Fender, I had the same experience. I was declined for their Platinum Plus VISA and their AMEX card, and was counter-offered the 99/500 card.
Strangely enough they did not ask me to make a deposit or anything like that, and they didn't even charge the $99 on my card. I was always told that the 99/500 card required a $99 deposit for a $500 credit line, but they never asked me to give them any money so it's almost like getting a $500 unsecured card.
Come to think of it, I think they did mention something about an anual fee around that figure... and that it would simply be charged to my account.
I wonder if they really did just give me the lowest limit on their Platinum VISA? I'll have to call them I guess... I spoke to so many employees at their branch trying to get this credit card straightened out after several screw-ups on their part, I would not put it past them to have given me the unsecured card but telling me it was the 99/500 secured card.
Interesting... I just looked at my last Experian report (from a month and a half ago or so) and here's how it describes my cards:
PROVIDIAN (my now cancelled WaMu secured CC): "Credit Line Secured, Revolving"
BANK OF AMERICA (which I was told was a secured $99/500 but now having doubts...): "Credit Card - Revolving Terms"
SEARS/CBSD: "Revolving Charge Account"
Am I reading this right? It does not say anything on the description about it being a Secured account. Those of you who have the $99/500 does your Experian report describe your card in the same way as it's describing mine? I'm trying to figure if I actually have the 99/500 or if they gave me a normal unsecured card...
Congrats, Freaky! I'm waiting for my BoA 99/500 to become Unsecured as well. Good to know that if they don't give you a CLI you can just keep calling until they give you one
Ditto! Big Congrats! I'm envious...