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Established Contributor
Posts: 513
Registered: ‎04-03-2007

BankAmericard Privileges Credit Card

I just received notification that my existing Bank of America credit card

will be "upgraded" to the new BankAmericard Privileges credit card. :smileyindifferent:

 

The notice states the following:

 

There's nothing you need to do to accept your credit card upgrade.

If you do not wish to participate, please call 1.800.646.3201 by December 31, 2011.

 

The fine print states that:

 

"As a result of this upgrade, your account will have a revolving line, rather than a pre-set spending limit.

 

This does not mean that all transactions will be approved. We will consider transactions for approval on an individual basis, including transactions in excess of the revolving line. Upon approval of your account upgrade, you will receive an Amendment that further describes your revolving line. Please read it carefully and keep it with your credit card agreement."

 

I don't really think I want the so called "upgrade" since it will be too late to "opt out" after I receive all of the details. More importantly I assume the new card will report "highest balance" instead of credit limit. Chances are that it might not even report former high balances of the old card. There will be a new credit card number and that might be treated as a newly opened account. 

 

I know I can get some answers by calling my Platinum Privileges "special treatment" phone number, however that wouldn't necessarily mean that the answers would be correct. Perhaps others might have some opinions and or advice. Before asking questions of CSRs, I like to do my research by getting as many facts as possible from people who have already "been there, done that". Thus I value any imput I can get from the forum.

 

It would be great if anyone who already has the card could respond. I believe however, that the cards haven't actually been issued yet. Have any others received the offer yet?  I would like to know what others in this forum think about the card.   I am not so sure I want to have my reported credit limit changed to a previous highest balance or even worse, current balance.:smileysad:

Valued Member
etothejomegan
Posts: 50
Registered: ‎06-25-2011

Re: BankAmericard Privileges Credit Card

Did your card use to be a Visa Signature or not?

 

Did they tell you if the benefits of this card is going to be better than Signature?

Established Contributor
laboi_22
Posts: 634
Registered: ‎07-07-2011

Re: BankAmericard Privileges Credit Card

Yes please provide more information. I'm interested in this as well. I have a signature with them and I'm thinking I would love to have my card switched to a revolving and not a NPSL card but I don't want to loose the signature benefits. Do you currently have a signature card with them?

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Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: BankAmericard Privileges Credit Card

[ Edited ]

etothejomegan wrote:

Did your card use to be a Visa Signature or not?

 

Did they tell you if the benefits of this card is going to be better than Signature?


 


My current card is a Visa Platinum Plus that reports credit limits to the credit bureaus. The benefits of the BankAmerica Prestige card can be found here. Scroll down to BankAmerica Privileges Credit Card. Actually I already have the 3% rotating categories with my Platinum Plus card.

 

The primary Privileges benefit seems to be the extra 50% cash when deposited into a BofA deposit account. One other difference is that the Privileges card is a "black card". Some people seem to like that.

 

Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: BankAmericard Privileges Credit Card


laboi_22 wrote:

Yes please provide more information. I'm interested in this as well. I have a signature with them and I'm thinking I would love to have my card switched to a revolving and not a NPSL card but I don't want to loose the signature benefits. Do you currently have a signature card with them?



As mentioned in my reply above, I don't have a Signature card. More information about the Privileges card is also linked above. There is an annual fee of $75 if one does not have a minimum of $50,000 in BofA deposit accounts.

 

Supposedly there is a "dedicated customer service team" with extended hours to provide "special" service. This team presumably resides within the borders of the US.  Dedicated customer service by American citizens for American citizens used to be provided for free by the banks. Now it can be had for an annual fee of $75. :smileywink:

Established Contributor
lithium78
Posts: 928
Registered: ‎07-30-2011

Re: BankAmericard Privileges Credit Card

So, I guess now we know how BoA plans to make the money they couldn't make through debit card fees.  They really are shameless.


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Valued Member
etothejomegan
Posts: 50
Registered: ‎06-25-2011

Re: BankAmericard Privileges Credit Card

[ Edited ]

It seems weird that they'd say this card is a revolving line, as opposed to NPSL, when right now you have Platinum Plus (not NPSL).

