Bank of America’s Better Balance Rewards program is a unique offering that allows customers to earn cash rewards for responsible credit card usage. Whether you’re a long-time Bank of America customer or considering opening an account, this article will provide you with everything you need to know to make the most of the Better Balance Rewards program.
How Does Better Balance Rewards Work?
With Better Balance Rewards, Bank of America credit cardholders can earn up to $100 in cash rewards every year. The program rewards customers for paying more than their minimum amount due or making additional payments to reduce their credit card balance.
Earning Cash Rewards
To start earning cash rewards, Bank of America customers need to enroll in the Better Balance Rewards program. Once enrolled, they can earn $25 every quarter by paying more than the minimum amount due or making additional payments of at least $5 to their credit card balance.
Qualifying Bank of America Credit Cards
Not all Bank of America credit cards are eligible for the Better Balance Rewards program. To participate, you must have a Bank of America Cash Rewards, BankAmericard, or Bank of America Travel Rewards credit card.
Tips to Maximize Your Benefits
If you’re looking to maximize your earnings through the Better Balance Rewards program, here are a few tips to keep in mind:
Set Up Automatic Payments
Setting up automatic payments ensures that you never miss a payment and helps you earn your quarterly cash rewards consistently. Be sure to schedule payments that are higher than the minimum amount due to qualify for the rewards.
Pay More Than the Minimum
To earn the maximum cash rewards, aim to pay more than the minimum amount due. Making additional payments not only helps you save on interest charges but also increases your cash rewards.
Consolidate Your Credit Card Debt
If you have multiple credit cards with balances, consider consolidating them onto a Bank of America credit card eligible for Better Balance Rewards. This way, you can earn rewards on a single card and simplify your payment process.
Frequently Asked Questions
1. How do I enroll in the Better Balance Rewards program?
To enroll in the Better Balance Rewards program, log in to your Bank of America online banking account and navigate to the credit card section. From there, you can find the option to enroll in the program and start earning cash rewards.
2. Are there any fees associated with the Better Balance Rewards program?
No, there are no additional fees to participate in the Better Balance Rewards program. It is a free offering from Bank of America to eligible credit cardholders.
3. Can I redeem my cash rewards for anything?
Yes, once you’ve earned cash rewards, you can redeem them for a statement credit, deposit them into your Bank of America checking or savings account, or receive a paper check.
4. How long does it take to receive my cash rewards?
Typically, it takes one to two billing cycles for your cash rewards to be credited to your account. However, Bank of America will provide you with an estimated timeframe during the redemption process.
5. What happens if I miss a payment?
If you miss a payment, you won’t earn cash rewards for that particular quarter. However, you can still qualify for future rewards by making timely payments in the subsequent quarters.