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I believe this card was released today. The gist is that paying more than the minimum every month yields $25 per quarter. Also, $5 quarterly for qualifying associated products like checking/savings.

It is not particularly exciting from a CB perspective but does seem like easy money. Charge a small amount each month, pay it off -- get $120 per year.

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There is no credit pull if you convert a card. A new application will certainly hit your report, and that inquiry is bet... (more)

ITAF3Can (Apr. 17, 2014 @ 4:04a) |

What he said.  This card will get a max $120 in the first year, which is under my threshold for a new credit hit.  The c... (more)

cpaynter (Apr. 17, 2014 @ 7:14a) |

I see, thank you!

prikindel (Apr. 17, 2014 @ 8:42a) |

Program rules:
https://www.managerewardsonline.fiacardservices.com/cms/published/root/dcb/PDF/BAC_BetterBalance_PR.pdf

Reward Redemption Options (i.e. Statement Credit vs. Deposit to Checking/Savings Acct):
http://www.bankofamerica.com/betterbalancerewards

NEDeals said:   The United States customer service center (California) number is 800-799-9631. I recommend using this number if you want anything important done, the number on the card may connect you to Philippines, Mexico, Costa Rica, India or who knows where and the foreign reps are less empowered to help you. They are great for arguing with you though.

*EDIT* Removed funky characters.

Online Specialized Services phone number is 800-887-5749 option 2.

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You have to pay more than the minimum balance. So if you only charge $1, and the minimum balance is $1, guess what, I bet you don't qualify.

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Charge nothing and pay $1 a month? Too simple maybe...

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The way I read it is that you'd need to have a balance greater than whatever their min payment is, most likely $25. It explicitly states that zero balances don't qualify.

Charge $25.50 per month. The min payment (theoretically) is $25. Pay it off.

$25.50 * 12 = $306
$120 in rewards on $306 annual spend is a nice CB percentage though it obviously cannot be scaled without having multiple cards.

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Just need to find out how they calculate their minimum payment...

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Agreed - this seems like easy money as long as you charge at least the minimum payment.

So as you say - if (minimum) minimum payment is $25 - then simply charge more than that every month.

Set up Auto Pay to pay your bill in full each month.

Then, all you need to do is remember to use the card at least once a billing cycle for at least the minimum.

If this is still around on my next AOR, I might consider it... It isn't as glitzy as 50,000 points for sign up - but $120 a year (for BoA customers) isn't bad.

Seems an easy way to make $100
kintro said:   The way I read it is that you'd need to have a balance greater than whatever their min payment is, most likely $25. It explicitly states that zero balances don't qualify.

Charge $25.50 per month. The min payment (theoretically) is $25. Pay it off.

$25.50 * 12 = $306
$120 in rewards on $306 annual spend is a nice CB percentage though it obviously cannot be scaled without having multiple cards.

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AMEX Green Cash had a similar Cash Back bonus if one did not completely pay off the card

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Well that is not a bonus at all - why trade in a finance charge for a CB bonus?
This is the opposite of that - they are giving you a bonus for paying off MORE of the balance.

The former promotes bad charging habits, this one actually promotes more responsible behavior.

xoneinax said:   AMEX Green Cash had a similar Cash Back bonus if one did not completely pay off the card

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$120 is not worth the hassle. And who knows, they can change the T&Cs at any time.
A better deal is the Sony card that offers $100 statement credit after first purchase and has 0% apr until 12/31.

Edit: this card also has 0% for 12 months. Interesting, so a finance charge is out of the question for non-zero balances each billing cycle.

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kvs25 said:   $120 is not worth the hassle. And who knows, they can change the T&Cs at any time.
A better deal is the Sony card that offers $100 statement credit after first purchase and has 0% apr until 12/31.

Edit: this card also has 0% for 12 months. Interesting, so a finance charge is out of the question for non-zero balances each billing cycle.


Agree, it is not hassle free, especially for people who do not use autopay/bill pay. The potential changes in T&C is something of a concern since this card only pays off if manages to stick around for a couple/three years. Anyway, I still think it's somewhat interesting for soft pull product conversions from dormant cards if BOA is willing.

As for advocating a $100 sign up bonus for the Capital One card, I think many on FW do better if they are going to incur a triple credit pull.

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Why not convert the cash rewards card to this one for those that previously signed up for it with the big sign-up bonus a few months ago, or those that were converted from the Schwab?

