"Pre-selected for Bank of America Cash Rewards Card.....but with no previous credit card??

[Anonymous]

Hey Everyone!

So I have an appointment with a Boa rep tomorow to open my first credit card! I also have a checking account with bank of america so I thought it was logical to open my first credit card with them also and deepen the relationship. I found that I was "Pre-selected" for their cash rewards with 1-2-3 rewards, an APR that is currently 18.49%, and no annual fee. I am confused with this offer since I have never had a credit card before, and have started paying student loans since the last year, would it be smart to apply for this "Pre-selection" tomorow or should I just stick to my guns and apply for a secured card? Any and all advice appreicated!

[pipeguy]

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@Anonymous wrote:

Hey Everyone!

So I have an appointment with a Boa rep tomorow to open my first credit card! I also have a checking account with bank of america so I thought it was logical to open my first credit card with them also and deepen the relationship. I found that I was "Pre-selected" for their cash rewards with 1-2-3 rewards, an APR that is currently 18.49%, and no annual fee. I am confused with this offer since I have never had a credit card before, and have started paying student loans since the last year, would it be smart to apply for this "Pre-selection" tomorow or should I just stick to my guns and apply for a secured card? Any and all advice appreicated!

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I would not put too much weight on the "pre-selected" it's mainly marketing, however, the set stated APR is a positive sign. Given that you have "some" credit history (on-time student loan payments) opening a credit card is a good thing - not so much for spending your money but to establish a credit history. Since you have an appointment with a BOA rep, go for the credit card even with a lower starting limit (if that happens), if that is not approved they should offer you a secured card which you can accept  - either one will help you build credit.

I'll keep my fingers crossed you get the unsecured card 

[Anonymous]

I see! I found it kind of odd that this was aimed at me since I have little credit history with the on time student loan payments, If I do end up applying for the pre-selected offer tomorow and I don't get approved for the unsecured, will they always counter with a secured or does it vary? Cause I'd really like to go home being approved with my first credit card with Boa tomorow

[pipeguy]

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@Anonymous wrote:

I see! I found it kind of odd that this was aimed at me since I have little credit history with the on time student loan payments, If I do end up applying for the pre-selected offer tomorow and I don't get approved for the unsecured, will they always counter with a secured or does it vary? Cause I'd really like to go home being approved with my first credit card with Boa tomorow

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I can't say they "always" will offer "something" but in your case (no negatives, paying your student loans, etc) I'd say there is a decent chance you'll get a regular credit card probably with a low starting limit (maybe $500 to $1500) and if not I'd give you a very strong probability they'll offer you a secured card. You can refuse a secured card, but It'll help get you a credit history and on your way. 

Do NOT apply for what I call vulture cards like Credit One or First Premier and the like - you are much better off using those annual fees and monthly costs as deposits for secure cards through a true lender like BoA, Discover, etc. 

[Anonymous]

Just wanted to give an update! I had my appointment with the BOA rep, I went ahead and applied for the pre-selection offer, and I was approved! I got the 1-2-3 rewards, 18.49% APR, and a $2,500 CL. Sure does beat having to go with a secured card, thanks for the advice!

[fltireguy]

Congratulations!

Good card, Good bank, with great growth potential

[K-in-Boston]

Congrats on the great approval. Wonderful to have a real prime credit card as your first and never have to deal with the subprime market.

[pipeguy]

Congrats on the approval good thing too my crossed fingers were getting tired 😀

[DangerNoodle]

I was in the exact same seat last November. Had only a checking acct with BofA, first credit card ever, went in to see a rep to apply for the Cash Rewards card and I was approved for $1,200. I was, however, an authorized user on my parents' cards for several years.

It's definitely a wise choice to go with them, it will significantly boost your odds of getting approved since you already have a relationship with them. And yeah, the "pre-selected" thing is mostly just marketing, but it definitely means something. It means they've reviewed you and you match the details of someone who would be approved for the card. It is definitely no guarantee, however.

If you don't get approved, go for the secured card. BofA is weird with inquiries, they didn't hard pull me when I opened my first account with them.

Good luck!

[Anonymous]

Congrats on the BoA approval!! Nice start with them