topic Re: Help Please BOA in Credit Card Applications

Help Please BOA

Anonymous — Wed, 18 Jan 2017 05:05:20 GMT

Okay so we just started a business and app'd for the BOA Cash Rewards card instant approval for $9,000 SL

(And a few days later an Amex Business)

But...

What we just found out the hard way is that the main company we get our inventory from they are headquartered in China and after purchasing inventory these foreign transaction fees. So we need a card with now foreign transaction fees.

My first though was app for a card without them the one I found was BOA Travel Rewards Card and it comes with a decent sign up bonus. So we app'd and got the 7-10 day message.

We absolutely don't mind if they were able to somehow split the 9k limit onto the 2 cards (5k 4K or 4.5k 4.5k). My question is can they do something like that (have you heard of anything like that)? Or what's the likely outcome here and what would you suggest we do?

Oh and each on did a HP so that's 3 now just from this plus one from Chase Ink so 4 I don't care about the ink anymore knowing there's foreign transaction fees it'll probably be denied for Chase.

Thanks!

Re: Help Please BOA

Jeff007245 — Wed, 18 Jan 2017 08:13:22 GMT

Call BOA CS and request for a product change from Cash Rewards to Tavel Rewards.

Re: Help Please BOA

csryang — Wed, 18 Jan 2017 15:57:13 GMT

Yeah I agree with the above. Try to find a number online for BOA credit department. If you cannot find one, just ask a normal front line agent transfer you to one. You can ask them about your situation and let them know you are willing to product change Cash reward to Travel reward card. If not, asking them to split some limit to open a travel reward card.

Usually on the fee section of credit card application, it usually will list if it has any foreign transaction fee. When you said ink, you meant ink plus or ink preferred with chase? They should have no foreign transaction fee. Please double check online or call their agent to find out.

Re: Help Please BOA

Anonymous — Wed, 18 Jan 2017 16:04:06 GMT

Okay I app'd for the Travel before posting this (and not knowing you could PC Business cards) what would be the best to do now? Wait until they decide to approve or deny a 2nd card (the Travel Rewards) or call and ask for a PC.

Also, there's one other thing. I signed up for the Cash Rewards under a spend $500 get $200 promo I'm about $10 away from the $500 spend right now if I meet that and PC will that $200 statement Credit just be applied to the Travel Rewards Card?

The Travel Rewards has a similar sign up promo spend $1,000 get $250 (or it's equivalent in points).

Re: Help Please BOA

csryang — Wed, 18 Jan 2017 16:15:06 GMT

Can you tell me the date you applied for the cash reward? If within one month, Boa typically don't repull your credit for another application.

What does the application status say about your travel rewards application? You may call credit department to see what they can do.

PC is possible but not saying that they will always allow it. It seems that you almost got the sign on bonus from cash reward. It might be better to just see if they could split some credit or somehow work with you on the travel rewards card.

Again, there are several zero foreign fee business cards out there and it's good to compare and see how that goes. Chase ink preferred or plus usually are very popular business cards.

Re: Help Please BOA

Anonymous — Wed, 18 Jan 2017 16:45:22 GMT

The Cash Rewards we app'd on 1/05

They repulled credit when we app'd for the Travel Rewards just yesterday.

It says pending. So would it be best just to call and explain the situation and maybe they'll be able just to split the CL granting me the new card?

It turns out the one for Chase was the Chase Ink Cash because it has a $300 sign up bonus but that card charges fees, if approved can I PC it to the plus?

Re: Help Please BOA

csryang — Wed, 18 Jan 2017 17:01:10 GMT

It's good sign that your Boa travel reward status is pending rather than denied instantly. Yeah I think it's good to call them. Don't mention moving credit until later. Say that you saw the app is pending and see if there's anything you can do to move the process along. Say that you like how it has no foreign transaction fee and its benefits. If they still don't want to extend further credit, you can then bring up moving credit or product change to cash rewards card.

Ink cash does charge foreign transaction fee.... Ink preferred does not. However, ink preferred has 95 annual fee vs ink cash no annual fee. If approved, I think you can only pc after holding it for a year but you can always call and ask. Just keep in mind that ink preferred does charge an annual fee. If you really want ink preferred (high sign on bonus) with annual fee but no foreign transaction, you may submit another application and see what they say.

With chase business card credit analyst, it's usually better to wait it out and check phone application status line- 2week message or 30day message means better approval chance. You can also call credit department right away but be prepared that you might be grilled on the nature of your business.

Re: Help Please BOA

Anonymous — Wed, 18 Jan 2017 18:02:15 GMT

Okay so I called and asked they said because it's a new business and we currently have no contracts out they can't extend more credit but they will split the current credit limit between the two cards.

My question now is will we get any kind of sign up promo for the Travel Rewards Card?

