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My adventure with BOA balance transfer card

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Super Contributor

My adventure with BOA balance transfer card

Just got approved for Bank of America's new 'balance transfer' card, with 0% promo rate & no balance transfer fee for 2 months.

 

The catch is that the approval was for only a $3k starting limit, despite credit scores in the high 700's, and an average credit limit of 14k+.

 

A 'balance transfer' card with a low starting limit is pretty worthless.

 

Update 8/1/17. Be sure to see my first 8/1/17 update with BOA raising it to 15k Smiley Happy and my second 8/1/17 update with BOA keeping it at 3k Smiley Sad


Total revolving limits 653000 (575000 reporting)

Message 1 of 35
34 REPLIES 34
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Valued Contributor

Re: Beware of BOA balance transfer card

Sorry to hear about the limit but Congrats on the approval OP. I have the Cash Rewards and had the BT card in my offers recently--but it went away for some reason...but I wasn't going to accept it anyway b/c I don't like the idea of them draining the CL on one card to open another. And there was a good chance if I had applied that would have happened or I would have gotten a $1000 or $2000 low limit which I def. don't need at the moment.

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 2 of 35
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Super Contributor

Re: Beware of BOA balance transfer card


@Credit-hoarder wrote:

Sorry to hear about the limit but Congrats on the approval OP. I have the Cash Rewards and had the BT card in my offers recently--but it went away for some reason...but I wasn't going to accept it anyway b/c I don't like the idea of them draining the CL on one card to open another. And there was a good chance if I had applied that would have happened or I would have gotten a $1000 or $2000 low limit which I def. don't need at the moment.


You're smarter than me Smiley Happy


Total revolving limits 653000 (575000 reporting)

Message 3 of 35
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Valued Contributor

Re: Beware of BOA balance transfer card


@SouthJamaica wrote:

@Credit-hoarder wrote:

Sorry to hear about the limit but Congrats on the approval OP. I have the Cash Rewards and had the BT card in my offers recently--but it went away for some reason...but I wasn't going to accept it anyway b/c I don't like the idea of them draining the CL on one card to open another. And there was a good chance if I had applied that would have happened or I would have gotten a $1000 or $2000 low limit which I def. don't need at the moment.


You're smarter than me Smiley Happy


LOL--I don't know about being smarter--but I'm glad I didn't take the bait when it was there and apply. This serves as a good data pt for anyone thinking of app'ing for it. With you're score and history you probably should have gotten more.

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 4 of 35
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Moderator

Re: Beware of BOA balance transfer card


@SouthJamaica wrote:

Just got approved for Bank of America's new 'balance transfer' card, with 0% promo rate & no balance transfer fee for 2 months.

 

The catch is that the approval was for only a $3k starting limit, despite credit scores in the high 700's, and an average credit limit of 14k+.

 

A 'balance transfer' card with a low starting limit is pretty worthless.


BOA can be generous with SLs, and extremely generous with CLs in general.  My last 2 SLs were $12k (grew to $34,600 in 6 months) and $7500 (barely a statement in, give me time!) and my scores are/were substantially lower. I don't throw those out there to brag but it seems that you and I should be in somewhat close credit "buckets," but there's something there that caused them to give you a training wheels limit as that wouldn't be the norm for your scores and what I understand your profile to look like.  The business card is your only pre-existing BOA relationship, right? Is it possibly an income-to-total-revolving-credit concern?  (Of your total revolving lines I'm not sure what's reporting on your personal reports.)  Lots of new accounts or inquiries recently?  High util?  

 

I would certainly call to recon with one of their credit analysts (always a surprisingly pleasant experience in my, uhhh experience. I need a thesaurus today.).  Let them know that you would like to move a/some large balance(s) over to BOA and I am sure they will work with you.  May be worth mentioning the business card is those are indeed not linked.

Message 5 of 35
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Community Leader
Mega Contributor

Re: Beware of BOA balance transfer card

Congrats and sorry same time SJ. At least Boa isnt Disco. That 3k could easily turn into 30k within a year especially with your profile and most likely income. Agree with K, recon it . As disappointing as the sl may be , this is one lender that will work with you and a good profile unlike your Discover that seems to fall on def earsSmiley Wink
Message 6 of 35
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Super Contributor

Re: Beware of BOA balance transfer card


@AverageJoesCredit wrote:
Congrats and sorry same time SJ. At least Boa isnt Disco. That 3k could easily turn into 30k within a year especially with your profile and most likely income. Agree with K, recon it . As disappointing as the sl may be , this is one lender that will work with you and a good profile unlike your Discover that seems to fall on def earsSmiley Wink

I did call to recon, and they said no since I'd just applied.


Total revolving limits 653000 (575000 reporting)

Message 7 of 35
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Moderator

Re: Beware of BOA balance transfer card


@SouthJamaica wrote:

I did call to recon, and they said no since I'd just applied.


Smiley Sad OK, there goes that plan!  Other than knowing that it can grow quick with one or more HPs, I'm at a loss.  Sorry that it didn't work out for you.

Message 8 of 35
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Valued Contributor

Re: Beware of BOA balance transfer card

I dumbounded by this one too---my EX score was MUCH lower than yours a year ago when I got my first B of A card and they give me $5.5K and the Signature version....?!

BUSINESS
Rewards Pts.-Miles: UR-MR-TYP-Venture
Message 9 of 35
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Frequent Contributor

Re: Beware of BOA balance transfer card

It sounds like Slate's twin sister.
Message 10 of 35
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