BOA BBR

[Anonymous]

What was the new Chase five card rule you were mentioning earlier?

And thanks for everyone who contributed to this post!!

[OmarGB9]

If you have 5 or more new accounts in the last 2 years (doesn't matter who they're with or whether they're store cards or bank cards), you'll pretty much get auto denied. Now, some people have managed to sneak in even with more than 5 accounts, but they are the exception the the rule.

[Anonymous]

Got it. So that means I should definitely make the Freedom my first choice. So even people with high credit (830+) will get denied if they have over 5 cards (generally speaking)? 

[OmarGB9]

Pretty much. Chase has gotten strict with that.

[Anonymous]

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@Anonymous wrote:

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@beautifulblaquepearl wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I don't have this card (I want it though) but from my understanding you have to pay more than the minimum every month to qualify for the $25 back each quarter, so you wouldn't be able to do this with only a $10 charge because the minimum would be $10 so how could you pay more than that? You'd have to have say a $30 charge, and since usually the minimum payment for most lenders is $25, then by paying $30 you'd be paying more than the minimum. Does that make sense?

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No.  As someone who's been rolling four of these cards for over a year, you do not have to spend $25.  Per the terms, you need to have a statement balance and then pay more than the minimum *or* the full statement balance.  I spend between $1 and $5 each month on each card and have them all set to PIF on statement date, and I get the quarterly credit each time.  So I could just stop by McDonalds once per month (per card), buy a McDouble and throw it in the trash on the way out, and come out ahead ~$25 each quarter.  The only things that can trip you up is if you fail to make the charge for a month (note that BofA does move your statement date around from time to time) or if a credit posts to your account which wipes out your purchase, like a BankAmeriDeals credit or the quarterly credit itself.  If you have a BofA checking account, you can direct your credits to the checking account so they don't interfere with your purchases, and you'll gain an extra $5 per quarter as well.

Chris.

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Thanks for the information Chris. I just got the card. I am taking advantage of the 0% introductory period on BT offers. How did you end up with 4 cards?

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np.  I got in early, when BofA was allowing PC's.  I had four old BofA cards in my sock drawer, which I had gotten for good reason (0% balance transfer, $200 intro cashback, 6% on certain categories for 6 months, 2% on everything unlimited, etc.) but whose programs had ended and had morphed into useless 3%/2%/1% cards or worse.  The only use they ever got was when BofA would send a targeted 5% offer for some collection of categories.  And the max on those was $25.  I already had BofA checking, so I figured, why not get $30 every quarter on each card instead of $25 on a card *if* they offered something special and *if* I actually used it.  So I converted them all into BBR cards.  Too bad BofA doesn't offer conversions anymore (at least from what I've heard).

One additional warning, however, I did just hear someone mention that they charged <$2 on their BBR card last month and when their bill cut they got a "small balance credit" which wiped out the purchase.  I can't confirm that, but to be on the safe side, I'm making sure to charge $2+ each month on each card.

Chris.

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It's nice to see someone else part of the multi-BBR club. I have four as well.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I don't have this card (I want it though) but from my understanding you have to pay more than the minimum every month to qualify for the $25 back each quarter, so you wouldn't be able to do this with only a $10 charge because the minimum would be $10 so how could you pay more than that? You'd have to have say a $30 charge, and since usually the minimum payment for most lenders is $25, then by paying $30 you'd be paying more than the minimum. Does that make sense?

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No.  As someone who's been rolling four of these cards for over a year, you do not have to spend $25.  Per the terms, you need to have a statement balance and then pay more than the minimum *or* the full statement balance.  I spend between $1 and $5 each month on each card and have them all set to PIF on statement date, and I get the quarterly credit each time.  So I could just stop by McDonalds once per month (per card), buy a McDouble and throw it in the trash on the way out, and come out ahead ~$25 each quarter.  The only things that can trip you up is if you fail to make the charge for a month (note that BofA does move your statement date around from time to time) or if a credit posts to your account which wipes out your purchase, like a BankAmeriDeals credit or the quarterly credit itself.  If you have a BofA checking account, you can direct your credits to the checking account so they don't interfere with your purchases, and you'll gain an extra $5 per quarter as well.

Chris.

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Thanks for clarifying Chris. So let me get this straight, you don't have to pay more than the minimum as long as you PIF? Then how come so many people have a hard time getting their $25 per quarter recently? Is the trick that you have let the statement cut before paying? If that's the case, and you're only charging $5 a month ($60 per year), and getting $100-$120 back each year, that would be a great deal. However, if everyone did that I'd imagine they would have to discontinue the card because they would be losing money. Perhaps that's why they quit allowing PCs?

[Callandra]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I don't have this card (I want it though) but from my understanding you have to pay more than the minimum every month to qualify for the $25 back each quarter, so you wouldn't be able to do this with only a $10 charge because the minimum would be $10 so how could you pay more than that? You'd have to have say a $30 charge, and since usually the minimum payment for most lenders is $25, then by paying $30 you'd be paying more than the minimum. Does that make sense?

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No.  As someone who's been rolling four of these cards for over a year, you do not have to spend $25.  Per the terms, you need to have a statement balance and then pay more than the minimum *or* the full statement balance.  I spend between $1 and $5 each month on each card and have them all set to PIF on statement date, and I get the quarterly credit each time.  So I could just stop by McDonalds once per month (per card), buy a McDouble and throw it in the trash on the way out, and come out ahead ~$25 each quarter.  The only things that can trip you up is if you fail to make the charge for a month (note that BofA does move your statement date around from time to time) or if a credit posts to your account which wipes out your purchase, like a BankAmeriDeals credit or the quarterly credit itself.  If you have a BofA checking account, you can direct your credits to the checking account so they don't interfere with your purchases, and you'll gain an extra $5 per quarter as well.

Chris.

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Thanks for clarifying Chris. So let me get this straight, you don't have to pay more than the minimum as long as you PIF? Then how come so many people have a hard time getting their $25 per quarter recently? Is the trick that you have let the statement cut before paying? If that's the case, and you're only charging $5 a month ($60 per year), and getting $100-$120 back each year, that would be a great deal. However, if everyone did that I'd imagine they would have to discontinue the card because they would be losing money. Perhaps that's why they quit allowing PCs?

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I think one of the reasons they quit allowing PCs was because people would apply for the Cash Rewards (3-2-1 card) and then get the bonus and then PC to BBR. I just wish they'd allow hubby-to-be to PC his Platinum Plus (NO rewards ever) to a BBR. I can understand why they had to stop it with the Cash Rewards though. 

[Anonymous]

Hello Chris,

So just to clarify, if I charge my card for $5, and pay the statement off ($5) by the due date, then this will qualify me? 

Thanks. 

[Anonymous]

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@Anonymous wrote:

Got it. So that means I should definitely make the Freedom my first choice. So even people with high credit (830+) will get denied if they have over 5 cards (generally speaking)? 

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Yes, even people with amazing credit scores and profiles have been denied because of the new 5 cards policy, so if the Freedom is a card you want for sure, then when you're done gardening, make sure it's the first card you app for.

[Anonymous]

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@Callandra wrote:

I think one of the reasons they quit allowing PCs was because people would apply for the Cash Rewards (3-2-1 card) and then get the bonus and then PC to BBR. I just wish they'd allow hubby-to-be to PC his Platinum Plus (NO rewards ever) to a BBR. I can understand why they had to stop it with the Cash Rewards though. 

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I hear ya, I have a BOA card that I would love to PC to the BBR card as well. It seems I'm always late to the party

And congrats to all of you lucky ones who have 4 BBR cards!