BOA WORLD MASTERCARD

[Cleanmachine]

I would like some thoughts about this card.

I currently have a BOA World Points Card (previously MBNA) and I received an invitation that stated that BOA recently reviewed the status of my account and request that I upgrade to the "World Mastercard".

The benefits described in the brochure are similar to my BOA Signature Card. I do not need another account offering the same benefits from the same company and would like some insight from others that may have this card.

Since my BOA Signature card will not report my credit limit, I am only guessing that this new card will also not report since they indicate "No pre-set spending limit".

Would appreciate any thoughts on the matter.

[Anonymous]

By signature do you mean that you have the BoA Visa Signature card?  From what I understand there is no difference between a World Mastercard and a Visa Signature card, 'cept the credit company... 

[jaybird201]

Both Visa and Mastercard have premium cards, Visa Signature and World Mastercard respectively, that offer essentially the exact same features: no pre-set spending limit, concierge service, premium access to events and, etc.

I know that Signature benefits are applied to eligible credit card products with limits over $5,000 (If you apply for an eligible card, and your credit limit is above $5,000, it's a Signature Visa you're eligible for Signature benefits, otherwise it's a Platinum Plus Visa and you're not eligible for Signature benefits). I assume World Mastercard works similarly.

You probably have either high enough credit limit or your account status is great enough that you are eligible for World benefits with Mastercard and they're extending the benefit to you. Personally I think it's duplicitous to have more than one premium card, especially if both are essentially identical except for one being Visa and the other Mastercard.

[Cleanmachine]

Many thanks for the response.

My BOA Signature is a Visa, sorry I omitted that.

So they way I interpret this new World Mastercard, it is in fact the same as the BOA Visa Signature.

The only problem I would have, even if has a no spending limit, my problem would be that they will not report the credit limit to the credit bureaus. I did go round and round with BOA over the non reporting of the Visa Signature and they will not report the limit, informing me that it would have no effect on my scores. However, my Equifax Reports shows a much higher credit balance that I actually have by some 15 %. I surly do not need another Signature card. I currently have $18,000 credit line and woould not like to see that disappear with a Zero credit line.

Chase changed my Freedom card to their Signature card even when I opt out of the change several months ago.

I think it would be best at this time to leave things well enough alone and wait to see what happens after the first quarter of 2009.