topic Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard in Credit Cards

BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 04:27:27 GMT

I was able to successfully do change my Signature Visa with a $10,000.00 limit into a Platinum Plus Mastercard. Same cash rewards program (kept my cash reward), same APR, same credit limit -- except, the limit will now report on my credit reports.

Took BofA approximately 2-weeks to initiate the transfer once I made the request; should have the new card within 7-10 days.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Anonymous — Thu, 09 Aug 2012 04:30:56 GMT

Did they pulled your credit report, i guess they shud not..

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Anonymous — Thu, 09 Aug 2012 04:35:58 GMT

They dont have a World Mastercard?

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 04:36:39 GMT

@Pardeep wrote:
Did they pulled your credit report, i guess they shud not..

Nope, no pull for this.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 04:38:35 GMT

@Anonymous wrote:
They dont have a World Mastercard?

They do, but I wanted the limit to report on my credit files, so I chose the Platinum Plus Mastercard.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Anonymous — Thu, 09 Aug 2012 04:38:40 GMT

Generally speaking, when someone PC's, or product changes their card just to a different card, there is no hard pull done. As for the World Mastercard, I believe it acts the same as the Visa Signature, which is NPSL.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

trumpet-205 — Thu, 09 Aug 2012 04:38:48 GMT

You are too in love with limit reporting. There is nothing wrong with not reporting a limit.

Visa Signature to Platinum MasterCard is a big downgrade. You are losing extended warranty protection (MC has the worst warranty vs Platinum Visa), travel perks, etc.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 04:46:44 GMT

@trumpet-205 wrote:
You are too in love with limit reporting. There is nothing wrong with not reporting a limit.

Visa Signature to Platinum MasterCard is a big downgrade. You are losing extended warranty protection (MC has the worst warranty vs Platinum Visa), travel perks, etc.

True, if my goal was to have the Signature perks, but I am not interested. My Amex Premier Rewards card will suffice if I need additional purchase protection.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Anonymous — Thu, 09 Aug 2012 04:48:39 GMT

@trumpet-205 wrote:
You are too in love with limit reporting. There is nothing wrong with not reporting a limit.

Visa Signature to Platinum MasterCard is a big downgrade. You are losing extended warranty protection (MC has the worst warranty vs Platinum Visa), travel perks, etc.

+1,000

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Anonymous — Thu, 09 Aug 2012 05:10:18 GMT

You sure it wasn't reporting limits? Many visa sig reporting limits now

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 16:35:39 GMT

@Anonymous wrote:
You sure it wasn't reporting limits? Many visa sig reporting limits now

Unfortunately, the card does not report a credit limit; it is being reported as a "Flexible Spending Account".

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Anonymous — Thu, 09 Aug 2012 16:43:18 GMT

@Iincognito wrote:
@Anonymous wrote:
You sure it wasn't reporting limits? Many visa sig reporting limits now
Unfortunately, the card does not report a credit limit; it is being reported as a "Flexible Spending Account".

wow bofa is slow. My expectation is that it will report a limit sometime in near future as changes to bureaus to allowproper reporting of npsl cards is recent and issuers are just catching up.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Anonymous — Thu, 09 Aug 2012 16:45:35 GMT

reading around you'll see BOA is really the only major lender that's not onboard with CL reporting yet.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 17:11:11 GMT

@Anonymous wrote:
@Iincognito wrote:
@Anonymous wrote:
You sure it wasn't reporting limits? Many visa sig reporting limits now
Unfortunately, the card does not report a credit limit; it is being reported as a "Flexible Spending Account".
wow bofa is slow. My expectation is that it will report a limit sometime in near future as changes to bureaus to allowproper reporting of npsl cards is recent and issuers are just catching up.

Agree. If they start reporting credit lines on their Signature Cards, I will ask for another 'product change' a year from now.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

jsucool76 — Thu, 09 Aug 2012 18:27:05 GMT

What's the difference between a platinum and platinum plus?

