(BofA) Worst offer ever! Should I accept it?

[LADave]

Just as I'm on the verge of canceling my BofA checking account, they send me an offer I'll probably refuse - a "preselected" offer for the BankAmericard Mastercard. It's targeted toward people who are new to credit cards.

There's practically nothing enticing about this card - no rewards, not even a balance transfer offer. It only offers a $500 credit limit (but I won't need to make a security deposit!), the ability to see one of my FICO scores for free (yowza!), "the convenience of using it everywhere credit cards are accepted" (except inside a Costco store), and the opportunity to get a CLI later if I'm really good.

I've just double-checked my credit reports, and I'm like 99.93274% sure I'm not the target audience for this mailer.

They apparently didn't know about (or simply overlooked) my 23 accounts - 17 open credit cards and 1 closed one, 1 open auto loan and 4 closed loans. I'm not sure how they could have possibly missed my LOL/24 status of 12/24, and my 16 inquiries on Experian. I'm pretty sure they sent the email out before I got approved for a Discover card this weekend, which brought my total credit card lines above $90K (admittedly, it was only above $85K before then).

Why do I even mention this offer at all?

First, it's about the worst offer I've ever received from a major bank. And I simply had to share it.

Second, it's Bank of America, which actually has some interesting cards, so they're a bank I might be interested in owing money to down the road. (After lending them money and being unable to get my funds out of my checking account for what seemed like an eternity, I'll never lend them money again.) I'm interested in getting my foot in the door, but I know that BofA preapprovals are a joke.

Is there a reason I should even consider accepting this offer before I close my BofA checking? The only benefit I see to having checking with them right now is easier approval of their cards. And having positive card history with them might help with getting a more desirable card later.

[SouthJamaica]

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@LADave wrote:

Just as I'm on the verge of canceling my BofA checking account, they send me an offer I'll probably refuse - a "preselected" offer for the BankAmericard Mastercard. It's targeted toward people who are new to credit cards.

There's practically nothing enticing about this card - no rewards, not even a balance transfer offer. It only offers a $500 credit limit (but I won't need to make a security deposit!), the ability to see one of my FICO scores for free (yowza!), "the convenience of using it everywhere credit cards are accepted" (except inside a Costco store), and the opportunity to get a CLI later if I'm really good.

I've just double-checked my credit reports, and I'm like 99.93274% sure I'm not the target audience for this mailer.

They apparently didn't know about (or simply overlooked) my 23 accounts - 17 open credit cards and 1 closed one, 1 open auto loan and 4 closed loans. I'm not sure how they could have possibly missed my LOL/24 status of 12/24, and my 16 inquiries on Experian. I'm pretty sure they sent the email out before I got approved for a Discover card this weekend, which brought my total credit card lines above $90K (admittedly, it was only above $85K before then).

Why do I even mention this offer at all?

First, it's about the worst offer I've ever received from a major bank. And I simply had to share it.

Second, it's Bank of America, which actually has some interesting cards, so they're a bank I might be interested in owing money to down the road. (After lending them money and being unable to get my funds out of my checking account for what seemed like an eternity, I'll never lend them money again.) I'm interested in getting my foot in the door, but I know that BofA preapprovals are a joke.

Is there a reason I should even consider accepting this offer before I close my BofA checking? The only benefit I see to having checking with them right now is easier approval of their cards. And having positive card history with them might help with getting a more desirable card later.

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No, there is no reason you should even consider accepting this offer.

[AndySoCal]

@LADaveClose the checking account.

[Jeffster1]

As much as I am a fan of BofA, I would throw that offer in the bin. 

[LADave]

Thanks @Jeffster1, @AndySoCal and @SouthJamaica for your feedback. I'm not going to apply.

 The only BofA card I'm somewhat interested in right now is Customized Cash for 3% back on online shopping, and I'm frankly OK if I don't get it in the next 2 years (or ever).

[AndySoCal]

@LADave  There is AMEX Blue Cash Everyday that gives you 3% as well

[LADave]

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@AndySoCal wrote:

@LADave  There is AMEX Blue Cash Everyday that gives you 3% as well

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It's a nice card. The only reason I'm not considering it right now is because I am blacklisted from AMEX after having burned them several years ago. If and when that changes...

[Marmot]

Unless you have a specific need for that CC, no need to apply. I recently app'ed and got approved for BoA Business Alaska Airlines since Alaska's personal and biz CCs are from BoA.

[PNWRambler]

As others have said, I would not accept that offer. 

[Jrobertson1998]

I wouldn't close the checking account, BofA has a lot to offer. I would keep the relationship and maybe try to go for a bigger limit down the line. BofA likes to see some monthly deposit before they become open up and become more friendly, atleast that was my experience. I also want to hear more about other's experience's with BofA.