cancel
Showing results for 
Search instead for 
Did you mean: 

BoA... why?

tag
PrinceCorwin
Regular Contributor

BoA... why?

Is there a benefit of getting a BoA card? Being that they are so hard to get, why would anyone want one. I've checked credit Pulls database and they don't seem to offer any higher CLs than anyone else. I guess I just don't see much difference between most cards nowadays since they all base your APR and CL on your creditworthiness. When I was young, different cards were known for specifit levels of CL but not anymore. 

Message 1 of 46
45 REPLIES 45
Anonymous
Not applicable

Re: BoA... why?

They seem to able to grow fairly quick, and don't seem to be any harder to get than any other major lender.
Everyone seems to have their own opinions about different banks. If you like their rewards, go for it
Message 2 of 46
Anonymous
Not applicable

Re: BoA... why?


@PrinceCorwin wrote:

Is there a benefit of getting a BoA card? Being that they are so hard to get, why would anyone want one. I've checked credit Pulls database and they don't seem to offer any higher CLs than anyone else. I guess I just don't see much difference between most cards nowadays since they all base your APR and CL on your creditworthiness. When I was young, different cards were known for specifit levels of CL but not anymore. 


As Tiger09 points out, BoA cards aren't really any harder to get than other cards. As for why, in my case I have both the personal and business Alaskan Airlines cards because of the bonus miles that the cards came with and also the Merrill Lynch+ card because it also had a very nice signup bonus directed at travel.  Additionally as Tiger09 also pointed out, they are known to be very generous with CLIs so if that's something of a factor for your choice in CCs.  

Message 3 of 46
happypill
Valued Contributor

Re: BoA... why?

CL and APR are not necessarily the most important differentiating factors among cards.  in fact, I would say if CL and APR are important factors to someone, they are probably carrying a balance and thus probably losing at the credit game, paying interest and fees to the bank (a lot of us have been there and recoevered).  If you PIF every month, a CL of around $5k should be enough for the vast majority of the people out there and APR is meaningless.

 

BofA does offer a few products that are best in class, depending on your relationship with them.  They are also known for being generous with CLIs and myFICo users have reported some hefty limits after in short order.  Big CLs are nice but they don't really offer any value (unless you carry a balance of course).  Nice rewards and sign-on bonuses are really what differentiates cards worth having.

Message 4 of 46
Anonymous
Not applicable

Re: BoA... why?

It all depends. BoA is where I've had my checking (via its predecessors) for 35 years now; it's on my list for a possible CC application in the fall. On the one hand, I did burn them in my 2014 BK with a second mortgage; on the other hand, there's that long relationship to consider and the fact that I've never had a CC with them previously, and that the BK itself will have aged to nearly 3 years by then and I'll have up to 21 months of current/over-minimum payment history on all other open accounts to demonstrate.

Message 5 of 46
PrinceCorwin
Regular Contributor

Re: BoA... why?

Thanks for the info

Message 6 of 46
Anonymous
Not applicable

Re: BoA... why?

They're very generous with their CL's
Message 7 of 46
Anonymous
Not applicable

Re: BoA... why?

What's a top card from BoA? How's their cash rewards card is that their top tier card? The 3 percent gas 2 percent grocery and 1 percent everything. Been thinking of applying for one of their cards.....Or maybe the travel card?

Message 8 of 46
K-in-Boston
Credit Mentor

Re: BoA... why?

In my experience at least, BOA is the most generous bank with credit lines and a lot of data points on this board show that I'm not the only one.  I have more going in balance transfers with them much of the time than a lot of people here have for annual income, so I very much value the relationship I have with them.  With the right profile and income, the sky seems to be the limit for them.  The 3 in my signature are over $88k and I fully expect that to be 2 cards around $120k or so next year after I request a few CLIs and combine two of the cards.

 

Their Alaska and Amtrak cards are top tier travel cards for the lower annual fee crowd, and if you have enough of a relationship with them to add multipliers onto their non-cobranded cards, they can be great earners.  I personally just use them for balance transfers, and for that they are reliable and consistent.

Message 9 of 46
CreditCuriosity
Moderator Emeritus

Re: BoA... why?

Merrill Lynch had a sweat sign-up bonus for travel on a no-af card.. Was a no brainer for me.. BBR card pays you to use the card and is quite frankly a great cash-back card if used correctly.. Or if you choose to use it a different way or have two at any given time I can call BofA up and ask for a 0% offer on my BBR and they will offer 15-18 months offers..  Pretty easy to work with along with big CL's if one does need to BT a balance and pay min fees for carrying balances for longer periods if they so choose.  Other words flexible.  With that said I rarely carry balances, but if I do I want cards with the best terms to do so hence BofA's nitch for me with at least regards to their BBR card.

Message 10 of 46
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.