HELP: Best BofA CC strategy with Preferred Rewards

[Namaste7]

Now that travel will be a smaller component of my annual spend, BofA CCs may be the better choice for daily spend. The key benefits are (1) great account growth through SP CLIs and (2) higher CB % with preferred rewards. I have one BofA CC originally issued as a BankAmericard --> PC'd to a TR Visa --> then PC'd to a CR --> and finally PC'd back to a TR Visa. I have an offer for the CR but do not have an offer for the PR.

I want the Premium and Cash Rewards cards. What strategy would you recommend to maximize sub and benefits?

1. 1HP: Apply for the PR CC and PC the TR to a CR (i.e., skip the CR sub).
2. 1HP: Apply for the CR Visa (get sub and 0% APR) and request a PC to the TR to PR (i.e., skip PR bonus). This may not be viable if a PC to the PR is prohibited.
3. 2HPs: PC to the TR to CR and apply for the PR CC and second CR M/C (i.e., get sub, 0% APR, & two 3% categories)
4. 2HPs: Keep the TR for future BTs and apply for the PR CC and CR CC

Edit 1: clarifications

Edit 2: I was about to PC the TR to the CR and added second CR Visa to the arsenal. 

[TSlop]

I like option 3 since I don't mind HPs and I like SUBs. I'd only do option 4 if the TR is known to get BT offers AND you like to utilize BTs.

[kdm31091]

I could be wrong but I thought I remembered reading that BoA was somewhat inflexible with upgrading/downgrading the Premium card, which could have an effect on some of your options.  

[Namaste7]

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@kdm31091 wrote:

I could be wrong but I thought I remembered reading that BoA was somewhat inflexible with upgrading/downgrading the Premium card, which could have an effect on some of your options.  

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I was not aware of that. Thanks for sharing!

[Hoben02]

I applied for the bofa premium when it first came out. Then I did a PC of my alaska air card for the bofa cash rewards mainly becuz I needed to keep under 5/24 slot for the future. I just felt the SUB was nominal on the bofa cash rewards. That bofa cash card is now my goto for Walmart and Costco since as platinum I'm getting 3%

[wasCB14]

I got PR about 10 months ago and WWF CR about seven months ago. I'm definitely interested in getting a plain CR eventually for another SUB and another 5.25% category. So you might app for a CR soon to start the countdown for another CR SUB.

[coldfusion]

I am going to assume that the "offer" you have for a CR is visible under the online Activity Center's Special Offers.

I am also going to assume that you're aware that approval for a PR can be challenging even for Platinum Honors members with high scores.

I would app for CR #1, then PC the TR to CR #2, and then later apply for the PR. I would also minimize CLI requests until after acquiring a PR.

[Namaste7]

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@Namaste7 wrote:

I want the Premium and Cash Rewards cards. What strategy would you recommend to maximize sub and benefits?

1. 1HP: Apply for the PR CC and PC the TR to a CR (i.e., skip the CR sub).
2. 1HP: Apply for the CR Visa (get sub and 0% APR) and request a PC to the TR to PR (i.e., skip PR bonus). This may not be viable if a PC to the PR is prohibited.
3. 2HPs: PC to the TR to CR and apply for the PR CC and a second CR M/C
4. 2HPs: Keep the TR for future BTs and apply for the PR CC and CR CC

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I know this is an older thread but I want to close the loop on my decision. After several failed attempts, BofA finally approved the product change (PC) from the TR to CR card. I called the number on the back of the card and asked for help with "card benefits". We discussed the pros and cons of the product change versus a new card. Fortunately, the banking professionals were willing to push the product change forward. No HP / no POI request. I'm attributing the PC success to luck but will note that I'm a long-term customer of BofA, have a high TU 8 score and this card was my daily driver for several years.

Since 2021 is the 'year of the garden', I'll app for the Premium Rewards and a second Cash Rewards card (MC version) at a later date. 

[Curious_George2]

Thanks for the update and congrats on persuading them to let you PC!

@coldfusion: this is perhaps unfair to ask, four months after you posted, but what did you mean by saying OP should refrain from CLI requests? With BofA, or all lenders? Have you seen them cite recent CLIs or recent requests as a reason to deny a PR app?

[coldfusion]

BoA.

The bank knows how much unsecured credit they're willing to extend you in aggregate at any given time.

If you request a CLI and they counter you will ostensibly be right at the limit they are willing to extend to you, ergo a followon application for a new card would be denied.

If you request a CLI and they accept it you don't know whether or not there is enough headroom left for them to be willing to approve the PR at the mininum $5K SL, and if not an application for a new card would be denied.

So, apply for the card first and then go after the CLI to maximize the probability of approvals for both, or at least an approval for the card and a counteroffer for the CLI.