Free $300 from Bank of America
12-20-05, 09:05 AM
#1
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Free $300 from Bank of America
Ever heard of the latest promotion from BoA? "Keep the Change", they say. Here's how the promotion works:
So if you spend $1.25 somewhere using your BoA debit card (charged as either a debit card or a credit card, doesn't matter), BoA will deduct $2.00 from your checking account and put $0.75 into your savings account. This doesn't sound very exciting until you read the best part:
And they'll match up to $250!!
Now, here's how to make the program really work. First, find a merchant that allows unlimited $0.01 debit card or credit card payments. The online payment services of most cable companies do, for example. If you're not subscribed to one, gas stations are a good candidate, too, though you'll probably have to pay $1.01 at a time, and the dude waiting behind you will be pissed.
Then, since BoA will match the change of $0.99 up to $250, pay the merchant $0.01 for $250 / $0.99 = 252 times in 3 months!! Of course, 252 x $0.99 actually equals to $249.48, leaving $0.52 of quota unused, so you can pay the merchant another $0.48 just to truly maximize your earning.
With the above method, you'll need to either send a total of 252 x $0.01 + $0.48 = $3 payment to your cable company, or buy 252 x $1.01 + $0.48 = $255 of gas, which shouldn't be hard to do in 3 months (I don't commute much and I spend about $120 for gas monthly).
One big catch, however, is that your $250 earning will only be "credited to your savings account annually, within 8 weeks after the month in which the anniversary of your enrollment in Keep the Change savings service occurs," according to footnote #2 of the above link. During the 14 months of wait, you not only have to keep the accounts in good standing but also setup a direct deposit into your checking account in order to avoid monthly service charges. To satisfy that, you can setup just a $0.01 monthly direct deposit from your work or another online savings account such as ING Direct. Your BoA savings account also needs monthly withdrawal to avoid service fees, so just remember to withdraw $0.01 from it every month.
Finally, if you aren't already a BoA customer, apply for BoA accounts through one of the two following promotional links and you'll get a $50 sign-up bonus:
http://www.bankofamerica.com/deposits/checksave/mya/
http://www.bankofamerica.com/deposits/checksave/ctc/
After your accounts are opened, remember to enroll in the Keep the Change program via the first link above.
There, a total of free $300 for you. Sounds like a lot of work yes, but hey, it's free $300.
P.S. If you're lazy or don't wanna wait 14 months, just get the $50 sign-up bonus from the above links and walk away.
Originally Posted by Bank of America
Each time you buy something with your Bank of America Visaｮ debit card, we値l round your purchase to the nearest dollar amount and transfer the difference from your checking account to your savings account. You get to keep the change and grow your savings.
Originally Posted by Bank of America
For the first three months, we値l match your Keep the Change savings at 100%. That means for every Keep the Change transfer, we値l contribute the same amount to your account. And when the three months are over, we値l continue contributing 5% a year, every year - to make it even easier to save. This reward will be paid annually to your savings account.
Now, here's how to make the program really work. First, find a merchant that allows unlimited $0.01 debit card or credit card payments. The online payment services of most cable companies do, for example. If you're not subscribed to one, gas stations are a good candidate, too, though you'll probably have to pay $1.01 at a time, and the dude waiting behind you will be pissed.
Then, since BoA will match the change of $0.99 up to $250, pay the merchant $0.01 for $250 / $0.99 = 252 times in 3 months!! Of course, 252 x $0.99 actually equals to $249.48, leaving $0.52 of quota unused, so you can pay the merchant another $0.48 just to truly maximize your earning.With the above method, you'll need to either send a total of 252 x $0.01 + $0.48 = $3 payment to your cable company, or buy 252 x $1.01 + $0.48 = $255 of gas, which shouldn't be hard to do in 3 months (I don't commute much and I spend about $120 for gas monthly).
One big catch, however, is that your $250 earning will only be "credited to your savings account annually, within 8 weeks after the month in which the anniversary of your enrollment in Keep the Change savings service occurs," according to footnote #2 of the above link. During the 14 months of wait, you not only have to keep the accounts in good standing but also setup a direct deposit into your checking account in order to avoid monthly service charges. To satisfy that, you can setup just a $0.01 monthly direct deposit from your work or another online savings account such as ING Direct. Your BoA savings account also needs monthly withdrawal to avoid service fees, so just remember to withdraw $0.01 from it every month.
Finally, if you aren't already a BoA customer, apply for BoA accounts through one of the two following promotional links and you'll get a $50 sign-up bonus:
http://www.bankofamerica.com/deposits/checksave/mya/
http://www.bankofamerica.com/deposits/checksave/ctc/
After your accounts are opened, remember to enroll in the Keep the Change program via the first link above.
There, a total of free $300 for you. Sounds like a lot of work yes, but hey, it's free $300.
P.S. If you're lazy or don't wanna wait 14 months, just get the $50 sign-up bonus from the above links and walk away.
Last edited by XeroK00L; 12-20-05 at 09:24 AM.
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