topic Re: BoA... why? in Credit Cards

BoA... why?

PrinceCorwin — Fri, 12 May 2017 15:02:51 GMT

Is there a benefit of getting a BoA card? Being that they are so hard to get, why would anyone want one. I've checked credit Pulls database and they don't seem to offer any higher CLs than anyone else. I guess I just don't see much difference between most cards nowadays since they all base your APR and CL on your creditworthiness. When I was young, different cards were known for specifit levels of CL but not anymore.

Re: BoA... why?

Anonymous — Fri, 12 May 2017 15:05:56 GMT

They seem to able to grow fairly quick, and don't seem to be any harder to get than any other major lender.
Everyone seems to have their own opinions about different banks. If you like their rewards, go for it

Re: BoA... why?

Anonymous — Fri, 12 May 2017 15:35:18 GMT

@PrinceCorwin wrote:
Is there a benefit of getting a BoA card? Being that they are so hard to get, why would anyone want one. I've checked credit Pulls database and they don't seem to offer any higher CLs than anyone else. I guess I just don't see much difference between most cards nowadays since they all base your APR and CL on your creditworthiness. When I was young, different cards were known for specifit levels of CL but not anymore.

As Tiger09 points out, BoA cards aren't really any harder to get than other cards. As for why, in my case I have both the personal and business Alaskan Airlines cards because of the bonus miles that the cards came with and also the Merrill Lynch+ card because it also had a very nice signup bonus directed at travel. Additionally as Tiger09 also pointed out, they are known to be very generous with CLIs so if that's something of a factor for your choice in CCs.

Re: BoA... why?

happypill — Fri, 12 May 2017 15:47:17 GMT

CL and APR are not necessarily the most important differentiating factors among cards. in fact, I would say if CL and APR are important factors to someone, they are probably carrying a balance and thus probably losing at the credit game, paying interest and fees to the bank (a lot of us have been there and recoevered). If you PIF every month, a CL of around $5k should be enough for the vast majority of the people out there and APR is meaningless.

BofA does offer a few products that are best in class, depending on your relationship with them. They are also known for being generous with CLIs and myFICo users have reported some hefty limits after in short order. Big CLs are nice but they don't really offer any value (unless you carry a balance of course). Nice rewards and sign-on bonuses are really what differentiates cards worth having.

Re: BoA... why?

Anonymous — Fri, 12 May 2017 15:47:42 GMT

It all depends. BoA is where I've had my checking (via its predecessors) for 35 years now; it's on my list for a possible CC application in the fall. On the one hand, I did burn them in my 2014 BK with a second mortgage; on the other hand, there's that long relationship to consider and the fact that I've never had a CC with them previously, and that the BK itself will have aged to nearly 3 years by then and I'll have up to 21 months of current/over-minimum payment history on all other open accounts to demonstrate.

Re: BoA... why?

PrinceCorwin — Fri, 12 May 2017 15:58:37 GMT

Thanks for the info

Re: BoA... why?

Anonymous — Fri, 12 May 2017 17:55:40 GMT

They're very generous with their CL's

Re: BoA... why?

Anonymous — Fri, 12 May 2017 18:11:52 GMT

What's a top card from BoA? How's their cash rewards card is that their top tier card? The 3 percent gas 2 percent grocery and 1 percent everything. Been thinking of applying for one of their cards.....Or maybe the travel card?

Re: BoA... why?

K-in-Boston — Fri, 12 May 2017 18:39:10 GMT

In my experience at least, BOA is the most generous bank with credit lines and a lot of data points on this board show that I'm not the only one. I have more going in balance transfers with them much of the time than a lot of people here have for annual income, so I very much value the relationship I have with them. With the right profile and income, the sky seems to be the limit for them. The 3 in my signature are over $88k and I fully expect that to be 2 cards around $120k or so next year after I request a few CLIs and combine two of the cards.

Their Alaska and Amtrak cards are top tier travel cards for the lower annual fee crowd, and if you have enough of a relationship with them to add multipliers onto their non-cobranded cards, they can be great earners. I personally just use them for balance transfers, and for that they are reliable and consistent.

Re: BoA... why?

CreditCuriosity — Fri, 12 May 2017 18:42:35 GMT

Merrill Lynch had a sweat sign-up bonus for travel on a no-af card.. Was a no brainer for me.. BBR card pays you to use the card and is quite frankly a great cash-back card if used correctly.. Or if you choose to use it a different way or have two at any given time I can call BofA up and ask for a 0% offer on my BBR and they will offer 15-18 months offers.. Pretty easy to work with along with big CL's if one does need to BT a balance and pay min fees for carrying balances for longer periods if they so choose. Other words flexible. With that said I rarely carry balances, but if I do I want cards with the best terms to do so hence BofA's nitch for me with at least regards to their BBR card.

Re: BoA... why?

Anonymous — Fri, 12 May 2017 22:22:23 GMT

Every card and every bank has a product or perk that some would benefit greatly from while others would not so to each their own. I personally have a Spirit World MasterCard from them because I get a better return on my airline miles by having it...to each their own.

Re: BoA... why?

