topic Re: BoA Better Balance Rewards in Credit Cards

BoA Better Balance Rewards

BigBS — Thu, 03 Apr 2014 12:58:06 GMT

Not sure if others have seen, but Bank of America has been doing a lot of marketing the Better Balance Rewards VISA card. Every time I go to the site, I receive the pre-qualification notice. Yesterday I received a directed message through the Message Center. Wish they would use the data from pre-screening instead of having to do a HP. No worries, I had planned to PC from the Cash Rewards VISA to it. As I was told, however, that would mean I didn't get to take advantage of the promo offer (0% for 15% for purchases and BTs). Oh well, guess I will have to continue to use my Discover or Barclays card for that. Anyone else receiving these messages?

Re: BoA Better Balance Rewards

VirusCredit13 — Thu, 03 Apr 2014 13:56:16 GMT

Haven't got the offer, but was looking at this card and cash rewards card.

BoA CCs so much better than WF's, which is my current bank. WFs cards suck since you get good rewards for 6months, then its just 1x on everything.

Re: BoA Better Balance Rewards

BigBS — Thu, 03 Apr 2014 15:11:49 GMT

Okay, just made the switch. Card should be here within 3-4 weeks. Was trying to figure out what card to show a balance on since I will have all others report $0 balance, but now that is taken care of. Killed 2 birds with 1 stone. Wish everything was that easy!

Re: BoA Better Balance Rewards

newUser0 — Thu, 03 Apr 2014 15:48:03 GMT

@BS

The card is a good card. Even I did my PC to this. Card number will change.

My CK report, has been messed a bit, because this card reported today morning. It shows CLD on my card and CLI on this new card.

Re: BoA Better Balance Rewards

BigBS — Thu, 03 Apr 2014 16:57:44 GMT

@newUser0 wrote:
@Anonymous

The card is a good card. Even I did my PC to this. Card number will change.

My CK report, has been messed a bit, because this card reported today morning. It shows CLD on my card and CLI on this new card.

I had that happen with my PenFed Cash Rewards card when I changed to the Chip & Pin. I liked the Cash Rewards card, but think this will fit with my overall strategy better.

Re: BoA Better Balance Rewards

credit-hunter — Thu, 03 Apr 2014 17:05:31 GMT

this card is a easy 100$ per year in rewards they are slooow in sending cards more like 4 weeks ..lol

Re: BoA Better Balance Rewards

BigBS — Thu, 03 Apr 2014 17:18:20 GMT

@credit-hunter wrote:
this card is a easy 100$ per year in rewards they are slooow in sending cards more like 4 weeks ..lol

No worries with that. I have 2 bills that this card will cover and the balance will transfer. I already know that the first eligible quarterly reward will be September, so it will be fine. The cash rewards I would have earned during that period would have been significantly less (about $2).

Re: BoA Better Balance Rewards

celluloid17 — Sat, 05 Apr 2014 02:48:08 GMT

This card is intriguing to me, but I'm not quite sure I'm clear on how it works. I like to PIF every month, can you still do that with this card and get the quarterly bonus? For example, If I pay my car and/or health insurance with it every month (about $200), do I just have to refrain from paying the balance off until after the statement cuts? This almost seems too good to be true if it's actually that simple?!

I had been looking for a general spend card, like Cap1 Quicksilver, to put my bill pay and general spend through, but given that I spend pretty frugally, this card would actually net me better rewards than a QS or even a Fidelity Amex. Outside of my 5% cards that I use for specific purchases (i.e. gas, groceries, restaurants etc.), I probably only spend about $3000 annually, so with the quarterly bonuses it would make it about a 3.3% back card for me.

What CRA does BofA pull from? Does it really take 4 weeks to get a card from them after applying?!?

Re: BoA Better Balance Rewards

ficobgtx — Sat, 05 Apr 2014 03:01:38 GMT

I tried to PC from an old BOA Platinum Plus AMEX. No go. Guess I should just PC my cash rewards as I currently keep it in the SD.

