Get Up to $120 Back Annually for Using New Bank of America Credit Card
The bank's newest credit card is making headlines for its incentive.
A new credit card is offering users cash rewards not for spending money, but for paying more than the minimum balance every month.
The BankAmericard Better Balance Rewards card is making headlines for its incentive — cardholders can receive up to $100 a year, $25 per quarter, as long as the monthly is bill is paid on time and more than the minimum amount due is paid toward the balance. Those who bank with the company also receive an additional $5 bonus each quarter.
DailyFinance reports that a cardholder who has a bank account with Bank of America could receive $120 back in bonuses on just $240 of spending. In comparison, to get $120 in cash rewards on a standard rewards card with a 1 percent cash-back bonus, you'd need to spend $12,000 in a calendar year.
"... even if you have only a $15 minimum payment, you could put a measly $20 on the card every month, and as long as you're paying a little more than the minimum due amount, you'll reap the rewards," the DailyFinance report reads.
The card has no annual fee and cardholders can choose to have their cash rewards automatically credited to their card balance or deposited into a Bank of America checking or savings account or Merrill Lynch Cash Management Account.