Bank of America Split Credit Line

duckfan4life — Tue, 08 Apr 2014 02:05:45 GMT

Guys,

Hoping to get a recommendation or info on past experiences on a conversation I had with BofA today. I received some Balance Transfer/Direct Deposit checks from BofA a couple days ago. Today I called them to ask if these had to be used with balance transfers or direct deposit or if I could accept the offer and have the 0% interest offer for general credit card use. I'm going on a trip to Europe next month, and was hoping to leverage the card as a backup in case I need extra funds for a couple extra months.

The answer was no. However, the rep said he had another offer for me. They are offering me a second BofA card (my choice of Travel Rewards or Cash Rewards card. They said they would drop my CL on my existing Travel Rewards card down to $500 and open a new Travel Rewards CC for the remaining $5500. No credit check is required. They claim that it's a "companion card" and all links back to the same $6k account.

My concern is having another new line of credit report. In the last 18 months, I've opened six new CC accounts (4 in the last year). I'm concerned if a new account hits my credit, it will hurt me in terms of having another "new credit line" plus the possible effect of dropping my AAoA.

I explained all this to them, and they say that it will report as a second account, but that it's a "companion account' and they've never heard of this hurting anyone's credit.

What do you guys think? Any advice or experience with a similar offer?

Thanks!

Re: Bank of America Split Credit Line

duckfan4life — Tue, 08 Apr 2014 02:08:29 GMT

Oh, the second card would offer 0% for 12 months....hence the offer

Re: Bank of America Split Credit Line

B335is — Tue, 08 Apr 2014 02:16:19 GMT

If it reports as a new TL I would just app for a new 0% card rather than reallocate a limit this way or take the aaoa hit. BoA is weird about APR reduction; I asked about it and was told I would get an answer in 30 days - no hp. I guess thats consistent with their signature upgrade timeframe too lol

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Bank of America Split Credit Line

Re: Bank of America Split Credit Line

Re: Bank of America Split Credit Line