BofA pre-qual on thier site

[morgacj2004]

So I currently have a BofA cash rewards secured card (3 months). I was in my acct and noticed they had several special offers for me one of them was the BofA Cash rewards card with $100 back after $500 spend. Is this a pre-qual based on my personal profile or just an offer that everyone who has an acct with them sees? 

[ojefferyo]

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@morgacj2004 wrote:

So I currently have a BofA cash rewards secured card (3 months). I was in my acct and noticed they had several special offers for me one of them was the BofA Cash rewards card with $100 back after $500 spend. Is this a pre-qual based on my personal profile or just an offer that everyone who has an acct with them sees? 

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No, their prequal is pretty useless. I see it all the time when I log in and I have the card.

[DaveInAZ]

I also have a BoA secured card for around 3 months. No, as ojefferyo says, BoA "pre-qual" is useless - the key is when they quote a range of APRs, such as "11.99-21.99% variable APR". A true pre-qual will quote you a specific interest rate, such as 16.99%, not a 10 point range. With a wide range of APRs they're not reviewing your credit with a SP, they're just trying to entice you to app.

Also, at 3 months the account is still too new to rate. While the standard BoA line for the secured card is 1 year to unsecure, a credit analyst told me 7 months is the earliest they will unsecure. I'm thinking of just app'ing for a BoA CC in 8-9 mos rather than app to unsecure - they're both a HP, and if I get approval close the secured card. While the $100 spend bonus cashback for the rewards card is nice I want the Better Balance Rewards card - for every quarter (3 months) you pay at least the minimum payment on time you get a $25 statement credit, with no minimum amount charged to the card. Theoretically you could just have a $7 Netflix monthly bill post monthly & PIF and get $100 per year in reward statement credits. But BoA probably wouldn't be very happy with that, I plan to have my $50/mo internet bill + $11 Netflix bill post to it, setup automatic PIF payments, put the card in a sock drawer and sit back and get a $25 statement credit every 3 months - that will be almost 14% rewards. 

[ddemari]

OP- unless the prequal is under speical offers tab on your online banking account and the next to the card is gives u a firm apr like 17.9%, it is not a legit pre qual with boa. 

[Anonymous]

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@morgacj2004 wrote:

So I currently have a BofA cash rewards secured card (3 months). I was in my acct and noticed they had several special offers for me one of them was the BofA Cash rewards card with $100 back after $500 spend. Is this a pre-qual based on my personal profile or just an offer that everyone who has an acct with them sees? 

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I would say those could be legit offers. I've had their partially secured card for almost 6 months now and they never offer me any cards in their "special offers" section. I know their online pre-qualifier is crap, but I think the special offers they give you in your account are different.

Edit: I take it back, when I first started with them (for like the first month) they kept offering me the same 99/500 card I already had in my "special offers" tab.. lol. Since then I've had no offers at all.

[ddemari]

I agree their general find my offer card thing is garbage. but I have seen on here people showing under their special offers tab for example;

BankAmericard Visa - apr 17.9% - that is a legit offer or somethign along those lines. 

[morgacj2004]

My offer did not have a specific APR but had a range of APRs. As I have a BK I will hold off on applying.

[tbque]

Wise move OP.

[Anonymous]

My dead cat got pre qualified for a BofA Travel Rewards card.  Doesn't work.  You have to cold app.

[ddemari]

Definitely hold off.