Reply
Valued Member
Posts: 49
Registered: ‎02-22-2013
0

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?

 


how to cancel free trial of score watch
Discover IT - $2500 (3/13) | Chase Freedom - $400 (12/12) | BofA 123 Cash - $3800 (10/10)
Contributor
Posts: 114
Registered: ‎05-17-2011
0

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
Posts: 599
Registered: ‎03-10-2012
0

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)

EQ-736(08/14) TU-752(09/14)
Newest to Oldest
Barc Sallie Mae 6K | Citi TY Pref 4.5K | US Bank Cash+ 10K | Chase Freedom 11.7K | Disc It 10.5K | Amazon Store 2.5K | BOA Cash Rewards 10.5K |

Closed Cards: 4 Oldest: 3yrs AAOA: 2yrs
Valued Member
Posts: 58
Registered: ‎11-25-2012
0

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:

Amex BCP ($12,100) - US Bank Cash+ ($11,000) - BofA Travel Rewards ($10,000) - Citi Forward ($5,500)

Last HP: 6/11/13 (for BofA CLI)
Established Contributor
Posts: 792
Registered: ‎08-30-2011
0

Re: NEW BofA Better Balance Rewards CC

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

Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
0

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.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Contributor
Posts: 94
Registered: ‎06-16-2012
0

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.
Discover IT Student $3k. Bankameri better balance $3k.
Chase freedom 2.5k
Valued Contributor
Posts: 1,074
Registered: ‎02-06-2013
0

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."

300/21001100/13001500/25001699/2000Prepaid ,,Recent scores:FICO EX 632,EQ 635,TU 632.. If youlike this could you please give me a kudo by clicking that blue button over to the left? Thanks.Link to my Rebuild Log
Contributor
Posts: 94
Registered: ‎06-16-2012
0

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. 

Discover IT Student $3k. Bankameri better balance $3k.
Chase freedom 2.5k
Valued Contributor
Posts: 1,074
Registered: ‎02-06-2013
0

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. 

300/21001100/13001500/25001699/2000Prepaid ,,Recent scores:FICO EX 632,EQ 635,TU 632.. If youlike this could you please give me a kudo by clicking that blue button over to the left? Thanks.Link to my Rebuild Log
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.