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huntman21014
Posts: 15
Registered: ‎05-09-2013
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Sovereign Visa Signature with $800.00 CL?

I applied for the Sovereign Visa card and didn't hear back so I figured it was denied but got the card in the mail today.  It is in fact a VISA Signature card but with a toy $800.00 limit!  I heard that some siggy cards could be under $5k but under $1k?!!! 

 

Since I got this card though I think I am going to cancel my PC from BofA Cash Rewards Platinum to Siggy as that card has my highest credit limit and carries a balance.  I don't want my balance to be my limit reporting on that card.  Would that be a good idea since BofA doesn't report limits on their siggy cards

Valued Contributor
navigatethis12
Posts: 1,954
Registered: ‎01-24-2012
0

Re: Sovereign Visa Signature with $800.00 CL?

Sovereign seems to be a bit behind the times. I got the card last year when it was still under FIA and yesterday was going to see about an increase since it's by Sovereign now. Well the specialist told me they cannot do increases, and if you wanted a higher line it would have to be a new application (new card and new account) and hopefully you would get approved for a higher limit.

 

I've no experience with cards not reporting limits, but I do think it would be best to keep the limit reporting.

Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Sovereign Visa Signature with $800.00 CL?


huntman21014 wrote:

I applied for the Sovereign Visa card and didn't hear back so I figured it was denied but got the card in the mail today.  It is in fact a VISA Signature card but with a toy $800.00 limit!  I heard that some siggy cards could be under $5k but under $1k?!!! 

 

Since I got this card though I think I am going to cancel my PC from BofA Cash Rewards Platinum to Siggy as that card has my highest credit limit and carries a balance.  I don't want my balance to be my limit reporting on that card.  Would that be a good idea since BofA doesn't report limits on their siggy cards


I would call in and ask with the deal is with that. :smileyindifferent:




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New Member
huntman21014
Posts: 15
Registered: ‎05-09-2013
0

Re: Sovereign Visa Signature with $800.00 CL?

I plan to tomorrow I just never knew you could get a Signature Card with an $800 limit.  Since I wanted the signature for the car rental perks and stuff would it be smarter to cancel the PC of my BOFA card?  I carry a balance on that card which would look like 100% utilization correct?

Valued Contributor
FinStar
Posts: 6,955
Registered: ‎10-21-2012
0

Re: Sovereign Visa Signature with $800.00 CL?


huntman21014 wrote:

I plan to tomorrow I just never knew you could get a Signature Card with an $800 limit.  Since I wanted the signature for the car rental perks and stuff would it be smarter to cancel the PC of my BOFA card?  I carry a balance on that card which would look like 100% utilization correct?


The Visa Signature benefit is actually dictated by each member institution in adherence with Visa's benefit/membership guidelines.  I have seen Visa Signature CCs at $500.  It's mainly the extended benefit added to the product to enhance the financial institution's loyalty CC program.  The past guidelines for most lenders to qualify for the upgraded Signature benefit used to be set at $5K.  Since then, those rules have been laxed and the overabundance of "diluted" CC products in the market has come in the same fashion as when Platinum cards were vogue back in the day.

Moderator
09Lexie
Posts: 26,608
Registered: ‎09-13-2012
0

Re: Sovereign Visa Signature with $800.00 CL?


FinStar wrote:

huntman21014 wrote:

I plan to tomorrow I just never knew you could get a Signature Card with an $800 limit.  Since I wanted the signature for the car rental perks and stuff would it be smarter to cancel the PC of my BOFA card?  I carry a balance on that card which would look like 100% utilization correct?


The Visa Signature benefit is actually dictated by each member institution in adherence with Visa's benefit/membership guidelines.  I have seen Visa Signature CCs at $500.  It's mainly the extended benefit added to the product to enhance the financial institution's loyalty CC program.  The past guidelines for most lenders to qualify for the upgraded Signature benefit used to be set at $5K.  Since then, those rules have been laxed and the overabundance of "diluted" CC products in the market has come in the same fashion as when Platinum cards were vogue back in the day.


^^^^^ This


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