Mike Posted October 8, 2005 Share Posted October 8, 2005 The Skivey: You buy something with your BOA debit card. Say the total is $1.23 or $24.23. They will charge you the next whole dollar amount, $2 and $25 respectively. They will transfer the change, in this case $.77, to your savings account and match it. Up to $250 total from them. So you make a $1.23 purchase, you will be charged $2, and $1.54 will be sent to your savings account. Linkage EDIT: I need to add that BOA will only match you for the first 3 months. After that, its 5% a year. So you need to get the $250 in the first 3 months to maximize profit. Link to comment Share on other sites More sharing options...
Brad Posted October 8, 2005 Share Posted October 8, 2005 very interesting indeed Link to comment Share on other sites More sharing options...
Guest DigDoug Posted October 8, 2005 Share Posted October 8, 2005 Hrmmm... seems like a nice idea, but I bet using a credit card with 1% cash back on all purchases and 5% on certain purchases will net you more $$$$. Link to comment Share on other sites More sharing options...
RossMAN Posted October 9, 2005 Share Posted October 9, 2005 Hrmmm... seems like a nice idea, but I bet using a credit card with 1% cash back on all purchases and 5% on certain purchases will net you more $$$$.Not really.credit card $10.50 purchase x 1% = $0.10BOFA debit card $10.50 + roundup to $11 = $0.50 Link to comment Share on other sites More sharing options...
Brad Posted October 9, 2005 Share Posted October 9, 2005 so if your total for something is like $39.79, you're probably better off grabbing something cheap by the cash register (pack of gum, etc...) to get the extra cents Link to comment Share on other sites More sharing options...
kmbrly Posted October 9, 2005 Share Posted October 9, 2005 so if your total for something is like $39.79, you're probably better off grabbing something cheap by the cash register (pack of gum, etc...) to get the extra cents Hmmm. I like that idea. Guess I'm going to the bank on Tuesday to open the savings acct. I use my BOA debit card enough, and will use it plenty in the next 3 months (esp with BF and other holiday shopping going on) Link to comment Share on other sites More sharing options...
Guest DigDoug Posted October 9, 2005 Share Posted October 9, 2005 Not really.credit card $10.50 purchase x 1% = $0.10BOFA debit card $10.50 + roundup to $11 = $0.50After the first 3 months they match 5% of the "keep your change" proceeds. .05 x $.50 = $0.025 Better off with the $0.10 from the credit card. Link to comment Share on other sites More sharing options...
RossMAN Posted October 9, 2005 Share Posted October 9, 2005 True. First 3 months - BOFA debit card wins After 3 months - go back to using credit card Link to comment Share on other sites More sharing options...
Mike Posted October 9, 2005 Author Share Posted October 9, 2005 True. First 3 months - BOFA debit card winsAfter 3 months - go back to using credit cardExactly, you have to use the BOA for the first 3 months only. After the first 3 months...not really worth it. Link to comment Share on other sites More sharing options...
hpowers Posted October 10, 2005 Share Posted October 10, 2005 Wow, who wants to keep track of what change they are spending? I guess I don't get it, but now if it was coupons, I'm all over that!! Link to comment Share on other sites More sharing options...
Corpun Posted October 10, 2005 Share Posted October 10, 2005 I'm definitely going to sign up for this. I bank with BofA and use my debit card all the time. Be a good way to do a little saving I usually balk at. Link to comment Share on other sites More sharing options...
RossMAN Posted October 10, 2005 Share Posted October 10, 2005 I'm definitely going to sign up for this. I bank with BofA and use my debit card all the time. Be a good way to do a little saving I usually balk at.This promotion would be perfect for you. Imagine buying something for $7.12 and they round it up to $8.00 for free, that's $0.88 in your pocket Link to comment Share on other sites More sharing options...
kmbrly Posted October 11, 2005 Share Posted October 11, 2005 I thought of this offer when I filled my car up the other evening at the gas station. I never can stop the pump on an even dollar amount, I always go over by a penny or two... Now I have a reason to go over... Link to comment Share on other sites More sharing options...
nancy11 Posted October 23, 2005 Share Posted October 23, 2005 Don't forget that they tax the matched funds. "The promotional matching funds will be reported to the IRS on Form 1099." Link to comment Share on other sites More sharing options...
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