Either way I'm happy but it feels like they weren't that thrilled to even have given the $9,000 in the first place

Re: Help Please BOA

csryang — Wed, 18 Jan 2017 20:14:23 GMT

Congrats! Hopefully the line will grow with you. If not, you can always request credit limit increase down the road once there's some growth for your business.

Yes I believe that if you sign up for the card using any promotional link, you will always be given that promotion! To double check, you may call the front line agent after you receive the card but before you put some spend on it.

Re: Help Please BOA

Anonymous — Wed, 18 Jan 2017 21:33:12 GMT

Thanks! It's perfect for us right now and we definitely need to just stay in the garden for the next 12 months no HP's just in the last month probably used 5 HP's and if each is 4 points that's 20 points off.

Do you know if BOA lets you go over limit on business cards like Amex does?

Re: Help Please BOA

JoeLuvsHisCredit — Wed, 18 Jan 2017 22:19:39 GMT

Congrats

I have never saw BOA let you go over your limit and I wouldn't go over your limit because when it comes to next time for your CLI, They might or will look into your account to see how you were doing with your current limit etc. That's my take on the matter.

Re: Help Please BOA

Anonymous — Wed, 18 Jan 2017 22:33:34 GMT

Okay I was just asking because My Amex SimplyCash for Business actually encourages you to go over you limit (as long as you can PIF any overage by payment due date).

Re: Help Please BOA

Anonymous — Thu, 19 Jan 2017 06:17:30 GMT

They willnif you were approved for the visa signature version of the card. Many of there business cards are mastercard though. If you did app for a visa version and are not at the signature level ($5,000 credit line requirement) you can always ask to move more over from the other card and upgrade to the vs version of the business. Note: this will not guarantee that you can go over $5,000 as they look at account, relationship, and other factors for every transaction above the credit line. If you are going to be doing heavy transactions frequently, you may want to head into a branch to meet with a small business banker (not a relationship manager) as they generally have a contact in credit that can do some pretty cool stuff on the business card side for new businesses

Re: Help Please BOA

Anonymous — Thu, 19 Jan 2017 20:22:23 GMT

The ones we got we Mastercards and at the moment I don't know how much we will be using and how heavily. For 2017 I'd imagine $4,500 will be fine we can pay it off and use it again in a day or two if need be. Definitely don't want any more hard pulls until 2018 though. I will keep the branch option in mind the only issue is that the closest branch is about an hour away

Re: Help Please BOA

Anonymous — Sat, 28 Jan 2017 04:44:17 GMT

Update: They told us on 1/18 they we had been approved for the split from our original 9k Limit into 4.5k on Cash Rewards and 4.5k on Travel Rewards. It looks like the split was processed because it's showing the limit reduced to 4.5k on the Cash Rewards but we haven't heard anything since about the Travel Rewards and we have not received it.

So we called in today and they said it was "still pending" and that we need to call back on Monday to verify some information. Even though we verified everything on 1/18 we were on the phone for 30mins answering questions about it and they've already split the limit.

What is going on here can anyone give me some advice on this? Thank you!

Re: Help Please BOA

Anonymous — Sun, 29 Jan 2017 02:35:27 GMT

Bump

Re: Help Please BOA

csryang — Sun, 29 Jan 2017 21:09:45 GMT

@Anonymous wrote:
Update: They told us on 1/18 they we had been approved for the split from our original 9k Limit into 4.5k on Cash Rewards and 4.5k on Travel Rewards. It looks like the split was processed because it's showing the limit reduced to 4.5k on the Cash Rewards but we haven't heard anything since about the Travel Rewards and we have not received it.

So we called in today and they said it was "still pending" and that we need to call back on Monday to verify some information. Even though we verified everything on 1/18 we were on the phone for 30mins answering questions about it and they've already split the limit.

What is going on here can anyone give me some advice on this? Thank you!

Check your status here: https://www.bankofamerica.com/credit-cards/application-status/app-status-form.go

If it still says pending, maybe just do what they say and call again on Monday to verify some information...

It will be worthwhile to keep calling daily (if you have time) and explaining your situation to them that you were told it was approved on 1/18 by splitting limit and that you still have not heard anything. Show your frustration to them, escalate to a supervisor if they have one etc... If you need the card soon, ask them if they could rush the card to you.

Re: Help Please BOA

Anonymous — Sun, 29 Jan 2017 21:39:21 GMT

Csryang - I've tried using that but it can't even pull up the application it just says information doesn't match records. I think that that was built for personal apps this was for our business card I've tried every way I can think to pull it up online but it keeps saying doesn't match our records.

Re: Help Please BOA

csryang — Sun, 29 Jan 2017 21:46:10 GMT

@Anonymous wrote:
Csryang - I've tried using that but it can't even pull up the application it just says information doesn't match records. I think that that was built for personal apps this was for our business card I've tried every way I can think to pull it up online but it keeps saying doesn't match our records.

Sorry Matt, I didnt know that it wont work for business card application status.

I guess you will have to call on Monday to see what's going on... Good Luck!