What Credit Card should I Apply for? BofA or Citi

SanFranPzykho · ‎08-05-2015

Hello guys I would like your advice, I received a pre approved offer letter from Bank of America, for the Americard something interesting on this offer is that it has 21 billing cycles at 0% APR for Balance Transfers, after that 12.99% APR, I also have a pre approved offer letter from Citibank, for the simplicity card, 21 months at 0% APR for balance transfers, 17.99% after. What Credit Card do you think I should pull the trigger ? At first glance the APR says everything and BofA would be the best, but I would like to get some extra info from you guys.

I am a Citibank customer, I have my checking and savings account with them as well as a couple of CC, in contrast I would be a new BofA customer.

What do you think would be the CL if I am approved on BofA and what do you think would be the CL if I am approved on Citibank?

kdm31091 · ‎08-05-2015

No one can foresee CLs, but are both offers for non-rewards cards? All things being equal, I'd choose BOA if you care about the APR after the promo. Simplicity offers a free FICO I believe though if that is important.

Citi has been known to be stingy with limits on some cards but I don't know if Simplicity is one of them, as it isn't a rewards card.

Both BOA and Citi will allow you to PC your less useful non-rewards card into something "better" after the promos end.

Really, I'd just go with whichever bank you prefer as if the products are both just "regular" credit cards with 0% periods there's little difference except the ongoing APR.

longtimelurker · ‎08-05-2015

And (surprised KDM didn't mention!) there is no need to apply for either just because you were preapproved. Does either card make sense for your needs. Or are there other cards that might be a better match

yfan · ‎08-05-2015

Well, there are several BankAmericard cards... cash rewards, travel rewards, and low interest (no rewards). First step would be to find out if BofA is offering you the no rewards card as opposed to one of the rewards cards. As far as I know, the Simplicity card has no rewards.

Whether you want EITHER one of these cards should be decided before you decide WHICH one you want. Do you want a no-rewards card?

kdm31091 · ‎08-05-2015

Ugh LTL is right. Im slipping up here. Dont apply for anything just because of a prequal. What do you want in a card? Answer that, then find cards that fit it through research and you can find tons of opinions on here. Then go from there

SanFranPzykho · ‎08-05-2015

Thanks for your comments, regarding the BofA credit card is the Americard no rewards and I am not applying for the prequals, is just because I have a couple of weeks thinking into apply for a Balance Transfer Card and I read that the simplicity card was a good one for balance transfer, then somehow I received those prequals, so basically I am not looking right now for rewards but for a good balance transfer deal.

kdm31091 · ‎08-05-2015

@SanFranPzykho wrote:
Thanks for your comments, regarding the BofA credit card is the Americard no rewards and I am not applying for the prequals, is just because I have a couple of weeks thinking into apply for a Balance Transfer Card and I read that the simplicity card was a good one for balance transfer, then somehow I received those prequals, so basically I am not looking right now for rewards but for a good balance transfer deal.

Keep in mind many rewards cards also have good balance transfer offers. Not always an either or case. "Balance transfer" marketed cards are just that, marketing. You can find good deals on cards that remain useful long after the BT is overwith. Do some searching...don't settle for what will become useless after the BT.

Anonymous · ‎08-05-2015

Do BofA. Lower APR. PC into Cash Rewards after promo.

SanFranPzykho · ‎08-05-2015

Thanks for your feedback I will research more to see if I can get a rewards card with good deal on Balance transfer, or I will apply for BofA and then PC at the end of the promo, well let's see first if I get approval.

well I was also wondering what would be the CL of each card, obviously the higher the better, so the hard pull worth it.

Anonymous · ‎08-05-2015

I don't have experience with BT cards but just wanted to share about my personal experience with these two lenders

BofA: started out as a secured card $500 and CLI to $1,500 with HP then opened a BBR $500 auto CLI to $1,000

Looking at current BT offers for these cards, there are no BT promos... They are only offering 3% BT fee and then the APR on the account (currently 15.99% for me)

I haven't read around the forum about BofA allowing direct deposit into checking account and then paying off other lender's credit balances but I know Citi explicitly states they allow direct deposit (if this is a feature you would like to have)

Citi: have the discontinued Dividend card $9,000 CL and double cash card $2,900 (no BT promos showing for DC because I'm still in my 0% period)

I have had Dividend for a year and looking at current BT offers, there are two: one 3% BT fee and 4.99% until 7/2017 and another for 3% BT fee and 2.99% until 8/2017.

Personally, I think Citi has better long-term BT offers. You mentioned you have CCs from Citi? Have you checked your current cards for BT offers?
In terms of limits, everyone is different but I think Citi gives higher limits without HPs for CLIs