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This card is too good to be true. I'm not sure how long BofA will be able to maintain this card. In the meantime, unless you're trying to preserve your credit, you should definitely get this card. It's $120 per year for almost nothing.
I review this card on my blog too: http://hiepsfinance.wordpress.com/2013/03/23/anatomy-of-a-credit-card-bank-of-americas-bankamericard...
I was really tempted to app for this card, but then I realized that there's NO WAY this card will remain in its current form for more than a year, max. I foresee another Cash+ scenario where the rewards will be severely decreased if not stopped altogether. I really don't need another card to become useless in my SD, so I'm keeping with my original plan to PC my BoA card to the Travel Rewards card.
Right, if it's true the cash back and bonus can be triggered by $1.95 cup of coffee per month, they will eventually have to define a "minium" charge.
@Open123 wrote:Right, if it's true the cash back and bonus can be triggered by $1.95 cup of coffee per month, they will eventually have to define a "minium" charge.
Well if you have to pay more than the minimum due then that means that you would have to charge more than like 25 dollars a month and then pay it off minus a dollars. I see it as that they think that most people will miss some small detail or one payment and wont qualify for all the bonuses. This card came out a couple months ago and is definately free money for the right person. But you have to charge more than a cup of coffee because that wont get you to a point where you are paying back more than the minimum payment.
For those who have been approved for this card, could you share a bit about your credit profile?
My current $800 BofA card is about to hit it's 5 year mark and it's been 4 years since I've gotten a CLI from them... When I was initially approved for my BofA card in 08 I had 6 COs, 4 collections and a score in the mid 500s - but even after all my improvement they're unwilling to work with me. I was planning to close the card and cut ties with BofA. However, if it's possible for me to get approved for this card with a decent limit I might be tempted to stick around for it since it's no AF and 0% for 12 months on top of the bonus.
Right now I've got around 12% util, AAoA is a bit short at under 3 years due to new accounts from 2012, 2 derogs (one paid CO and one collection) due to fall off next year, and about 3 inquiries per report (more than 2/3 of those will be off by the end of April). My score is probably around 700... It was 692 on 3/13 but since then my util dropped 8% and I had an old collection drop off.
@leoment wrote:I was really tempted to app for this card, but then I realized that there's NO WAY this card will remain in its current form for more than a year, max. I foresee another Cash+ scenario where the rewards will be severely decreased if not stopped altogether. I really don't need another card to become useless in my SD, so I'm keeping with my original plan to PC my BoA card to the Travel Rewards card.
BofA has created products that obviously would result in losses in the past, so I wouldn't be surprised if they would suck it up for a while. They are big enough to absorb losses, and have an incentive to develop and enhance multi-faceted financial relationships with clients. On top of that, people who habitually carry credit card balances will find this card lucrative as well.
@modernsurrender wrote:For those who have been approved for this card, could you share a bit about your credit profile?
My current $800 BofA card is about to hit it's 5 year mark and it's been 4 years since I've gotten a CLI from them... When I was initially approved for my BofA card in 08 I had 6 COs, 4 collections and a score in the mid 500s - but even after all my improvement they're unwilling to work with me. I was planning to close the card and cut ties with BofA. However, if it's possible for me to get approved for this card with a decent limit I might be tempted to stick around for it since it's no AF and 0% for 12 months on top of the bonus.
Right now I've got around 12% util, AAoA is a bit short at under 3 years due to new accounts from 2012, 2 derogs (one paid CO and one collection) due to fall off next year, and about 3 inquiries per report (more than 2/3 of those will be off by the end of April). My score is probably around 700... It was 692 on 3/13 but since then my util dropped 8% and I had an old collection drop off.
When was the last time you requested a CLI? I think your credit profile is good enough to warrant a CLI, if not a new BofA card such as this one.
@HiLine wrote:When was the last time you requested a CLI? I think your credit profile is good enough to warrant a CLI, if not a new BofA card such as this one.
I asked for one last year on 3/29 after the AF hit and was told no. That was why I had planned to just part ways with them this month since they seem disinterested in growing with me even though I've banked with them for 8 years and had the card for 5. If I had a chance at a decent CL with this card though, I'd rather put the HP towards it than my current card which they seem disinterested in increasing.
To clear up some confusion:
The T&C that come with the card are more detailed than what is online. A qualifying payment for the $25 cash bonus is defined as more than the minimum payment (which is 1% of your outstanding balance and no less than $25) OR payment in full. So yes, technically you could charge a cup of coffee to the card and still qualify for the cash back. The $5 customer bonus has no stipulation other than having an open checking or savings account.
My stats at time of approval:
EX pull was 753, AAoA just under 4 years, 1 inquiry on EX in past 12 months, util 3%. I was offered $7500 CL and 15.99% APR after the intro period.
@modernsurrender wrote:
@HiLine wrote:When was the last time you requested a CLI? I think your credit profile is good enough to warrant a CLI, if not a new BofA card such as this one.
I asked for one last year on 3/29 after the AF hit and was told no. That was why I had planned to just part ways with them this month since they seem disinterested in growing with me even though I've banked with them for 8 years and had the card for 5. If I had a chance at a decent CL with this card though, I'd rather put the HP towards it than my current card which they seem disinterested in increasing.
I'm quite confident you'll be able to get a new card. Before you apply though, I would recommend that you put as much assets into your BofA banking account as possible. Once you hit 10k you'll become a preferred customer and have a leverage in negotiating for credit products.
@bluedog1 wrote:
The T&C that come with the card are more detailed than what is online.
Always!