BofA Privileges CC

[Jaylima91]

Hello everyone

So I just applied for the BofA Privileges CC and was approved. However doesn't seem like the best terms. I was approved with a $2500 CL.

Here is my concern;
That I won't be getting a Visa Sig card. Instead it will be the standard one
Or
I'll receive the standard 123 Cash rewards card instead. Although I already have that one.

Does anyone have any experience with this card?

All opinions welcome.

[Closingracer99]

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@Jaylima91 wrote:
Hello everyone

So I just applied for the BofA Privileges CC and was approved. However doesn't seem like the best terms. I was approved with a $2500 CL.

Here is my concern;
That I won't be getting a Visa Sig card. Instead it will be the standard one
Or
I'll receive the standard 123 Cash rewards card instead. Although I already have that one.

Does anyone have any experience with this card?

All opinions welcome.

---

I know I got a World Mastercard with my MLB card with a $2,500 limit so either there is no min $5k CL with WMC or Bank of America doesn't follow it.

[Anonymous]

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@Jaylima91 wrote:
Hello everyone

So I just applied for the BofA Privileges CC and was approved. However doesn't seem like the best terms. I was approved with a $2500 CL.

Here is my concern;
That I won't be getting a Visa Sig card. Instead it will be the standard one
Or
I'll receive the standard 123 Cash rewards card instead. Although I already have that one.

Does anyone have any experience with this card?

All opinions welcome.

---

BoA is very leninent on CLIs for me. I asked for CLIs when I'm on >95% usage of my BoA card and got approved. So maybe you can try to do a CLI after 6 months?

I just don't think the annual fee is really worth it if you don't spend a tremendous amount of money on the card. I actually just PC my BoA Privilieged Rewards into a BoA Better Balance before the annual fee hits.

About the standard plantium plus card, I think you just get less "benefits" such as extended warranty and purchase protection.

[lg8302ch]

I would expect the Platinum Plus version not the Signature card with 2,5K CL. You can call and see if BofA is willing to increase to 5K and let you get  a Siggy .. they normally use the same pull for 30 days. Just make sure it is not another pull. Good luck and congrats on the approval  !

[bch238]

I think you have to consider your spend levels and whether you have a BOA checking or savings account to decide whether the Privileges card is > the standard BOA 3-2-1 card.  My wife has the Privileges card, which she uses as her primary.  She has it set up so that her cash back is directly deposited into our BOA savings account at the beginning of every month, because doing it that way gives a 50% cash back bonus (e.g, $60 cash back becomes $90).  Depending on your spending, the bonus covers the annual fee many times over (though she doesn't get charged a fee anyway because of the amount she has on deposit with BOA).  She puts about $4K / month on it, so at a minimum (assuming no gas or grocery bonus categories), the 50% direct deposit bonus is $20/month or $240 annually.  I would guesstimate that she earns about $90-$100 on average per month in cash back.

[Jaylima91]

Thank you all for your answers.

I do have a BofA checkings and savings. That's the only reason I want the privileges card for the 50% extra bonus. It would outweigh the AF by a lot.

I am going to call today when the department opens. Do you guys think they would consider taking the CL I have on my regular 123 CR card of $2500 and add it to the Privileges card to total the $5k? I would much rather do that.

[TrueGeminiNC]

I assume - considering you are applying for the Priveleges card, you  have 50K+ in relationship balances with BOA.  If this is the case, you could utiize your other banking relationships to leverage a higher limit.  

Also, one additional comment.  Has your state switched from Platinum Priveleges to the new Preferred Rewards program?  BOA is phasing out Platinum Priveleges which requries 50K in relationship balances to a new 3 tiered program (Gold - 20K - 50K, Platinum - 50k - 100k and Platinum Honors - 100K+).  

With the new rewards program, the Priveleges card will not qualify for the bonus.  Only the Cash and Travel Rewards cards will be eligible for the bonus.  

http://promo.bankofamerica.com/preferredrewardsbonuscreditcard/

[bch238]

It isn't an actual requirement to have $50K on deposit at BOA or Merrill Lynch to get the Privileges card, but it does waive the fee.  Also, unless you are a Platinum Privileges customer, the mere existence of the card wouldn't be especially discoverable.

I do like the new tiers, though.  That 75% bonus would be real nice.