Open a BoA WorldPoint Platinum Credit Card and Get a 1GB iPod Nano

In addition to the 1GB Nano, Bank of America has a credit card offer that also include

• $50 Statement Credit after qualifying transaction(s)
• 0% balance transfer for one year

To receive the free iPod, you have to

use your new account within 90 days of the date the account is opened by Bank of America to make any combination of purchase or cash advance transactions (includes balance transfers) totaling at least $2,000.  

Since balance transfer is considered as qualified transactions, meeting the $2,000 spending limit shouldn't be a big problem. While the deal looks generally OK, the only catch I found was the balance transfer fees. According to the offer:

Balance Transfers and Cash Advance Checks are subject to transaction fees in the amount of 3% of the transaction (minimum $10).

It appears that instead of a ceiling, there is a floor for the BT fees and that definitely discourages people from making a large transfer. With this term, a $2000 BT to get the free iPod will cost $60. If the $2000 is deposited in banks like EmigrantDirect or HSBC with a 5.05% APY, it will become $2103.35 when the BT offer expires.

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