Viva-LV — Sat, 13 May 2017 03:29:01 GMT

@PrinceCorwin wrote:
Is there a benefit of getting a BoA card? Being that they are so hard to get, why would anyone want one. I've checked credit Pulls database and they don't seem to offer any higher CLs than anyone else. I guess I just don't see much difference between most cards nowadays since they all base your APR and CL on your creditworthiness. When I was young, different cards were known for specifit levels of CL but not anymore.

@Anonymous has proved to be incredibly customer-friendly, in my experience. Started with Cash Rewards @ 6K sl, received cli at 90 days. Added Travel Rewards @Anonymous sl, grew to 20k. Added Merrill+ @ 14K sl. They are excellent with reallocating credit lines, as I currently have 76K in cl's between three cards (in less than two years), which will become two this summer. I dont bank with BOA (US Bank for 15 years), but they've solicited me for more business frequently. Not admitting to be a Homer, but I'd recommend BOA before any other bank that I have a cl with.

Re: BoA... why?

wasCB14 — Sat, 13 May 2017 05:06:20 GMT

Preferred Rewards for some.

Re: BoA... why?

morgacj2004 — Sat, 13 May 2017 05:12:35 GMT

The best card for my purposes that they offer is the AK Air siggy Visa

Re: BoA... why?

grillandwinemaster — Sat, 13 May 2017 13:36:42 GMT

excellent thread. Great responses!

I have nothing to report regarding there

Credit card products. I was just approved

Last week for there Cash Rewards card under

The $99/500 semi secured program.

Looking forward to see how it grows. I like

The rewards structure, 3-2-1. I'll probably apply for

The travel card down the road, so I can have the

BofA cash back "daily double!"

Re: BoA... why?

Anonymous — Sat, 13 May 2017 14:47:03 GMT

I think this topic should be about Wells Fargo. Most of their cards only get 1% cash back and they require you to have some kind of banking relationship for certain cards: bhecking or savings. At least with bank of america, you get preferred rewards with a banking relationship. With Wells Fargo, you don't get any bonuses on credit cards.

Re: BoA... why?

grillandwinemaster — Sat, 13 May 2017 15:09:18 GMT

I concur. I don't like Wells Fargo at all. Of the major banks, Chase, BofA, US Bank, Wells Fargo seems to have the most lackluster credit card offerings, in my opinion.

Re: BoA... why?

601flyguy — Sat, 13 May 2017 15:15:45 GMT

I was skeptical about boa as they hp for cli but after a little research i accepted the preaproval they sent me. Received my highest sl ever too, 2600.

Re: BoA... why?

galahad15 — Sat, 13 May 2017 16:39:36 GMT

@happypill wrote:
CL and APR are not necessarily the most important differentiating factors among cards. in fact, I would say if CL and APR are important factors to someone, they are probably carrying a balance and thus probably losing at the credit game, paying interest and fees to the bank (a lot of us have been there and recoevered). If you PIF every month, a CL of around $5k should be enough for the vast majority of the people out there and APR is meaningless.

BofA does offer a few products that are best in class, depending on your relationship with them. They are also known for being generous with CLIs and myFICo users have reported some hefty limits after in short order. Big CLs are nice but they don't really offer any value (unless you carry a balance of course). Nice rewards and sign-on bonuses are really what differentiates cards worth having.

There is a trade-off benefit that low APR cards present: carrying a balance allows you to pay some additional money/fees (i.e., interest charges), in exchange for having more time to pay off the balance than PIF would normally allow for. IMO, there is nothing wrong with using a credit card as a loan and carrying a small to modest balance, in exchange for having more time to pay off the loan. With PIF, you pay more money over less time. So the question is if a person wants more or less time to pay off a balance -- if a person hypothetically would make a choice to opt for more time (and thus some additional interest charges) to pay off the balance, then carrying a balance could potentially make sense. Again, it's a matter of more time to pay for more money vs. less time to pay for more money. PIF is a great concept in theory, but we have to remember that not everyone is earning very large and substantial and/or 6+ figure salaries that would necessarily allow them to PIF on balances 100% of the time and universally, also when cost of living and inflation rates keep rising from year to year and thus decreasing and eroding standards of living over time. For instance, there are some economists who estimate that the U.S. dollar has lost over 90% of its purchasing power since the 1970s, and salaries over that same timespan have not been adjusted to account for inflation.

Re: BoA... why?

Revelate — Sat, 13 May 2017 19:18:40 GMT

@601fluguy wrote:
I was skeptical about boa as they hp for cli but after a little research i accepted the preaproval they sent me. Received my highest sl ever too, 2600.

They also have historically pulled TU for CLI's, and those HP's aren't wasted unlike some other lenders I could name.

That's an underused bureau for the majority of consumers as far as inquiry distribution goes (and this forum is likely not an exception for those that skip copious store cards), so when we're talking about strategic building it's not a bad thing to have a random TU puller or two that you can take a flier on as part of a spree knowing nobody else is going to be looking at that file. In my case pretty much everything lands on EX unless I explicitly pick an EQ or TU puller, and EQ pullers are a lot more common when we're talking the usual CU's known on this forum.