Possible $1000 Money from Bank of America
Today a MyCardBlog.com reader sent me an email about this interesting but sounds possible information from Bank of America. The key point is you can really make a huge profit from Bank of America if you are a student and have a credit card issued by Bank of America. Although I provide this information to you, I have to clarify that this has not been confirmed since the original source seems to be a phone marketing.
The prerequisite is 1). You have a Bank of America credit card which enables you enroll the credit protection plan
2). You must have to enroll in the Credit protection deluxe plan (not the general plus plan)
3). You must can meet the requirement set by Bank of America thus you can activate the benefit
SO how can you get the $1000 from Bank of America? Here is the details:
The principal of this promotion is you get $500 from Bank of America for enrolling the credit protection deluxe plan and activate the benefit like you do for other credit protection plans. But you can only activate benefit twice each year.
If you enrolled in the Bank of America credit protection deluxe plan with your Bank of America credit card, and meet one of the following requirements (lief benefits):
- Academic Excellance – a 3.6 gpa or higher for the term, not cumulative GPA, term GPA.
- Graduating – Getting a degree .
- Entering school – Becoming a full time student.
You can call Bank of America to activate the benefit to get $500. They will send you an envelop and clearly list the materials needed to activate your benefit. Since you can do this twice each year, you potential return is $1000 from Bank of America. The net profit is about $760 because the cost for enrolling the Deluxe plan is $20 each month. (The cost of the general credit protection plus plan is 95¢ per $100 of Your Monthly Outstanding Balance up to $25,000.)
For more information you can contact the Plan Administrator toll free at 1.888.668.6938 Monday-Friday, 7:00 a.m. – 10:00 p.m. Central Time. The webpage for the credit protection plan is here.
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I have this protection on my card. in order to get the deluxe you have to get the regular protection as well. the regular protection ins $19.95/mo and the deluxe is $29.95/mo… neither are based on a percentage of your balance. so pay $50/mo basically and you get two claims per year on each of the two coverages. you can make a claim for the same even on both coverages at the same time. so if you move you claim it on the regular and the deluxe. the regular (plus) coverage makes your minemum payment for 3 months. and the deluxe gives you $500. in my case my card minimum payment averages about $75/mo. also you do not get charged the fee for the plus coverage during the 3 months that they are making your minimum payment. and you do not get the fee for the deluxe in the month they pay a benefit. so if you make two claims a year, you are paying $19.95 * 6 for the plus coverage and $29.95 * 10 for the deluxe coverage. so for one year with 2 claims you will pay $419.20. in my case with the average monthly payment being $75/mo. my total benefit pay out is approx. $1450. I am in school. Also I have gotten a divorce and moved twice since I got this coverage. I make sure I claim two things every year. This year I have only claimed 1 thing. and that was my divorce. so I am claiming my good grades this week.