topic Re: Bank of America Business Cash Rewards $20k SL Approval in Business Credit

Bank of America Business Cash Rewards $20k SL Approval

imaximous — Wed, 04 Mar 2020 15:53:52 GMT

A week ago, I went to my local branch to open a business checking account for the $300 SUB. At that time, I also had an offer for a $500 SUB on this card, but I decided to pass. Yesterday, I figured I'd just take the offer but when I went to the branch, I was told the $500 SUB offer was no longer available, but there was a $300 offer. I said no thanks and walked out.

Then, thanks to DoC, I found a direct link to the $500 SUB and applied. Got an instant approval for $20k at 15.74% APR.

Business relationship with BofA is only a week old from opening the checking account, but I've had a personal checking for a few years and 2 personal CCs (PR and AS). I'm not sure if it matters, but I'm Platinum in the personal Preferred Rewards program just from deposits into the checking account. I don't keep the money there long, but that helped me qualify unexpectedly.

Exposure with BofA is now $88.9k between 2 personal CC's plus $20k on the new business card. They didn't take away any CL from my personal CC's to open this card, so I'm at $108.9k total. When I saw the SL, I was expecting to see a reduction on the personal CCs, but luckily, it didn't happen. I suppose the usual $99.9k total limit on CCs applies to personal cards or business cards separately. I'm not sure.

They pulled TU at 759 with 8 INQ's. I'm finally down to 5/24 after a long time. I learned my lesson and waited an additional month after accounts reached the 2 year mark. Under my own calculations, I was at 5/24 last month, but Barclays denied me for the 4th time saying I'd opened 10 cards in the last 24 months. The count resets in month 25 for those who may not know.

Re: Bank of America Business Cash Rewards $20k SL Approval

Anonymous — Wed, 04 Mar 2020 16:02:41 GMT

@imaximous wrote:
... I found a direct link to the $500 SUB and applied. Got an instant approval for $20k at 15.74% APR.

Great job -- congrats!

Re: Bank of America Business Cash Rewards $20k SL Approval

imaximous — Wed, 04 Mar 2020 16:27:29 GMT

@Anonymous wrote:
@imaximous wrote:
... I found a direct link to the $500 SUB and applied. Got an instant approval for $20k at 15.74% APR.
Great job -- congrats!

Thanks! Almost settled for the $300 SUB thinking it may not be a legitimate link or only a targeted offer, but confirmed with BofA rep today.

Re: Bank of America Business Cash Rewards $20k SL Approval

blindambition — Wed, 04 Mar 2020 17:37:22 GMT

@imaximous wrote:
A week ago, I went to my local branch to open a business checking account for the $300 SUB. At that time, I also had an offer for a $500 SUB on this card, but I decided to pass. Yesterday, I figured I'd just take the offer but when I went to the branch, I was told the $500 SUB offer was no longer available, but there was a $300 offer. I said no thanks and walked out.
Then, thanks to DoC, I found a direct link to the $500 SUB and applied. Got an instant approval for $20k at 15.74% APR.
Business relationship with BofA is only a week old from opening the checking account, but I've had a personal checking for a few years and 2 personal CCs (PR and AS). I'm not sure if it matters, but I'm Platinum in the personal Preferred Rewards program just from deposits into the checking account. I don't keep the money there long, but that helped me qualify unexpectedly.

Exposure with BofA is now $88.9k between 2 personal CC's plus $20k on the new business card. They didn't take away any CL from my personal CC's to open this card, so I'm at $108.9k total. When I saw the SL, I was expecting to see a reduction on the personal CCs, but luckily, it didn't happen. I suppose the usual $99.9k total limit on CCs applies to personal cards or business cards separately. I'm not sure.

They pulled TU at 759 with 8 INQ's. I'm finally down to 5/24 after a long time. I learned my lesson and waited an additional month after accounts reached the 2 year mark. Under my own calculations, I was at 5/24 last month, but Barclays denied me for the 4th time saying I'd opened 10 cards in the last 24 months. The count resets in month 25 for those who may not know.

Congrats on the fantastic approval. Good DPs for sure. Happy you searched for that link!! 🥳

Re: Bank of America Business Cash Rewards $20k SL Approval

Anonymous — Wed, 04 Mar 2020 19:28:44 GMT

Congratulations on your approval! 👍

Re: Bank of America Business Cash Rewards $20k SL Approval

GApeachy — Wed, 04 Mar 2020 19:33:42 GMT

Thanks for all the valuable info. Nope didn't know about the reset at 25 months = good to know.

