BankAmericard Better Balance Rewards Credit Card

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To My Credit
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BankAmericard Better Balance Rewards Credit Card

Postby To My Credit » Thu Jun 09, 2016 11:32 pm

For those of you that are unaware, this is a card from BoA that gets you $25 per quarter just for having a balance every month and paying it in full (or at least more than the minimum) in time. So you can basically get $100/year with minimal expenses, as long as you don't slip up. $120/year if you have a BoA Checking or Savings account.

My question is, is it worth getting just for the $120/year? That's more than most cards earn you if your expenses are divided over 5 or more cards. The best thing about this card is that it has its own corner and doesn't eat away on the expenses of any of the other cards. So what do you guys think?
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+


kdm31091
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Re: BankAmericard Better Balance Rewards Credit Card

Postby kdm31091 » Fri Jun 10, 2016 5:51 am

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).

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.

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.

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Vattené
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Re: BankAmericard Better Balance Rewards Credit Card

Postby Vattené » Fri Jun 10, 2016 2:25 pm

I've actually thought about doing this myself, just putting smaller recurring bills on the card and largely not using it for anything else. It could certainly be a good return for a small amount of spend. 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).

I considered this a while ago, but never actually pulled the trigger. It's $120 a year...nothing to scoff at, but still another account to keep track of and in my case for the $5 bonus a new BofA deposit account to set up and keep track of, too. I guess the fact that I've never applied for it tells you whether I thought it was worth going through the trouble. I might reconsider now, though.
-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 10, 2016 2:29 pm

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).
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.

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'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.

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 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.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

To My Credit
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Re: BankAmericard Better Balance Rewards Credit Card

Postby To My Credit » Fri Jun 10, 2016 2:32 pm

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).
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.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

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Vattené
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Re: BankAmericard Better Balance Rewards Credit Card

Postby Vattené » Fri Jun 10, 2016 3:06 pm

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.
-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 10, 2016 3:11 pm

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 threads on Reddit about this. You could just Google it for more information.

Some tips:
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.
Last edited by To My Credit on Sun Jun 12, 2016 9:47 am, edited 1 time in total.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+

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Vattené
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Re: BankAmericard Better Balance Rewards Credit Card

Postby Vattené » Fri Jun 10, 2016 4:45 pm

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.

Some tips:
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.


Congrats on the approval, and thank you! I'll have to think about it more now...
-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

Tubpbs
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Re: BankAmericard Better Balance Rewards Credit Card

Postby Tubpbs » Fri Jun 10, 2016 5:32 pm

Is C&S checking and savings?
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

To My Credit
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Re: BankAmericard Better Balance Rewards Credit Card

Postby To My Credit » Fri Jun 10, 2016 5:35 pm

Tubpbs wrote:Is C&S checking and savings?
Yes, but either is fine to get that additional $5 per quarter.
Current cards: BankAmericard CR, BankAmericard BBR, Citi Double Cash, Chase Freedom, AmEx BCE, Discover It
Wishlist: US Bank Cash+



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