BofA Business Advantage Cash Rewards - Conditional Approval

[Anonymous]

They're likely not able to offer Secured co-branded cards only for their own products, so I suspect this is why it wasn't available on Alsaka but is on the Cash Rewards. And perhaps being as you did have an ordeal just getting approveed for Alaska, that was all they were comfortable with at this time. If you had given it more time in between apps and getting a sense of your ablity to repay, they might have approved the second card without security deposit.

I think due to the difficulty on the first app and now waning a second so quickly after may seem a bit hasty to them.

[randomguy1]

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@Anonymous wrote:

They're likely not able to offer Secured co-branded cards only for their own products, so I suspect this is why it wasn't available on Alsaka but is on the Cash Rewards. And perhaps being as you did have an ordeal just getting approveed for Alaska, that was all they were comfortable with at this time. If you had given it more time in between apps and getting a sense of your ablity to repay, they might have approved the second card without security deposit.

I think due to the difficulty on the first app and now waning a second so quickly after may seem a bit hasty to them.

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Sounds like a reasonable assumption.

I have a lot of upcoming spend for a work project and I wanted to re-use the HP. Worked out, even with a 12 month CD which I'm not too concerned about.

[M_Smart007]

Congratulations on your BoA CR Approval..

[FinStar]

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@Anonymous wrote:

They're likely not able to offer Secured co-branded cards only for their own products, so I suspect this is why it wasn't available on Alsaka but is on the Cash Rewards. And perhaps being as you did have an ordeal just getting approveed for Alaska, that was all they were comfortable with at this time. If you had given it more time in between apps and getting a sense of your ablity to repay, they might have approved the second card without security deposit.

I think due to the difficulty on the first app and now waning a second so quickly after may seem a bit hasty to them.

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The bolded section is pretty much the previously known or reported DPs for BoA biz CCs.  When a profile is somewhat 'borderline' but still falls under a certain profitability matrix or criteria, they'll extend the secured CC [CD] option.  So, in a way, it's a plus if you have the extra in funds to collateralize if 12 months is no issue, and you're still able to get the SUB.

[randomguy1]

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@FinStar wrote:

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@Anonymous wrote:

They're likely not able to offer Secured co-branded cards only for their own products, so I suspect this is why it wasn't available on Alsaka but is on the Cash Rewards. And perhaps being as you did have an ordeal just getting approveed for Alaska, that was all they were comfortable with at this time. If you had given it more time in between apps and getting a sense of your ablity to repay, they might have approved the second card without security deposit.

I think due to the difficulty on the first app and now waning a second so quickly after may seem a bit hasty to them.

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The bolded section is pretty much the previously known or reported DPs for BoA biz CCs.  When a profile is somewhat 'borderline' but still falls under a certain profitability matrix or criteria, they'll extend the secured CC [CD] option.  So, in a way, it's a plus if you have the extra in funds to collateralize if 12 months is no issue, and you're still able to get the SUB.

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It's nice of them to provide this option vs. an outright denial. Grateful, especially in this economic climate.

Additional data points, BofA is still processing on their backend. I'll update when I get the card to provide a timeline of how the process goes. The CD's current APY is 0.03%.

[Anonymous]

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@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.

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Because it's PitA, I mean BofA!

[randomguy1]

Got an approval email and text today. "Card will arrive in 10 business days." Search results tell me that they charge $15 for expediting or I would call.

Edit: My initial results showed they charged for expediting cards. Further reviews showed mixed results. I called and will get the card in 2-3 business days for no fee.

[atst2000]

@randomguy1 

I also got this secured option when I applied earlier this month. I'm thinking of going for it too. Did you submit your docs on that portal link they send out?

Also, I'm confused on the bonus they offer...I tried to recon the app but no go. I asked about the $500 bonus and he said because it was a secured card I wasn't eligible which I thought was bs, considering I'm putting $1k down and still getting the same card. 
I'm curiou, what did they tell you because I'm getting conflicting reports. 

[randomguy1]

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@atst2000 wrote:

@randomguy1 

I also got this secured option when I applied earlier this month. I'm thinking of going for it too. Did you submit your docs on that portal link they send out?

Also, I'm confused on the bonus they offer...I tried to recon the app but no go. I asked about the $500 bonus and he said because it was a secured card I wasn't eligible which I thought was bs, considering I'm putting $1k down and still getting the same card. 
I'm curiou, what did they tell you because I'm getting conflicting reports. 

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@atst2000 

I confirmed with two different people on what my offer was. I did not tell them what I applied for and they were able to confirm it was $500 for $5,000 spend. I put down a $2000 CD for a $2000 CL.

I did submit my docs for the portal last Friday, received an approval text message, and email shortly after. I called into business services @ 

1888-569-4428 and they were able to expedite my card. Several hours later, the card appeared in my account online. I was able to add it to Paypal right away and Apple Pay\Mobile Wallet is not available on this card.

[Anonymous]

Congrats! It appears the only drawback will be recycling the limit a couple times to meet that spend, but a very nice SUB!

Maybe I should have waited longer as mine was only $300.