BoA Better Balance Rewards Breakdown

[hutchj]

Hey Everybody,

I just got off the phone with the CSR at BoA because I just received my new Better Balance Reward's card today (woot)!

So they do something different with this card. When you call to activate, you put in the last 4 digits of card number and then you get redirected to a CSR who explains all of the benefits of the card and how to use the card correctly. He explained that this card rewards you not for spending, but for being responsible with your payments.

You will receive the $25 bonus at the end of each quarter IF you:

1) Pay balance in full each month OR pay MORE than the minimum payment due each month

2) PIF or pay more than the minimum payment on time. Do not make a late payment EVER (you will forfeit your reward)

3) Make sure you do not pay the balance off before the statement balance cuts (ie don't make a payment right after your purchase posts to the account.) In order for you to receive the $25, a balance must be posted to the account when the statement cuts. (did I explain that right? I hope so).

Some extra knowledge:

a) If you have a qualifying account with BoA (like a checking account) you will receive an extra $5. So you'll get $30 instead of $25.

b) The first 2 months you can do a BT for free and pay no interest for 1 year.

c) EMV enabled (if you ask or check the box while filling out the app online).

d) The $25 can be credited back to the account or direct deposited into your account (I'm assuming this can be any checking account, but I'm not 100% sure, I have mine going into my BoA account just to make sure I get the $30)

e) The credit of the reward is retroactive. If the quarter is from Jan-Mar. the credit to the account will be in April. And so on and so forth.

I think that's everything. The CSR was extremely friendly (although I could tell he was reading from a script, it didn't bother me) and he stopped me from making a huge error (making a payment before a minimum payment is due -- which I do all the time with my cards).

Hope this helped! 

Thanks Hiline for the corrections.

[armbenderc]

Seems decent, maybe I app for the wrong boa lol

[HiLine]

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@hutchj wrote:

Hey Everybody,

I just got off the phone with the CSR at BoA because I just received my new Better Balance Reward's card today (woot)!

So they do something different with this card. When you call to activate, you put in the last 4 digits of card number and then you get redirected to a CSR who explains all of the benefits of the card and how to use the card correctly. He explained that this card rewards you not for spending, but for being responsible with your payments.

You will receive the $25 bonus at the end of each quarter IF you:

1) Pay balance in full each month OR pay MORE than the minimum payment due each month

2) PIF or pay more than the minimum payment on time. Do not make a late payment EVER (you will forfeit your reward)

3) Make sure you do not pay the balance off before a minimum payment is due the statement balance posts

---

 FTFY

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Some extra knowledge:

c) It's MC so you can get a EMV chip installed on the card.

---

 You can get an EMV chip regardless of the payment network. I believe that any BofA card can come with EMV chips now. (Correct me if I'm wrong.)

Congratulations on getting the card. It's really free money!

[armbenderc]

I think I'll stick with the cash rewards that I got.

[hutchj]

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@HiLine wrote:

---

@hutchj wrote:

Hey Everybody,

I just got off the phone with the CSR at BoA because I just received my new Better Balance Reward's card today (woot)!

So they do something different with this card. When you call to activate, you put in the last 4 digits of card number and then you get redirected to a CSR who explains all of the benefits of the card and how to use the card correctly. He explained that this card rewards you not for spending, but for being responsible with your payments.

You will receive the $25 bonus at the end of each quarter IF you:

1) Pay balance in full each month OR pay MORE than the minimum payment due each month

2) PIF or pay more than the minimum payment on time. Do not make a late payment EVER (you will forfeit your reward)

3) Make sure you do not pay the balance off before a minimum payment is due the statement balance posts

---

 FTFY

---

Some extra knowledge:

c) It's MC so you can get a EMV chip installed on the card.

---

 You can get an EMV chip regardless of the payment network. I believe that any BofA card can come with EMV chips now. (Correct me if I'm wrong.)

Congratulations on getting the card. It's really free money!

---

You're right. BoA does allow it. I think Citi is the bank that says it has to be a MC to get EMV. I definitely have EMV on my BoA Visa. Thanks.

[HiLine]

I have an EMV chip on my BofA Travel Rewards Visa Signature too. You're welcome.

[Open123]

Is there a minimum balance amount to qualify for the bonus?  In other words, what if my balance is $1.50?

[HiLine]

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@Open123 wrote:

Is there a minimum balance amount to qualify for the bonus?  In other words, what if my balance is $1.50?

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Officially, no. However, if your balance is too small they may cancel the balance or not charge a minimum. Someone posted on my blog saying he'd experienced the latter case, so I thought I'd share. To be safe I would let the statement balance be more than 2 bucks.

[hutchj]

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@Open123 wrote:

Is there a minimum balance amount to qualify for the bonus?  In other words, what if my balance is $1.50?

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I think a safe bet would be to at least have $5 on the card when the statement cuts. I plan to use it for my daily Starbucks (they have some awesome cinnamon rolls). 

[kayvee_]

I just got this card this month, I'm using the 0% interest on a BT to pay off my Chevron card. This is my first card with BofA after years or trying, so I am excited to grow with them.