Congrats on your sl and congrats that it was a true sl and they didn't rob Peter to pay Paul. Always a good sign.

Re: Bank of America Business Cash Rewards $20k SL Approval

AllZero — Wed, 04 Mar 2020 19:39:55 GMT

Congratulations on your approval!

Re: Bank of America Business Cash Rewards $20k SL Approval

mikesonthemend — Wed, 04 Mar 2020 23:15:34 GMT

Congrats!

Re: Bank of America Business Cash Rewards $20k SL Approval

NimbusIII — Thu, 05 Mar 2020 00:09:23 GMT

Congradulations on your approval! Thanks for all the DP's

Re: Bank of America Business Cash Rewards $20k SL Approval

Traveler101 — Thu, 05 Mar 2020 01:01:10 GMT

Nice, Congrats!

Re: Bank of America Business Cash Rewards $20k SL Approval

M_Smart007 — Fri, 06 Mar 2020 03:05:25 GMT

Congratulations!

Re: Bank of America Business Cash Rewards $20k SL Approval

FieryDance — Fri, 06 Mar 2020 06:18:58 GMT

Congrats!!! Hope you like the card! And with a business account you can really benefit from this relationship.

I also jumped on BoA Biz cards recently, twice! Targeted offer of Business Travel Rewards, sub 35K and the same public offer found on DoC, sub $500. BoA seems to love me, $25K and $30K SLs respectively, much more than expected. Don't have BoA business deposit accounts though so no relationship bonus points.

Despite its lousy reputation BoA has always been a pretty decent bank I think.

Re: Bank of America Business Cash Rewards $20k SL Approval

imaximous — Fri, 06 Mar 2020 14:24:39 GMT

@FieryDance wrote:
Congrats!!! Hope you like the card! And with a business account you can really benefit from this relationship.

I also jumped on BoA Biz cards recently, twice! Targeted offer of Business Travel Rewards, sub 35K and the same public offer found on DoC, sub $500. BoA seems to love me, $25K and $30K SLs respectively, much more than expected. Don't have BoA business deposit accounts though so no relationship bonus points.

Despite its lousy reputation BoA has always been a pretty decent bank I think.

Yes, BofA has done almost a 180 with me. I don't remember exactly when they started doing SP CLIs (maybe about 1.5 years ago), but before that, I only had one card with a $2k limit since around 2013. I'd asked multiple times if there was any offer to increase the limit and always got a no. Finally, in 2018 I decided to take a HP and requested a CLI, which got me to $7.2k. A few months later, I applied for another card, and after a messy application process, I got a $1k SL approval with recon and all. Long story short, within the next year or so, they bumped me from $2k to $88.9k in CLs on the personal side.

My personal checking is old-ish but always had very little activity -- enough to avoid the monthly fee. Late last year, I started using it for business deposits and that's how I got to Platinum pretty quickly. I was planning to hit Plat Honors, but accountant wasn't too happy when he found out about my using the personal checking for deposits.

That's how I ended up opening the business checking. But then, I also realized that you have to qualify for Preferred Rewards separately for personal and business. I thought the status would carry for all accounts, but nope. Now I'm moving my deposits to business to qualify for the relationship bonus.

One thing I still wish is that BofA had better credit cards and rewards programs, but they've always been way behind others.

Thanks everyone!

Re: Bank of America Business Cash Rewards $20k SL Approval

imaximous — Wed, 11 Mar 2020 17:02:00 GMT

Here are more DPs in case anyone's interested...

My business checking account was opened less than 2 weeks ago (end of Feb). I noticed about a week later that my account was showing the badge for Gold Preferred Rewards, which I thought was a glitch because I was told you have to qualify separately from the Personal account, and I'm Platinum on the personal side. Status isn't supposed to carry over, and it's obviously not been 3 months since opened nor have I had an average of $25k for the last 3 months for Gold status. But, I already made some charges on the credit card, and it's giving me the bonus for Gold status (25%).

Another even better finding is that when making a mortgage payment through Plastiq, it codes as "REAL ESTATE AGENTS AND MANAGERS-RENTALS" MCC 6513 and that qualifies as "Travel" for BofA.

