That's the draw. It basically makes more money than the Citi Double Cash would if I put all my "everything else" spend on it. And I have a BoA account.kdm31091 wrote:You are right that it does earn the equivalent of 2%, up to about $400 a month in spend $1250 spent in a quarter would get you $25 on a Double Cash, and $25 on the BBR if you have a BOA account).
I've done some research on it and I think I have a good understanding on how it works. If you spend at least $5/month on it, let it present itself in the monthly statement, and pay it off in full, you can get the rewards. I don't mind waiting as long as I get the money. And seeing as how I have a BoA C&S account and a BoA CR credit card, I don't need to devote special time to keep checking on it as I would if I didn't.Having said that, I'm not a patient person, so waiting 3 months for every $25 has never been super appealing. For return, it's great for small bills etc, but you have to make sure you have a balance to pay on the statement, etc -- there are some somewhat confusing rules with the whole system.
I think I'll apply for it. If I'm rejected, no biggie. I don't intend to apply for any other card until December, when I might give Citi Double Cash another shot.Anyway, the rumor is/was that the card would go away for signups soon, and BOA certainly doesn't advertise it much. If you do want it I'd probably apply sooner, but at the same time, it's a card I think anyone can live without.
I did some reading on this and my understanding is that as long as you have money showing up on the statement and you pay it in full, you should be good. You don't necessarily have to pay "more" than the minimum if the total statement balance and the minimum amount are the same. The one caveat is that you better have at least $5 worth of spend for every statement, because BoA has occasionally settled smaller amounts, making you ineligible for the bonus.Vattené wrote:Note you have to pay more than the minimum balance, so you have to charge enough that the minimum balance would be less than the total spending (perhaps as long as you spend over $35 a month, the minimum would be $35 and you'd be good, but I don't know exactly as I've never had a BofA product and don't know the precise rules of how they determine minimum payments).
Vattené wrote:Well that makes it even more appealing, if you could just put something like Netflix on it recurring and not need to do anything else to get it! I just thought that since it said "more than the minimum." If you go for it and find that works, please do report back.
To My Credit wrote:Vattené wrote:Well that makes it even more appealing, if you could just put something like Netflix on it recurring and not need to do anything else to get it! I just thought that since it said "more than the minimum." If you go for it and find that works, please do report back.
I just applied for it and I was approved. I will probably ask a CSR to explain how exactly it works, just to be sure, once I get the card.
ETA: I don't know what the rules here are about linking to pages, but there are some informative thread on Reddit about this. You could just Google it for more information.
1. Spend more than $5 every statement cycle so BoA doesn't do a "small balance adjustment" by paying it off itself, making you ineligible for the bonus.
2. Set the bonus to be deposited into your BoA C&S account so you don't get a statement credit, which leads to a negative balance and a missed bonus.
3. Pay the bill in full and on time, always.
So, basically, make sure you have at least $5 on your statement every month and pay it off in full. As long as you follow these steps and don't slip up, you can make $120/year. It really helps if you have a BoA C&S account.
Yes, but either is fine to get that additional $5 per quarter.Tubpbs wrote:Is C&S checking and savings?