IT Thoughts

Make Bank of America Pay You for your Accounts

Recently, there has been quite an uproar about the new fees that Bank of America is planning on introducing at the first of the upcoming year on debit cards – a $5 fee for debit card use on any account.  Many have threatened to leave BOA due to this fee as it seems like it is one of the worst offending banks on fees.  Consumers these days are strapped for any disposable income as it seems most families are struggling to keep up with ever increasing costs of living.  Some have viewed this as the last straw in their dealings with BOA as they use “our” money for their benefit and to charge consumers for using their own money in which they benefit from seems a bit rediculous.  BOA has blamed the government for the charges as new rules introduced will limit revenue they will be able to gain from merchants.

One of the easiest ways to get around the new BOA fee is to NOT use your debit card.  Many may not realize, but BOA offers a “Power Rewards Credit Card” which pays a percentage of purchases on commonly purchased items back to the consumer.  Now, what BOA hopes when you get a credit card of course like all credit card companies is that you carry a balance from month to month so that interest charges are incurred.

To make BOA pay you for your business, simply use your BOA power rewards card, get the benefits from the purchases you make and the points/rewards, and pay off the balance within a month.  Now, granted this takes quite a bit of self control with a credit card purchase as you can easily get in trouble by the buy now and pay later mentality.  However, instead of paying the bank for using your debit card, use the credit card instead and reap the rewards.  In effect they will be paying you for your business and purchases.  It may take a little more effort, vigilance, and self control on your part, however, the satisfaction of knowing you are not being affected by the fee as well as getting some nice rewards on top of it all will make it all worth it.

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