BofA monthly minimum

[bluedog1]

Quick question for those of you with BofA cards: what is the monthly minimum payment? I was approved for the Better Balance Rewards card and in order to get the rewards you have to pay more than the monthly minimum. I assume that means you have to charge more than the monthly minimum as well.

[boomhower]

So that inherently means you have to carry a balance on a high interest card.  Doesn't sound like a good deal to me unless your using a 0% BT offer.

[bluedog1]

You have the option to PIF. You just have to let a balance report but I think it needs to be more than the monthly minimum.

[DaveSignal]

Any credit card has a minimum payment.  Sometimes, if your balance is $0, the minimum payment is $0.  If you balance is larger, the minmum payment can be larger.  Some cards change the minimum payment depending on your balance.   I have a balance on my BoA card, because it is currently at 0% APR, and I think my minimum was $30, but it may have been more than that.  I pay more than that though, so that I actually make good use of my 0% offer and have the account fully paid before APR increases.

As with any card, if you don't pay the minimum balance, you are in default.  You do not collect $200 and do not pass go.  You lose your rewards.  You will get charged fees.  You will lose your promotional APR.

EDIT:  you don't have to charge more than your minimum payment. 

[Phizzle]

I would assume you could charge $50 or so, let the statement cut and a minimum payment generate, then PIF which would be more than the minimum payment.

I don't know much about the card, but I doubt this is how they intend for it to be used.

[Revelate]

IIRC on my BOFA card, minimum payment is on the order of $15 regardless of my balance up to some non-trivial point.

Personally if I were to get this card, I'd just find some silly $20 monthly recurring fee.  Like my electric bill .

[Open123]

Anyone knows what happens if you charge $3.00 per month, let the balance post, and pay it?  Will that trigger the $30 quarterly bonus?  

If so, this is a great card!

[bluedog1]

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@Open123 wrote:

Anyone knows what happens if you charge $3.00 per month, let the balance post, and pay it?  Will that trigger the $30 quarterly bonus?  

If so, this is a great card!

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Yup...that was what I thought too until I paid more attention to the wording. If I charged only $3 then the minimum payment will only be $3. In that case I will not be paying more than the minimum and I don't get the rewards. I was just curious what the minimum is so that I be sure to keep my balance above that amount every month.

[DaveSignal]

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@bluedog1 wrote:

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@Open123 wrote:

Anyone knows what happens if you charge $3.00 per month, let the balance post, and pay it?  Will that trigger the $30 quarterly bonus?  

If so, this is a great card!

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Yup...that was what I thought too until I paid more attention to the wording. If I charged only $3 then the minimum payment will only be $3. In that case I will not be paying more than the minimum and I don't get the rewards. I was just curious what the minimum is so that I be sure to keep my balance above that amount every month.

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If that is the case that you need to in fact pay a higher amount than the minimum payment, then why not just make the payments from your bank instead of the BoA webpage.  Then you can pay an amount slightly higher than your balance and so would be paying more than the minimum.

[jsucool76]

Most cards do a minimum payment on a balance of $25+.

If your balance is less than 25,balance = min payment, if more, then the payment will be $25.this could vary by lender (and i am sure it does) but it should also be outlined in your T&C sheet you get.