BofA Mailer Came Today

[Anonymous]

Hi credit gurus. So I have been looking into maybe getting a BofA CC. I saw their prequal offers but most on here said they're bs and it's a marketing thing. 

So today I came home to find a mailer from them saying they are inviting me to apply for MLB cash rewards card and it comes with a secure code. I went to bankofamerica.com/mynewcard and entered the code. All my info came up and just have to fill in part of it.

Question is, does this mean I'll likely be approved? My scores are all around 650. I have a disco(2k limit), Capital One ($300 limit) and lastly Credit One card($450 limit). My Utilization is around 5%.

I do have some old derogs, mostly car related. 

[Anonymous]

Sounds like marketing. Does it have a set Apr or a rsnge?

[Anonymous]

This is what it says.

†Details of Rate, Fee and Other Cost Information

Account terms are not guaranteed for any period of time. All terms, including fees and APRs for new transactions, may change in accordance with the Credit Card Agreement and applicable law based on information in your credit report, market conditions, business strategies, or for any reason. Please review all of these materials so that you are fully informed about the terms of this credit card offer.

Interest Rates and Interest Charges
Annual Percentage Rate (APR) for Purchases	0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account. After that, your APR will be 14.49% to 24.49%, based on your creditworthiness when you open your account. This APR will vary with the market based on the Prime Rate.
APR for Balance Transfers	0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account for transactions made within 60 days of opening your account.  After that, your APR will be 14.49% to 24.49%, based on your creditworthiness when you open your account. This APR will vary with the market based on the Prime Rate.
APR for Cash Advances	17.49% to 26.49%, based on your creditworthiness when you open your account, for Direct Deposit and Check Cash Advances, and 26.49% for Bank Cash Advances.  See footnoteFootnote  1 for explanation. These APRs will vary with the market based on the Prime Rate.
Penalty APR and When it Applies	Up to 29.99%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate. This APR may be applied to new transactions on your account if you:     • Make a late payment. How Long Will the Penalty APR Apply?: If your APRs are increased, the Penalty APR will apply indefinitely.
How to Avoid Paying Interest on Purchases	Your due date is at least 25 days after the close of each billing cycle. We will not charge you any interest on purchases if you pay your entire balance by the due date each month.
Minimum Interest Charge	If you are charged interest, the charge will be no less than $1.50.
For Credit Card Tips from the Consumer Financial Protection Bureau	To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at  http://www.consumerfinance.gov/learnmore

[601flyguy]

That's marketing. The true pre-approval i received had a small apr range.

[AverageJoesCredit]

Marketing

[Anonymous]

You probably will be approved, but I'd guess it will be on the high end of that interest rate range.

[Anonymous]

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@Anonymous wrote:

You probably will be approved, but I'd guess it will be on the high end of that interest rate range.

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^ This.

[Anonymous]

Not sure if youre still interested based on the feedback you received, but I’ll share my experience. I received the same mailer yesterday except mine was for The University of Georgia. Everything was exactly as you described. I have received this mailer more times than i can count. I decided to apply because i thought it was more of a preapproval than marketing. I entered the security code and my address was already populated. I entered the other required info. I was approved for $13000. I was suprised because if have like 16 inquires with EQ and like 10 with Trans and Ex. I apped for the Ritz $25000, US Bank Altitude $25000 in December, IHG $25000 in January and Hilton $20000 in January. I just knew i would be denied or given a small SL. To be honest i was disappointed in the $13k because of my recent SL on those others. 

I say if you want to app do it. BTW no HP at all and this was Tuesday night. I already see the account online. 

[Anonymous]

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@Anonymous wrote:

Not sure if youre still interested based on the feedback you received, but I’ll share my experience. I received the same mailer yesterday except mine was for The University of Georgia. Everything was exactly as you described. I have received this mailer more times than i can count. I decided to apply because i thought it was more of a preapproval than marketing. I entered the security code and my address was already populated. I entered the other required info. I was approved for $13000. I was suprised because if have like 16 inquires with EQ and like 10 with Trans and Ex. I apped for the Ritz $25000, US Bank Altitude $25000 in December, IHG $25000 in January and Hilton $20000 in January. I just knew i would be denied or given a small SL. To be honest i was disappointed in the $13k because of my recent SL on those others. 

I say if you want to app do it. BTW no HP at all and this was Tuesday night. I already see the account online. 

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Thanks for your reply! Considering your CL's im guessing were on different playing fields. But I appreciate your feedback nonetheless! 

[Anonymous]

Remember...as it is, most banks want your business in the current economic environment.