 

But I say if you don't have to pay the annual fee, then go for it. That benefits link doesn't work for me, but it has to be better than Platinum Plus's (I have one). Plus it reports the credit limit, which everyone on this forum wants.

 

(Unless you actually meant this new card will be NPSL.)

Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: BankAmericard Privileges Credit Card

[ Edited ]

etothejomegan wrote:

It seems weird that they'd say this card is a revolving line, as opposed to NPSL, when right now you have Platinum Plus (not NPSL).

 

But I say if you don't have to pay the annual fee, then go for it. That benefits link doesn't work for me, but it has to be better than Platinum Plus's (I have one). Plus it reports the credit limit, which everyone on this forum wants.

 

(Unless you actually meant this new card will be NPSL.)



I decided to talk to a BofA rep.

There will be an actual limit (my current limit). It will be the maximum amount that I am allowed to "revolve" hence it is called a "revolving Limit". It seems that the revolving limit is the amount of debt you can carry (revolve) over a long period of time.

 

One cannot carry (revolve) debt above the credit limit. It seems to be "new speak". Instead of a "credit limit" there is a limit above which you are not allowed to carry debt indefinitely. Actually I think that is a good thing.

 

It seems that the revolving balance might have to be paid down below the revolving limit within a certain time frame. I was led to believe that one didn't have to pay down the overage as a minimum payment in the first billing cycle. "A few months" was mentioned as "an example". It is an interesting concept. It sounds similar to some AMEX offerings.

 

There will not be an auto decline of a transaction that might cause me go over the limit. There won't be an over limit fee. The bank simply authorizes the transaction. My current limit supposedly will still report to the credit bureaus. If I charge in excess of the limit, it might create a utilization in excess of 100%. Of course that will not happen if a payment is made before statement drop. With this system it is possible to go over limit occasionally without asking for a CLI. I'm guessing the bank would raise the CL anyway after authorizing an over limit transaction. In any event this is not a credit card for people who revolve high balances. I do believe that some in this forum might like the card.

 

Here is what I found out.

The card has been offered only since the summer. I actually had been told I was approved for a new card a couple of months ago. I said no thanks....:smileytongue: I do not need a third FIA issued card.

 

Some people have applied and now have the card. If the applicant had a $50,000 relationship with BofA, there was no fee. If the applicant did not have $50,000 on deposit there was an $75 annual fee charged.

 

It seems that now that some (not necessarily all) $50k relationship customers get an automatic upgrade after the 1st of the new year. We were notified now so that we can opt out by Dec 31. I was assured that if I don't opt out, all of my CRA reported data will stay the same except for a new account number. The current credit limit will still report.

 

 

About the $75!

Even if I were to have to pay the $75 fee, I would get the card if it was offered as an upgrade. The customer service is outstanding. You get a dedicated phone number for "BankAmerica Privileges CC": and you talk to a live person.

 

Currently the upgrade is only offered to people with the 50K relationship. Others must apply for a new card (BankAmericard Privileges). I asked if the upgrade might be available in the future to people with less money on deposit. I was told possibly. I think the bank might be waiting to see how the new product flies for now, before lowering the upgrade requirements.

 

The rep was very helpful when answering questions about the current banking climate. One thing was confirmed was that it is better to have extra money parked in a savings account instead of a checking account.  That was a great discussion which merits a thread of its own.  She revealed what the bank was looking for in a customer and part of its strategy for attracting new customers or getting existing customers to transfer money from other banks. Definitely "Show Me The Money" is the mantra the banks are going to be chanting from now on.

Valued Contributor
mxp114
Posts: 1,328
Registered: ‎09-01-2011

Re: BankAmericard Privileges Credit Card

Does this card come in AmEx brand?

Platinum
Established Contributor
Posts: 513
Registered: ‎04-03-2007

Re: BankAmericard Privileges Credit Card


mxp114 wrote:

Does this card come in AmEx brand?



Not that I know of. 


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