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tjroome said:   Why not convert the cash rewards card to this one for those that previously signed up for it with the big sign-up bonus a few months ago, or those that were converted from the Schwab?

Soft pull product conversion on sock-drawered BOA card(s) is definitely the plan here. Submitted request through online chat earlier today.

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kintro said:   Soft pull product conversion on sock-drawered BOA card(s) is definitely the plan here. Submitted request through online chat earlier today.

Ditto on the conversion.

A couple of notes from the program details:
https://www.managerewardsonline.fiacardservices.com/cms/publishe...

"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 if my balance is equal to the minimum payment, that would qualify? ($1 charge / month might work if this is correct)

You have to have activity every month of the quarter, except the opening quarter of the account:

"New Customer
If your account was opened after the start of a new calendar quarter, you can still earn a Quarterly Cash Reward for that quarter as long as all the payments you make within that quarter are Qualifying Payments. After that you must make three payments within a quarter as described above to be eligible for a Quarterly Cash Reward."

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Looks like a winner. I chatted with a CSR agent to convert a sockdrawered CashRewards card. But it's unclear what will happen to the $6.58 in rewards I'd accumulated on the card. I think I confused the poor girl, lol. Before converting, I asked about the rewards, and she assured me they'd transfer to the new account. So, then I asked if purchases earned any rewards aside from the balance-payment rewards. (She had to go away for a couple minutes with each question.) She said no. So I said, so what happens to the $6.58? The program details indicate that the $25 will be rewarded as a statement credit, not added to the cash rewards balance. So if nothing ever gets added to that $6.58, then it will just sit in limbo forever, right? "Kristine: I am sorry for the confusion. Can you please be more specific question?" I tried again, then got "Thank you for clarifying that to me. In this case, for assurance would that be fine if you will redeem your points first?" But, I said, rewards can only be redeemed in $25 increments, right? "Kristine: Yes, you are correct." So, if I can only redeem in $25 increments, and the $6.58 never gets added to, then it'll be in limbo forever. Or can a CSR transfer that $6.58 to one of my other CashRewards accounts? "Kristine: I am sorry however they are unable to transfer the points." Me: "ok, well, $25 is better than $6.58. i'll let it go. thanks."

In the end, if I don't get the $6.58 somehow, I'll probably make another call on the strength that she initially indicated that the $6.58 would transfer to the new account. But like I indicated, $25 trumps $6.58.

Thanks for the heads-up, OP!

Chris.

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$120/year seems decent. i'd probably try it out with $5 charges per month, paying it off in full and see if that qualifies you. if not, then up the charges to more than minimum payment amount.

actually, anyone who signs up and makes a payment in march should qualify for the quarterly payout, yes? so maybe we can find out sooner rather than later.

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BenH said:   Well that is not a bonus at all - why trade in a finance charge for a CB bonus?
This is the opposite of that - they are giving you a bonus for paying off MORE of the balance.

The former promotes bad charging habits, this one actually promotes more responsible behavior.

xoneinax said:   AMEX Green Cash had a similar Cash Back bonus if one did not completely pay off the card

Actually the former prompted me to come up with clever ways to generate low hassle finance charges that were very small but present every month to get the higher rebate tier.

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I was told that existing rewards points will be forfeited upon conversion. Excerpt from my chat with BOA

Please note that it will take 2-4 weeks for the account to get
converted. Once the account is converted and you use the new credit
card then points will be accumulated. Please be advised that the
account number will change and we are unable to re-instate the old
account number. If you have any existing points they will be
forfeited.

rated:
When I click on "Additional Benefits" tab, I see:

Chip Technology
Smart chip technology lets you make purchases with ease and confidence outside of the U.S. You'll enjoy greater acceptance in over 130 countries around the world including Canada, Mexico and the United Kingdom.

so is it true that this card comes with a chip?

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jsssm said:   actually, anyone who signs up and makes a payment in march should qualify for the quarterly payout, yes? so maybe we can find out sooner rather than later.

Might be too late. Even opening today probably won't generate a statement cycle in March, more likely first statement will close in April. My conversion from other BoA card should go through by end of the month. I'll try ~$10 charges for the first 3 months and see if that yields a bonus.

If someone can make it work in March, it would be great to hear about it.

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DrXX said:   When I click on "Additional Benefits" tab, I see:

Chip Technology
Smart chip technology lets you make purchases with ease and confidence outside of the U.S. You'll enjoy greater acceptance in over 130 countries around the world including Canada, Mexico and the United Kingdom.

so is it true that this card comes with a chip?


yes... You can have the card with a chip and, in my case, I could also ask for the RFID chip to go along with it. This chip they are talking about is the contact type used in Europe.

