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Bank Of America's Credit Card Bonus - Moving Customers From Debit To Credit Cards

Thursday, October 13, 2011 - 6:14 PM
Here's a good example of how the large banks are trying to push customers from debit cards to credit cards.

Two weeks after news came out on Bank of America's new monthly fee for debit card usage, I just noticed on Bank of America's home page that they're advertising a $100 cash-back offer for their BankAmericard Cash Rewards credit card. The $100 bonus requires $500 in purchases within the first 90 days of account opening.

The cash-back rewards are also pretty good:
Earn 1% cash back on every purchase, 2% on groceries, and 3% on gas (Quarterly maximum applies to bonus rewards on grocery and gas purchases). Plus earn a 10% customer bonus when you redeem into a Bank of America® checking or savings account

However, there's a lot of small print related to the 2% and 3% cash back:
Earn base cash rewards of 1% of all new net purchases (qualifying purchases less credits, returns, and adjustments) charged to the card each billing cycle. You will earn total cash rewards of 2% (consisting of 1% bonus cash rewards and 1% base cash rewards) for net purchases at eligible grocery merchants and 3% (consisting of 2% bonus cash rewards and 1% base cash rewards) for net purchases at eligible gas merchants (the "Bonus Categories"), for the first $1,500 of combined net purchases made during each calendar quarter in the Bonus Categories. The calendar quarters are: January through March, April through June, July through September and October through December of each year.

Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,611
1. Thursday, December 8, 2011 - 7:44 AM
I just bit on this "1-2-3" deal . . . . except that the bonus is now $250 after you spend the $500.

Seems like a very nice deal to me.
KaightKaight24 posts since
Dec 5, 2011
Rep Points: 602