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Every card and every bank has a product or perk that some would benefit greatly from while others would not so to each their own. I personally have a Spirit World MasterCard from them because I get a better return on my airline miles by having it...to each their own.
@PrinceCorwin wrote:Is there a benefit of getting a BoA card? Being that they are so hard to get, why would anyone want one. I've checked credit Pulls database and they don't seem to offer any higher CLs than anyone else. I guess I just don't see much difference between most cards nowadays since they all base your APR and CL on your creditworthiness. When I was young, different cards were known for specifit levels of CL but not anymore.
@Anonymous has proved to be incredibly customer-friendly, in my experience. Started with Cash Rewards @ 6K sl, received cli at 90 days. Added Travel Rewards @Anonymous sl, grew to 20k. Added Merrill+ @ 14K sl. They are excellent with reallocating credit lines, as I currently have 76K in cl's between three cards (in less than two years), which will become two this summer. I dont bank with BOA (US Bank for 15 years), but they've solicited me for more business frequently. Not admitting to be a Homer, but I'd recommend BOA before any other bank that I have a cl with.
Preferred Rewards for some.
The best card for my purposes that they offer is the AK Air siggy Visa
excellent thread. Great responses!
I have nothing to report regarding there
Credit card products. I was just approved
Last week for there Cash Rewards card under
The $99/500 semi secured program.
Looking forward to see how it grows. I like
The rewards structure, 3-2-1. I'll probably apply for
The travel card down the road, so I can have the
BofA cash back "daily double!"
I think this topic should be about Wells Fargo. Most of their cards only get 1% cash back and they require you to have some kind of banking relationship for certain cards: bhecking or savings. At least with bank of america, you get preferred rewards with a banking relationship. With Wells Fargo, you don't get any bonuses on credit cards.
I concur. I don't like Wells Fargo at all. Of the major banks, Chase, BofA, US Bank, Wells Fargo seems to have the most lackluster credit card offerings, in my opinion.
@happypill wrote:CL and APR are not necessarily the most important differentiating factors among cards. in fact, I would say if CL and APR are important factors to someone, they are probably carrying a balance and thus probably losing at the credit game, paying interest and fees to the bank (a lot of us have been there and recoevered). If you PIF every month, a CL of around $5k should be enough for the vast majority of the people out there and APR is meaningless.
BofA does offer a few products that are best in class, depending on your relationship with them. They are also known for being generous with CLIs and myFICo users have reported some hefty limits after in short order. Big CLs are nice but they don't really offer any value (unless you carry a balance of course). Nice rewards and sign-on bonuses are really what differentiates cards worth having.
There is a trade-off benefit that low APR cards present: carrying a balance allows you to pay some additional money/fees (i.e., interest charges), in exchange for having more time to pay off the balance than PIF would normally allow for. IMO, there is nothing wrong with using a credit card as a loan and carrying a small to modest balance, in exchange for having more time to pay off the loan. With PIF, you pay more money over less time. So the question is if a person wants more or less time to pay off a balance -- if a person hypothetically would make a choice to opt for more time (and thus some additional interest charges) to pay off the balance, then carrying a balance could potentially make sense. Again, it's a matter of more time to pay for more money vs. less time to pay for more money. PIF is a great concept in theory, but we have to remember that not everyone is earning very large and substantial and/or 6+ figure salaries that would necessarily allow them to PIF on balances 100% of the time and universally, also when cost of living and inflation rates keep rising from year to year and thus decreasing and eroding standards of living over time. For instance, there are some economists who estimate that the U.S. dollar has lost over 90% of its purchasing power since the 1970s, and salaries over that same timespan have not been adjusted to account for inflation.
@601fluguy wrote:
I was skeptical about boa as they hp for cli but after a little research i accepted the preaproval they sent me. Received my highest sl ever too, 2600.
They also have historically pulled TU for CLI's, and those HP's aren't wasted unlike some other lenders I could name.
That's an underused bureau for the majority of consumers as far as inquiry distribution goes (and this forum is likely not an exception for those that skip copious store cards), so when we're talking about strategic building it's not a bad thing to have a random TU puller or two that you can take a flier on as part of a spree knowing nobody else is going to be looking at that file. In my case pretty much everything lands on EX unless I explicitly pick an EQ or TU puller, and EQ pullers are a lot more common when we're talking the usual CU's known on this forum.