B of A Balance Rewards with small charge?

[Open123]

I've been reading that the $25 quarterly rewards is triggered by a small monthly charge, so long as it posts and is paid in full.  Can anyone who has this card confirm this?

Thanks!

[bluedog1]

According to the T&C this is true. A qualifying payment is 1) paying more than the minimum which is 1% of the balance no less than $25 or 2) paying in full. Of course no one has had the card long enough to verify if it actually works. The first pay out is not until June for those of us that got the card in March, the first month it came out.

[HiLine]

I don't have the card, but have analyzed the Terms and Conditions. Feel free to check out my review of the card:  http://hiepsfinance.wordpress.com/2013/03/23/anatomy-of-a-credit-card-bank-of-americas-bankamericard...

[YahComb]

Obviously whoever dreamt this up, is expecting the vast majority of users to carry enough of a balance that giving back 100 a year is chump change. but practically from day 1 the FWF and SDers have been all over this...those t&c are just asking for it...one tiny monthly purchase PIF.

[HiLine]

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@YahComb wrote:

Obviously whoever dreamt this up, is expecting the vast majority of users to carry enough of a balance that giving back 100 a year is chump change. but practically from day 1 the FWF and SDers have been all over this...those t&c are just asking for it...one tiny monthly purchase PIF.

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Agreed. Unless they market this card so aggressively that it attracts a significant population of credit card holders that frequently carry balances, it will prove to be a financial loss to BofA. 

[Revelate]

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@HiLine wrote:

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@YahComb wrote:

Obviously whoever dreamt this up, is expecting the vast majority of users to carry enough of a balance that giving back 100 a year is chump change. but practically from day 1 the FWF and SDers have been all over this...those t&c are just asking for it...one tiny monthly purchase PIF.

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Agreed. Unless they market this card so aggressively that it attracts a significant population of credit card holders that frequently carry balances, it will prove to be a financial loss to BofA. 

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I think most of the credit card using population carries balances.  We are an incredibly extreme minority on this and similar forums.

Personally I think this is an experiement which likely will go nowhere.  People pay their credit cards when they have money, and they don't when, well, they don't.  Not certain trying to incentivize people not to default by paying them money will make much difference; it might, I just don't think it's realistic in the modern market.  Interesting idea though.

[HiLine]

The potential problem is that it's often this extreme minority that's aware of a new product when it's rolled out. If they want to make any money in this experiment they have to go past that, which is going to be very difficult in this competitive environment. Can you imagine how many credit cards the major issuers are offering these days?

[Open123]

HiLine:

Thanks for the link to your review! Very well done; enjoyed reading it. Looks to me this is an excellent card to reap a high return on for minimal spend.

Thanks!

[HiLine]

Glad you found it helpful, Open123!

Good luck if you end up applying for the card! 

[Ron1]

Here is the link for the BofA Better Balance Programs Rules:

https://www.managerewardsonline.fiacardservices.com/cms/published/root/dcb/PDF/BAC_BetterBalance_PR....

Ron.