BankAmericard Better Balance Rewards Credit Card

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yfan
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Re: BankAmericard Better Balance Rewards Credit Card

Postby yfan » Thu Jun 23, 2016 4:31 pm

As far as banks tying rewards to deposit accounts go, I prefer earning roughly $25 a month in exchange for a few swipes of my credit union debit card.


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Vattené
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Re: BankAmericard Better Balance Rewards Credit Card

Postby Vattené » Fri Jun 24, 2016 3:29 pm

yfan wrote:As far as banks tying rewards to deposit accounts go, I prefer earning roughly $25 a month in exchange for a few swipes of my credit union debit card.

I actually use a small bank that gives 2% interest on checking for jumping through some hoops like that (12 debit card swipes plus a few more like electronic statements, a direct deposit, etc.). I love it. I don't keep enough in it to earn that much, but it's an easy way to earn good interest. The best part is you can not meet all of the qualifications in a cycle and it's still a basic, free checking account just with the normal, piddly interest rate.

I think it's great to incentivize customers to keep a lot in deposit accounts. The distinction is between incentivizing behavior you want and disincentivizing behavior you don't want (when there is plenty of competition out there). Even their Preferred Rewards make you keep a ton in deposits with them for (what I consider to be) mediocre benefits. I don't want to harp on BofA too much here - they're certainly not the only bank that does this and it's not a problem if you use them for your everyday banking needs - but as someone that isn't already a customer I take one look at their list of requirements and think "no thanks."



To My Credit wrote:I just received my card and my next closing date is on the 8th of July. I'm wondering if I'll be eligible for the bonus for the second quarter of the year once I put some expense on it. Does anybody who has the card have a clue?

ETA: Just called Customer Service and they say I'm not eligible for the 2nd quarter bonus. I'm still going to put some expense on it, of course.

I didn't see anything spelling this out, but it sounds like it's done strictly by calendar quarter. I'm on board now, just need to see if my wife has any tolerance for my adding another card to our portfolio.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

To My Credit
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Re: BankAmericard Better Balance Rewards Credit Card

Postby To My Credit » Fri Jun 24, 2016 4:11 pm

I didn't see anything spelling this out, but it sounds like it's done strictly by calendar quarter.
I read something about getting the bonus even if you join after a quarter has already started. But seeing as how my first statement ends in the 3rd quarter, I guess that rules me out for the 2nd quarter.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

TXviking
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Re: BankAmericard Better Balance Rewards Credit Card

Postby TXviking » Sun Jun 26, 2016 2:19 pm

Vattené wrote:I don't want to harp on BofA too much here - they're certainly not the only bank that does this and it's not a problem if you use them for your everyday banking needs - but as someone that isn't already a customer I take one look at their list of requirements and think "no thanks."


This. Exactly this. Perhaps I'm being a bit of a primadonna, but to get me to switch, it's not enough to (barely) match what 'everybody' offers.

To My Credit
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Re: BankAmericard Better Balance Rewards Credit Card

Postby To My Credit » Sun Jun 26, 2016 2:34 pm

Bank of America charges $3 per ACH transaction which is pretty ridiculous. It's my money and I should be able to move it wherever I want without having to pay for it. I've decided on moving my savings to Discover. I'm still going to have to have my checkings at BoA for practical convenience, but I wish that weren't the case.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

TXviking
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Re: BankAmericard Better Balance Rewards Credit Card

Postby TXviking » Sun Jun 26, 2016 2:40 pm

To My Credit wrote:Bank of America charges $3 per ACH transaction which is pretty ridiculous. It's my money and I should be able to move it wherever I want without having to pay for it. I've decided on moving my savings to Discover. I'm still going to have to have my checkings at BoA for practical convenience, but I wish that weren't the case.


At least Chase doesn't charge me for ACH transfers. They do limit them severely, but that seems to be standard for American banks:
- Can only do ACH transfers to your own accounts at other banks
- To send money to OTHER people, you have to make the recipient sign up for "Chase QuickPay" (which is ridiculous) or use wire transfers (which do have outrageous fees, although I've had 100% success getting those waived for the two or three wire transfers I've done in the past five years.)
- Outbound ACH transactions will routinely be blocked/delayed on the pretext of "fraud" because Chase doesn't want to give up the deposit :beat:

I miss European banking. I could transfer money to anyone with an IBAN pretty much instantly, even if they were in a different European country. :cool:

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Vattené
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Re: BankAmericard Better Balance Rewards Credit Card

Postby Vattené » Wed Jun 29, 2016 3:09 pm

Well I finally pulled the trigger on it last night. Had the wife apply for it just because her profile doesn't have as many accounts. I'll set up a savings account with $300 later and hopefully this means we'll get the $30 for Q3.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now



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