PC Question - BoA Cash Rewards to Better Balance

[CMoney91]

Merry Christmas everyone!

I'm thinking it would benefit me to PC from the BoA Cash Rewards to the Better Balance card.

I have the Sallie Mae card which gives 5% on gas and groceries, in comparison to BoA's 3% gas, 2% grocieres.  As a result, I never use my BoA card anymore.  With better balance, I could essentially get a free $25 every 3 months by charging $16 every month.  

Has anyone else done this PC?  Will they be able to easily do it without a hard pull?  My current BoA card is a Visa Signature which is cool (even though I don't use it).  Would I be able to get a VISA Signature Better Balance card, or would it be Mastercard as it shows on the website? 

[FinStar]

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@CMoney91 wrote:

Merry Christmas everyone!

I'm thinking it would benefit me to PC from the BoA Cash Rewards to the Better Balance card.

I have the Sallie Mae card which gives 5% on gas and groceries, in comparison to BoA's 3% gas, 2% grocieres.  As a result, I never use my BoA card anymore.  With better balance, I could essentially get a free $25 every 3 months by charging $16 every month.  

Has anyone else done this PC?  Will they be able to easily do it without a hard pull?  My current BoA card is a Visa Signature which is cool (even though I don't use it).  Would I be able to get a VISA Signature Better Balance card, or would it be Mastercard as it shows on the website? 

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You can PC your Cash Rewards to the Better Balance Rewards CC.  There should not be any HP.  IIRC, the Better Balance Rewards is not available in Visa Signature or WMC (unless they've changed some of the products recently), but you can check with the agent during PC to dtermine what the final product will be (Visa or MC).

[CMoney91]

Thank you

Looked like the picture showed a Mastercard without the World.  That's too bad since this is my only Signature/World card, but I'l trade the benefits I didn't use for $100/year.

[FinStar]

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@CMoney91 wrote:

Thank you

Looked like the picture showed a Mastercard without the World.  That's too bad since this is my only Signature/World card, but I'l trade the benefits I didn't use for $100/year.

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Exactly.  Think of it this way, if you were using your Visa Signature benefits frequently (i.e. NPSL, concierge services, rental car/hotel discounts, shopping experiences, etc.) then, I could see keeping the Signature level.  However, the trade off will be making the card work for you with more tangible, accelerated cash benefits.  IME, it doesn't matter what the card looks like (Platinum, World, Signature, etc.), at the end of the day I tend to value more what the card provides benefits-wise.

[JeffM]

I know someone who PCed from a no rewards Visa card to the Better Balance card. The rep told them it would switch over to a MC and have a different account number, however the account number stayed the same and the new card was a Visa.

People mentioned there's no WMC or Signature option for the Better Balance card. Does this mean there's a limit on the CLI too? I think I remember reading that the Platinum Plus cards max out at something like $7500.

I'm in the same boat as you OP. I barely use my Cash Rewards and I think I'd much rather automatically earn $100+ every year

[FinStar]

It really depend on whether the version being converted to is available since BOA has quite some flexibility crossing-over between a variety of the payment networks provided the product or features haven't been discontinued.

So, it is possible that if a cardholder had a WMC from a different product like a Cash Rewards or Travel Rewards (non-cobranded), then it can be PC'd. Typically, cobranded products cannot be PC'd to other product families.

As far as Platinum Plus cards' CLs, those can also have high limits just like its Signature or WMC siblings, some even as high as $25K or more.

[MACFRME]

I just did this last month. Here's what happened:

I clicked onto their live chat and requested the PC. They had to escalate the issue. It took 2-3 weeks for them to complete the PC, but it went through. I started with a regular Platinum Visa Cash Rewards. They said it would change to Mastercard, but it did not. It stayed a Platinum Visa with EMV. They did not pull a credit report to do it. 

I recently asked to upgrade from Platinum to Signature Visa as well. I did that through the chat service too. I received a letter stating that they do not offer the Better Balance in a Visa Signature. You may be downgraded to the Platinum Visa if you PC.

[JeffM]

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@MACFRME wrote:

I just did this last month. Here's what happened:

I clicked onto their live chat and requested the PC. They had to escalate the issue. It took 2-3 weeks for them to complete the PC, but it went through. I started with a regular Platinum Visa Cash Rewards. They said it would change to Mastercard, but it did not. It stayed a Platinum Visa with EMV. They did not pull a credit report to do it. 

I recently asked to upgrade from Platinum to Signature Visa as well. I did that through the chat service too. I received a letter stating that they do not offer the Better Balance in a Visa Signature. You may be downgraded to the Platinum Visa if you PC.

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Thanks for the info. Did you lose your Cash Rewards Dollars when you PCed?

[MACFRME]

Yes, but I only had $1.40. It is worth the loss in the long run. To earn the free $100 or $120 per year with the Cash Rewards card, you need to spend:

$10,000 or $12,000 in 1% the general purchases category. OR

$5,000 or $6,000 in the 2% on groceries ctegory. OR

~$3,325 or $4,000 in the 3% gas category.

If you spend less than that, Better Balance makes more sense for you.

[CMoney91]

I did the PC last night through their online chat.  They told me it would take 2-4 weeks for it to go through and to receive my new card.  In the meantime, I can use my current card until I receive the new one.  Between the Capital One QuickSilver and Sallie Mae, there is no practical use for this card anyways, so non issue.  I was told the new card would have a new number.

I had about $9-$10 in rewards balance which unfortunately I will have to forfeit.  I did the math, and it's not worth it to get it up to $25, when I get 5% cash back on gas and groceries and 1.5% everything else via my other cards.  I think I come out a few pennies ahead if I did 1% all else until I reach $25, but not worth the time and hassle it will take.  

Now I can start immediately (well 2-4 weeks) getting $25 every 3 months by charging a few lunches every month.  If I charge $20/month on the card  I will get 41.67% cash back on $240/year.  That's what you call free money; my favorite type!

They asked me what type of card I would prefer; Visa or Mastercard.  I told them VISA Signature would be preferred.  We'll see what happens.  But like I said, if they want to pay me $100/year to take away the VISA Signature, I'm glad to do it.