better balance rewards bank of america minimum spending

[anonymous4a]

Is there a minimum spending requirement per month in order to get the quarterly bonus ? I read some storeis that ppl weren't getting the quarterly bonus if they did a small recurring $1 charge .. how much are you required to spend per month in order to get the quarterly bonus ? 

[Anonymous]

There is no set amount.  I've never done under $1 because it just seems like looking for trouble.  I've had plenty of months at $1.49 or less, and always got the bonus.  But a while back, some people were reporting a small amount (somewhere between $1 and $2) being written off with a "small balance credit," so now I keep it at least $2 per month to be safe.

Chris.

[AverageJoesCredit]

I got this card more specifically cuz i know i usually carry a balance at times more than for the $25 which is still very cool. I know im probably in the wrong , but i have used this card to do 2 BTs and so i know at least ill have something on it til i pay off the BT. Plus side ive gone from 1500 to 8500 in about 8 months so im happy with it.

[gdale6]

If you are deposting the rewards into a checking/savings account and you get a bonus are you getting a 1099-INT for these bonuses??

[kawaiiguy]

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@anonymous4a wrote:

Is there a minimum spending requirement per month in order to get the quarterly bonus ? I read some storeis that ppl weren't getting the quarterly bonus if they did a small recurring $1 charge .. how much are you required to spend per month in order to get the quarterly bonus ? 

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Not sure but I just charge a monthly $15 club charge to it and have an auto pay set up...  I never touch it and it just end up with $120 for free each year  :-)

The only thing you need to consider (from what I understand and was told by the rep) is that the payment you make has to be MORE than the minimum payment, on time and made each and every month that way.

[Anonymous]

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@AverageJoesCredit wrote:
I got this card more specifically cuz i know i usually carry a balance at times more than for the $25 which is still very cool. I know im probably in the wrong , but i have used this card to do 2 BTs and so i know at least ill have something on it til i pay off the BT. Plus side ive gone from 1500 to 8500 in about 8 months so im happy with it.

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I did a BT too. It's simpler for us.

[Anonymous]

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@gdale6 wrote:

If you are deposting the rewards into a checking/savings account and you get a bonus are you getting a 1099-INT for these bonuses??

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Good question. I don't think so. I opened my first BBR in 2015 and I don't remember receiving a 1099 for the rewards. I know I will get one this year for the $300 bonus I earned after opening up a BoA checking account. 

[Anonymous]

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@kawaiiguy wrote:

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@anonymous4a wrote:

Is there a minimum spending requirement per month in order to get the quarterly bonus ? I read some storeis that ppl weren't getting the quarterly bonus if they did a small recurring $1 charge .. how much are you required to spend per month in order to get the quarterly bonus ? 

---

Not sure but I just charge a monthly $15 club charge to it and have an auto pay set up...  I never touch it and it just end up with $120 for free each year  :-)

The only thing you need to consider (from what I understand and was told by the rep) is that the payment you make has to be MORE than the minimum payment, on time and made each and every month that way.

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Well, more than the minimum payment OR the full statement balance.  It's a relevant point because with a small balance, it's quite likely that the minimum payment is the same amount as the full statement balance.  In that case, they don't make you overpay your account by paying more than the statement balance.

Chris.

[Anonymous]

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@gdale6 wrote:

If you are deposting the rewards into a checking/savings account and you get a bonus are you getting a 1099-INT for these bonuses??

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So far, the BBR rewards have been treated as any other credit card rewards, so, not taxable.  But it seems to me that BofA is walking a thin line here, particuarly with the $5 per quarter that they add just because you have a deposit account with them.  Seems like the IRS could consider that interest, like they do with an opening bonus for a deposit account.  But not so far with the BBR rewards.

Chris.

[CreditDunce]

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@gdale6 wrote:

If you are deposting the rewards into a checking/savings account and you get a bonus are you getting a 1099-INT for these bonuses??

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As long as you stay below $600, you should be fine.  If you end up with 5 BBRs or multiple CR sign up bonuses, I wouldn't hazard a guess.