You can earn $120 per year from the Bank of America Better Balance card. It’s easy money and you can set it up automatically, but you need to set it up correctly to make it work.

We’ve had this card for years but never fully optimized the earnings on it. One of the tricks is to make sure you never have a negative or zero balance bill. Because the rewards generate a statement credit, sometimes you lose a future credit just by earning the bonus itself!

Here’s how to automate the earnings to get a free $100 – $120 per year.

How to Set Up Automatic $100 Cash Rewards on Better Balance (Without a Savings Account)

  1. Set up a monthly recurring charge on your Better Balance card for more than $25 each month.
  2. Let your statement close before making a payment each month so that you have a positive balance and payment due each month.
  3. Pay more than the monthly minimum on your bill each month and pay it on time.
  4. Earn a $25 cash reward each quarter as a statement credit.

If you don’t have the savings account, you’ll need to make sure your monthly recurring charge is more than $25. Why? Because as soon as your reward posts as a statement credit for one quarter, you’ll end up with a negative bill and you won’t qualify for the next reward.

How to Set Up Automatic $120 Cash Rewards on Better Balance (With a Savings Account)

In order to earn the $5 extra per quarter, you’ll need to have a BOA savings or checking account. The BOA regular savings account has no monthly fee if you maintain a balance of $300. Keeping $300 on deposit a year to earn $20 is a 6.67% interest rate, so it’s worth it!

  1. Set up a monthly recurring charge on your Better Balance card for any amount.
  2. Set up your rewards to be deposited in your savings account.
  3. Let your statement close before making a payment each month so that you have a positive balance and payment due each month.
  4. Pay more than the monthly minimum on your bill each month and pay it on time.
  5. Earn a $25 cash reward each quarter and a $5 bonus per quarter.

Since you selected your rewards to be added to your savings account, you can make your recurring charge any amount and you won’t have to worry about generating a negative bill when you get your reward.

More on the Better Balance Rewards Card

You can directly apply for this card. However, it doesn’t usually carry a sign up bonus, so it might be a wasted slot if you are trying to manage new accounts because of the Chase 5/24 Rule.

Multiple BBR Cards. You can have more than one of these cards and set up an automatic billing for each one.

Can You Still Convert Other BOA cards to the Better Balance Card? It used to be very easy to convert other Bank of America cards to the BBR card. If you took advantage of sign up bonuses on the MLB, Alaska Airlines, Cash Rewards or the Travel Rewards cards, those idle cards could be switched to a Better Balance rewards card.

However, the last successful reports of product conversions I saw were two months old. I was planning to have my husband try to convert his Alaska card soon (I’m sure he’ll be really excited about this task!) and I’d like to convert my travel rewards card next month after I finish redeeming all the points from my last sign up bonus. I wonder if it will work or how many calls it will take. Has anyone converted a card in the last two months with success?

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What charge are you automatically billing to your better balance card?

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