Monday, March 18, 2013

Bank of America Better Balance Rewards - $100-$120 Free Yearly

Update - 10/12/2014 - It is confirmed that you can spend only $1 every month and still qualify for the $25-$30 quarterly reward.  

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Here are the exact words from the Better Balance Program rules:
How do I earn Quarterly Cash Rewards? 
For every calendar quarter in which your account is open with active charging privileges and 
all of your monthly payments are Qualifying Payments, you’ll earn a $25 Quarterly Cash 
Reward. Plus, you’ll get a $5 Customer Bonus if you also have a Qualifying Customer 
Account — that means up to $30 per quarter, or $120 a year
The definition of a qualifying payment from the same rules is:

Qualifying Payment — A monthly payment 
received on or before the Due Date, which 
is more than the Minimum Payment due; 
a payment in full received on or before the 
Due Date is a Qualifying Payment

This means that you can spend $1 every month (or less) for 3 months and get back $30.  Not too shabby!

Thank you to anonymous who pointed this out

Bank of America Better Balance Rewards Credit Card

Bank of America has introduced a new credit card called the Better Balance Rewards Card with a new interesting rewards system.  The rewards are not tied to how much you spend.  Instead, you get $25 for every quarter that you have paid more than your minimum balance.  You get another $5 per quarter if you have a different account with BofA.

Sign up for an eBanking Online Checking Account with no monthly fees and qualify for the extra $5 a month.  You can qualify for a free checking account if you have a direct deposit of $250 monthly or have a $1,500 balance

Your yearly rewards come out to $100 without a checking account and another $20 with a checking account.

The best system is to autopay a monthly bill with the card and have the credit card bill paid on autopay.  Once you have set it up, everything is automatic.  All you need to do is collect your money.

You can sign up for the Bank of America Better Balance Rewards card here.

There is no annual fee.

Thanks JC for the tip!


Anonymous said...

According to the FAQ on the website, a PIF is a qualifying payment for the bonus, so you only need to spend a penny and PIF monthly to qualify.

Anonymous said...

Don't you have to pay interest if you just make the minimum payment?

Oren said...

My point was that you can have a bill that is less than the $25 minimum payment and pay the bill in full and still qualify for the bonus. Of course, one should always pay the bill in full.

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