What the hell is this Bank of America "Keep the Change" program - dumb!!

[LynneSin]

Ok the scam is that when you charge something that is like $23.22, Bank of America rounds up that amounts and deposits the change in the banking account.

Now think about it - that 78 cents along with all the change from your other credit card purchases are being put into a saving account that may, if you're lucky, get .5% interest. All the while that same amount is probably being charged anywhere from 15-29% interest because let's face it, it's not like Bank of America is giving you that 78cents. You're being billed for it with much higher interest rates.

What kind of dumbass would fall for that program?

BTW, the commericials are all over the Olympics

[GOPisEvil]

1. AMEX started it.

Although the finances don't really work out well, it's the only saving a lot of people will ever do. :(

[LynneSin]

2. But someone has to pay for that savings

I mean, it's not like the credit card company to give me that 78 cents.

If that's what it takes for people to save money then there are some major dumbasses out there in this world.

Ok, maybe this better explains it.

Say the only charge I put on my credit card this month is $22.22 and I'm one of those few people who pays off her credit cards completely every month.

Now, if I'm correct, Bank of America will deposit 78 cents into my savings acount (thus 'Keep the Change'). But when I get my credit card statement that month and knowing that I pay all my bills off as I get them - wouldn't I be charged $23 which ultimately means I had to pay for that 78cents in my savings account anyways.

[GOPisEvil]

3. You work in what industry again?

People routinely pay 20% to borrow money on credit cards. Of course there are major dumbasses in this world. I should know - I WAS one of those major dumbasses.

[LynneSin]

4. Yeah I know but I wouldn't get a credit card for a program like that

I mean, I would just save the money on my own. Don't charge me for it

[liberalhistorian]

8. True enough, and I'm very happy now

to have paid off my two credit cards and to not have any at all. And I will NEVER have any again, that's for sure. Contrary to what the cc company sharks will have you believe, life doesn't end and isn't totally miserable if you don't have a cc, and you actually CAN live a pretty decent life without a credit card. Matter of fact, I've been able to save more without them.

[SofaKingLiberal]

5. '...there are some major dumbasses out there in this world.'

:shrug:

[LynneSin]

7. Yeah those are the dumbasses that think he's doing good

and somehow feel they're saving money with dumbass credit card programs like that.

Don't put fricking change in my saving account, give me a lower APR

:grr:

[Rabrrrrrr]

6. It sounds to me that isn't a credit card, but a debit/check card

that takes the rounded off excess from the checking account and plops it over into the person's liked savings account.

Unless I misheard; but that is how I have heard it every time I've seen it.

[Cathyclysmic]

9. I like the idea

In fact I looked into getting an account this morning. They match your savings up to $250 for the first three months. It's a painless way to start saving, considering Americans in general suck at saving.

[BlueStateGirl]

10. It's not a credit card. It's your debit card. There isn't any interest.

It's like if you paid $24.60 for something and then went home and put 40 cents in a jar.

I used to do the same thing with my checkbook. I always rounded up and at the end of the month put the extra in my savings.

NOw BOA does it for me, and matches 100% for the first 3 months, and then 5% every year after that.

Every quarter, I transfer most of the money in my low interst BOA account into my higher interest ING account.

[Kathryn STone]

11. BofA is like Soviet Russia there you are they're so big

they gobble up the little banks and well damn! when you wanna go to an ATM you are screwed if you are not BofA (I have personal reasons for not going to Bank One. When I was an undergraduate at AZ State University they screwed me over big time and I was like I am not going to be a student forever I am going to make some BANK and you are not invited heh heh heh)