topic Re: Approved for BOA Power Rewards Visa SECURED in Credit Cards

Approved for BOA Power Rewards Visa SECURED

texasman07 — Thu, 14 Apr 2011 13:44:23 GMT

Has anyone had experience with this? I applied for the BOA Power Rewards Visa and got the counter offer for the Secured Power Rewards. Reading the post it looks like everyone has had great experience with the Regular secured BOA. I havent seen any post on the Secured Power Rewards. I Have two first premier cards and recently closed one this month after having it since 2007 with perfect history but they never gave me CLI and the fees were outrageous. The other FP card will be gone this month. The BOA card seems pretty good for rebuilding. I was wondering too if you can add funds every month and if so can you do it online?

Re: Approved for BOA Power Rewards Visa SECURED

llecs — Thu, 14 Apr 2011 13:57:46 GMT

Congrats! Back in the day when they really promoted secured, I applied for two of their cards on the same day and was declined, but received two different counter-offers on two different products. Since then I've seen secured offers on many of their products (I dare not name them because I don't know if they are still around).

I don't know if or how to add funds. The card I picked was a 99/500 (no longer offered) andI couldn't add anything to that, because if I did it wouldn't be a 99/500 anymore.

Re: Approved for BOA Power Rewards Visa SECURED

-Cain- — Thu, 14 Apr 2011 14:14:05 GMT

Nice! I didn't see that card offered on their site, so I applied for the regular secured and got the regular Platinum Plus secured. I wish I had seen the power Rewards. I wonder if you can do a PC between secured cards?

Re: Approved for BOA Power Rewards Visa SECURED

texasman07 — Thu, 14 Apr 2011 14:16:27 GMT

Hey thanks! Yea I originally didnt' see it on thier site also. Its not offered. But when I applied for the regular Power Rewards, it counter offered with the secured power rewards. I went back to the BOFA website and looked again but its not there. I guess you have to apply for the regular one and then get the counter offer.

Re: Approved for BOA Power Rewards Visa SECURED

vish1 — Thu, 14 Apr 2011 14:24:56 GMT

@texasman07 wrote:
Has anyone had experience with this? I applied for the BOA Power Rewards Visa and got the counter offer for the Secured Power Rewards. Reading the post it looks like everyone has had great experience with the Regular secured BOA. I havent seen any post on the Secured Power Rewards. I Have two first premier cards and recently closed one this month after having it since 2007 with perfect history but they never gave me CLI and the fees were outrageous. The other FP card will be gone this month. The BOA card seems pretty good for rebuilding. I was wondering too if you can add funds every month and if so can you do it online?

Go ahead and get it. Its pretty much a good card and customer service is decent (not great), but much better than cap1

Downsides are:

It will report on your CR as fully secured (thats how my BofA used to report)
You may not be able to get them to remove AF on your card easily once it unsecures especially if you are rebuilding
You may not get a great CLI on unsecuring if you are rebuilding but should grow with time

Re: Approved for BOA Power Rewards Visa SECURED

vish1 — Thu, 14 Apr 2011 14:26:22 GMT

I forgot 1 thing, they will HP you again after you accept the secured counter offer.

Re: Approved for BOA Power Rewards Visa SECURED

texasman07 — Thu, 14 Apr 2011 14:27:53 GMT

Thanks for the heads up! I think I will get it. I didnt' know that it reports as SECURED......Does this affect your credit score? or I guess it would only be seen on a manual review.

Re: Approved for BOA Power Rewards Visa SECURED

texasman07 — Thu, 14 Apr 2011 14:40:50 GMT

Damn another Hard Pull! Its okay I guess. They pull experian for me and not many Pull Experian in Texas so I can afford the HP.

Re: Approved for BOA Power Rewards Visa SECURED

llecs — Thu, 14 Apr 2011 15:20:25 GMT

@texasman07 wrote:
Thanks for the heads up! I think I will get it. I didnt' know that it reports as SECURED......Does this affect your credit score? or I guess it would only be seen on a manual review.

There's no FICO score impact if reporting secured.

And ditto to the second pull. Now that vish reminded me, I had 4 hard pulls in my case. Two for the unsecured pull and two for the secured. They denied the second secured after trying later on because I already had a secured card. EX was loving my inquiries then.

Re: Approved for BOA Power Rewards Visa SECURED

vish1 — Thu, 14 Apr 2011 15:25:10 GMT

@llecs wrote:
@texasman07 wrote:
Thanks for the heads up! I think I will get it. I didnt' know that it reports as SECURED......Does this affect your credit score? or I guess it would only be seen on a manual review.
There's no FICO score impact if reporting secured.

