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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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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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#46
Quote from satanslover View Post :
The application works for me.
thanks. retried with ie and it works now. firefox was giving me the error.
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#47
sweet, I actually was approved, thanks op
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#48
Quote from PhantasmX View Post :
This card is good for one Redbox rental every quarter.
You have to make a purchase every month, not every quarter.

My main concern is "Minimum Payment." Is there a set minimum of some sort?

Tofu Vic
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#49
keep in mind that while this is an interesting concept of them "paying you an annual fee" for having the card, this is still not worth it.
there are regular credit card offers out there that end up paying you anything from $300 to over $1000 in rewards or miles just to sign up for their cards.
this card has no sign-up bonus or rewards while using it, so it would take about 3 years just to break-even (at $100 a year) on what the MINIMUM that signing up for a credit card should get you.

PS: I personally don't sign up for cards that pay less than $500 worth of rewards/miles. For example, 75k amex points gold premier, BA 100k miles cards (did it twice), and those 2 AA Citi 75k miles cards that happened a few years ago. Even the United Explorer card gave 55k miles (worth over $550).
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#50
It will be $30 per quarter if you already have a BOA checking account (you can open their easy online only account)...

And may be 10% on top of that to deposit your rewards into checking account instead of statement credit? So, make it $33 Smilie
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Last edited by slickpokerdealer March 6, 2013 at 11:11 AM
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#51
Ok so I charge one bill on this card a month (power bill) for a whole year direct deposit to my BofA checking account, then bank $132 a year?
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#52
Quote from ztide View Post :
keep in mind that while this is an interesting concept of them "paying you an annual fee" for having the card, this is still not worth it.
there are regular credit card offers out there that end up paying you anything from $300 to over $1000 in rewards or miles just to sign up for their cards.
this card has no sign-up bonus or rewards while using it, so it would take about 3 years just to break-even (at $100 a year) on what the MINIMUM that signing up for a credit card should get you.

PS: I personally don't sign up for cards that pay less than $500 worth of rewards/miles. For example, 75k amex points gold premier, BA 100k miles cards (did it twice), and those 2 AA Citi 75k miles cards that happened a few years ago. Even the United Explorer card gave 55k miles (worth over $550).
Are there any $200+ offers at the moment that do not require an annual fee?

Thanks,
Tofu Vic
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#53
Quote from TofuVic View Post :
Are there any $200+ offers at the moment that do not require an annual fee?

Thanks,
Tofu Vic
Um, almost all of them?
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#54
Quote from ztide View Post :
keep in mind that while this is an interesting concept of them "paying you an annual fee" for having the card, this is still not worth it.
there are regular credit card offers out there that end up paying you anything from $300 to over $1000 in rewards or miles just to sign up for their cards.
this card has no sign-up bonus or rewards while using it, so it would take about 3 years just to break-even (at $100 a year) on what the MINIMUM that signing up for a credit card should get you.

PS: I personally don't sign up for cards that pay less than $500 worth of rewards/miles. For example, 75k amex points gold premier, BA 100k miles cards (did it twice), and those 2 AA Citi 75k miles cards that happened a few years ago. Even the United Explorer card gave 55k miles (worth over $550).
That makes no sense. There is no "break even" because applying for this card doesn't stop you from getting other cards (it actually helps because it improves your credit rating) and there is no cost to apply. You can get all the bonuses if you do it sensibly.

I've gotten about $2000 in the last year, and I'll apply for this one too.
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#55
Quote from satanslover View Post :
That's what the rules say. The don't specify minimums, just that you have a balance each month.


Every 3 months. There are 3 months in a quarter.
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.
Even better with 3 months. Can someone please confirm Confused OMGBig Grin
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satanslover
·  03-06-2013 at 11:20 AM
#57
Quote from TofuVic View Post :
You have to make a purchase every month, not every quarter.

My main concern is "Minimum Payment." Is there a set minimum of some sort?

Tofu Vic
I had this concern too. Is there a amount you must hit every month i.e. $250 in purchases?
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#58
Quote from ricohitman View Post :
Ok so I charge one bill on this card a month (power bill) for a whole year direct deposit to my BofA checking account, then bank $132 a year?
$130 a year: ($25 + $5) x 4 = $120.

Edit: corrected
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Last edited by satanslover March 6, 2013 at 11:27 AM
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#59
Quote from ricohitman View Post :
Charge $1 dollar every card cycle, pay on time, profit?
if you are carrying below a certain balance, usually the entire balance is due.
and thus you can't be paying more than the minimum
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#60
Do you think we can simply transfer an existing BOA card into this new one, rather than sign up normally? I'm not sure how credit cards usually handle that.

I signed up for a BOA card a while ago for one of the cash back promotions. But now I rarely ever use it. But would 'swapping' a card like that cause a hard pull (or extra pull) and lower one's credit score, since technically it may be like closing an account?
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