Better Balance Rewards
We’ve written about the Bank of America’s Better Balance Rewards (BBR) credit card. The card doesn’t come with a signup bonus, but it’s the perfect card for downgrading any unused BoA credit card, since it earns up to $120 per year by simply paying off the balance on the card monthly.
[Related: Best Downgrade Options & Rules For Each Card Issuer]
The card earns $25 each quarter that you paid off more than the minimum payment each of the past 3 months, for a total of $100 per year. If you have a BoA checking or savings account, you’ll get an additional $5 per quarter, bringing to a total of $120 per year. And you can have multiples of the card, so you can downgrade all you unused BoA cards to the BBR card.
Note: While the card is available for new signups, it recently hasn’t been easy to get a CSR to convert your cards to BBR since they’ll the card isn’t an option for downgrading. With some persistence, however, you should be able to get it done.
Recent Problems
There have been some reports of late that BoA is waiving small balances on the BBR cards. Those who keep ordinary balances shouldn’t have a problem, but if you regularly leave $1 or $2 on the card in order to be eligible for the bonus, they’ve been coming in once-a-quarter and waiving the balance. Since you don’t have a balance when it was waived, there’s no way to fulfill the condition of having paid off you balance 3-months straight. This then exempts them from having to pay out the $25/30 reward.
The most we’ve seen them waive so far on the BBR cards is a $4.75 balance. For this reason, we’d recommend leaving a $5 balance each month. You can automate by purchasing a $5 Amazon gift card each month using the Amazon Allowance feature. Or you can put your Netflix or any other recurring bill over $5 on the card.
We keep a list of card issuers who waive small balances, see Small Balance Credit Card Waiver. BoA typically does not waive any balance at all, and they apparently are doing this just on a quarterly basis and just on the BBR cards. Also note that not everyone has been getting these quarterly $4 waivers, so you can try keeping a smaller balance and risk it.
Welp, looks like the party is over. BofA sent me the dreaded discontinuation letter. I was charging my ~$100 Internet on it, so not trying to maximize the reward. Letter below…
We want to let you know that your Better Balance Rewards credit card will become a Bank of America Unlimited Cash Rewards World Mastercard credit card because the Better Balance Rewards® program is being discontinued.
What this means to you
After May 16, we’ll mail you a new Bank of America® Unlimited Cash Rewards credit card to replace your existing card. Continue using your existing card until your new card arrives and remember to destroy your existing card once you activate the new one.
Your last Better Balance Rewards Quarterly Cash Reward will be paid in April; however, if your account is open and you continue to make qualifying payments from April 1 through May 15, we will reward you with a one-time statement credit of $20.
I got the dreaded letter today too. By any chance did you call them about any credit cards that you have recently? I closed one of their credit cards recently and thought this discontinue letter was retaliation for doing so.
I haven’t contacted BofA about anything recently. It looks like they are shutting the card down for everyone.
Slowly moved down from $5 in 2018 to just $3 now in 2022… never been waived, and got the quarterly bonus again 1/4/2023. I think it’s safe to go lower, but I will stay at $2 for the next year to find out. Below $2, it’s not worth the risk.
We’ve had 3 of these since 2016. We always get the credit (deposit to BoA), and just put $1 each month on each card.
It looks like BOA has raised their bar for when they will forgive a small CC balance on the BBR. $5 is no longer safe.
http://ficoforums.myfico.com/t5/Credit-Cards/BBR-5-Adjustment-credit/td-p/4983079
I know this is a relatively old post, but the terms on getting the quarterly bonus doesn’t seem as clear as I initially thought before I got the card.
I have a statement credit from one of their deals and it looks like that statement credit was reduced to pay off the balance when the statement closed. I still have $40+ credit. Since my future statements (assuming I don’t charge more than $40+) will actually close without a balance (the statement credits will be applied), does this mean I won’t get the quarterly bonus?
If this is the case, then how do you “cash out” the cash bonus so you don’t have statement credit?
If you don’t have a balance due on your statement you will not earn the bonus. If you made purchase on BBR and received a credit from that purchase there is really nothing you can do. You have to be mindful with this card statements. It’s best to set it and forget it there is really no reason to use this card for anything other than your bonus.
Didn’t receive recent two quarter bonus. Have an $5 amazon allowance and it used to work well..
Not sure it is correct or not, but CSR told me to keep the balance above $25. So there will be a differences between the min balance due and overall due. So always keep the balance as $30.
The CSR probably does not have the card (its probably a good question to ask them)…I pay a republic wireless bill around $6 a month and for the past year I have received every bonus except for the time I stupidly paid early resulting in a zero bal. Now that the account is set up for auto payments I have not had a problems.
I usually kept the balance above $5, and I always received my $30 credit.
I kept my balance around $3.5 in the last few months, and I didn’t receive my credit in Jan. I need to give them a call and see. Anyone knows what the best way to contact them? thanks!
Any data points recently on being successful downgrading to BBR?
Hmm, I have a spotify student plan at $4.99 per month. You guys think they will waive that lol?
Yes, I pay a cell bill $5.88 and it qualifies. I set up auto pay to stop myself from paying too early.
Would be funny if you pay $0.01 when a balance of $0.00 is generated for all payment options. And because you paid “more than the minimum” at 0.01 you’d qualify.
I just got this card and activated March 2nd. And my closing date for my first bill was March 6th. So I charged a $1.09 drink to it, and Paid in Full almost immediately on the BoA iPhone App. So now that my first bill was come through my balance due across the board is $0.00. Because I paid in full on the $1.09 right away versus letting it carry over when the statement bill was processed on the 6th.
Do I still get my bonus for that quarter? Keep in mind I’m a “new” cardholder member for the quarter of Jan – March, and activated and charged my account March 2nd. The rep on the phone said no even though I paid in full and that charge and payment show up on the statement sheet.
For future reference I guess should I just let it carry over so the balance due is $1.09?
The bill has to generate with a balance, so you won’t be eligible 🙁 Leave the balance next time until the month closes.
Ballz! Thank you for the heads up