topic Re: Bank of America in Credit Cards

Bank of America

Zosimus — Thu, 18 Feb 2021 13:24:27 GMT

So, yesterday I sat down with my Credit Karma report to take a serious look at my credit details. According to TransUnion data, my average age of accounts is clocking in at 2 years. Then, I spied that BankAmericaCard that I've had open for about 14 months. Maybe it's time for that card to get the axe, I thought. When did I last use it? Upon logging into the BankAmerica website, I determined that I last used it in July 2020 — 7 months ago. It offers no cash rewards, the intro APR is over, and I have received no convenience cheques offering me special deals. Nothing.

I called Bank of America to close it. The customer service rep was able to transfer that $7,000 credit limit onto my Bank of America Cash Rewards card, bringing that limit from $2,000 to $9,000. I'm quite pleased. That card, which gives me 3% back on dining, is one I use frequently. Thanks BofA.

Re: Bank of America

cws-21 — Thu, 18 Feb 2021 15:14:20 GMT

Not only did you get rid of a card that wasn't helping you, but you were also able to add to the credit limit of a card that you do benefit from. Good for you! Over the course of my credit card acquiring career, I have enjoyed closing cards nearly as much as receiving new ones.

Re: Bank of America

Wavester64 — Fri, 19 Feb 2021 00:20:00 GMT

@Zosimus wrote:
So, yesterday I sat down with my Credit Karma report to take a serious look at my credit details. According to TransUnion data, my average age of accounts is clocking in at 2 years. Then, I spied that BankAmericaCard that I've had open for about 14 months. Maybe it's time for that card to get the axe, I thought. When did I last use it? Upon logging into the BankAmerica website, I determined that I last used it in July 2020 — 7 months ago. It offers no cash rewards, the intro APR is over, and I have received no convenience cheques offering me special deals. Nothing.

I called Bank of America to close it. The customer service rep was able to transfer that $7,000 credit limit onto my Bank of America Cash Rewards card, bringing that limit from $2,000 to $9,000. I'm quite pleased. That card, which gives me 3% back on dining, is one I use frequently. Thanks BofA.

Re: Bank of America

KatSoDak — Thu, 18 Feb 2021 21:56:56 GMT

Thanks for this great information! I'm finishing a promo on the same card. I'd love to add that SL to my Cash Rewards card. Hope I get the same rep. 😁

Re: Bank of America

coldfusion — Thu, 18 Feb 2021 23:01:46 GMT

@KatSoDak wrote:
Thanks for this great information! I'm finishing a promo on the same card. I'd love to add that SL to my Cash Rewards card. Hope I get the same rep. 😁

BTW I will point out that there is another potential option as one can hold more than 1 Cash Rewards card and have each card with a different 3% category selected.

Re: Bank of America

KatSoDak — Thu, 18 Feb 2021 23:32:37 GMT

Aha. I will also consider a PC to a second Cash Rewards then. Need to think this out more. I'm realizing my finances are often helped more by the very low APR cards than Cash Rewards. But the 3% on the BofA and Propel cards are really helpful.

@coldfusion wrote:
@KatSoDak wrote:
Thanks for this great information! I'm finishing a promo on the same card. I'd love to add that SL to my Cash Rewards card. Hope I get the same rep. 😁
BTW I will point out that there is another potential option as one can hold more than 1 Cash Rewards card and have each card with a different 3% category selected.

Re: Bank of America

Zosimus — Fri, 19 Feb 2021 00:03:14 GMT

@KatSoDak wrote:
Aha. I will also consider a PC to a second Cash Rewards then. Need to think this out more. I'm realizing my finances are often helped more by the very low APR cards than Cash Rewards. But the 3% on the BofA and Propel cards are really helpful.
@coldfusion wrote:
@KatSoDak wrote:
Thanks for this great information! I'm finishing a promo on the same card. I'd love to add that SL to my Cash Rewards card. Hope I get the same rep. 😁
BTW I will point out that there is another potential option as one can hold more than 1 Cash Rewards card and have each card with a different 3% category selected.

Yeah, but I have the UCCU 4-3-2-1 card, which gives me 4% cash back on travel, 3% on gas, 2% on groceries, and 1% on everything else.