World MC vs Regular MC?

[Anonymous]

Can anyone explain the difference between the World MasterCards and the regular MasterCards?

Are they different tiers? Are there other tiers?

[Anonymous]

World MCs have no preset spending limit.  Most of them don't report a CL.  Many of them also come with a concierge service, and many issuers have a minimum CL for World MCs (like $5K or so).

The equivalent Visa product type is called a Signature Visa.

That's about it, as far as I know.

[Anonymous]

You can check out some of the differences between MasterCards at--

http://www.mastercard.com/us/personal/en/aboutourcards/credit/index.html

watchnerd, if I recall correctly, you have a few Bank of America cards.  Most of Bank of America's no pre-set spending limit cards (with the exception of their Alaskan Airlines card) do report credit limits accurately to the 3 CRAs. 

[Anonymous]

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@Anonymous wrote:

You can check out some of the differences between MasterCards at--

http://www.mastercard.com/us/personal/en/aboutourcards/credit/index.html

watchnerd, if I recall correctly, you have a few Bank of America cards.  Most of Bank of America's no pre-set spending limit cards (with the exception of their Alaskan Airlines card) do report credit limits accurately to the 3 CRAs. 

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My Visa Signature certainly doesn't report a credit limit accurately; is the Alaska Airlines card also a Visa Signature?

My Accolades Amex card reports a limit. To try to clarify the situation. I called up BofA CSR and asked if the Accolades Amex had a hard limit or not. She gave me some bizarre answer like "Because you are a longstanding Bank of America customer in good standing, you can exceed the limit on all your cards, provided you pay the overage at the end of the billing cycle."

Not sure I believe her....

Message Edited by watchnerd on 04-12-2008 06:25 AM

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

You can check out some of the differences between MasterCards at--

http://www.mastercard.com/us/personal/en/aboutourcards/credit/index.html

watchnerd, if I recall correctly, you have a few Bank of America cards.  Most of Bank of America's no pre-set spending limit cards (with the exception of their Alaskan Airlines card) do report credit limits accurately to the 3 CRAs. 

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My Visa Signature certainly doesn't report a credit limit accurately; isn't the Alaska Airlines card also a Visa Signature?

My Accolades Amex card reports a limit. To try to clarify the situation. I called up BofA CSR and asked if the Accolades Amex had a hard limit or not. She gave me some bizarre answer like "Because you are a longstanding Bank of America customer in good standing, you can exceed the limit on all your cards, provided you pay the overage at the end of the billing cycle."

Not sure I believe that....

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My parents have a BoA Visa Signature with WorldPoints that does report a credit limit accurately.  I believe the Alaskan Airlines card is a Visa Signature.  

What type of BoA Visa Signature card do you have?

Message Edited by psychic on 04-12-2008 10:26 AM

[Anonymous]

The benefit of the World Card or Signature card is you can spend over the preset limit without penalty. For instance, you have a $30,000 World Card M/C or Signature Visa. You and your significant other travel to Italy and spend $35,000 on the card. When the statement comes out you automatically have to pay the $5000 overage on the spot plus your regular payment. NO over-the-limit fee is assessed.

As far as reporting the limit to the CRA, whatever the highest charged amount to the card is the highest credit limit reported to the CRA. Some people will take a cash advance out and payback immediately to take advantage of the reported limits. Others have called the issuer and asked them to report the preset limit as the credit limit.

Message Edited by FaircreditguyFL on 04-12-2008 06:59 AM

[Anonymous]

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@Anonymous wrote:

My parents have a BoA Visa Signature with WorldPoints that does report a credit limit accurately.  I believe the Alaskan Airlines card is a Visa Signature.  

What type of BoA Visa Signature card do you have?

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Really? Any idea how they got it to do that?? Which ones is it?

I've got the unaffiliated black BofA Visa Sig, the one shown here:

https://wwwa.applyonlinenow.com/USCCapp/Ctl/entry?sc=FAB798&adlink=000009029ao30000j125

At least for me, it definitely doesn't report its 'soft' credit line on credit reports, showing instead the highest credit line ever used.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

My parents have a BoA Visa Signature with WorldPoints that does report a credit limit accurately.  I believe the Alaskan Airlines card is a Visa Signature.  

What type of BoA Visa Signature card do you have?

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Really? Any idea how they got it to do that?? Which ones is it?

I've got the unaffiliated black BofA Visa Sig, the one shown here:

https://wwwa.applyonlinenow.com/USCCapp/Ctl/entry?sc=FAB798&adlink=000009029ao30000j125

At least for me, it definitely doesn't report its 'soft' credit line on credit reports, showing instead the highest credit line ever used.

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My parents have the same black card.  They did not contact BoA or any of the CRAs to insure the credit line reports.   In fact, in late January, I checked their 3 reports and saw the credit line properly reporting. 

This is perplexing. 

[Anonymous]

Did they perhaps upgrade or convert to a Visa Signature card from a more normal card?

Perhaps that would have had that effect?

[Anonymous]

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watchnerd wrote:
Did they perhaps upgrade or convert to a Visa Signature card from a more normal card?

Perhaps that would have had that effect?

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Most of their accounts are older accounts.  Given that Signature/World cards haven't been around that long, I'm going to assume that somehow the card was converted from some another type of Visa card.  I know that my parents don't ever contact credit card companies for product changes, so the conversion must have been automatically performed by Bank of America.