Help Please BOA

[Anonymous]

Okay so we just started a business and app'd for the BOA Cash Rewards card instant approval for $9,000 SL

(And a few days later an Amex Business)

But...

What we just found out the hard way is that the main company we get our inventory from they are headquartered in China and after purchasing inventory these foreign transaction fees. So we need a card with now foreign transaction fees.

My first though was app for a card without them the one I found was BOA Travel Rewards Card and it comes with a decent sign up bonus. So we app'd and got the 7-10 day message.

We absolutely don't mind if they were able to somehow split the 9k limit onto the 2 cards (5k 4K or 4.5k 4.5k). My question is can they do something like that (have you heard of anything like that)? Or what's the likely outcome here and what would you suggest we do?

Oh and each on did a HP so that's 3 now just from this plus one from Chase Ink so 4 I don't care about the ink anymore knowing there's foreign transaction fees it'll probably be denied for Chase.

Thanks!

[Jeff007245]

Call BOA CS and request for a product change from Cash Rewards to Tavel Rewards.

[csryang]

Yeah I agree with the above. Try to find a number online for BOA credit department. If you cannot find one, just ask a normal front line agent transfer you to one. You can ask them about your situation and let them know you are willing to product change Cash reward to Travel reward card. If not, asking them to split some limit to open a travel reward card.

Usually on the fee section of credit card application, it usually will list if it has any foreign transaction fee. When you said ink, you meant ink plus or ink preferred with chase? They should have no foreign transaction fee. Please double check online or call their agent to find out.

[Anonymous]

Okay I app'd for the Travel before posting this (and not knowing you could PC Business cards) what would be the best to do now? Wait until they decide to approve or deny a 2nd card (the Travel Rewards) or call and ask for a PC.

Also, there's one other thing. I signed up for the Cash Rewards under a spend $500 get $200 promo I'm about $10 away from the $500 spend right now if I meet that and PC will that $200 statement Credit just be applied to the Travel Rewards Card?

The Travel Rewards has a similar sign up promo spend $1,000 get $250 (or it's equivalent in points).

[csryang]

Can you tell me the date you applied for the cash reward? If within one month, Boa typically don't repull your credit for another application.

What does the application status say about your travel rewards application? You may call credit department to see what they can do.

PC is possible but not saying that they will always allow it. It seems that you almost got the sign on bonus from cash reward. It might be better to just see if they could split some credit or somehow work with you on the travel rewards card.

Again, there are several zero foreign fee business cards out there and it's good to compare and see how that goes. Chase ink preferred or plus usually are very popular business cards.

[Anonymous]

The Cash Rewards we app'd on 1/05

They repulled credit when we app'd for the Travel Rewards just yesterday.

It says pending. So would it be best just to call and explain the situation and maybe they'll be able just to split the CL granting me the new card?

It turns out the one for Chase was the Chase Ink Cash because it has a $300 sign up bonus but that card charges fees, if approved can I PC it to the plus?

[csryang]

It's good sign that your Boa travel reward status is pending rather than denied instantly. Yeah I think it's good to call them. Don't mention moving credit until later. Say that you saw the app is pending and see if there's anything you can do to move the process along. Say that you like how it has no foreign transaction fee and its benefits. If they still don't want to extend further credit, you can then bring up moving credit or product change to cash rewards card.

Ink cash does charge foreign transaction fee.... Ink preferred does not. However, ink preferred has 95 annual fee vs ink cash no annual fee. If approved, I think you can only pc after holding it for a year but you can always call and ask. Just keep in mind that ink preferred does charge an annual fee. If you really want ink preferred (high sign on bonus) with annual fee but no foreign transaction, you may submit another application and see what they say.

With chase business card credit analyst, it's usually better to wait it out and check phone application status line- 2week message or 30day message means better approval chance. You can also call credit department right away but be prepared that you might be grilled on the nature of your business.

[Anonymous]

Okay so I called and asked they said because it's a new business and we currently have no contracts out they can't extend more credit but they will split the current credit limit between the two cards.

My question now is will we get any kind of sign up promo for the Travel Rewards Card?

Either way I'm happy but it feels like they weren't that thrilled to even have given the $9,000 in the first place

[csryang]

Congrats! Hopefully the line will grow with you. If not, you can always request credit limit increase down the road once there's some growth for your business.

Yes I believe that if you sign up for the card using any promotional link, you will always be given that promotion! To double check, you may call the front line agent after you receive the card but before you put some spend on it.

[Anonymous]

Thanks! It's perfect for us right now and we definitely need to just stay in the garden for the next 12 months no HP's just in the last month probably used 5 HP's and if each is 4 points that's 20 points off.

Do you know if BOA lets you go over limit on business cards like Amex does?