I chose the smart chip but not the RFID chip.

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kintro said:   Soft pull product conversion on sock-drawered BOA card(s) is definitely the plan here. Submitted request through online chat earlier today.



Was it a soft pull? I ask because a few months ago I asked them to consolidate two identical 3-2-1 cash rewards cards and they insisted on a hard pull. I wasn't asking for any additional credit line just a consolidation to my older card.

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depreshun said:   kintro said:   Soft pull product conversion on sock-drawered BOA card(s) is definitely the plan here. Submitted request through online chat earlier today.



Was it a soft pull? I ask because a few months ago I asked them to consolidate two identical 3-2-1 cash rewards cards and they insisted on a hard pull. I wasn't asking for any additional credit line just a consolidation to my older card.


BofA does HARD pull on EVERY account-changing inquiry. CLI,conversion,consolidation, etc etc. I've learned it hard way.

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larciel said:   depreshun said:   kintro said:   Soft pull product conversion on sock-drawered BOA card(s) is definitely the plan here. Submitted request through online chat earlier today.



Was it a soft pull? I ask because a few months ago I asked them to consolidate two identical 3-2-1 cash rewards cards and they insisted on a hard pull. I wasn't asking for any additional credit line just a consolidation to my older card.


BofA does HARD pull on EVERY account-changing inquiry. CLI,conversion,consolidation, etc etc. I've learned it hard way.




Well.. I just finished a painstakingly slow chat with BOA and requested the conversion. The CSR never mentioned a hard pull and did not ask any questions indicating he would. I am not too terribly worried as I just did a mini AOR and am building 0% balances so my credit is already beat to death in the last month. However, I do plan to complain to BOA if/when the hard pull shows up.

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I applied and got instant approval. I chatted with a CSR and was told (with no written backup) that the minimum payment (assuming you incur no interest or fees) was for balances of:

0-15: The balance
15-1500: 15
1500+: 1% of the balance

She claimed that "more than minimum" = more than minimum or complete payment. So if you charged $5/mo and paid it in full that would qualify, however you must charge something each month. Again, she could not substantiate this in writing anywhere so take it with a grain of salt. If you want to be safe you probably want to charge $16/mo

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larciel said:   depreshun said:   kintro said:   Soft pull product conversion on sock-drawered BOA card(s) is definitely the plan here. Submitted request through online chat earlier today.



Was it a soft pull? I ask because a few months ago I asked them to consolidate two identical 3-2-1 cash rewards cards and they insisted on a hard pull. I wasn't asking for any additional credit line just a consolidation to my older card.


BofA does HARD pull on EVERY account-changing inquiry. CLI,conversion,consolidation, etc etc. I've learned it hard way.


Without disclosure and/or asking for your SSN?

Chris.

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can they convert a visa BOA rewards card to this new BOA Mastercard?

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So, now that I've converted one BofA card to this new program, I'm thinking, in characteristic greedy FWF fashion, how to plunder this deal.

Between DW and me, we have three other BofA cards that could potentially be converted to this new product. None of them comes close to bringing in $120 per year in rewards, so why not convert them all?

One is, like the one I did convert, another 3-2-1 CashRewards card. It has a trivial rewards balance. The only thing special about it is that since it's converted from the old Schwab card, it has no foreign transaction fee, and I get 1% rewards. But the fact is, I don't do that much foreign travel. And where I go, cash is often king. Where credit cards are accepted, I have Discover and PenFed AMEX which also have no foreign transaction fee and give me 1% (yes, I know Discover/AMEX acceptance is limited). Where Visa is accepted and Discover/AMEX aren't, I also have a CapOne Visa which doesn't provide me any usable rewards, but does waive the foreign transaction fee. And some of the most likely purchases I'd make while traveling are in categories (e.g. dining, grocery, gas, hotels, airfare) in which I always or often get bonus rewards on other cards which more than offset the foreign transaction fee + 1%. So to make this card in its present form return more than the $120 I'd get with the Better Balance program, I'd need to be making $12,000 of international purchases annually where Visa is accepted and Discover/AMEX aren't, and on categories on which I'm not getting 5% on some other card. The chances of that happening are zero. So why not convert it for a sure $120 per year?

