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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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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®, 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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1,382 Comments

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#526
AFAIK, getting rid of the annual fee by product change is YMMV but seems more difficult now. Don't believe what agent says and make sure to check the online acct once the new card is added. However, if you were told the AF could be waived with a product change but actually not, complain to BoA and they'll credit one year AF "as a courtesy".
Reply Helpful Comment? 0 0
#527
Quote from techie View Post :
The rep I chatted with told me so. I was looking to avoid the annual fee I have been paying and specifically asked about it since I recalled having read on some credit boards about the fees being unavoidable. I believe she was right as what she said was in line with what I had read earlier and also she seemed to be well versed with credit card terms. I wish and hope the rep you talked to is right. May be will find out once the new card gets added to my account.
I just chatted with BOA rep and here what I was told
"Daniel Stubbs: I see that there will be no Annual fee once your account is converted to Better Rewards card "
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#528
Quote from HeatGun View Post :
I just chatted with BOA rep and here what I was told
"Daniel Stubbs: I see that there will be no Annual fee once your account is converted to Better Rewards card "
HeatGun thanks for updating. I hope what Daniel said is accurate.

Meanwhile, here is my chat with Anne:

You: will there b any annual fee on this card?
Anne: This card does have an annual fee as your old card have one.
You: how can i avoid the fees. in fact i was planning to close that card because of the fees and i thought i could go for this card and put an end to the fee?
Anne: I do apologize.
Anne: But I have reviewed the account.
Anne: Converting it would still have the fee on it.
Anne: If you want, you may open a new one to avoid the annual fee.

Well, two contradicting versions! Should be able to know for sure once the new card shows up in the account.
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#529
Quote from quizzer View Post :
I have a BOA visa worldpoints card. It doesn't even give me 1% cashback until I accumulate 25000 points. I use it only sparingly. However its my oldest credit card (15 years history) and I'm on the housing market looking to buy a home.

If I convert to this card is it confirmed:
  • No Hard pull resulting credit score ding
  • History will be transferred to this new card

Any other points I need to keep in mind before going ahead with the conversion?

Appreciate your response.
I have a BOA Worldpoints card which is my oldest line of credit but I hardly ever use. I chatted with a BOA rep to convert the card to the better balance card. She confirmed this does not affect my credit report at all; credit history is transferred and it is a soft inquiry.

Also, she confirmed that you simply need to make a purchase every month and pay it off on time to get the rewards. The purchase does not need to be any specific amount. I specifically asked if $5 would work and she said yes.

$120/year ($25 per quarter plus $5 per quarter for having BOA checking or savings). Also, the default payment of rewards is a statement credit, but you can change it to deposit into checking.
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#530
More than the minimum OR Balance in Full. The terms clearly state the balance in full as the alternative, the balance in full can be any amount. If they want to change the terms, then the terms will be different, but until that happens KISS.
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#531
I applied and this is the results:

Thank you for submitting your credit card application.
Your business is appreciated and careful consideration is being given to your request, but an instant decision
cannot be provided at this time.

You will receive a written response within the next 30 days with further information.

Is this means denied? TIA!
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Last edited by clarkgenius March 16, 2013 at 05:40 AM
#532
It does not necessary denied. I got the same thing and they sent me
one a few days later.

Quote from clarkgenius View Post :
I applied and this is the results:

Thank you for submitting your credit card application.
Your business is appreciated and careful consideration is being given to your request, but an instant decision
cannot be provided at this time.


Is this means denied? TIA!
You will receive a written response within the next 30 days with further information.
Reply Helpful Comment? 0 0

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#533
Quote from JV13 View Post :
This isn't really a promotional offer. I see no reason why BOFA would remove this feature. $120 a year is not much considering how much people can cash in on their 1-2-3 card. 3% on gas, 2% on grocery and 1% on everything else. If people use the 1-2-3 credit card as their primary credit card I can see it exceeding way over $120 a year.
Not to mention if you get the 1-2-3 platinum card and deposit the rewards in the BOA checking for an additional 50% bonus on that. I confirmed with BOA reps that if you convert the regular cash to the platinum cash there is no hard pull and likewise for this quarterly card.
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Joined Jan 2007
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#534
applied last week , but no get approved immediately.
but it arrived yesterday ...
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#535
Too much work.
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Joined Sep 2008
L5: Journeyman
671 Posts
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#536
Quote from cgigate View Post :
applied last week , but no get approved immediately.
but it arrived yesterday ...
Same thing happened to me. I didn't get approved immediately but it arrived few days ago. My experian score is over 800 too. Nice free credit check. Big Grin
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#537
Quote from barginbin View Post :
Not to mention if you get the 1-2-3 platinum card and deposit the rewards in the BOA checking for an additional 50% bonus on that. I confirmed with BOA reps that if you convert the regular cash to the platinum cash there is no hard pull and likewise for this quarterly card.
I will be converting my current platinum plus into better balance next week after my this statement closes.

If I want to convert into cash rewards card instead, how to get the platinum status for 50% bonus on deposit into checking/savings account?

I assume after converting, the new card will have the same network (Visa means Visa) and credit limit.

Please clarify.
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#538
Congratulations, your credit card application has been approved with a $5000 credit line! You will receive your credit card within 7 to 10 days and the Welcome Package within 10 to 14 days at the address you provided.

Awesome! Thanks OP!
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#539
I wish discover would do this. Smilie
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#540
Quote from quizzer View Post :
I will be converting my current platinum plus into better balance next week after my this statement closes.

If I want to convert into cash rewards card instead, how to get the platinum status for 50% bonus on deposit into checking/savings account?

I assume after converting, the new card will have the same network (Visa means Visa) and credit limit.

Please clarify.
https://www.bankofamerica.com/cre...it-card.go

Its that card he is referring to for the 50% bonus. 75 dollar annual fee unless you have $50000 in assets with BoA though.
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