I got a BofA secured card with $5300 behind it. Some notes. They said it looks like a normal Visa, and nothing is different. However on the credit report it says it's secured. I specifically asked if it showed up as secured, and they said no. So they were incorrect. I won't say they lied because I assume the lady didn't know. They did two pulls when setting it up. They did check to see if I would qualify for a normal card, which I didn't (I don't have bad credit history, and I have a high limit, and had like $10K sitting with them for years, but you know banks are stupid and work on broken models, that is why so many are getting fed handouts to stay solvent). So I was humming along with a $5200 secured card, charging max of $40 on it. I accidentally didn't pay one month, because I mistook the bill (which are always full of ads trying to sucker people into weird low-class scam deals, I think it's highly unprofessional) for ads I think. I don't know. Anyways, the fine was a $45 charge, on an account with a $30 balance. I think I'm going to cancel my account for several reasons. First, I'm not paying fines when the card is secured. Second, I'm not sure that the money is FDIC insured, so if BofA goes insolvent will I be able to get that money from insurance? And finally, I'm doing them a favor by keeping my money with them. I'm going to them, if they can't give me 5% on my $10K I'm going to look for someplace better, perhaps outside of the USA. In the end, I used the BofA secured card to qualify for a Discover and Amex, but much of what they told me is incorrect and that kind of irks me.Well if you have a Discover an Amex now u don't need a BOA secured card. U sound like u have big money so u might not need any of them lol for real.
I want to say THANK YOU to stef37 for posting the phone number for BOA secured cards. My 9th statement cut yesterday, and today I called that number and asked if my card was eligible to upgrade from secured to unsecured. I sat on hold for about 2 minutes and the rep came back on the line and said congratulations - he upgraded the card to unsecured and said I was also eligible for a $500 cl increase, for a total of $800 cl.
I also want to say THANK YOU to all others who have posted about their experiences with this card. I only got it after reading about how this card can grow with you.
did u check your reports afterwards ? was it a hard inq ?!
were you offered a PC ?
I wasn't offered a product change, and I didn't ask. I was just so thrilled to have it converted to unsecured! Plus I haven't had a chance to review the other cards yet to see what I might want to change to (will be doing that this weekend!) I have Credit Check Total, so if it's a hard pull I'll get a notification - nothing yet though!
My 9th statement cut today and I called also. I got unsecured plus $500 cli total limit $2000.
Thanks to everyone!