So, at the very basic level of the card, I can get 3% making my mortgage payments through Plastiq and net 0.5% in cashback. As Gold, I'll be getting 3.75% back, so that puts me at 1.25% after Plastiq's fee (2.5%) and without considering their offers I get from time to time. Now, I'm definitely going to push for Plat Honors for the full 5.25%.

I'd read a couple of DPs about this on flyertalk but I wanted to try for myself. This is really neat!

Re: Bank of America Business Cash Rewards $20k SL Approval

Marz2002 — Sun, 15 Mar 2020 19:04:16 GMT

CONGRATS @imaximous on your BofA Business Cash Rewards approval, the MASSIVE SL, and Thanks for the EXCELLENT DPs!

Re: Bank of America Business Cash Rewards $20k SL Approval

imaximous — Sun, 15 Mar 2020 23:19:02 GMT

@Marz2002 wrote:
CONGRATS @imaximous on your BofA Business Cash Rewards approval, the MASSIVE SL, and Thanks for the EXCELLENT DPs!

Thanks! And here's another DP...

A couple of days ago, I noticed my badge now says Platinum. So in less than 3 weeks since opening the business checking, they bumped me up twice. Not sure if this is a glitch or what's going on, but if you notice on the screenshot, it says Platinum since April 2020. Considering we're still in March, I thought I'd be getting the benefits starting next month, but the extra bonus points are already posting when making credit card purchases. 3-month average balance shows $0 and you need a $50k average for Platinum. 🤷🏻‍♂️

The only explanation I have for all this is that I opened the biz checking and CC as a sole proprietor under my own name but using an EIN. Then, I linked my biz and personal logins so all accounts show regardless of using my personal or biz login. The system must be using my personal status and applying it to business. I can't make sense of this otherwise, and won't complain either. 😊

Re: Bank of America Business Cash Rewards $20k SL Approval

Marz2002 — Sun, 15 Mar 2020 23:45:30 GMT

@imaximous wrote:
@Marz2002 wrote:
CONGRATS @imaximous on your BofA Business Cash Rewards approval, the MASSIVE SL, and Thanks for the EXCELLENT DPs!
Thanks! And here's another DP...

A couple of days ago, I noticed my badge now says Platinum. So in less than 3 weeks since opening the business checking, they bumped me up twice. Not sure if this is a glitch or what's going on, but if you notice on the screenshot, it says Platinum since April 2020. Considering we're still in March, I thought I'd be getting the benefits starting next month, but the extra bonus points are already posting when making credit card purchases. 3-month average balance shows $0 and you need a $50k average for Platinum. 🤷🏻‍♂️

The only explanation I have for all this is that I opened the biz checking and CC as a sole proprietor under my own name but using an EIN. Then, I linked my biz and personal logins so all accounts show regardless of using my personal or biz login. The system must be using my personal status and applying it to business. I can't make sense of this otherwise, and won't complain either. 😊

Thanks for the additional DP @imaximous - I need to look into a Side Gig so that I can have access to these Busiiness credit card opportunities!

Re: Bank of America Business Cash Rewards $20k SL Approval

Anonymous — Mon, 16 Mar 2020 00:00:54 GMT

@Marz2002 wrote:
... I need to look into a Side Gig ...

Carpenter?

Re: Bank of America Business Cash Rewards $20k SL Approval

Marz2002 — Mon, 16 Mar 2020 00:25:26 GMT

@Anonymous wrote:
@Marz2002 wrote:
... I need to look into a Side Gig ...
Carpenter?

LOL - That's TOO FUNNY James!

Re: Bank of America Business Cash Rewards $20k SL Approval

imaximous — Fri, 20 Mar 2020 17:28:46 GMT

Well, I found my answer to the early enrollment in Preferred Rewards.

It appears that when you open a new business checking account, there's an offer to enroll early in Preferred Rewards by depositing $20k or more within the first 30 days, and you get the upgraded benefits right away without having to wait for a 3-month average. Since I deposited over $50k, they bumped me to Platinum.

This info wasn't provided during account opening and the banker didn't mention anything about it either. I saw this by chance in a letter I received regarding the $300 SUB. Info was in the last paragraph of the letter that was meant for the SUB only.

While I'm glad I got enrolled purely by accident since I had no knowledge of this, I'm also annoyed that they wouldn't mention it during account opening. I would've been pretty upset if I'd missed the opportunity to move up. Anyway, I transferred enough for Platinum Honors now, and I'm still a week under the 30-day mark. Let's see if they'll bump me to the top tier now.