BOA Visa Signature usage

[Anonymous]

I converted to a BOA Travel rewards visa signature card and will be getting it soon. Just noticed the new card online. This is my first Signature visa card.

I have 3 other non signature cards where i pay 90% of the outstanding amount before statement closes so that my utilization stays less than 10%.

Do I need to follow the same process with a signature or should I pay it off only after statement closes?

Will this Visa signature have the same credit limit as my older card? I hear people saying visa signature does not have a limit.

Will this card report the limit and utilization to all the 3 credit agencies?

Any help in maximizing the use of BOA travel rewards card is appreciated as well.

[kdm31091]

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@Anonymous wrote:

I converted to a BOA Travel rewards visa signature card and will be getting it soon. Just noticed the new card online. This is my first Signature visa card.

I have 3 other non signature cards where i pay 90% of the outstanding amount before statement closes so that my utilization stays less than 10%.

Do I need to follow the same process with a signature or should I pay it off only after statement closes?

Will this Visa signature have the same credit limit as my older card? I hear people saying visa signature does not have a limit.

Will this card report the limit and utilization to all the 3 credit agencies?

Any help in maximizing the use of BOA travel rewards card is appreciated as well.

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Can't answer anything specific about maximizing this card as I do not have one, but I can answer some of the other points.

Some Visa Sigs, not all,  will report as "no preset spending limit" and your limit will be reported as the highest balance you've had. In other words, if you have a $5k balance that's what will report as your "limit". In these cases it will not be reporting your traditional limit. However not all Visa Sigs work that way so hopefully someone with this card can chime in.

The Signature itself is going to have the same CL as your original card unless you got a CLI (with BOA, it'd be a request and HP). People say "it has no limit" because of the "no preset spending limit" meaning you can spend above your limit (sometimes -- it's still up to the issuer if they want to approve your transaction) as long as you pay it down to at least your limit before it is due. So you cannot carry a balance above your limit, but transactions above the limit can be approved and the balance above must be paid before being due.

The reporting will depend on the card like I said. Utilization will report as whatever portion of the "limit" you're using, which may report as the usual limit or as the high balance. Depends on the Visa Sig

[ojefferyo]

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@Anonymous wrote:

I converted to a BOA Travel rewards visa signature card and will be getting it soon. Just noticed the new card online. This is my first Signature visa card.

I have 3 other non signature cards where i pay 90% of the outstanding amount before statement closes so that my utilization stays less than 10%.

Do I need to follow the same process with a signature or should I pay it off only after statement closes?

Will this Visa signature have the same credit limit as my older card? I hear people saying visa signature does not have a limit.

Will this card report the limit and utilization to all the 3 credit agencies?

Any help in maximizing the use of BOA travel rewards card is appreciated as well.

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Yes pay it like you would with any one of your other cards, the credit limit should be the same unless it was increased for you. I have the cash rewards but Im sure it's the same as far as reporting goes. My card reports the CL and shows up as flexible spending credit.

[ddemari]

My boa cash rewards visa signature reports to all 3 cra's as revolving account opposed to my other visa sig's/ wmc's that report as flexible spending.

[ojefferyo]

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@ddemari wrote:
My boa cash rewards visa signature reports to all 3 cra's as revolving account opposed to my other visa sig's/ wmc's that report as flexible spending.

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That's weird, what is your current limit?

[Anonymous]

Thanks to all for responding.

I got to know that it will be the same procedure for me with the new signature card - Pay off 90% before statement closes and keep a 10% balance for monthly statement. pay in full before the due date.

What is the difference between "flexible spending limit" and "revolving credit'? Which is better for FICO scores if there is any relationship?

[ojefferyo]

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@Anonymous wrote:

Thanks to all for responding.

I got to know that it will be the same procedure for me with the new signature card - Pay off 90% before statement closes and keep a 10% balance for monthly statement. pay in full before the due date.

What is the difference between "flexible spending limit" and "revolving credit'? Which is better for FICO scores if there is any relationship?

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flexible spending limit is usually attached with the visa siganture or world elite mastercards. you can basically go over your set limit and basically be approve. how much over is not really known. I don't think there is any difference in scoring between the two.