Re: BoA Better Balance Rewards

BigBS — Sat, 05 Apr 2014 03:52:08 GMT

@celluloid17 wrote:
This card is intriguing to me, but I'm not quite sure I'm clear on how it works. I like to PIF every month, can you still do that with this card and get the quarterly bonus? For example, If I pay my car and/or health insurance with it every month (about $200), do I just have to refrain from paying the balance off until after the statement cuts? This almost seems too good to be true if it's actually that simple?!

I had been looking for a general spend card, like Cap1 Quicksilver, to put my bill pay and general spend through, but given that I spend pretty frugally, this card would actually net me better rewards than a QS or even a Fidelity Amex. Outside of my 5% cards that I use for specific purchases (i.e. gas, groceries, restaurants etc.), I probably only spend about $3000 annually, so with the quarterly bonuses it would make it about a 3.3% back card for me.

What CRA does BofA pull from? Does it really take 4 weeks to get a card from them after applying?!?

Again, I don't have actual experience with use of the card, but everything I've read shows that it is that simple. Carry a balance and pay more than the minimum each month and you will receive the quarterly reward. They pulled EQ for me, but I think they can pull any of the 3. 3 to 4 weeks is what I was told by the CRA, but hopefully it won't be that long.

Re: BoA Better Balance Rewards

BigBS — Sat, 05 Apr 2014 03:53:37 GMT

@ficobgtx wrote:
I tried to PC from an old BOA Platinum Plus AMEX. No go. Guess I should just PC my cash rewards as I currently keep it in the SD.

Mine was going to the SD without the PC.

Re: BoA Better Balance Rewards

celluloid17 — Sat, 05 Apr 2014 05:14:02 GMT

@BigBS wrote:
Again, I don't have actual experience with use of the card, but everything I've read shows that it is that simple. Carry a balance and pay more than the minimum each month and you will receive the quarterly reward. They pulled EQ for me, but I think they can pull any of the 3. 3 to 4 weeks is what I was told by the CRA, but hopefully it won't be that long.

Good to know! I wonder why it takes so long to get a new card from them? Most credit card companies want to get their cards out to people a.s.a.p. so people can start using them right away.

Re: BoA Better Balance Rewards

Santi78342 — Sat, 05 Apr 2014 10:56:16 GMT

@celluloid17 wrote:
@BigBS wrote:
Again, I don't have actual experience with use of the card, but everything I've read shows that it is that simple. Carry a balance and pay more than the minimum each month and you will receive the quarterly reward. They pulled EQ for me, but I think they can pull any of the 3. 3 to 4 weeks is what I was told by the CRA, but hopefully it won't be that long.
Good to know! I wonder why it takes so long to get a new card from them? Most credit card companies want to get their cards out to people a.s.a.p. so people can start using them right away.

I was approved for their Cash Rewards card on 03/25 and received my card on 03/31.

Re: BoA Better Balance Rewards

Santi78342 — Sat, 05 Apr 2014 11:23:47 GMT

@celluloid17 wrote:
This card is intriguing to me, but I'm not quite sure I'm clear on how it works. I like to PIF every month, can you still do that with this card and get the quarterly bonus? For example, If I pay my car and/or health insurance with it every month (about $200), do I just have to refrain from paying the balance off until after the statement cuts? This almost seems too good to be true if it's actually that simple?!

I had been looking for a general spend card, like Cap1 Quicksilver, to put my bill pay and general spend through, but given that I spend pretty frugally, this card would actually net me better rewards than a QS or even a Fidelity Amex. Outside of my 5% cards that I use for specific purchases (i.e. gas, groceries, restaurants etc.), I probably only spend about $3000 annually, so with the quarterly bonuses it would make it about a 3.3% back card for me.

What CRA does BofA pull from? Does it really take 4 weeks to get a card from them after applying?!?

I also don't personally have the card, but I want it in the future and I look at it this way. I want the most bang for my buck to get that $25/quarter (or $30 if depositing into a BofA checking or savings btw), so I want to put the smallest amount through this card as possible to get the highest percentage back. If you put $200 through this card a month, that's $600/quarter yeilding 4.1% cash back, which is good, but not the best you get.

