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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.

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#61
Quote from satanslover View Post :
$130 a year: ($25 + $5) x 4 = $130.
$30*4 = $120
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#62
Quote from Namelessme View Post :
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?
for BOA/FIA it's a hard pull.
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#63
Quote from satanslover View Post :
Confirm what? That someone is retarded enough to think there are 3 quarters in a year?
Quote from satanslover View Post :
$130 a year: ($25 + $5) x 4 = $130.

Are you sure your math is correct?
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#64
Quote from Namelessme View Post :
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?
You should call and find out... Discover allows you to switch to a different card without a hard pull. I switched mine from cashback to the IT card.
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#65
i asked and they said $1 payment is fine since $1 outstanding balance would mean $0 minimum balance.
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#66
I did the $400 cash back after $500 spent in August... Haven't used the card since. Bring back that slick deal
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#67
Quote from sonic_hedgehog View Post :
Are you sure your math is correct?
LOL ok, $120. That $132 threw me.
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#68
Quote from tonewaylo View Post :
I did the $400 cash back after $500 spent in August... Haven't used the card since. Bring back that slick deal
woah. what deal was that?
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#69
Quote from Namelessme View Post :
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?
You can't do that, I asked.

Quote from fyu View Post :
woah. what deal was that?
BofA Visa Signature. I got that too. Great deal.
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#70
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).
I haven't seen any credit card out there that pays over $300 with no annual fee for a while. I signed up for the chase freedom last year with $350 bonus. Yes, the southwest credit card gives you $500 in Amazon dollar or $700 in flights. But there is a annual $99 fee.

Can't really complain about this credit card since you are basically getting free money for spending a few bucks per month. Just set up automatic bill pay and you are set to have $120 a year.
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#71
Damn, so it looks like existing BoA credit card holders can't utilize this deal? Would have been an easy moneymaker Frown
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#72
Quote from satanslover View Post :
You can't do that, I asked.


BofA Visa Signature. I got that too. Great deal.
ah. it needed a BOA checking/savings account.
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#73
Quote from satanslover View Post :
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.
what I wrote makes perfect sense.
there is no reason to apply for another card when you have no intention of using it unless it gives you a major bonus.
this card does not give a "major" bonus and it gives no benefit to actually use (just to have).

it does not raise your credit rating. it lowers your average account age which is a negative.
it may even cause a hard pull- another negative.

the only thing it MIGHT be beneficial is to increase your overall credit limit and therefore reduce your percentage of utilized credit. but if you have ANY other BOA card then whatever extra credit they would give you is either taken away from an existing card OR BOA would of had been willing to just increase the credit limit of your existing card (if you are eligible for more credit). Again, this makes you have no practical benefit.

on the other hand when you sign up for a major bonus card (like the United Explorer card), the first year's annual fee is waived, your average account age is lowered, and you get the major bonus. You then CANCEL the card in the first year which lets you keep the bonus, no annual fee charge, and RAISED your average account age back to where it was before you signed up for the card.

it really sickens me when people write stuff with no basis whatsoever.

On the other hand if you want a good card to get to actually use (and you want a card for rewards while using it and not for low interest rates) then the BEST card to get is the Fidelity Amex card. This gives a flat 2% cashback on anything which is the best that exists.
If you want a visa, the best is probably the Fidelity Visa, which gives a flat 1.5% cashback on anything, which is probably the best that exists as well. The BOA Cash Rewards card is ok as it gives 3% on gas, 2% on groceries, and 1% on everything else. It also gives a $125 signup bonus (though I didn't get it since the only reason I have this card is because it used to be the 2% flat cashback Schwab Visa that BOA took over and changed to this card).
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ㄚ◯∪'尺モ 山モㄥ匚◯爪モ!
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#74
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 would think this would be the case too!
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#75
Quote from iluvslickdealz View Post :
i asked and they said $1 payment is fine since $1 outstanding balance would mean $0 minimum balance.
You've got to be kidding me? I can charge just $1 per month and have the minimum payment be zero, then pay $1 on time, and they give me $25 per quarter....this can't be right...
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