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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.

1,277 Comments

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Joined Aug 2007
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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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Joined Sep 2011
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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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Joined Jul 2008
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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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Joined Jun 2011
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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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Joined Jul 2012
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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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#56
Quote from bimmyJ View Post :
Even better with 3 months. Can someone please confirm Confused OMGBig Grin
Confirm what? That someone is retarded enough to think there are 3 quarters in a year?
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Joined Jan 2011
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#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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Joined Aug 2011
L9: Master
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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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Joined Feb 2008
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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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