topic Bank of America Credit Card - Cash Reward vs Student Cash Reward? in Credit Cards

Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Anonymous — Sun, 21 Jun 2020 23:55:55 GMT

Hi all,

I looked into balance transfer card to apply at the moment and found out that the Bank of America Cash Reward credit card has some really desirable terms (0% intro APR on purchases and balance transfer for 15 months + 3% fee and with $200 bonus)

I am trying to transfer a promotional balance from my Navy Federal Credit Union credit card, and I need a credit line of around $6,000, and I wonder if I should apply for BofA regular Cash Reward credit card or its Student Cash Reward card (easier) instead. From what I have heard so far, student credit cards generally have lower credit line compared to regular credit card.

For those who have BofA regular and Student Cash Reward card, do you mind sharing your credit limit? Especially those with the Student card, does anyone have around the $5,000-10,000 mark?

Thanks!

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Doodlebug30 — Mon, 22 Jun 2020 00:05:38 GMT

I have the BOA cash rewards regular one. CL of $2,000. Not exactly what your looking for but it's a fantastic in general anyway. & Idk what your profile looks like but I was given that $2k with a 702 EX and some old student loan lates. I love my BOA card bc of the rotating 3% categories. I get 3% back for online shopping 😁.

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

ccquest — Mon, 22 Jun 2020 02:15:20 GMT

I've had the Cash Rewards card for something like 7 years now and it started around $1300 iirc (first card, only card still) and they gave occasional auto CLIs, but nothing major and I reached 3100 around mid 2019, did the online CLI (TU FICO 8 of 807) and got bumped to 9100 at the start of this month.

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

K-in-Boston — Mon, 22 Jun 2020 02:27:11 GMT

Student cards are generally offered as an alternative for those who may have limited credit history and/or very low income due to being a student. Profiles of those applying for student cards are generally nowhere near as strong as those applying for traditional cards, so a lower starting line makes sense. If similar products are available as student and non-student, and an applicant is otherwise well qualified for both, I am not sure why a student card would be needed. If you are looking for a balance transfer card that needs a large line of credit, a student card is probably not ideal.

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Anonymous — Mon, 22 Jun 2020 05:59:27 GMT

My other student cards (Wells Fargo, Discover It) have around the same limits. My credit is around 700 at the moment with student loan and auto loan. I'm working to get it higher to refinance my car really soon, so I was going to take advantage of the higher score from the AZEO method and try my luck to apply for a BT card like BofA! It sounds like a great card, the 3% cash back is really desirable for sure

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Anonymous — Mon, 22 Jun 2020 06:01:24 GMT

Wow that is really a huge CL bump, congrats! It's a really good card alone for sure if I got approved but not with a high CL, I'd still enjoy it

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Anonymous — Mon, 22 Jun 2020 06:08:26 GMT

That makes sense! The reason why was that my score was not on the excellent range (760-800+) so I am afraid of getting rejected and a student card application would be way more lenient. Aside from the score, my income is quite high since I have multiple jobs so I am hoping I'd be qualify enough for a regular card still. I have gotten approved for AmEx Cash Magnet (3k+), Apple Card (2.5k), Uber Card (1.5k), Navy Federal Cash Reward (11k+), and some department store cards (1-1.5k) as not a student before so I am hoping the same thing for BofA regular Cash Reward card

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Doodlebug30 — Mon, 22 Jun 2020 11:45:05 GMT

I would plan on something in the $2k range. If your scores are about 700 and your limits are what they are. Your profile is similar to mine except prob newer.

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Anonymous — Tue, 23 Jun 2020 19:22:17 GMT

That's what I expect too because given how popular BofA card is. Even so, it's still a great one to apply. Have you considered Citi Reward credit card before?

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Queen_Etherea — Wed, 24 Jun 2020 04:29:35 GMT

Sorry to piggyback off of your post, but I think this is a question that would benefit you too: How long do you have to wait to be able to apply for a credit line increase with the BofA Cash Rewards? I keep checking and the option never shows up for me. My card is only 4 months old.

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Pap_32 — Wed, 24 Jun 2020 08:02:36 GMT

@Queen_Etherea wrote:
Sorry to piggyback off of your post, but I think this is a question that would benefit you too: How long do you have to wait to be able to apply for a credit line increase with the BofA Cash Rewards? I keep checking and the option never shows up for me. My card is only 4 months old.

If I'm not mistaken I read on here that it's at the 1 year mark, Another ficoer had talked to a rep and got that answer.

Re: Bank of America Credit Card - Cash Reward vs Student Cash Reward?

Doodlebug30 — Wed, 24 Jun 2020 11:20:04 GMT

@Queen_Etherea A credit line increase is a SP with BOA so you can ask as often as you want but some people have stated that they were told they needed to have their card for 12 months first. I believe this could be a case of bucketing bc that's not the case for everyone. I had the luv button show up almost immediately after opening the card. Although they refuse to give me an increase, the button is still there.