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I was recently approved for the BofA Alaska Airlines credit card and applied a couple days later for the Business Advantage Cash Rewards Credit Card. I did not receive an inquiry but received an immediate denial.
Today, I received an email stating the following:
After careful review, we can't approve your application for an unsecured card, but we have another option for you — a secured business credit card. We're sending you a letter explaining why we can't approve your application, and it will also have instructions on how to request a secured business credit card.
Why a secured business credit card may be a good option.
This type of card is secured with a Certificate of Deposit (CD). It works like any other credit card with all the same benefits and can help you strengthen your credit.
If you'd like to take advantage of the offer, here are your next steps:
Thank you for considering us for your credit needs.
Since I couldn't clarify if it was a different card\product via search here or Reddit, I decided to call BofA.
The representative looked me up and stated that the secured card is the same version of the card I applied for (verified Business Advantage Cash Rewards) and stated what was stipulated in the email. In summary, I would need to open a CD for 12 months and after that, they will review the account. If the account is in good standing, I will be eligible to unsecure the card and receive my money from the CD back.
I think I will be taking them up on this offer as I have upcoming business spend and I really like the offer. The rep also verified the offer is spend $5000 in 90 days of account opening to receive $500.
tl;dr
Applied for BofA Biz Cash Rewards
Denied unless I open a CD
Verified it is the same product I applied for but secured
Also, they used the same pull from last week's approval.
I'm curious as to why they would approve the Alaska BIZ but not this one?
Especially considering the comments in that thread as to the Alaska card having more stringent UW.
Just seems odd to me to approve one unsecured product, but then require security for another card.
@Anonymous wrote:I'm curious as to why they would approve the Alaska BIZ but not this one?
Especially considering the comments in that thread as to the Alaska card having more stringent UW.
Just seems odd to me to approve one unsecured product, but then require security for another card.
Me too. My best and total guess is perhaps they only trusted me with only so much credit at this time as I don't have a lot of business credit or any credit with them in general. Pure speculation, but maybe they would of done the same thing if I applied in reverse order.
Did you receive the letter and see why BofA declined you for the unsecured version of the business card? Always figured the UW would be the same across the board whether it was the personal or biz version of their cards
Didn't realize this was even an option for their biz cards
@simplynoir wrote:Did you receive the letter and see why BofA declined you for the unsecured version of the business card? Always figured the UW would be the same across the board whether it was the personal or biz version of their cards
Didn't realize this was even an option for their biz cards
On my recon call for the other card, they said it wasn't an option although I read on Reddit that it was. Low and behold, a few days later, it is an option (for another card)
I did not receive the letter yet, the emails came first so I emailed them. I didn't want to wait as I'm in new construction so mail delivery is a little slow right now due to mail forwarding.
@randomguy1 wrote:
@simplynoir wrote:Did you receive the letter and see why BofA declined you for the unsecured version of the business card? Always figured the UW would be the same across the board whether it was the personal or biz version of their cards
Didn't realize this was even an option for their biz cards
On my recon call for the other card, they said it wasn't an option although I read on Reddit that it was. Low and behold, a few days later, it is an option (for another card)
I did not receive the letter yet, the emails came first so I emailed them. I didn't want to wait as I'm in new construction so mail delivery is a little slow right now due to mail forwarding.
This is certainly an interesting DP. Maybe they approved Alaska at current ceiling max, but knowing it's a business with relationship potential, BofA makes these offers as a way to satisfy both parties.
I wonder if it's an automatic graduation. I wouldn't want to be in Business secured limbo 2 years down the road.
@blindambition wrote:
@randomguy1 wrote:
@simplynoir wrote:Did you receive the letter and see why BofA declined you for the unsecured version of the business card? Always figured the UW would be the same across the board whether it was the personal or biz version of their cards
Didn't realize this was even an option for their biz cards
On my recon call for the other card, they said it wasn't an option although I read on Reddit that it was. Low and behold, a few days later, it is an option (for another card)
I did not receive the letter yet, the emails came first so I emailed them. I didn't want to wait as I'm in new construction so mail delivery is a little slow right now due to mail forwarding.
This is certainly an interesting DP. Maybe they approved Alaska at current ceiling max, but knowing it's a business with relationship potential, BofA makes these offers as a way to satisfy both parties.
I wonder if it's an automatic graduation. I wouldn't want to be in Business secured limbo 2 years down the road.
It sounded like it was automatic unless I had lates or something like that. From other data points I have read, it's not a problem as it coincides with the 12 month CD expiring.
Recieved the conditional acceptance myself. Just finished opening the CD. Card approval letter came yesterday.
@Anonymous wrote:Recieved the conditional acceptance myself. Just finished opening the CD. Card approval letter came yesterday.
@Anonymous
Did you send them the signed document with the CD account number electronically? How long did it take to get the approval letter? Receive the card yet?