NEW BofA Better Balance Rewards CC

[supersam101]

Is the card only a master card or can you get a Visa card. 

[NJTurnpike]

Sounds like a good deal if you keep yourself organized to take advantage of it. Definitiely not a daily driver card, just something to keep in the arsenal to earn your lunch money for one month out of the year. The CL shouldn't really be a concern either since the only benefit is really just to trigger the $120 yearly cash back bonus. Subtract whatever minimum interest charge they might have ($2 likely) and you net around $96 a year.

[Anonymous]

This card looks interesting. I'd be wary of them changing the terms if the card ends up not being profitable for them. It looks like someone can just buy a pack of gum every month pay it off and get the cash bonus.

[agent_bob]

I just chatted with a CSR from BofA. Here's what I found out:

• The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)

Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

• This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

edit: I tried looking for reviews of the card, but this is all I found: BofA BBR Program Rules

[NewYorkGuy]

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@agent_bob wrote:

I just chatted with a CSR from BofA. Here's what I found out:

• The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)

Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

• This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

edit: I tried looking for reviews of the card, but this is all I found: BofA BBR Program Rules

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I might add this card to my upcoming app-o-rama in May. BofA has been good to me lately and I want to further the relationship with them.

[flyingpenguin]

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@agent_bob wrote:

I just chatted with a CSR from BofA. Here's what I found out:

• The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)

Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

• This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

edit: I tried looking for reviews of the card, but this is all I found: BofA BBR Program Rules

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I was reading those programs rules and came across this 3 interesting things:

• Card — A BankAmericard® Better Balance Rewards™ MasterCard® or Visa® credit card

Maybe a Visa will be offered in the future? 

• 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

Good to hear a PIF is considered "qualifying."

• Since Quarterly Cash Rewards have a monetary value, you’re responsible for any tax responsibilities that may arise from receiving rewards. Please consult your tax advisor for details.

Hm. Could the rewards taxable?

[linux007969]

I just apped for this card and got the following:

" Thank you for submitting a 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. "

I already have a 123 secured card but figured WTH and apped, i'm thinking they will probably denie me considering i apped for barclays earlier today they might come back and say "too many inquaries"

Does anyone know if BOFA's recon is open on weekends or do i have to call them on Monday as well to find out?

At any rate i guess it's better that i apped now so the inquaries will both fall off at the same time 2 years from now and after 1 year not effect me as much... LOL

[agent_bob]

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@linux007969 wrote:

I just apped for this card and got the following:

" Thank you for submitting a 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. "

I already have a 123 secured card but figured WTH and apped, i'm thinking they will probably denie me considering i apped for barclays earlier today they might come back and say "too many inquaries"

Does anyone know if BOFA's recon is open on weekends or do i have to call them on Monday as well to find out?

At any rate i guess it's better that i apped now so the inquaries will both fall off at the same time 2 years from now and after 1 year not effect me as much... LOL

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Late response, but their recon is not open on weekends. Gotta call them during normal business hours M-F.

I'm planning to call them up tomorrow to see if I can PC from a Power Rewards to this Better Balance Rewards card. I'll keep everyone posted & just edit my post!

[trumpet-205]

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@flyingpenguin wrote:

Good to hear a PIF is considered "qualifying."

• Since Quarterly Cash Rewards have a monetary value, you’re responsible for any tax responsibilities that may arise from receiving rewards. Please consult your tax advisor for details.

Hm. Could the rewards taxable?

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It could be. Technically speaking this is not cashback (where it depends on transaction volume), but rather cash reward based on good payment behavior. I would imagine BofA probably will mail 1099-MISC to IRS and you.

[Open123]

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@flyingpenguin wrote:

• 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

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So, a $1.00 charge per month is considered "qualifying?"  Nice return, even if it is taxable.  With a BofA account, charge $12 per year and receive $120.