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BoA premium --> cash rewards downgrade?

BrutalBodyShots
Super Contributor

BoA premium --> cash rewards downgrade?

Was considering scooping up the BoA premium rewards in hopes of a $500 SUB.  The card overall doesn't really suit me, so I was thinking a downgrade to cash rewards and taking a 3% category of my choice could work.  Has anyone done this?  Does the AF on the premium hit right away, or can it be avoided with a downgrade before it hits?  If so, are there examples of AA (account closure, etc) due to avoiding the AF and just grabbing the SUB?  I have no experience with BoA, so any info here could help.  

 

Basically, I'm thinking of replicating what I did with Chase... approved for the CSP to get the $500 SUB, downgraded it at ~11 months before the AF hit to a Freedom (card I saw value in) and went on with life.  No AA from Chase, so overall it worked out.

 

Not sure if it is relevant at all, but my only history with BoA is a clean closed mortgage; no revolver history at all. 

 

I also have read some pretty good BoA card growth stories on the forum lately, so the possibility of bringing a card on board with solid growth potential sounds promising as well.  Not sure if the growth potential of a premium vs cash rewards card is different, so that's another spinoff question that I wouldn't mind hearing an answer/opinions to as well.  Thanks in advance to all.

Message 1 of 41
40 REPLIES 40
FinStar
Moderator

Re: BoA premium --> cash rewards downgrade?

https://ficoforums.myfico.com/t5/Credit-Cards/BoA-does-not-allow-Product-Changes-Downgrades-from-Pre...

ETA - the AF is not waived so if you're attempting to be thrifty, just know it can likely hit before you could entertain any downgrade.
Message 2 of 41
kdm31091
Super Contributor

Re: BoA premium --> cash rewards downgrade?

I don't know about AA, but I know BoA is resistant to downgrading the Premium card in some instances, probably to prevent abuse. They basically want people to either pay the fee or close it.

 

While it's not $500, a Cash Rewards has a bonus of $200 applying outright and no hassles of downgrading later.

Message 3 of 41
AverageJoesCredit
Mega Contributor

Re: BoA premium --> cash rewards downgrade?

I wouldnt try to game Boa for a Sub in todays credit environment even if it were possible.
Message 4 of 41
simplynoir
Community Leader
Super Contributor

Re: BoA premium --> cash rewards downgrade?

With regards to the CLI question the product/card seems to not matter as far as CL growth is concerned. There are plenty of datapoints in the approval boards of people growing non-premium BofA cards to high limits.

Message 5 of 41
frogman1
Valued Contributor

Re: BoA premium --> cash rewards downgrade?

I downgraded the Premium Rewads card after the annual fee hit and they refunded the annual fee.  I got the no-fee travel rewards card.  

More cards than I can mention in a signature.
Message 6 of 41
BrutalBodyShots
Super Contributor

Re: BoA premium --> cash rewards downgrade?


@FinStar wrote:
https://ficoforums.myfico.com/t5/Credit-Cards/BoA-does-not-allow-Product-Changes-Downgrades-from-Pre...

ETA - the AF is not waived so if you're attempting to be thrifty, just know it can likely hit before you could entertain any downgrade.

Thanks for the link.  Sounds like there are mixed reviews with respect to the downgrade.  Even paying the AF once would still make it a worthwhile bonus at a net gain of $405; I wouldn't mind keeping the premium for a year and then attempting the downgrade if it improved my chances after paying the AF once.  I'd personally rather go that route than open both a premium and cash rewards for $700 in SUBs just to close the first card.  I would think that would be frowned upon (by BoA) as much or more than just going with a PC on the 1 card, but what do I know.

Message 7 of 41
BrutalBodyShots
Super Contributor

Re: BoA premium --> cash rewards downgrade?


@kdm31091 wrote:

 

While it's not $500, a Cash Rewards has a bonus of $200 applying outright and no hassles of downgrading later.


Understood, but in my case coming out of the garden for $200 just doesn't seem all too enticing.  Personal preference, I suppose.

Message 8 of 41
frogman1
Valued Contributor

Re: BoA premium --> cash rewards downgrade?


@AverageJoesCredit wrote:
I wouldnt try to game Boa for a Sub in todays credit environment even if it were possible.

Why not?  The card serves no purpose after the annual fee hits. 

More cards than I can mention in a signature.
Message 9 of 41
BrutalBodyShots
Super Contributor

Re: BoA premium --> cash rewards downgrade?


@frogman1 wrote:

I downgraded the Premium Rewads card after the annual fee hit and they refunded the annual fee.  I got the no-fee travel rewards card.  


Interesting and good information.  How long ago did you do this?

Message 10 of 41
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