Boa Visa Signature Upgrade

[Lucifer]

Out of the blue I get a notice from Boa that my rewards card is now a Visa Signature card....

Are they doing this across the board or are they just liking me more than before?

It looks like it has some extra benefits but I havent looked all that much.

Anyone get this upgrade or have the upgrade make a real difference in their enjoyment of the card?

[AverageJoesCredit]

They are liking your more more. I wouldnt want to mess with Lucifer so best to give him Siggy or one might end up sleeping with the Ziggy

[Medic981]

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@Lucifer wrote:

Out of the blue I get a notice from Boa that my rewards card is now a Visa Signature card....

Are they doing this across the board or are they just liking my more than before?

It looks like it has some extra benefits but I havent looked all that much.

Anyone get this upgrade or have the upgrade make a real difference in their enjoyment of the card?

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When BoA increased my CL beyond $5k after a CLI request, I had to ask them to convert my visa card to a signature visa.

[BearsCubsOtters]

As you may know, merchants have to pay the banks fees to accept their cards as payment. Many people do not know that the higher level card you have, the more fees the merchant has to pay. So in the hierarchy of Visa, you have Visa Classic, Visa Gold, Visa Platinum, Visa Signature/Visa Infinite and over at MasterCard you have Standard MasterCard, Gold MasterCard, Platinum MasterCard, World MasterCard and World Elite MasterCard. 

Why does this matter? Well, as American's grow more savvy about rewards, you will see that most cards have some type of reward now. To help offset the cost of these rewards to the banks, they have been finding ways to get Visa Signature and World/World Elite cards into their customers' hands to pay for those rewards. 

Visa Signature and World/World Elite used to really mean something. They used to be no-preset-spending limit (spending allowed over the revolving credit line-but was due payable in full); concierge services as well as other perks. Above all, one had to have a credit line of at least $5,000 to qualify for such cards. However, as of 2019, World/World Elite and Visa Signature mean very little. Most banks will now issue these levels to credit lines under $5,000 (Capital One is infamous for the $300 GM card World Elite); concierge has been removed from a lot of banks (including the BofA Cash Rewards) and the no-preset spend limit feature has been removed from most plebeian cards. 

I have several Visa Signature and one World Elite and really the only thing about them that I notice is the nice silver Visa/MasterCard logos. I have never really used any of the benefits that used to exit or any of the few that remain. These upgrades are mostly to help the banks and not us. 

[Lucifer]

**bleep** BCO you just dropped some knowledge on me with that thorough and excellent post.

This makes way more sense to me than they suddenly found me Visa Signature worthy.     I mean, I am worthy but I thought Signature was something fancy but all I was finding was a couple extra perks but nothing cray cray.

[Anonymous]

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@Lucifer wrote:

**bleep** BCO you just dropped some knowledge on me with that thorough and excellent post.

This makes way more sense to me than they suddenly found me Visa Signature worthy.     I mean, I am worthy but I thought Signature was something fancy but all I was finding was a couple extra perks but nothing cray cray.

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I'd rather have a Visa Signature than not. It may provide cell phone insurance and some other perks when booking hotels, etc. Google Visa  Signature benefits. Not all cards have ALL the benefits they offer.

[BearsCubsOtters]

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@Lucifer wrote:

**bleep** BCO you just dropped some knowledge on me with that thorough and excellent post.

This makes way more sense to me than they suddenly found me Visa Signature worthy.     I mean, I am worthy but I thought Signature was something fancy but all I was finding was a couple extra perks but nothing cray cray.

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Apologies; I did not mean to imply that your credit/account usage was not worthy of an upgrade. I also did not intent to rain on your upgrade parade Congrats on the upgraded card! 

As the poster above me stated, it is better to have the Signature/World/World Elite version as there are still some other benefits. You just have to check with each individual bank to deterime which benefits you will have. 

[Lucifer]

No worries BCO.  I didn't take your comments that way....you enlightened my simple suspicions about the value and meaning of the upgrade and I appreciate that.  

And agreed, better to have it than not and I will have to dive into the little book they sent me about the card's now expanded benefits.

[kdm31091]

Visa Signature is so common that it's not like you are going to get super exclusive or exciting perks. It does give you a few extra benefits over the base level, but most people don't use the benefits regardless.

It's better to have than not, of course, but I've never used a benefit of it.

[Anonymous]

And they may add benefits from time to time.