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Smug — Thu, 09 Aug 2012 18:37:58 GMT

I like my visa sig not reporting as I can get more credit not showing!

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Cory — Thu, 09 Aug 2012 19:06:40 GMT

This topic is ongoing. I guess this is a case by case, as my BofA Visa Sig, and World MasterCard report the limits, and they are both NPSL. Just like the previous poster before me, I don't care about the limit reporting either. There is a benefit of it not reporting for me.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 20:24:14 GMT

@Cory wrote:
This topic is ongoing. I guess this is a case by case, as my BofA Visa Sig, and World MasterCard report the limits, and they are both NPSL. Just like the previous poster before me, I don't care about the limit reporting either. There is a benefit of it not reporting for me.

Agreed, definitely a case-by-case situation. I would rather have the credit limit report, since I carry a balance on a couple of my cards. To have a balance on a signature card and have it count against my overall utilization without reporting a credit limit, does not make any sence for me. I would rather work with exhibit 2 instead of exhibit 1.

Exhibit 1

card 1 - credit limit = $5,000, balance = $0

card 2 - credit limit = $5,000, balance = $0

card 3 - credit limit = $5,000, balance = $2,500

card 4 - signature card credit limit = $5,000 (not reported), balance = $2,500

In this case, my reported credit limit is $15,000 and my balance is $5,000 (utilitzation is at 33%)

Exhibit 2

card 1 - credit limit = $5,000, balance = $0

card 2 - credit limit = $5,000, balance = $0

card 3 - credit limit = $5,000, balance = $2,500

card 4 - credit limit = $5,000, balance = $2,500

In this case, my reported credit limit is $20,000 and my balance is $5,000 (utilitzation is at 25%)

Bottom line, some people prefer signature/ world card for the additional benefits, others will never use those benefits and perhaps, as in my case, prefer having a reported limit.

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

gettnthere — Thu, 09 Aug 2012 21:19:21 GMT

@Iincognito wrote:
@Cory wrote:
This topic is ongoing. I guess this is a case by case, as my BofA Visa Sig, and World MasterCard report the limits, and they are both NPSL. Just like the previous poster before me, I don't care about the limit reporting either. There is a benefit of it not reporting for me.
Agreed, definitely a case-by-case situation. I would rather have the credit limit report, since I carry a balance on a couple of my cards. To have a balance on a signature card and have it count against my overall utilization without reporting a credit limit, does not make any sence for me. I would rather work with exhibit 2 instead of exhibit 1.

Exhibit 1
card 1 - credit limit = $5,000, balance = $0
card 2 - credit limit = $5,000, balance = $0
card 3 - credit limit = $5,000, balance = $2,500
card 4 - signature card credit limit = $5,000 (not reported), balance = $2,500

In this case, my reported credit limit is $15,000 and my balance is $5,000 (utilitzation is at 33%)

Exhibit 2
card 1 - credit limit = $5,000, balance = $0
card 2 - credit limit = $5,000, balance = $0
card 3 - credit limit = $5,000, balance = $2,500
card 4 - credit limit = $5,000, balance = $2,500

In this case, my reported credit limit is $20,000 and my balance is $5,000 (utilitzation is at 25%)

Bottom line, some people prefer signature/ world card for the additional benefits, others will never use those benefits and perhaps, as in my case, prefer having a reported limit.

I thought cards that are NPSL or cards that dont report the limit don't get counted towards utilization

Re: BankAmericard Cash Rewards change from Signature Visa to Platinum Plus Mastercard

Iincognito — Thu, 09 Aug 2012 21:51:52 GMT

@gettnthere wrote:

I thought cards that are NPSL or cards that dont report the limit don't get counted towards utilization

My Amex Premier Rewards card does not have a preset limit (NPSL) and the balance does not count in my utilization calculation; My BofA Signature Card had a set $10,000.00 spending limit (flexible spending account), and the balance counted in my total utilization.