Another idle card is a CashRewards card, but not a 3-2-1. Instead, it's on a program where if I wait till CashRewards balance hits $300, I can get a bonus $75. I'm at about $275 right now, so spending an additional $2,500 will get me $100. But why not cash out the current rewards as is, convert the card, spend $300ish and get $120?

Finally, DW has an old WorldPoints card. It's got about 12,500 points accumulated, which I could redeem for $92.50, but I've been slowly saving up to 25,000 points for a 1-1 redemption level. I primarily use that card when I get a special quarterly offer that gives me 5x points on certain categories (typically limited to 2,500 bonus points). Past performance has led me expect a maximum of two usable offers per year. That means $2,500 in spending over the next two years will net me $157.50. That's a nice 6%+ return, but why not instead cash out the rewards as they stand and spend $600 + change over the next two years and get $240?

I may let this current conversion go through and see how it works out. But at some point, unless this deal doesn't turn out as it seems, I'm thinking some more conversions are in order.

Chris.

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timless said:   can they convert a visa BOA rewards card to this new BOA Mastercard?



I am converting a cash rewards Visa to this new one. I asked the question specifically and was told that the new card would be a Visa because that's what the existing card is.

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With 0% interest for 1st 12 months, you should be able to just charge ~ $200 upfront, then make a small purchase every month and make a $16 monthly payment.

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It's not granted they'd apply 0% APR to converted accounts, need to ask that question during the conversion process

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Went ahead and converted my old world points card. From my chat with csr:

You: May I also request a Smart Chip card?

Nicks: DrXX, I am unable to comment up on the Smart Chip card, I recommend you contacting us back once the card gets converted and request for a Smart Chip card again after the card conversion.

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depreshun said:   kintro said:   Soft pull product conversion on sock-drawered BOA card(s) is definitely the plan here. Submitted request through online chat earlier today.



Was it a soft pull? I ask because a few months ago I asked them to consolidate two identical 3-2-1 cash rewards cards and they insisted on a hard pull. I wasn't asking for any additional credit line just a consolidation to my older card.



I asked the chat rep twice if this was a soft pull. First answer: this won't affect your credit score. Second answer: yes, this is a soft pull.
Despite whatever the CSR's say, I still have my doubts. Nothing's shown on my CR's thus far though but it has only been a day and conversion takes 2-4 weeks (again, so they say).

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I also converted one of my cards, got confirmation of no hard pull

The odd thing - agent was unable to have converted the card with a balance (not recurring), said it has to be zero

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Are y'all making sure you get the 0% when converting cards? Usually converting a card does not include the bonus or promotional rates. It's not that big of a deal, but 0% interest is always nice.

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I asked if it's possible to get 0% apr and the answer was no.

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I also wanted to point out another benefit of this card - which you already have if you have *any* other BoA card - but if you are thinking of this as a new card, also consider:

http://museums.bankofamerica.com/

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Great deal. I converted an old card that I never used. I will shift some monthly recurring payments to this card and reap the benefits.

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Thanks OP! Conversion over chat worked perfectly.

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BenH, now that you mention it, my parents managed to get $1 megabus tickets to NYC (and back -- they had to pay $2 for the trip back) and went to the Metropolitan Museum of Art... Most expensive part of the whole trip was the subway ride in NYC. Did take some planning though. It is a pretty cool benefit.

Skipping 348 Messages...
rated:
cpaynter said:   
ITAF3Can said:   
prikindel said:   
cpaynter said:   
prikindel said:   Has anyone tried to convert from the WorldPoints (former Motley Fool) card? I called and they said it's ok to convert, but it would have a different account number. Is that true?
I think it's safe to say yes, you can convert it and it will get a new card number.

While I can't speak specifically about the MF card, I did have a different WorldPoints card that converted just fine (I did cash out my points first, as I was advised that whatever points were left would be forfeited).  I would think any WorldPoints card would work the same.

And every BofA card I've converted, regardless of previous program, got a new card number when converted to BBR.

Chris.

Thanks, Chris. So is there any reason to make the conversion, as opposed to applying for a new card?

  There is no credit pull if you convert a card. A new application will certainly hit your report, and that inquiry is better used elsewhere IMO.

  
What he said.  This card will get a max $120 in the first year, which is under my threshold for a new credit hit.  The conversion avoids that.  

If I were to decide I wanted a new BBR card, I'd instead apply for a BofA Cash Rewards card, meet the $750 spend, cash in my $100 opening bonus for that program, then convert the card to BBR.  Then I'd be getting $220 in the first year, then $120 in each succeeding year.

Chris.

I see, thank you!

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