Earn up to $30 a quarter when you pay more than the monthly minimum each month… Is it worth it?
Bank of America is one those banks that isn’t know for their credit cards, which may be partially due to the fact they don’t issue any premium cards (such as a Visa Infinite)… But, luckily for most college students their cards are within reach.
The Better Balance Rewards is a step above the BankAmericard Secured Credit Card in the sense this card requires a credit history. +It also comes with a unique rewards program, so let’s take a look at the card’s benefits:
- Earn $25 per quarter! Pay down your balance faster when you pay more than the monthly minimum on time each month. That can be up to $100 each year + if you’re a Bank of America checking/ savings account holder you get up to an additional $20 a year!
- 0% for 12 billing cycles, this applies to balance transfers made within 60 days of opening your account. (3% transfer fee with a minimum of $10)
- 0 Annual Fee
Let’s take a look at the card’s unique rewards system… You earn $25 (up to $30) per quarter just for paying more than the monthly minimum. In terms of cashback % what is that?:
So… Yes, you can technically get 2,000% cashback… But, data points show BankOfAmerica will forgive balances below $5 (that means you won’t get the $25-30 that quarter). What kinda spend should you put on this card? I only recommend putting the bare minimum on this card, such as a $5-10 reoccurring subscription (Netflix or Hulu). Put everything else on a different card, such as the Discover it for Students, to maximize your cashback.
Should you get this card?: Yes, combine this card with another cashback credit card (for your monthly spend) and you’re making $$$ (depending on how much you spend a month). Honestly, if you could only get one credit card and you spend less than $200 a month, I would get this card. + You can also take an advantage of the balance transfer offer if you need that.
(We thank DoctorOfCredit for the calculations and the data points found on this post)
Keywords: 0% Apr Balance Transfer, Bank of America, Student Credit Cards