And ditto to the second pull. Now that vish reminded me, I had 4 hard pulls in my case. Two for the unsecured pull and two for the secured. They denied the second secured after trying later on because I already had a secured card. EX was loving my inquiries then.

Yes, there is no FICO impact if reporting as secured. I just mentioned this as I thought this can have a impact in a human review and also to provide the OP all the info I had.

Re: Approved for BOA Power Rewards Visa SECURED

texasman07 — Thu, 14 Apr 2011 15:26:52 GMT

So I just chatted with a specialist on this card. Here is the info. You get all the rewards and a $50.00 statement credit for making your first purchase also. You also earn 3X the point the first few months. Also you can make more deposits to increase your CL in a banking center or on the phone with customer service. It WILL be reported as Secured on your credit report. and after a year they will Unsecure the card based on your payment history.

Re: Approved for BOA Power Rewards Visa SECURED

vish1 — Thu, 14 Apr 2011 15:45:24 GMT

@texasman07 wrote:
So I just chatted with a specialist on this card. Here is the info. You get all the rewards and a $50.00 statement credit for making your first purchase also. You also earn 3X the point the first few months. Also you can make more deposits to increase your CL in a banking center or on the phone with customer service. It WILL be reported as Secured on your credit report. and after a year they will Unsecure the card based on your payment history.

This is all correct, just that they won't unsecure automatically, you will need to call them. you can call them upto 5 days before your card anniversary.

Re: Approved for BOA Power Rewards Visa SECURED

-Cain- — Fri, 15 Apr 2011 03:30:12 GMT

I called BofA customer service and they said a PC from platinum plus secured to Power Rewards secured was not available. Anyone know if talking to another agent might help the cause or is it indeed not an option?

Re: Approved for BOA Power Rewards Visa SECURED

texasman07 — Fri, 15 Apr 2011 14:13:19 GMT

Did they say the Card isnt Available or the PC is not available? Im not getting it till next week. I have till June 13 before the offer expires. I tried to do a web search for "Reviews" on this card but I just come up with the general secured card from BOA. Im not sure if anyone has this card or if it is new. I guess it just works the same as the regualar card but its just "Secured".

Re: Approved for BOA Power Rewards Visa SECURED

smc733 — Fri, 15 Apr 2011 14:38:25 GMT

@-Cain- wrote:
I called BofA customer service and they said a PC from platinum plus secured to Power Rewards secured was not available. Anyone know if talking to another agent might help the cause or is it indeed not an option?

At the very least, when it unsecures you should have the option to PC. I PC'd my "Student Platinum Plus" crappy card to a Cash Rewards back in October.

Re: Approved for BOA Power Rewards Visa SECURED

vish1 — Fri, 15 Apr 2011 16:17:22 GMT

@smc733 wrote:

@-Cain- wrote:
I called BofA customer service and they said a PC from platinum plus secured to Power Rewards secured was not available. Anyone know if talking to another agent might help the cause or is it indeed not an option?
At the very least, when it unsecures you should have the option to PC. I PC'd my "Student Platinum Plus" crappy card to a Cash Rewards back in October.

Once it unsecures, BofA will happily let you pc. YMMV with AF removal and CLI though...

Re: Approved for BOA Power Rewards Visa SECURED

texasman07 — Fri, 15 Apr 2011 17:53:01 GMT

I did call customer service to check about the second Hard Pull. She informed me since I got the counter offer, once I send in my $$ for the deposit, they will do another Hard Pull. I asked if they have to review my application again and she said YES but I have already met some of thier requirements to get the card so I should be approved. She told me that they process the funds right away and once they are pulled out of my existing BOA checking account that im approved. She commented that if Im sending them money they will take it LOL

Re: Approved for BOA Power Rewards Visa SECURED

smc733 — Fri, 15 Apr 2011 19:01:40 GMT

Can someone explain to me why someone can get denied a secured card?

Re: Approved for BOA Power Rewards Visa SECURED

-Cain- — Fri, 15 Apr 2011 19:56:12 GMT

From what I've gathered here on the boards, open collection accounts may cause a denial.

Re: Approved for BOA Power Rewards Visa SECURED

smc733 — Fri, 15 Apr 2011 20:00:15 GMT

@-Cain- wrote:
From what I've gathered here on the boards, open collection accounts may cause a denial.

True... but why? What risk is there? Deny any charges that go above the line, and any unpaid charges are secured by the security deposit...