Interesting deal from Bank of America - You keep the change

[Mike]

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.

[Brad]

very interesting indeed

[Guest DigDoug]

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 $$$$.

[RossMAN]

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% = $0.10
• BOFA debit card $10.50 + roundup to $11 = $0.50

[Brad]

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

[kmbrly]

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)

[Guest DigDoug]

Not really.

• credit card $10.50 purchase x 1% = $0.10
• BOFA debit card $10.50 + roundup to $11 = $0.50

After 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.

[RossMAN]

True.

 

First 3 months - BOFA debit card wins

After 3 months - go back to using credit card

[Mike]

True.

 

First 3 months - BOFA debit card wins

After 3 months - go back to using credit card

Exactly, you have to use the BOA for the first 3 months only. After the first 3 months...not really worth it.

[hpowers]

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!!

[Corpun]

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.

[RossMAN]

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

[kmbrly]

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...

[nancy11]

Don't forget that they tax the matched funds.

 

"The promotional matching funds will be reported to the IRS on Form 1099."