topic Re: NEW BofA Better Balance Rewards CC in Credit Card Approvals

NEW BofA Better Balance Rewards CC

agent_bob — Fri, 01 Mar 2013 21:57:10 GMT

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?

Re: NEW BofA Better Balance Rewards CC

Alcibiades — Fri, 01 Mar 2013 22:10:30 GMT

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).

Re: NEW BofA Better Balance Rewards CC

Anonymous — Fri, 01 Mar 2013 22:35:34 GMT

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)

Re: NEW BofA Better Balance Rewards CC

flyingpenguin — Sat, 02 Mar 2013 15:04:18 GMT

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!

Re: NEW BofA Better Balance Rewards CC

flowfaster — Sat, 02 Mar 2013 15:07:21 GMT

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

Re: NEW BofA Better Balance Rewards CC

trumpet-205 — Sat, 02 Mar 2013 16:06:50 GMT

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.

Re: NEW BofA Better Balance Rewards CC

Anonymous — Sat, 02 Mar 2013 16:51:22 GMT

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.

Re: NEW BofA Better Balance Rewards CC

dddewdrop — Sat, 02 Mar 2013 17:05:31 GMT

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."

Re: NEW BofA Better Balance Rewards CC

Anonymous — Sat, 02 Mar 2013 17:43:58 GMT

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.

Re: NEW BofA Better Balance Rewards CC

dddewdrop — Sat, 02 Mar 2013 17:46:51 GMT

@Anonymous 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.

Re: NEW BofA Better Balance Rewards CC

Anonymous — Sat, 02 Mar 2013 17:57:20 GMT

Is the card only a master card or can you get a Visa card.

Re: NEW BofA Better Balance Rewards CC

Anonymous — Sat, 02 Mar 2013 18:05:46 GMT

Sounds like a good deal if you keep yourself organized to take advantage of it. Definitiely not a daily driver card, just something to keep in the arsenal to earn your lunch money for one month out of the year. The CL shouldn't really be a concern either since the only benefit is really just to trigger the $120 yearly cash back bonus. Subtract whatever minimum interest charge they might have ($2 likely) and you net around $96 a year.

Re: NEW BofA Better Balance Rewards CC

Anonymous — Sat, 02 Mar 2013 19:45:17 GMT

This card looks interesting. I'd be wary of them changing the terms if the card ends up not being profitable for them. It looks like someone can just buy a pack of gum every month pay it off and get the cash bonus.

Re: NEW BofA Better Balance Rewards CC

agent_bob — Sat, 02 Mar 2013 21:06:14 GMT

I just chatted with a CSR from BofA. Here's what I found out:

The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)

Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

edit: I tried looking for reviews of the card, but this is all I found: BofA BBR Program Rules

Re: NEW BofA Better Balance Rewards CC

Anonymous — Sat, 02 Mar 2013 21:32:37 GMT

@agent_bob wrote:
I just chatted with a CSR from BofA. Here's what I found out:

The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)
Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

edit: I tried looking for reviews of the card, but this is all I found: BofA BBR Program Rules

I might add this card to my upcoming app-o-rama in May. BofA has been good to me lately and I want to further the relationship with them.

Re: NEW BofA Better Balance Rewards CC

flyingpenguin — Sat, 02 Mar 2013 22:09:30 GMT

@agent_bob wrote:
I just chatted with a CSR from BofA. Here's what I found out:

The minimum payment on your account is calculated as one percent of you rnew balance, total, plus new interest charges, and if applicable, any new late fees or transactions. It will never be less than $15 (unless your balance is less than $15)
Based on my calculations, unless you have a balance of over $1500, your minimum payment will change, but below $1500 (min. payment will be $15)

This card is only offered with a MasterCard association

Something about this card seems "too good to be true." which makes me a little weary about it, but I'll give BofA a call on Monday to see if I could PC to this BBB card instead of the Cash Rewards. I'm just curious to how BofA is able to pay $25 for each person that qualifies / meets the requirements..

edit: I tried looking for reviews of the card, but this is all I found: BofA BBR Program Rules

I was reading those programs rules and came across this 3 interesting things:

Card — A BankAmericard® Better Balance Rewards™ MasterCard® or Visa® credit card

Maybe a Visa will be offered in the future?

Qualifying Payment — A monthly payment received on or before the Due Date, which is more than the Minimum Payment due; a payment in full received on or before the Due Date is a Qualifying Payment

Good to hear a PIF is considered "qualifying."

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.

Hm. Could the rewards taxable?

Re: NEW BofA Better Balance Rewards CC

linux007969 — Sun, 03 Mar 2013 01:19:55 GMT

I just apped for this card and got the following:

" Thank you for submitting a credit card application.

Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time.

You will receive a written response within the next 30 days. "

I already have a 123 secured card but figured WTH and apped, i'm thinking they will probably denie me considering i apped for barclays earlier today they might come back and say "too many inquaries"

Does anyone know if BOFA's recon is open on weekends or do i have to call them on Monday as well to find out?

At any rate i guess it's better that i apped now so the inquaries will both fall off at the same time 2 years from now and after 1 year not effect me as much... LOL

Re: NEW BofA Better Balance Rewards CC

agent_bob — Mon, 04 Mar 2013 05:36:12 GMT

@linux007969 wrote:
I just apped for this card and got the following:

" Thank you for submitting a credit card application.
Your business is appreciated and careful consideration is being given to your request, but an instant decision cannot be provided at this time.
You will receive a written response within the next 30 days. "

I already have a 123 secured card but figured WTH and apped, i'm thinking they will probably denie me considering i apped for barclays earlier today they might come back and say "too many inquaries"

Does anyone know if BOFA's recon is open on weekends or do i have to call them on Monday as well to find out?

At any rate i guess it's better that i apped now so the inquaries will both fall off at the same time 2 years from now and after 1 year not effect me as much... LOL

Late response, but their recon is not open on weekends. Gotta call them during normal business hours M-F.

I'm planning to call them up tomorrow to see if I can PC from a Power Rewards to this Better Balance Rewards card. I'll keep everyone posted & just edit my post!

Re: NEW BofA Better Balance Rewards CC

trumpet-205 — Mon, 04 Mar 2013 07:40:27 GMT

@flyingpenguin wrote:
Good to hear a PIF is considered "qualifying."

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.
Hm. Could the rewards taxable?

It could be. Technically speaking this is not cashback (where it depends on transaction volume), but rather cash reward based on good payment behavior. I would imagine BofA probably will mail 1099-MISC to IRS and you.

Re: NEW BofA Better Balance Rewards CC

Open123 — Mon, 04 Mar 2013 08:58:38 GMT

@flyingpenguin wrote:

Qualifying Payment — A monthly payment received on or before the Due Date, which is more than the Minimum Payment due; a payment in full received on or before the Due Date is a Qualifying Payment

So, a $1.00 charge per month is considered "qualifying?" Nice return, even if it is taxable. With a BofA account, charge $12 per year and receive $120.