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Valued Member
agent_bob
Posts: 49
Registered: ‎02-22-2013

NEW BofA Better Balance Rewards CC

Hi everyone,

 

I tried searching the boards, but haven't seen anybody post anything about this.

 

Has anyone seen / heard about the BofA Better Balance Rewards card? I just saw it earlier this week on their website: BofA BBR

  • Mastercard
  • earn $25 in cash rewards each calendar quarter when you pay more than the monthly minimum & pay each bill on time - up to $100 in cash rewards each year
  • No AF
  • get extra $5 / quarter if you have other qualifying accounts

What are your thoughts about this?

Is it worth it to apply?

 

I recently PC from a power rewards to the cash rewards 123, but i'm not sure if this is a better card. (my switch is still pending, will take 3-4 weeks to complete)

Opinions?

 


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Contributor
Alcibiades
Posts: 114
Registered: ‎05-17-2011

Re: NEW BofA Better Balance Rewards CC

This looks like a balance transfer card aimed at customers that want to or need to keep a balance. You basically get $100 off of your interest every year (with 0% interest in year 1).

Established Contributor
YahComb
Posts: 592
Registered: ‎03-10-2012

Re: NEW BofA Better Balance Rewards CC

[ Edited ]

the only requirement is to make an (at least minumum) payment before the due date, and to have a statement balance each month as far as i can see. No having to carry a balance to get the quarterly 25 buck reward (+5 more with a BOA / merrill investmernt or deposit accout)

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Valued Member
flyingpenguin
Posts: 58
Registered: ‎11-25-2012

Re: NEW BofA Better Balance Rewards CC

Hmmmm. 

 

So there are no rewards based on spending (not even 1% cashback) but you get $25 each quarter for paying more than the minimum in each of the months. But you have to report balances for all of the months in the quarter.

 

From the 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.


So the ideal thing to do would be to make one small purchase on the card every month, let the balance report, and PIF. The downside is that you have to let the balance report, which could potentially be annoying when you're trying to manage your utilization.


I wonder if they could get you with some sort of loophole about the minimum payment. Like if you charge $10, and the minimum payment is $10, then they'll say you didn't pay "more" than the minimum.


On the upside, if you already have a BofA checking/savings account, you can get $120/year from this or $10/month. It's the equivalent of spending $1000/month on a 1% cashback card.


Someone try it out and let us know! :smileyhappy:

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Established Contributor
flowfaster
Posts: 787
Registered: ‎08-30-2011

Re: NEW BofA Better Balance Rewards CC

It would be even better with a fixed APR under 10%.

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Valued Contributor
trumpet-205
Posts: 2,177
Registered: ‎11-11-2010

Re: NEW BofA Better Balance Rewards CC

Hmm...

 

This card could work very well. Assuming you let a small charge report on the account very month (say Blockbuster subscription), $25 cashback per quarter doesn't sound bad at all.

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Contributor
supersam101
Posts: 94
Registered: ‎06-16-2012

Re: NEW BofA Better Balance Rewards CC

It sounds like a good deal to me. It works out to 10 bucks a month on cash back if u have a account with them. I don't earn anywhere close to 10 bucks a month with my cash rewards card. I get way more cash back from shopdiscover.
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Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013

Re: NEW BofA Better Balance Rewards CC

     If my credit scores were higher, I would apply for it as I am a BofA customer and have accounts with them. I am also not a very organised person and could easily see myself missing some small detail with this and forfeiting the rewards. I guess that is what they are counting on. Say I forgot to charge something one month before the statement date, for example. But for organised people who are already BofA account holders, it sounds like "free money."

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Contributor
supersam101
Posts: 94
Registered: ‎06-16-2012

Re: NEW BofA Better Balance Rewards CC

You can'really forget to charge something if A) you don't use your debit card and buy what you usually buy on ur credit card or B) set a budget for you credit card or C) set up a recurring transaction for auto pay ex cell phone bill, cable or gym membership. 

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Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013

Re: NEW BofA Better Balance Rewards CC


supersam101 wrote:

You can'really forget to charge something if A) you don't use your debit card and buy what you usually buy on ur credit card or B) set a budget for you credit card or C) set up a recurring transaction for auto pay ex cell phone bill, cable or gym membership. 


     Ya a recurring monthly payment item. Good point. 

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