I'm canceling my BOA rewards card

[black_citi]

I decided to get rid of my boa rewards card. They take way to long to report on my statement, my credit limit is "only" 500 and I don't feel up to asking for an increase, the rewards I do get you need to have a minimum of $25 and it took 4 months for me to get that. I don't use the card that much because of it low limit. I thought about letting the card cancel itself out for non use but I don't care. I have 2 other cards but im only going to use one, my dcu. My citi card I'll let cancel itself out. The biggest reason I don't like this boa card is its too slow to report. At least 4 days or so. My citi card did it in 2 days and my dcu in a day and a half.

[RBFool]

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@black_citi wrote:
I decided to get rid of my boa rewards card. They take way to long to report on my statement, my credit limit is "only" 500 and I don't feel up to asking for an increase, the rewards I do get you need to have a minimum of $25 and it took 4 months for me to get that. I don't use the card that much because of it low limit. I thought about letting the card cancel itself out for non use but I don't care. I have 2 other cards but im only going to use one, my dcu. My citi card I'll let cancel itself out. The biggest reason I don't like this boa card is its too slow to report. At least 4 days or so. My citi card did it in 2 days and my dcu in a day and a half.

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I believe that card has no AF, right? I'd keep it. Setup something to auto bill and auto pay it before the statement date. You get the $25 a quarter, right? It's that card? To me that'd be worth keeping esp if it has no AF.

[black_citi]

Yea there's no AF on mine. I did read that you do get 25 a quarter on their site but I don't know if that applies to my card. When I got it 4 months ago it didn't mention anything about $25 a quarter. My card is the 123 card and they say you need to spend about $1500 a quarter I guess in order to get the $25. I honestly can't remember. I'll keep it open though. I may just ask for a CLI.

[Anonymous]

If it's the BankAmericard Cash Rewards card mentioned in your sig, it's the one that gives 1% cash back on purchases, 2% at grocery stores and 3% on gas for the first $1,500 in combined grocery store and gas purchases each quarter. It's not the one that gives you $25 each quarter for making more than the minimum payment.

[Shock]

is the $25 the max you can get back per quarter, or? where is the 25 coming from?

[trumpet-205]

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@black_citi wrote:
Yea there's no AF on mine. I did read that you do get 25 a quarter on their site but I don't know if that applies to my card. When I got it 4 months ago it didn't mention anything about $25 a quarter. My card is the 123 card and they say you need to spend about $1500 a quarter I guess in order to get the $25. I honestly can't remember. I'll keep it open though. I may just ask for a CLI.

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Your card is Cash Reward that earns 3% on gas, 2% on grocery, and 1% on everything else. Only the first $1,500 spending of gas and grocery each quarter qualifies 3% and 2%, then it drops back to 1%. If you have a BofA checking account it bumps up to 3.3, 2.2, and 1.1%.

The card that gives $25 ($30 if you have BofA checking account) on each quarter is Better Balance Reward. That card requires you to pay more than minimum payment each month. Since the lowest BofA minimum payment is $25, you need to spend at least $25.01 or more each month and PIF.

I honestly don't understand why you want close this card. 4 days to report after statement is already fast enough. There are cards out there that took even longer time to report. You could also just request CLI. BofA do take HP but they generally are very good with CLI amount.

[lg8302ch]

I really do not understand the rush for reporting? What do I miss here? 

With your limit and from what you mention the BBR card might be better for you in terms of earnings.  You just have to know that this card would need to be reported with a balance each month and could not be reported as 0 balance or it would void the rewards. (I mention this because on this forum many members micro manage their accounts)

The card you have now (I would think?)

https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card.go

The card that might be better for your spending ?

https://www.bankofamerica.com/credit-cards/products/better-balance-rewards.go

Why don't you look at the cards, compare the benefits  and then ask if you can PC if this card would be a better option. BofA is normally very good in PC the cards.

No HP for it.

[Anonymous]

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@trumpet-205 wrote:

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@black_citi wrote:
Yea there's no AF on mine. I did read that you do get 25 a quarter on their site but I don't know if that applies to my card. When I got it 4 months ago it didn't mention anything about $25 a quarter. My card is the 123 card and they say you need to spend about $1500 a quarter I guess in order to get the $25. I honestly can't remember. I'll keep it open though. I may just ask for a CLI.

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Your card is Cash Reward that earns 3% on gas, 2% on grocery, and 1% on everything else. Only the first $1,500 spending of gas and grocery each quarter qualifies 3% and 2%, then it drops back to 1%. If you have a BofA checking account it bumps up to 3.3, 2.2, and 1.1%.

The card that gives $25 ($30 if you have BofA checking account) on each quarter is Better Balance Reward. That card requires you to pay more than minimum payment each month. Since the lowest BofA minimum payment is $25, you need to spend at least $25.01 or more each month and PIF.

I honestly don't understand why you want close this card. 4 days to report after statement is already fast enough. There are cards out there that took even longer time to report. You could also just request CLI. BofA do take HP but they generally are very good with CLI amount.

Just to clarify, I spoke to a CSR today regarding this and they told me that if my balance is only say 10$ I just need to pay it in full, so it is NOT required for you to spend at least 25.01$

[Anonymous]

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@trumpet-205 wrote:

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@black_citi wrote:
Yea there's no AF on mine. I did read that you do get 25 a quarter on their site but I don't know if that applies to my card. When I got it 4 months ago it didn't mention anything about $25 a quarter. My card is the 123 card and they say you need to spend about $1500 a quarter I guess in order to get the $25. I honestly can't remember. I'll keep it open though. I may just ask for a CLI.

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Your card is Cash Reward that earns 3% on gas, 2% on grocery, and 1% on everything else. Only the first $1,500 spending of gas and grocery each quarter qualifies 3% and 2%, then it drops back to 1%. If you have a BofA checking account it bumps up to 3.3, 2.2, and 1.1%.

The card that gives $25 ($30 if you have BofA checking account) on each quarter is Better Balance Reward. That card requires you to pay more than minimum payment each month. Since the lowest BofA minimum payment is $25, you need to spend at least $25.01 or more each month and PIF.

I honestly don't understand why you want close this card. 4 days to report after statement is already fast enough. There are cards out there that took even longer time to report. You could also just request CLI. BofA do take HP but they generally are very good with CLI amount.

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I think OP stated the reasons for closure, apart from the four days.   With a tiny CL, no incentive to use, and then it takes too long to build up the min $25 needed for redemption.  I think when you have a $10K card, it's pretty common to see no value in a $500 limit card.   Yes, you could ask for a CLI, but why bother.

[Involver]

If you only have 3 reporting cards and you're ready to cancel one because it takes "too long" to report you're going to be doing yourself a big disservice.