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Regular Contributor
Posts: 134
Registered: ‎01-29-2013
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Re: New BoA Card? Free $100/year

It may not be the best rewards card out there, but if I am going to continue to leave my BOA card in the sock drawer, I might as well make up to $120/yr doing so haha

BOA Better Rewards | Citi Forward | Chase Freedom | Discover IT | Amex BlueSky | Chase IHG | Sallie Mae | Chase CSP | Barclays Rewards | Banana Republic Visa

Senior Contributor
Posts: 3,473
Registered: ‎11-13-2012
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Re: New BoA Card? Free $100/year


wche wrote:

It may not be the best rewards card out there, but if I am going to continue to leave my BOA card in the sock drawer, I might as well make up to $120/yr doing so haha


+1
same thoughts here :smileytongue:

 

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Valued Contributor
Posts: 1,903
Registered: ‎06-16-2012
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Re: New BoA Card? Free $100/year

[ Edited ]

I am getting the itch to apply for this card...I really want it. I am just hesitant cuz i know my Experian score may be the lowest of all 3 due to a couple of paid collections i have there (51 utiliity from 2011) and (330 tuition from 2011). Maybe having a secured card with them that is almost a year old may help my chances on approval or recon.

Cards: (Chase x7) (Citi x6) (Amex x5) (BofA x3) (US Bank x4) (Barclays x4) (WF x3) (Cap1 x3) (Synch x3) (Penfed x2) ( Macys Amex) (Discover, Nasa ,Diners x1)





Valued Member
Posts: 49
Registered: ‎02-22-2013
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Re: New BoA Card? Free $100/year

http://ficoforums.myfico.com/t5/Credit-Cards/NEW-BofA-Better-Balance-Rewards-CC/m-p/1918699

 

I like it & I already PC'ed my power rewards to this card. I should be getting it within 2-4 weeks as the CSR told me.

Hopefully the rewards don't change, but we shall see how it turns out!


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New Contributor
Posts: 103
Registered: ‎02-19-2013
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Re: New BoA Card? Free $100/year

This card is definitely on my radar. I'm holding off for now since most of my inquiries on EX will drop off this year. It will also be interesting to see if the terms (as they stand) remain unchanged after this card has been on the market for a bit. I suspect it's too good to be true like the BCP when it was 6% uncapped.

Contributor
Posts: 94
Registered: ‎06-16-2012
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Re: New BoA Card? Free $100/year

Is the rewards taxable does anyone know ?
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Established Contributor
Posts: 883
Registered: ‎09-10-2010
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Re: New BoA Card? Free $100/year

I'm sure if anyone intrested has already checked the terms, but here they are copied from their site:  I highlighted the red

 

BankAmericard® Better Balance Rewards™ Program Information. 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. If the primary applicant for this card has at least one checking, savings or retirement account with Bank of America N.A., a Cash Management Account®, Merrill Edge® or any other account with Merrill Lynch, Pierce, Fenner & Smith Incorporated or U.S. Trust, the card account will receive a customer bonus of $5 for each quarter you qualify, for a total of $30 per quarter.
Calendar quarters are January through March, April through June, July through September, and October through December of each year. If you qualify, the cash reward will be issued within 30 days following the end of each quarter. Your cash rewards will be automatically issued in the form of a statement credit to your card account, unless you indicate otherwise. Receipt of a statement credit does not affect your responsibility to pay your minimum monthly payment. You may choose instead to have your cash rewards deposited directly into a Bank of America® checking account or savings account or a Merrill Lynch Cash Management Account®. To set up an automatic deposit into your eligible account,


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Senior Contributor
Posts: 4,329
Registered: ‎02-23-2011
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Re: New BoA Card? Free $100/year


supersam101 wrote:
Is the rewards taxable does anyone know ?

Yes, you will be issued a 1099c.  

 

Still, this reminds of me their "keep the change," which was a great program.  Just use the card for cup of coffee, pay the balance when due.  Easy $30 per quarter.  Much better than having to spend $600 @ 5% cashback for the $30.

Valued Contributor
Posts: 1,954
Registered: ‎01-24-2012
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Re: New BoA Card? Free $100/year


Open123 wrote:

supersam101 wrote:
Is the rewards taxable does anyone know ?

Yes, you will be issued a 1099c.  

 

 


Credit card rewards/bonuses are never taxed because they are considered rebates.

Senior Contributor
Posts: 4,329
Registered: ‎02-23-2011
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Re: New BoA Card? Free $100/year


navigatethis12 wrote:

Open123 wrote:

supersam101 wrote:
Is the rewards taxable does anyone know ?

Yes, you will be issued a 1099c.  

 

 


Credit card rewards/bonuses are never taxed because they are considered rebates.


All things being equal, this is true.

 

However, on their disclosures, "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."

 

There is a clearly defined "monetary" value of the rewards, which is from "paying" on time, not from a result of the spending.  For instance, if there is no balance (if you charge, then pay before it reports a balance), no reward is earned.  This denotes the reward is not a rebate from "spending" per se, but rather from act of timely payment.

 

B of A will issue a 1099c.  Whether or not a person pays, that's between him and his tax advisor.

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