BACKGROUND
When I refi'd my condo in July with BofA, they offered me a fee-free checking account for automatic payments. At first I wasn't interested, but then they offered to reduce the loan rate another 1/4 point, so I agreed.

Soon after this, an unrequested Plat. BofA Banking Benefits Visa Card arrived. I already had a BofA Gold Visa with an obscene credit limit that I rarely used, so I called to tell them I didn't need the card. Well, they offered to close the old account and merge it with the new account. The new card did seem like a good deal so I agreed.

Now about the banking benefits program, I remember that I get 1 point for every $100 charged. If I carry a balance I get 2 points for every $100 charged (Someone online said that they carried a balance of one cent constantly. Seems like a good scheme but I am not sure of the minimum fees for carrying a balance).

But beyond what I listed above, I do not know anything else about the program and I cannot find any details on the BofA website (They may not offer the card anymore) or the rest of the internet. Does anyone else have this card? Can you share some details if you do? Thanks.

SGT Clair

I am overseas, so that is why I didn't just call BofA.

The real problem with carrying even a miniscule balance is that the interest charge is usually based on your daily balance, with no grace period on new purchases. So if you charge $1000 per month, you may be paying interest on something like a $500 average balance or higher. The extra ~$50-75 in interest would probably negate the extra 100-200 points you'd earn by carrying a balance.

Sounds as though you're on active duty somewhere. If so, thanks.

PDH