topic BofA Cash Rewards CC spend strategy for CLIs? in Credit Cards

BofA Cash Rewards CC spend strategy for CLIs?

Anonymous — Wed, 30 May 2018 21:21:56 GMT

Hi,

Any datapoints out there for "smart" spend strategy on a BofA Cash Rewards credit card with a view to frequent/large CLIs? I appreciate keeping utilization low and all that, but how about putting X times your credit limit on the card every month and continuously paying down? Does it backfire, or is it good? How much is too much? What's the optimum, if any consensus can be had on that?

Thanks!

Re: BofA Cash Rewards CC spend strategy for CLIs?

FinStar — Wed, 30 May 2018 21:23:56 GMT

It's definitely going to vary by individual and overall profile. How long have you had the CC?

Re: BofA Cash Rewards CC spend strategy for CLIs?

Anonymous — Wed, 30 May 2018 21:39:31 GMT

Brand new (first month, no statement yet), and $1500 limit. I have been putting a fair bit of spend on it (though keeping at less than roughly 35% utilization at any point) and then paying down balance to below $100 every few days. So, obviously I don't need the credit, but I figured being 'active' may lead to CL growth in the future. Having read about e.g. Discover's view on such spending patterns I wonder whether I'm wrong on this. This being a cash reward card I guess it makes me a somewhat less interesting customer (higher reward payouts).

Re: BofA Cash Rewards CC spend strategy for CLIs?

Anonymous — Wed, 30 May 2018 21:45:25 GMT

There's no strategy. By your own admission you're new to the U.S. and to the credit system here. Just use the card normally; pay in full if you can, but if you must carry a balance make sure it doesnt exceed 28.9% of your credit limit. Every three months BOA offers you the option to request a credit line increase, commonly referred to as the "luv button." After three statements you will see the luv button in your online account (its actually a red hyperlink). Just click it, and submit the information they request and you will most likely get a CLI. And now that BOA has stopped using hard inquiries for CLIs, it wouldn't cost you anything.

Re: BofA Cash Rewards CC spend strategy for CLIs?

FinStar — Wed, 30 May 2018 21:48:23 GMT

Actually, just keep doing what you are doing as far as usage/payments.

So as long as your overall profile is in decent shape when you decide to submit a CLI request, then it should yield great results. Most CLIs are typically entertained once your account has crossed the 6-month mark. As it currently stands, CLI requests are SP so hopefully that trend continues.

Re: BofA Cash Rewards CC spend strategy for CLIs?

Kforce — Thu, 31 May 2018 15:33:41 GMT

@Anonymous wrote:
There's no strategy.
I believe this is 100% true.
Most issuers give CL increases if you PIF every month and with time.

Just use the card normally
Use all your CC's how they benefit you the best. (rewards, insurance, miles, etc)
Don't alter you spend trying to force a CLI, waste of time and rewards.
The only time I alter spend might be to reach a new cards SUB.