topic Re: P2: BOA Elite Approval! in Credit Card Approvals

P2: BOA Elite Approval!

bytechma — Thu, 04 Jul 2024 16:18:49 GMT

My P2 just got approved for Bank of America Premium Rewards Elite with 75k points welcome offer for $5k spend. The value is $1000 if the points are booked in the BOA travel portal. This time the approval was not instant, we needed to call to confirm our income. They approved for $16.9k SL but they move $17k from our CCR card.

We were able to add the card to Apple Pay instanly and the new card should in two days. Super exicted for this card since it will earn 3.28x on everything 4.38x on all travel (BOA covers so many categories) and dining if booked on their portal. I know BOA doesn't have airline transfer partners but I like to booking my flights with cash equivalent when possible since I will earn PQP and 9x United miles for eaching booking.

So far, BOA travel portal flights for United for the flights I book seem to be comparable to United's website.

Also excited to double dip on the airline and lifestyle credits of $450+$450 in year 1 since the credits reset on calendar year

Re: P2: BOA Elite Approval!

s_haliz — Thu, 04 Jul 2024 16:50:01 GMT

Congrats!!! Enjoy your rewards!!!

@bytechma wrote:
My P2 just got approved for Bank of America Premium Rewards Elite with 75k points welcome offer for $5k spend. The value is $1000 if the points are booked in the BOA travel portal. This time the approval was not instant, we needed to call to confirm our income. They approved for $16.9k SL but they move $17k from our CCR card.

We were able to add the card to Apple Pay instanly and the new card should in two days. Super exicted for this card since it will earn 3.28x on everything 4.38x on all travel (BOA covers so many categories) and dining if booked on their portal. I know BOA doesn't have airline transfer partners but I like to booking my flights with cash equivalent when possible since I will earn PQP and 9x United miles for eaching booking.

So far, BOA travel portal flights for United for the flights I book seem to be comparable to United's website.

Also excited to double dip on the airline and lifestyle credits of $450+$450 in year 1 since the credits reset on calendar year

Re: P2: BOA Elite Approval!

bytechma — Thu, 04 Jul 2024 16:52:13 GMT

Thank you!

Re: P2: BOA Elite Approval!

NoMoreDebt — Thu, 04 Jul 2024 17:10:29 GMT

Congrats

Re: P2: BOA Elite Approval!

bytechma — Thu, 04 Jul 2024 17:13:41 GMT

Thank you!

@NoMoreDebt wrote:
Congrats

Re: P2: BOA Elite Approval!

JoeRockhead — Thu, 04 Jul 2024 17:52:35 GMT

Very nice, even with the reallocation of limits. Sounds like a card you'll make good use of, congratulations on P2's approval!

Re: P2: BOA Elite Approval!

Rdbeetle — Thu, 04 Jul 2024 17:58:22 GMT

Congrats on P2's BOA approval!

Re: P2: BOA Elite Approval!

CreditAggie — Thu, 04 Jul 2024 18:27:32 GMT

Congratulations on P2's BofA approval!

Re: P2: BOA Elite Approval!

keekers — Thu, 04 Jul 2024 18:33:39 GMT

Congrats.

Re: P2: BOA Elite Approval!

markbeiser — Thu, 04 Jul 2024 20:17:39 GMT

Odd that the limit was taken from the CCR card for the Elite approval, would make more sense for them to take it from the Travel Rewards and/or Premium Rewards cards, but all of that can be reshuffled with a phone call.
At least the points on the existing rewards cards can all be transferred to the Elite.

Re: P2: BOA Elite Approval!

bytechma — Fri, 05 Jul 2024 00:33:48 GMT

@JoeRockhead wrote:
Very nice, even with the reallocation of limits. Sounds like a card you'll make good use of, congratulations on P2's approval!

Thank you! We usually hit the $2500 quarterly spend cap in the first month so it is better to have higher limits on the PR and Elite. I guess next year we can decide whether to keep or downgrade one of them for another CCR.

Re: P2: BOA Elite Approval!

bytechma — Fri, 05 Jul 2024 02:29:32 GMT

@Rdbeetle wrote:
Congrats on P2's BOA approval!

Thank you!

Re: P2: BOA Elite Approval!

bytechma — Fri, 05 Jul 2024 02:29:10 GMT

@CreditAggie wrote:
Congratulations on P2's BofA approval!

Thank you!

Re: P2: BOA Elite Approval!

bytechma — Fri, 05 Jul 2024 03:14:51 GMT

@markbeiser wrote:
Odd that the limit was taken from the CCR card for the Elite approval, would make more sense for them to take it from the Travel Rewards and/or Premium Rewards cards, but all of that can be reshuffled with a phone call.
At least the points on the existing rewards cards can all be transferred to the Elite.