Say the minimum payment on this card is 1% of the balance or somewhere between $15-$30, whichever is greater. We'll say it's $30. I would put a $40 bill on it because it's higher than the minimum payment and PIF after statement cuts. That's $120/quarter, and since I have a savings with them, I would get $30 cash back resulting in a whopping 25% cash back per quarter, or 20.5% if only getting the $25 cash back.

So run just enough through this card as you have to, to get the best cash back percentage on it, and run everything else through your other cards for the best % back.

By the way if the minimum payment on this card is $15. Then run $20 through it a month and get either 50% cash back or 41% cash back depending on if you have an account with BofA and get either $25 or $30/quarter

Just my .02

Re: BoA Better Balance Rewards

BigBS — Sat, 05 Apr 2014 11:48:49 GMT

@Santi78342 wrote:
@celluloid17 wrote:
This card is intriguing to me, but I'm not quite sure I'm clear on how it works. I like to PIF every month, can you still do that with this card and get the quarterly bonus? For example, If I pay my car and/or health insurance with it every month (about $200), do I just have to refrain from paying the balance off until after the statement cuts? This almost seems too good to be true if it's actually that simple?!

I had been looking for a general spend card, like Cap1 Quicksilver, to put my bill pay and general spend through, but given that I spend pretty frugally, this card would actually net me better rewards than a QS or even a Fidelity Amex. Outside of my 5% cards that I use for specific purchases (i.e. gas, groceries, restaurants etc.), I probably only spend about $3000 annually, so with the quarterly bonuses it would make it about a 3.3% back card for me.

What CRA does BofA pull from? Does it really take 4 weeks to get a card from them after applying?!?

I also don't personally have the card, but I want it in the future and I look at it this way. I want the most bang for my buck to get that $25/quarter (or $30 if depositing into a BofA checking or savings btw), so I want to put the smallest amount through this card as possible to get the highest percentage back. If you put $200 through this card a month, that's $600/quarter yeilding 4.1% cash back, which is good, but not the best you get.

Say the minimum payment on this card is 1% of the balance or somewhere between $15-$30, whichever is greater. We'll say it's $30. I would put a $40 bill on it because it's higher than the minimum payment and PIF after statement cuts. That's $120/quarter, and since I have a savings with them, I would get $30 cash back resulting in a whopping 25% cash back per quarter, or 20.5% if only getting the $25 cash back.

So run just enough through this card as you have to, to get the best cash back percentage on it, and run everything else through your other cards for the best % back.

By the way if the minimum payment on this card is $15. Then run $20 through it a month and get either 50% cash back or 41% cash back depending on if you have an account with BofA and get either $25 or $30/quarter

Just my .02

I don't know this for certain, but I believe the minimum payment is $25 or the balance of the card (if less than $25). Not sure if paying more than a balance less than $25 meets the requirement. My plan is to run my CMS and web bills through it totaling ~$33 and come close to getting a free month on each per quarter (I have a BoA acount to deposit) for a 30% return. Because the quarter has already started and I had a $0 balance for the payment due this month I will not be eligible for the reward until September and next in December, so only $60 for the year. Was a little concerned that I would lose cash rewards through June, but based on my new strategy would only get $.99 per quarter (not even enough to meet the $25 minimum to redeem).

I received a message from BoA that they hope to have the card to me in the next 10 days. Doesn't matter as the balance of the Cash Rewards card will carry over, so plan still works.

Re: BoA Better Balance Rewards

BigBS — Sat, 05 Apr 2014 11:50:32 GMT

@celluloid17 wrote:
@BigBS wrote:
Again, I don't have actual experience with use of the card, but everything I've read shows that it is that simple. Carry a balance and pay more than the minimum each month and you will receive the quarterly reward. They pulled EQ for me, but I think they can pull any of the 3. 3 to 4 weeks is what I was told by the CRA, but hopefully it won't be that long.
Good to know! I wonder why it takes so long to get a new card from them? Most credit card companies want to get their cards out to people a.s.a.p. so people can start using them right away.

Truly not sure why it takes so long. I know that my card will have EMV built-in and when I had that done with my PenFed Cash Rewards card took about 3 weeks.

