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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.

1,239 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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