Over the weekend I called Bank of America to cancel a Cash Rewards credit card that I didn’t need and was taking up space in my wallet. I was happily surprised to discover that Bank of America is tossing out a nice $50 incentive to keep loyal customers from closing credit card accounts. Whether you want to actually close your card or not, you’ll want to see how easy it is to score a free $50 from BofA. Literally takes less than 10 minutes in most cases. Here are all the details…

How Do I Get my Free $50 from Bank of America?

If you have a Bank of America Cash Rewards or Power or Premium Rewards credit card you can easily get a free $50.

Just call the number on the back of your card and tell the first person you talk to that you want to cancel your card.

They’ll act very disappointed and ask you why.

They’ll then read you a disclosure about what it means to cancel your card.

Then the magic will happen.

The customer service rep will say “we have a special offer for you” if you keep your credit card open.

They’ll explain that you’re eligible for a $50 bonus if you spend at least $1,500 on your card over the next 3 months.

If you typically spend about $500 per month on your credit card, this will be the EASIEST $50 you’ve ever made.

Just say “Sure, I’ll do it” and you’re on your way to a free $50.

See Also: How I Earned $1,985 Churning Credit Cards

Some Important Things to Consider…

Before you make the “cancel call” in an attempt to get your $50 bonus, consider these things…

Have No Balance on the Card – Before you call to claim your $50, be sure you pay off your balance in full.

Be Patient – Bank of America is going to pass you off at least once before they get you to the “cancel/retention” department.

I don’t remember what the specific department is called that actually offers you the free $50, but you’ll eventually get there.

Be patient and you’ll find success. I think it took me about 8 minutes to get this credit card hack done.

What If I Don’t Actually Want to Cancel My Card?

If for some reason they don’t offer you the free $50 to stay on as a customer, then simply tell them, “Wait, before you cancel, I think I want to think about this a little more”.

I don’t think this will happen, but it’s important to have a back-up plan in case they don’t offer you this incentive.

Ask the Reader: Is 8-10 minutes of your time worth a free $50? I say yes, what about you?

By Kyle James