BankAmericard COUNTEROFFER?????

[dk2003]

So the spirit of the credit card encouraged me to apply for Bank Americard and well I received an interesting counter.... It said

You have qualified for a credit line of $500. A $99 refundable security deposit serves as collateral to secure your account. Applying is easy. Just complete the application along with your $99 deposit and we'll begin processing your application immediately.

So they'll give me a 500 limit for 99 refundable dollars? And I assume it will then lead to a relationship with them. I got the hard pull... I think its worth the 99 REFUNDABLE dollars. What say you guys???

I need opinons to know how to proceed because I'm stumped. I think they pulled experian (at least thats what I saw when i did research) and it is my lowest score. I was recently approved for Venture at 10k, Citi at 1k, and Discover at a small limit as well .

[Kirmie2010]

All the cards in my sig and BofA's best offer for me is a 99/500 secured card.  

Id take it, its almost an unsecured card and imho the best secured card out there since its not based on how much you put into it but a set 99 dollars.

And yes, you pay 99 to open a 500 limit card, after a year or so (sometimes earlier) its refunded back to you.

[dk2003]

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@japakar wrote:

All the cards in my sig and BofA's best offer for me is a 99/500 secured card.  

Id take it, its almost an unsecured card and imho the best secured card out there since its not based on how much you put into it but a set 99 dollars.

And yes, you pay 99 to open a 500 limit card, after a year or so (sometimes earlier) its refunded back to you.

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So how long will it be secured? Should I call recon? Or just leave it at that?

[joedtx]

Its a great opportunity to get established with a prime lender.....it can only benefit you and you've already taken the HP.

[dk2003]

My exact thought BUT... I guess posting here and going back there to accept it says the application is unavailable. I guess now I have to call...

[dk2003]

I just went back on there to try to find the counter offer so I checked the status and it says,

Decision:

This application is still under review. Please allow 30 days from your application submission date to receive a letter with our decision.

This is certainly not a NO, I'll call recon tomorrow!!!!

[joedtx]

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@dk2003 wrote:

I just went back on there to try to find the counter offer so I checked the status and it says,

Decision:

This application is still under review. Please allow 30 days from your application submission date to receive a letter with our decision.

This is certainly not a NO, I'll call recon tomorrow!!!!

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Sounds more like your secured connection timed out, just call and recon.

[Anonymous]

Out of curiosity, can the 99/500 secured card be offered as a rewards card? If it can be, can you get a Better Balance Rewards 99/500 card?

[Kirmie2010]

Usually about a year it will stay secured.

Id leave it as is, its a geared down regular card but not a regular secured.  Its kind of a get your foot in the door card.

 *edit*

 If you create an account online (not sure if you can without already having an account though) it will save your pre approval offers on your main page for you.  (for however long it said the offer is valid)

If you didnt accept, you may get the offer in the mail.  I did after I didnt accept it.

[dk2003]

Hmmm... how will it show on my credit report???