Bank of America Better Balance Rewards Card Review

In an effort to show that they really do have consumers’ best interests at heart, many credit card issuers are rolling out new programs that reward borrowers for better behaviors.

Some issuers allow you to miss payments on occasion, and others let you pay on the due date up until midnight. Citi has its ThankYou points, and now Bank of America has the Better Balance Rewards card.

What is the Better Balance Rewards Credit Card?

The BankAmericard Better Balance Rewards MasterCard doesn’t bother with more traditional rewards programs. Instead of earning points or cash back based on what you spend, you are rewarded cash back on the way you make payments.

Related: Discover it Review – Discover’s New Credit Card

You receive $25 cash back each quarter when you make payments that exceed the minimum requirement, as well as when you pay on time each month. On top of that, you can get another $5 each quarter if you have another qualifying account with Bank of America.

Your total possibility is an extra $120 a year, if you qualify for all of the cash back. That money can either be applied directly to your account balance, or you can choose to have it deposited into a checking or savings account.

Other than the fact that the rewards program is a little different, the Better Balance Rewards card is fairly standard for a credit card.

There is no annual fee, and there is a 12-month introductory APR of 0% on balance transfers and purchases. You do pay a 3% fee for balance transfers.

 

Related: 3 Things To Look For In A Balance Transfer Credit Card

The regular interest rate is variable, ranging from 11.99% to 21.99%, depending on your credit.

Because it’s a Bank of America credit card, you can link the Better Balance Rewards MasterCard to your Bank of America checking account and use it for overdraft protection.

Bottom Line

For the most part, the Bank of America Better Balance Rewards MasterCard is fairly standard issue. It is nice that you are automatically rewarded for your good payment behaviors, though.

Instead of trying to count up points and try to manage cash back categories, as long as you keep making your payments as you should, you just get money in the bank.

The BankAmericard Better Balance Rewards credit card would go well in combination with other credit cards.

Related: Best Cash Back Credit Cards

Use this card for specific and irregular purchases, just to qualify for the cash back.  Then, use another card for the better points rewards.

With a little planning, you coordinate your rewards card usage to reap maximum benefits.

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