Re: BoA Better Balance Rewards

Anonymous — Sat, 05 Apr 2014 13:04:44 GMT

I was approved for a BofA Platinum Plus and as soon as I got the card I pc it to this card(Yesterday).

I read statements from many people who don't even have more than a 5-6 dollar subscription on the card and they still get the rewards.

This might be the greatest Netflix card ever.

Re: BoA Better Balance Rewards

celluloid17 — Sat, 05 Apr 2014 22:40:51 GMT

@Santi78342 wrote:
@celluloid17 wrote:
This card is intriguing to me, but I'm not quite sure I'm clear on how it works. I like to PIF every month, can you still do that with this card and get the quarterly bonus? For example, If I pay my car and/or health insurance with it every month (about $200), do I just have to refrain from paying the balance off until after the statement cuts? This almost seems too good to be true if it's actually that simple?!

I had been looking for a general spend card, like Cap1 Quicksilver, to put my bill pay and general spend through, but given that I spend pretty frugally, this card would actually net me better rewards than a QS or even a Fidelity Amex. Outside of my 5% cards that I use for specific purchases (i.e. gas, groceries, restaurants etc.), I probably only spend about $3000 annually, so with the quarterly bonuses it would make it about a 3.3% back card for me.

What CRA does BofA pull from? Does it really take 4 weeks to get a card from them after applying?!?

I also don't personally have the card, but I want it in the future and I look at it this way. I want the most bang for my buck to get that $25/quarter (or $30 if depositing into a BofA checking or savings btw), so I want to put the smallest amount through this card as possible to get the highest percentage back. If you put $200 through this card a month, that's $600/quarter yeilding 4.1% cash back, which is good, but not the best you get.

Say the minimum payment on this card is 1% of the balance or somewhere between $15-$30, whichever is greater. We'll say it's $30. I would put a $40 bill on it because it's higher than the minimum payment and PIF after statement cuts. That's $120/quarter, and since I have a savings with them, I would get $30 cash back resulting in a whopping 25% cash back per quarter, or 20.5% if only getting the $25 cash back.

So run just enough through this card as you have to, to get the best cash back percentage on it, and run everything else through your other cards for the best % back.

By the way if the minimum payment on this card is $15. Then run $20 through it a month and get either 50% cash back or 41% cash back depending on if you have an account with BofA and get either $25 or $30/quarter

Just my .02

Thanks for running the math for me! Good points about really only needing the card for minimum spend to maximize return. I think I might just use it for my auto insurance bill pay, which is about $90 a month that I will PIF. I can use other cards that at least net 1% in returns for other miscellaneous purchases and bills.

Re: BoA Better Balance Rewards

celluloid17 — Sun, 06 Apr 2014 01:30:53 GMT

@BigBS wrote:
@celluloid17 wrote:
@BigBS wrote:
Again, I don't have actual experience with use of the card, but everything I've read shows that it is that simple. Carry a balance and pay more than the minimum each month and you will receive the quarterly reward. They pulled EQ for me, but I think they can pull any of the 3. 3 to 4 weeks is what I was told by the CRA, but hopefully it won't be that long.
Good to know! I wonder why it takes so long to get a new card from them? Most credit card companies want to get their cards out to people a.s.a.p. so people can start using them right away.

Truly not sure why it takes so long. I know that my card will have EMV built-in and when I had that done with my PenFed Cash Rewards card took about 3 weeks.

I guess the inclusion of the EMV chip is what accounts for the delay. It only makes sense in that regard. Too bad the card has a 3% FTF.

Re: BoA Better Balance Rewards

ficobgtx — Sun, 06 Apr 2014 23:48:21 GMT

Well, well, well - I spoke too soon. For what did I find in the mailbox today - about 3 weeks after trying to PC my AMEX and getting a reply that the case was closed (but obviously successful) - but my Better Balance Rewards card. After being denied a PC to Fidelity AMEX, I didn't even bother calling in after I saw the case closed email. Guess I should have...

Better Balance Rewards - say hello to Netflix!