Bank of America has launched a new rewards credit card called the ‘BankAmericard Better Balance Rewards.’
Customers who pay more than the required minimum per month and make timely payments will receive $25 cash back each quarter.
There’s a 0% interest rate and no annual fees on new purchases for the first 12 months and transfers of balances done in the first 60 days.
Customers with a savings or checking account who qualify each quarter for cash back will get an extra $5 bonus.
After the first year, the card will have a standard variable interest rate from 11.99% to 21.99%.
Late with a payment? According to the card’s Terms and Conditions, there’s a late payment fee of up to $35 will be charged, the 0% interest period will be negated, and the interest rate can jump to as much as 29.99%.
It’s interesting to note that while BOA does say that a balance has to be carried each month to qualify for the quarterly cash back reward, they do not have a set minimum (other than it has to be more than zero).