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New Bank of America Credit Card $25 ($30 for Bank of America customer) per quarter for paying on time

+257 Deal Score
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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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Created 03-06-2013 at 10:15 AM by JV13
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Joined Dec 2003
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#1366
Quote from P3731242
:
Anyone get their reward for this quarter?
yes, got on 6th
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Joined Oct 2012
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#1367
if i spend 6 dollar each month and pay off $6 before due date. also i set the $30 reward to deposit to my checking account. Can i get reward this way???
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Original Poster
#1368
Quote from BenM5
:
if i spend 6 dollar each month and pay off $6 before due date. also i set the $30 reward to deposit to my checking account. Can i get reward this way???
Yes.

.
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#1369
Amazon.com egift card - the lowest we can buy has increased from $0.5 to $1
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#1370
Quote from stsd9
:
Amazon.com egift card - the lowest we can buy has increased from $0.5 to $1
used to be 15c Smilie
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#1371
Quote from comeback
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used to be 15c Smilie
interesting...didn't know
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#1372
Quote from ubiquitous
:
BoA does not honor this. The card is a lie. I charge it and pay the bill every month and never get the bonus.

The last time they paid me was 1/2016. I've had a balance, mad a charge and paid by bill every month since then.
Yeah, same here. I have been receiving the bonus for 2 years and then it stopped in 1/2016. I get a letter saying "Payment(s) received didn't exceed the minimum monthly payment requirement for all three months in the quarter."

I called BoA to elaborate and be specific on what "the minimum monthly payment requirement" was exactly, but never got a straight answer. They just gave me the run-around.

What a bunch of crooks!
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Joined May 2015
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#1373
Quote from prlgrox
:
Yeah, same here. I have been receiving the bonus for 2 years and then it stopped in 1/2016. I get a letter saying "Payment(s) received didn't exceed the minimum monthly payment requirement for all three months in the quarter."

I called BoA to elaborate and be specific on what "the minimum monthly payment requirement" was exactly, but never got a straight answer. They just gave me the run-around.

What a bunch of crooks!
I wrote about this card a few months ago. My recommendation was to charge AT LEAST $25.01 to the card each month and pay in full to avoid this interpretation problem. Why take the risk charging less than that just to game this card so hard?

http://pointsyak.com/credit-cards...tle-spend/
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Joined Jan 2007
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#1374
Quote from junhao123
:
If I already have BankAmericard Cash Rewards, will I be able to get this one too?
I'm assuming they'd probably reject it since they're equivalent cards?
(Just noticed this is a MasterCard, whereas the card before is Visa. Maybe it will go through?)

Would be great as a card just for paying my T-Mobile $30/mo plan.
I'm sure it's dependent on credit scores, I have 2 Visas with BoA, 3 with Chase, and 2 AMEX Blue having done these deals.
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Joined Nov 2012
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#1375
BOA may be starting to clamp down on people.

Code:
C: If you continue to make such small purchases, you will never meet any of the requirements.  
You: So what is the minimum ?
C: You need to start using your card more, I can not tell you exactly how much more but it does not make sense to spend $2.50  every month and receive $25.00 as a bonus.
You: The terms did not state a minimum
You: I understand that 2.5 may be to low
You: 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
C: That is correct.
C: You are not making payments greater than the minimum due.
You: Oh alright
You: So say I make a 10 purchase
C: You actually can't because if you do you would have a negative balance which also disqualifies you.
You: I pay 11
C: That is still too low.
C: You would have a credit of $1.00 and you would be disqualified.
You: Wait, I am confused
You: So should I pay more than the balance or not
C: Customers earn $25 each calendar quarter if the following conditions are met:
C: 1. Account must be open with active charging privileges
C: 2. There must be a payment due in each month of the quarter;  $0 balance or a credit balance does NOT qualify;
C: There is no spend requirement
C: 3. All monthly payments must be received on or before the due date
C: 4. All monthly payments must be more than the minimum payment due
C: You should pay more than the minimum due.
C: Since your balance is so low, you can not do that without having a credit.
You: So the problem is the balance
C: Let's say you have a balance of $1,000.00. Your minimum payment is $25.00 and you pay $50.00 on time.
C: You would receive your bonus because you met all the requirements.
You: Oh alright
C: Yes, the problem is the balance.
You: I get it now
C: We give you $25.00 every quarter to help you pay off a large balance.
Is seems that low amounts are coming under scrutiny and like a poster above said that more than $25 balances is the save way to go

Would appreciate some feedback on this matter

Thank you
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#1376
Set your reward as a $30 deposit into a BOA checking or saving account. Otherwise in Jan, Apr, Jul, Oct the $25 credit will screw up a statement cycle if spending is not >$25. I was burned many times until I did this. Now $30 deposits every quarter like money in the bank.
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Last edited by kaubay July 29, 2016 at 12:42 PM.
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#1377
Can I do balance transfer and do a little morethan minimum pretty months, will I still qualify for this quarterly 'income'?
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#1378
Quote from ZacharyA
:
BOA may be starting to clamp down on people.

Is seems that low amounts are coming under scrutiny and like a poster above said that more than $25 balances is the save way to go

Would appreciate some feedback on this matter

Thank you
I don't have this particular card, but my understanding of the minimum payment due calculation is as follows:
  • If your statement balance is <= $25, the minimum payment is = to your statement balance.
  • If your statement balance is between $25.01 and $2500, your minimum payment due is $25
  • If your statement balance is over $2500, your minimum payment due is 1% of your statement balance
The key is to manage your statement balance every month so that it's at least $25.01, thereby insuring that you can pay the bill in full AND that such payment is GREATER THAN the minimum payment due. If you charge less than $25 in a month, your full payment is only EQUAL TO the minimum payment due.

Hope this makes sense.
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#1379
Quote from PointsYak
:
I wrote about this card a few months ago. My recommendation was to charge AT LEAST $25.01 to the card each month and pay in full to avoid this interpretation problem. Why take the risk charging less than that just to game this card so hard?

http://pointsyak.com/credit-cards...tle-spend/
Thank you for the recommendation, I will try it next quarter. I just wish BoA would have made this clear to me the numerous times I called them so that I didn't miss out on 3 quarters of rewards. Even the program rules I got in the mail with the card say "a payment in full received on or before the
Due Date is a Qualifying Payment."

https://www.managerewardsonline.f...nce_PR.pdf
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Last edited by prlgrox July 29, 2016 at 06:58 PM.
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#1380
Quote from prlgrox
:
Thank you for the recommendation, I will try it next quarter. I just wish BoA would have made this clear to me so that I didn't miss out on 3 quarters of rewards. Even the program rules I got in the mail with the card say "a payment in full received on or before the
Due Date is a Qualifying Payment."

https://www.managerewardsonline.f...nce_PR.pdf
Don't get me wrong. I believe that those who spend $25 or less and pay in full monthly are technically in compliance with the terms per the quote above. However, I've read countless complaints from those who haven't received their credit, all of whom have pushed the limit by spending as little as possible.

Other bloggers may differ, but my advice is to make sure your bill is at least $25.01 every month in order to take away BofA's wiggle room.
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