Interesting offer from BoA: An upgrade

[MrShush]

I got in the mail an offer to upgrade my Bank of America Platinum Plus Mastercard which has no rewards and was converted from the NFL card when they lost the licensing deal to Barclays. The card has a 10K limit and a fixed 9.99% APR. I haven't used the card in ages. The card is pretty stealth looking: all black.

Anyway, the offer is to "upgrade" to a BankAmericard Cash Rewards World Mastercard. They are offering $50 in cash rewards once I upgrade and make at least $500 in purchases by May 31. The card, if anyone doesn't know, gives 1% on every purchase and bonuses of 2% on groceries and 3% on gas.

The offer notes that the account number will change but the history will not. I've had the card since roughly July or August of 2008. I haven't seen anywhere any mention about the rate specifically if it will change. Aside from my Nationwide Platinum @ 7.24%, this is the lowest rate card I have so I'd like to not mess with that benefit.

Is this a good offer? I really don't use any of my FIA/BoA cards anymore, but I do like free money. I'd hate to lose the rate too. What do you all think?

Oh, if anyone has a picture of the WORLD version, I'd like to see that. I'm too busy right now to search for a pic

[flowfaster]

Call a specialist from BofA and ask about the APR.  If it is going to stay the same then why not change.  The BofA 123 card is a decent card. Dont keep the vanilla card just for the look of it.  Thats my opinion.  I would take rewards over no rewards and a higher apr anyway but if the low apr is important to you then call and find out.

[Open123]

I think it's a good upgrade.  I like the BofA 123--not the best rewards per se, but in general it's very good for simplicity's sake of using a single card.

In this day and age, I would never use any card which didn't offer some kind of reward program.

[MrShush]

The cards in my regular rotation are my Discover More, AMEX Platinum, and Chase Freedom Sig. I've made the most of the cash back and points with these. The not so regulars in my wallet are my Delta Gold and Priceline Rewards Sig. Truthfully, the BoA card has never seen the inside of my wallet. Maybe the new card, should I choose to upgrade, would see some action.

[Open123]

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@MrShush wrote:

The cards in my regular rotation are my Discover More, AMEX Platinum, and Chase Freedom Sig. I've made the most of the cash back and points with these. The not so regulars in my wallet are my Delta Gold and Priceline Rewards Sig. Truthfully, the BoA card has never seen the inside of my wallet. Maybe the new card, should I choose to upgrade, would see some action.

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Based on what you currently have, very little.  LOL

[MrShush]

You might be right LOL!

[MrShush]

 This is taken directly from the offer acceptance page:

Earn more cash back on the things you buy most – with no hoops to jump through.

• 1% cash back everywhere, every time, 2% cash back on groceries, 3% cash back on gas. (Quarterly maximum applies to bonus rewards on grocery and gas purchases)

• Rewards are earned automatically and don’t expire

• No Annual Fee

• You decide how you want cash back: direct deposit to a checking or savings account, as a check, or a statement credit or to pay down any eligible mortgage

• 10% customer bonus when you redeem as a cash deposit into a Bank of America® account.

• $50 cash bonus after you make at least $500 in purchases by 5/31/2012

• Count on the control you want and the security you need with features like: custom emails or text message alerts to remind you when your payment is due and our Total Security Protection® package, including our $0 Liability Guarantee which ensures you’re not responsible for any fraudulent charges on your credit card.

There isn't any mention of the upgrade adjusting the rate nor does it indicate the card will go NPSL.

[pattycake]

Mine says on the back:  The terms and conditions of your current credit card account, including any recent or future amendments, will apply to your new account.  I assume that means APR, which on my card, is 7.24%.  It's the second lowest rate card I have but one of the lowest credit limits. 

[MrShush]

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@pattycake wrote:

Mine says on the back:  The terms and conditions of your current credit card account, including any recent or future amendments, will apply to your new account.  I assume that means APR, which on my card, is 7.24%.  It's the second lowest rate card I have but one of the lowest credit limits. 

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Good to know; I should re-read the offer. Sucks too becasue I just spent $300 at Guitar Center yesterday

[Ron1]

Mr Shush,

Three months ago, they offered me to upgrade 3-2-1 rewards for my BankAmericard Visa Signature Card. I accepted the offer. I got downgraded to Platinum Plus when I got the card. I didn't really care whether it was Visa Signature Card or Platinum Plus.  I looked at the bright side and now they report CL.  I tried to say they can turned anything they want.  I didn't bother to call them to put it back.  They might transfer to credit analyst (grilling). They might CLD my accounts with them. I don't owe them a dime. 

Ron.