BoA is being a pain to me. I am happy they gave me a starter card when I was rebuilding and I have been a loyal customer with checking/savings accounts since high school. So it’s really aggravating me what is occurring with this card. It’s the Bank Americard Platinum Plus. When it graduated from secured, they increased my limit to $2500. Now I’m stuck there which is understandable since it was my only card for 2 yrs and I had high utilization. Before I discovered this forum, I stupidly asked for a CLI when I was at 95% utilization! Then I paid off more and brought it down to 76%. I asked for them to at least waive the AF. The regular version of this card that I see advertised has no AF. They said no to waiving the fee since that is part of the TCs agreement from when I got the card initially. And they still won’t give me a CLI but they keep urging me to app for the Cash Rewards. I asked for a PC but that card doesn’t have that option. The card has no rewards, no benefits and my interest rate is 22%! Now I’m finally in a position where I got reimbursed and was able to PIF at last because I refuse to give them another penny in interest. I don’t want to app for another BoA card. If I app for anything, it would be for Discover. I don’t want to close the card because it’s my “oldest” one from when I started my rebuild (2yrs, 3 mths). My AAoA is 13 yrs but that’s because of student loans.
Now that I have a zero balance, what should I do with this card? Sock drawer? Should I just move on and focus on growing my 2 other cards I just got in June? I want to at least get rid of the AF. I would love a CLI to help boost the limits I currently have and set myself up for a higher SL next time I app for something (thinking CSP in a few mths as I am only 3/24)
Any advice would be great. Thanks!
IMHO, don't pay an AF for a sock drawered card. If you close the account, it will remain on your CRs for a minimum of 10 years and since it has a zero balance, there will be no negative impact to your UT.
When cards no longer fit one's needs, the best thing may be to just close them down.
There's always that 1 card that doesn't do much when it comes to growing with you.
If the AF isn't exorbitant then keep it in the SD and pay the fee w/o any additional charges every year. Since it's your anchor card for Age it's going to be worthwhile to keep it around for awhile until your new cards age a bit. Keeping it should help show history when you app for new cards pushing more for an approval over denial.
Normally though if a card is uselles and has an AF then the recommendation is to just close it and move on. Depending on what kind of limits you got on the new cards might be an indicator of what you might get approved for w/ BOA. Taking the hit for a CR is worthwhile though since it won't be bucketed like your "platinum" is currently.
I picked up a CR for 10K and grew it to 65K in a matter of ~2 years through CLI's HP and SP now. So, depending on your long term goals it might be worth it to grab one now or since your'e considering CSP as well grab both and let them grow together. CSP is lucrative for the $505 net bonus and the CR is another $200 for a low MSR.
Disco is fine as well but, since they knicked the benefits it's kind of blah at this point as a category card and not much more. The Miles version though can be worthwhile for the 1st year at 3% uncapped spend similar to the current offering for CFU (capped 20K spend).
Ultimately it depends on how much cash you'll be running through them and how you plan to use the rewards.
I’m tempted to app for the CR cards for the $200 sub actually if only to make myself feel a little like I’m making up for having paid the AF for nothing.
Knowing what I know about them currently and how they operate I would absolutely go for the CR to make up for the AF at least this year. $200 takes the sting out of it and you'll have a card that can grow with you.
I used to think Chase was rubbish when it came to how they performed with the cards I've had with them over the years and my view on them has changed as well since unbucketing myself with new apps over the last 2 years.
I had tried out BOA back in 2007 when I moved cross country and wanted a "bank" with tons of locations. I wasn't really impressed with them on the banking side and never got an offer ever from them for anything and wrote them off as an option or want to deal with them on the credit side for so long. Then I got curious and apped for a card and took them on a trial run and they gained some confidence from me on their products. I don't like how they call autopay e-bills... it's a bit overly complicated than it has to be.
As to the branches thing.... I went CU and made sure to pick some that have share branching or co-op branching enabled across their systems. Makes it easy to find a location even if they're located in a different state to make transactions on the accounts. A couple of them even offer inter-bank transfers online which is convenient as well w/o a charge like some of the "banks" do.