Credit Cards

[OptimasPrime]

So I decided I would try and switch the student platinum plus that I've had with BofA for over four years now to something more palatable. Being that it is Saturday and that it is BofA my expectations were extremely low going in.

Basically, the gist of the conversation with the rep is that my card is secured, but is not backed by a security deposit. Furthermore, I would have to speak with an additional rep to unsecure a card that already meets the generally accepted definition of unsecured.

So I guess my question is, has anyone had any experience with this problem, or can anyone explain the concept of a secured card that requires no collateral to me. For the record, I requested a cli on the card from 700 to 2k over a year ago which was granted almost instantly (had to call in). One would think that if the card was secured this would have been more problematic.

I included a relevant portion of the chat below (with personal details omitted) as a reference.

You: Hi. I was just curious as to whether my current account is eligible for a product change

You: I've had the student platinum plus for over four years now and was looking to switch over to something with rewards

Gavin: Please allow me few moments while I check the information for you.

.

Gavin: After reviewing the information I see that you have a student secured credit card account.

Gavin: You can place a request to convert this account to un-secured credit card account.

Gavin: We have a specialized secured card department to handle these requests.

Gavin: If you allow me I am able to provide the contact information of our specialists.

You: Hmm. I'm fairly sure its been unsecured since the day it opened

You: I never put down a deposit to recieve the card

Gavin: I completely understand, however, the collateral deposit is not required for student secured credit card accounts.

You: oh I see (No idea what hes talking about)

Gavin: You can call our secured card specialists at 1.888.260.4696. We are available from Monday through Friday 8 a.m. to 8 p.m Eastern Time.

[youngandcreditwrthy]

WTH LOL... doesn't secured mean you have collateral?!!? This is why I dislike outsourcing. 

[OptimasPrime]

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youngandcreditwrthy wrote:

WTH LOL... doesn't secured mean you have collateral?!!? This is why I dislike outsourcing. 

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Lol this is why I dislike BofA

[iMacDrew]

My wife has had that card for 5 years, I tried to PC it for her, and it was a nogo. So were going to just cancel it. Never had a CLI on it and the limit is at 1500. i rather her lose 1500 of credit than stick with BofA when banks like Chase, US bank and Citi are out there. 

[CruzImperial]

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Gavin: I completely understand, however, the collateral deposit is not required for student secured credit card accounts.

You: oh I see (No idea what hes talking about)

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From my understanding, secured student credit cards do not require Account holders to make a "secured deposit" to open the account as it is the case with any other secured credit card. Students just get the card as unsecured credit but they call it secured mostly to offer better approval odds (I think).

[CreditChampion]

This ishilarious try to call back

[youngandcreditwrthy]

Hmmmm.... I'm a student LOL.. and I have NO student credit cards. I don't think student credit is as easy to get as it was like say.. in the '90's or even before 2008. 

[Crashem]

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youngandcreditwrthy wrote:

WTH LOL... doesn't secured mean you have collateral?!!? This is why I dislike outsourcing. 

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with a name like Gavin, why would you think it is outsourced?

[OptimasPrime]

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CreditChampion wrote:

This ishilarious try to call back

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I would try but I'm pretty sure its useless. However, I will follow up with that number the rep provided me next week to see whats going on. Its too bad really since I bank with bofa and would really like a reason to use their card, but would never waste an app on them.

I do find it a bit amusing that someone at BofA wouldn't have just unsecured the card based on a soft of credit report at somepoint over the last several years. My scores have been over 700 since roughly 2009.

[Revelate]

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OptimasPrime wrote:

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CreditChampion wrote:

This ishilarious try to call back

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I would try but I'm pretty sure its useless. However, I will follow up with that number the rep provided me next week to see whats going on. Its too bad really since I bank with bofa and would really like a reason to use their card, but would never waste an app on them.

I do find it a bit amusing that someone at BofA wouldn't have just unsecured the card based on a soft of credit report at somepoint over the last several years. My scores have been over 700 since roughly 2009.

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FWIW, BOFA has a secured department that's only open M-F.  That's just the way it is frankly and there's nothing to do about it.

That said, their secured group has helped me every time I've called, and BOFA is now putting rewards on pretty much everything.  I'd absolutely call in your case, we're talking 5-10 minutes of your life, hardly tragic .