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So, I received this "pre-selected" offer from Bank of America two days ago. It's a Bankamericard Visa Signature with 2% cashback on EVERYTHING! No cap and no annual limit and no tier system. Just 2% on everything straightforward.
I looked on their website and couldn't find that exact card, only one with a lower cashback rate. Thus I went to www.bankofamerica.com/mynewcard and enter my "pre-selection" code and submitted my application and was approved online for a CL of $7000.Yay!
Have you guys heard about this card? Is it a new card? After I submitted my application, I had grave misgivings. Had a fallen into some spam trap? But then, the website that I stated above is legit and is owned by Bank of America, isn't it? Also, the offer that I received was a formal piece of mail. Nothing about it identifies it as fake. Please tell me that I am safe, lol!
If that card is real (which I believe it is) then it is one of the greatest cashback cards out there. I am just surpised this is coming from Bank of America.
Addendum: I should also add that it carries no annual fee.Also, when I googled "Bankamericard 2% cashback" a post from a fellow CC user on fatwallet.com came up who had received the same letter a couple of days ago and was wondering if it was for real, too. So, it is really weird why this card doesn't appear online. I have a good FICO score in the 760ies (not the FAKO score!) but I am not a 800 candidate as of now. Do they send out these offers randomly to people with good credit to vitalize their business? It really makes me wonder.
Wow, congrats!
So there's nothing in the eensie-weensie print that says it's 2% for 6 months, and then drops back to 1%?
Nope, 2% all the time.I saw on their website that they have a card with a 60 or 90 day 3% cashback on gas and groceries and the standard 1% on everything else. But that is a different one. As I said, this card offer that I received doesn't even show up online.
So there's nothing in the eensie-weensie print that says it's 2% for 6 months, and then drops back to 1%?
The funny thing is that when I got the "pre-selected" offer I was wary as that means by no means an approval as we all know.It's just a tease.So I went ahead and checkedon their website if I prequalify for any of their cards. Funny enough, the response was I would currently not. Then I couldn't resist appying for this card, though, and lo and behold, I was approved.The formula behind that makes absolutely no sense to me. Well, so be it.
Well, it would make sense, considering FIA issues BofA's card and they already issue the 2% Fidelity card.
I also know for a fact that BofA has an arsenal of cards that are not shown on their website. I, myself, have a white BofA MasterCard that it not on the website.
I received the exact same preselected offer this week. 2% cash back on every purchase. No limit to cash rewards you can earn. Mineis for the BankAmericard Cash Rewards, not the Signature. I wonder if I would get the Siggie if the credit line granted is over 5k?
I don't have a BOA card, but have been thinking about going for this one since the cashback can really add up.
I might need to call these fine folks back. I would absolutely make my BofA card my go-to card, except for gas (5% on PenFed), if they're paying 2% for the indefinite future!
I'm guessing they're testing the waters with private offers for this card before they decide whether or not to fully launch it on their website. I don't know how much money they can actually make off of a 2% card, especially as a large bank. I would assume the 2% card works for Fidelity because it draws people into their investment services. For BofA, however, I just don't see it being sustainable right now. The rates on that thing are probably going to be astronomical to compensate (although that'd be irrelevant to my interests as I always PIF). I feel like a 2% card would be better suited for Merril Lynch to get people investing and paying for trades.
I really hope I get an offer, though. I already have a BofA MasterCard with pretty poor rewards, and I would love to do a PC to a 2% Visa. It would also save me an application for the Fidelity Amex in the future.