It’s always fun to learn new stuff from the travel blogosphere. Today, I learned something new courtesy of Travel with Grant. There’s some great information on his blog.
Apparently, there is a no annual fee from Bank of America called the BankAmericard Better Balance Rewards Card. It looks like Bank of America will pay you just for using the card every month and paying off more than the balance every month.
Here’s the details:
- Earn $25 per quarter to pay down your balance faster when you pay more than the monthly minimum on time each month–that can be up to $100 each year
- Get more rewards for the banking you already do – an additional $5 bonus per quarter if you have a Bank of America® checking or savings account
- Cash back is automatically credited to your card balance
- Pay down your balance faster with a low Intro APR offer
- No annual fee†
It looks like you can pretty much get $100 or $120 a year for free. What I take away is that you just make a small transaction every month and then pay off a bit more than what’s due. I did not see any terms for what a minimum transaction has to be.
You can downgrade from the Bank of America Alaska Airlines Visa card when it’s time to cancel. One idea I had is why wait to downgrade at the end of the year. Why not apply for the Alaska Airlines Visa, get the bonus miles, and downgrade right away so you still have the rest of the year to earn the $100 or $120.
In addition, it looks like you can have more than one of these cards. Depending on how many of these cards you can get, that’s easy tax-free money. I’ll be looking to add this to my no annual fee card pile in the near future. You could consider this as off-setting a nice annual fee card such as the Chase Sapphire Preferred.