topic Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB) in Credit Card Approvals

BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

DJRobbieD — Sat, 05 Aug 2023 19:50:39 GMT

I had an itchy trigger finger following my Amex MBB approval at the end of last month and @Aim_High directed me to the enhanced SUB for this card, so I figured I'd give it a shot. BofA is not as strict as other lenders like Amex/Chase/Citi when it comes to SUBs, so I'm eligible for it even though I received a $500 SUB on my current PR card just last year.

Instant approval and no CL reallocation from my existing PR card, so now my TCL with BofA is at $99.2K (up from $37.2K at the beginning of April). I'll look to get a $700 SP CLI on my current PR card in early October to hit BofA's max TCL, then merge it into this new PRE for a single $99.9K CL card, aligning with my recent goal of a smaller lineup of high CL cards with uncapped rewards structures.

I can easily use the annual credits on this card, bringing it's effective AF down to $100/year (except every 4th year when I can use the $100 Global Entry credit, making it a $0 AF card that year), which is quite reasonable for a Visa Infinite card.

I'm also looking forward to the 17g sleek black metal card. Because I'm a Platintum Honors Preferred Rewards client, I was able to request a rush order on the physical card at no additional cost and should receive it within 1-3 business days.

I thank the credit gods for smiling down upon me once again!

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

Aim_High — Sat, 05 Aug 2023 16:19:27 GMT

Congratulations on your outstanding Premium Rewards Elite approval, @DJRobbieD, and snagging that awesome $750 SUB! Not to mention nearing the $99.9K BofA lending cap in the process! Well played, my friend.

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

Rdbeetle — Sat, 05 Aug 2023 16:25:37 GMT

Congrats on the BofA approval!!!

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

CreditMagic7 — Sat, 05 Aug 2023 16:59:18 GMT

Congratulations on your new BofA approval

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

FireMedic1 — Sat, 05 Aug 2023 17:44:27 GMT

Congrats! Nice SL and SUB!

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

NoMoreDebt — Sat, 05 Aug 2023 19:57:43 GMT

congrats on the approval

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

KingRue8500 — Sun, 06 Aug 2023 02:53:10 GMT

Congrats on your BOA Premium Rewards Elite approval

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

JoeRockhead — Sun, 06 Aug 2023 09:12:47 GMT

Very nice SL and approval, congratulations!

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

BigBS — Sun, 06 Aug 2023 14:13:28 GMT

Congrats!

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

coreyb80 — Sun, 06 Aug 2023 15:12:12 GMT

Congrats on the strong approval!

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

markbeiser — Sun, 06 Aug 2023 17:38:09 GMT

Congratulations!

I kinda really want that card, but I also can't really justify the annual fee because I'd never really use the credits, and don't really engage in travel that a travel card is good for.
Maybe if the the points for every day spend were just slightly better, enough to get it up to 3+ points per dollar with the 75% PH bonus, I'd find a way to justify it.
Not really a decision I have to struggle with this year though, I'm kind of in time out with BoA extending more credit to me due to the flurry of credit activity I had in 2022.🙄

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

CreditAggie — Sun, 06 Aug 2023 18:27:03 GMT

Congratulations on your BofA Premium Rewards Elite approval! I might consider applying for the regular Premium Rewards card while it has the elevated 60K SUB.

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

Genbu — Mon, 07 Aug 2023 13:02:22 GMT

Awesome, congratulations! Do you bank or have prior relationship with BoA?

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

DJRobbieD — Mon, 07 Aug 2023 17:35:54 GMT

@Genbu -- Thank you! Yes, I'm a Platinum Honors Preferred Rewards client of theirs ($100k+ assets across all BofA & Merrill Lynch accounts)

@Genbu wrote:
Awesome, congratulations! Do you bank or have prior relationship with BoA?

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

DJRobbieD — Mon, 07 Aug 2023 17:35:10 GMT

@markbeiser If you have the 75% PH bonus AND you redeem points for airfare via their travel portal at 20% savings, your effective earn rate on all spend becomes 3.28125% (1.5% * 1.75 / 0.8), or 4.375% on dining & travel.

@markbeiser wrote:
Congratulations!

I kinda really want that card, but I also can't really justify the annual fee because I'd never really use the credits, and don't really engage in travel that a travel card is good for.
Maybe if the the points for every day spend were just slightly better, enough to get it up to 3+ points per dollar with the 75% PH bonus, I'd find a way to justify it.
Not really a decision I have to struggle with this year though, I'm kind of in time out with BoA extending more credit to me due to the flurry of credit activity I had in 2022.🙄

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

coldfusion — Mon, 07 Aug 2023 21:41:37 GMT

@DJRobbieD wrote:

Instant approval and no CL reallocation from my existing PR card, so now my TCL with BofA is at $99.2K (up from $37.2K at the beginning of April). I'll look to get a $700 SP CLI on my current PR card in early October to hit BofA's max TCL, then merge it into this new PRE for a single $99.9K CL card, aligning with my recent goal of a smaller lineup of high CL cards with uncapped rewards structures.

Congrat on the approval - just want to make sure you understand that the $99.9K CL/TCL cap is a soft one; several of us here are at $100K+ either in TCL or on a single card. No need to restrict yourself to asking for a $700 CLI if you decide you want to ask for more.

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

markbeiser — Mon, 07 Aug 2023 23:35:29 GMT

@DJRobbieD wrote:
@markbeiser If you have the 75% PH bonus AND you redeem points for airfare via their travel portal at 20% savings, your effective earn rate on all spend becomes 3.28125% (1.5% * 1.75 / 0.8), or 4.375% on dining & travel.

My travel rarely includes flying anywhere, or much in the way of dining at restaurants.

May not be a bad idea to start banking points for the month or so I plan on stumbling around Scotland doing distillery tours in a few years though.🥴

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

DJRobbieD — Tue, 08 Aug 2023 01:46:00 GMT

Thank you @coldfusion! And thank you for pointing out the $99.9K CL/TCL threshold at BofA is a typical max, but not a hard max. I think I knew that, but it slipped my mind. I'll try going past the $99.9K threshold during my next attempt for a SP CLI in early October and let y'all know how it goes

@coldfusion wrote:
@DJRobbieD wrote:

Instant approval and no CL reallocation from my existing PR card, so now my TCL with BofA is at $99.2K (up from $37.2K at the beginning of April). I'll look to get a $700 SP CLI on my current PR card in early October to hit BofA's max TCL, then merge it into this new PRE for a single $99.9K CL card, aligning with my recent goal of a smaller lineup of high CL cards with uncapped rewards structures.

Congrat on the approval - just want to make sure you understand that the $99.9K CL/TCL cap is a soft one; several of us here are at $100K+ either in TCL or on a single card. No need to restrict yourself to asking for a $700 CLI if you decide you want to ask for more.

Re: BofA Premium Rewards Elite - $22K SL (+ $750 SUB)

alextercero — Tue, 08 Aug 2023 12:22:00 GMT

Congrats on the approval