The application works for me.
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#39
Quote from ricohitman View Post :
Charge $1 dollar every card cycle, pay on time, profit?
That's what I'm thinking. Occasionally, I can do $2 in that month if I'm feeling rich.

Tofu Vic
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#40
This may be good for people with bad credit, but there are so many better offers out there, including from BofA and Amex blue.
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#41
Quote from mitchflorida View Post :
This may be good for people with bad credit, but there are so many better offers out there, including from BofA and Amex blue.
How are they better offers when have a fixed bonus of $200 or so? If you have this for 10 years you'd make $1200, 20 years $2400, and so on.
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#42
Quote from marcos6 View Post :
Awesome calling this out.
Calling it out? Isn't it obvious you need to make at least one purchase in that month in order to get $25 in that quarter? They can't just let you apply for the card and have you let the card sit around and just give you money.

Or is there something tricky about that fine print that I missed?
Tofu Vic
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#43
Quote from TofuVic View Post :
Calling it out? Isn't it obvious you need to make at least one purchase in that month in order to get $25 in that quarter? They can't just let you apply for the card and have you let the card sit around and just give you money.

Or is there something tricky about that fine print that I missed?
Tofu Vic
Nope, that's right, check out the PDF in the wiki for all the fine details.
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#44
Quote from satanslover View Post :
How are they better offers when have a fixed bonus of $200 or so? If you have this for 10 years you'd make $1200, 20 years $2400, and so on.
I don't think any credit card bonus offer has lasted 10 years
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#45
Quote from Namelessme View Post :
What happens if we apply the reward to our balance, and our balance is greater than the monthly fee?
Then you probably shouldn't apply the balance to the monthly fee. The rewards can be deposited to your savings or checking account. Can someone confirm it can be deposited to an account that is NOT BoA's?

Tofu Vic
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