Here is the wording from the TCs

"You also understand that if you have existing credit card accounts with Bank of America, we may use the available credit on the existing account(s) to approve your new credit card which could include moving credit from an account with a lower annual percentage rate and/or fee structure to a higher annual percentage rate and/or fee structure without increasing your overall credit limit."

it is the same wording when you request a CLI online. I don't mind taking from CCR because we only use it to max the $2500. But I will probably move around some of the credit line

Re: P2: BOA Elite Approval!

VILF81 — Fri, 05 Jul 2024 03:23:36 GMT

Nice.

Re: P2: BOA Elite Approval!

markbeiser — Fri, 05 Jul 2024 05:26:46 GMT

@bytechma wrote:
@markbeiser wrote:
Odd that the limit was taken from the CCR card for the Elite approval, would make more sense for them to take it from the Travel Rewards and/or Premium Rewards cards, but all of that can be reshuffled with a phone call.
At least the points on the existing rewards cards can all be transferred to the Elite.
Here is the wording from the TCs

"You also understand that if you have existing credit card accounts with Bank of America, we may use the available credit on the existing account(s) to approve your new credit card which could include moving credit from an account with a lower annual percentage rate and/or fee structure to a higher annual percentage rate and/or fee structure without increasing your overall credit limit."

it is the same wording when you request a CLI online. I don't mind taking from CCR because we only use it to max the $2500. But I will probably move around some of the credit line

I was just pointing out that it is odd they would pull available limit from the CCR, rather than from one or both of the cards made redundant by the new Elite card.
I'm pretty close to being at 50% of income in total credit limit, so will be taking a hit to my CCR and/or SGK cards when I get the UCR card next year, as I don't think they make any exceptions to the 50% rule at platinum honors tier.
Seriously thinking about skipping the UCR and jumping straight to the Elite though.
I can't really justify the AF, so would be more a vanity thing.🤣

Re: P2: BOA Elite Approval!

bytechma — Fri, 05 Jul 2024 06:09:37 GMT

Ah I see what you saying, it is odd.

I feel year 1 it is worth it with the sign on bonus and double credits to offset the annual fee. Then just downgrade to UCR or another CCR. And nothing wrong with having a vanity one vanity card 😂

if you do go the UCR route, make sure to check your offers section. My P2 had offers for $500 on the UCR and 50k in the travel rewards. Good luck which ever one you apply too

@markbeiser wrote:
@bytechma wrote:
@markbeiser wrote:
Odd that the limit was taken from the CCR card for the Elite approval, would make more sense for them to take it from the Travel Rewards and/or Premium Rewards cards, but all of that can be reshuffled with a phone call.
At least the points on the existing rewards cards can all be transferred to the Elite.
Here is the wording from the TCs

"You also understand that if you have existing credit card accounts with Bank of America, we may use the available credit on the existing account(s) to approve your new credit card which could include moving credit from an account with a lower annual percentage rate and/or fee structure to a higher annual percentage rate and/or fee structure without increasing your overall credit limit."

it is the same wording when you request a CLI online. I don't mind taking from CCR because we only use it to max the $2500. But I will probably move around some of the credit line
I was just pointing out that it is odd they would pull available limit from the CCR, rather than from one or both of the cards made redundant by the new Elite card.
I'm pretty close to being at 50% of income in total credit limit, so will be taking a hit to my CCR and/or SGK cards when I get the UCR card next year, as I don't think they make any exceptions to the 50% rule at platinum honors tier.
Seriously thinking about skipping the UCR and jumping straight to the Elite though.
I can't really justify the AF, so would be more a vanity thing.🤣

Re: P2: BOA Elite Approval!

Janneman — Fri, 05 Jul 2024 08:15:22 GMT

@bytechma

Speaking of confirming income, did they ask for any POI or documents related to income when it comes to confirming income? Tnx

Re: P2: BOA Elite Approval!

bytechma — Fri, 05 Jul 2024 10:48:10 GMT

@Janneman wrote:
@bytechma

Speaking of confirming income, did they ask for any POI or documents related to income when it comes to confirming income? Tnx

No they did not request POI or any other docs. Probably helps that we have a relationship with them as a main bank: multiple checkings, savings and Merrill Edge. My P2 close 30 years, myself 16 years banking with BOA

Re: P2: BOA Elite Approval!

coldfusion — Fri, 05 Jul 2024 11:49:11 GMT

@markbeiser wrote:
I don't think they make any exceptions to the 50% rule at platinum honors tier.

They do, like many other BoA 'policies' like the $99.9K TCL limit they will waive it for the right client who holds PH status.