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flexible spending credit card????

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Regular Contributor

flexible spending credit card????

My new BofA card is showing as a flexible spending credit card, and it's not reporting my limit. Can anyone tell me what this means? Is it reporting like a charge card even though it doesn't say it's one?

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Current Score: TU 764 EQ 721 EX 768
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Message 1 of 10
9 REPLIES 9
Valued Contributor

Re: flexible spending credit card????

This is either a Mastercard "World" card, or Visa "Signature" card.  They don't report a credit limit to the CRA's because they allow you to go over your limit as long as you pay the amount you charged over your limit in full within a billing cycle.  These cards are reported as "charge" cards like American Express - no set credit limit - at least for reporting purposes.  I have a Bank of America Visa Power Rewards card and discovered the same thing.  

EQ Fico 8 - 846
TU Fico 8 - 848
EX Fico 8 - 836
Message 2 of 10
Regular Contributor

Re: flexible spending credit card????

AWWWWW, I was so excited about my new credit limit. Yea, I have the signature visa. Not complaining, glad they gave it to me. Just wish I would have known that before. Thanks for your reply.

Starting Score: 500
Current Score: TU 764 EQ 721 EX 768
Goal Score: 800

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Message 3 of 10
New Contributor

Re: flexible spending credit card????

along similar lines .... are these cards better/worse/the same to have on your report than normal "limited" CCs? 

Message 4 of 10
New Visitor

Re: flexible spending credit card????

I have a Citi card with a $3700 limit of which I am using $2700. I wanted to get another card so I could boost up the total credit in order to have a better credit usage ratio.

I got a BOA cash rewards with 5k limit but as has been stated BOA isn't reporting the limit. Both cards have 0% for 15 months. Since BOA does report high balance I wander if I should do a balance transfer from Citi to BOA to get my high limit reported thereby improving my usage ratio? Other than the transfer fees from BOA is there any other reason not to use this strategy?

Message 5 of 10
Valued Contributor

Re: flexible spending credit card????

I applied for the BankAmericard Cash Rewards Visa Siggy Card and was approved, once it showed on my reports it listed as "Flexable Spending Card" no credit limit, So I called in and PC'd it over to the BankAmericard Cash Rewards 123 World MasterCard, and it lists my now current 10K CL.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

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Message 6 of 10
New Visitor

Re: flexible spending credit card????

Sounds like a better plan. I have a balance on the BOA card,


@Mustanglvr2006 wrote:

I applied for the BankAmericard Cash Rewards Visa Siggy Card and was approved, once it showed on my reports it listed as "Flexable Spending Card" no credit limit, So I called in and PC'd it over to the BankAmericard Cash Rewards 123 World MasterCard, and it lists my now current 10K CL.


Thanks, that sounds like a better plan. I have a balance on the BOA signature card would they just transfer that over to the new card that you referenced above? Did you have to speak to a manager to make the switch?

Message 7 of 10
Valued Contributor

Re: flexible spending credit card????


@workingitup wrote:

Sounds like a better plan. I have a balance on the BOA card,


@Mustanglvr2006 wrote:

I applied for the BankAmericard Cash Rewards Visa Siggy Card and was approved, once it showed on my reports it listed as "Flexable Spending Card" no credit limit, So I called in and PC'd it over to the BankAmericard Cash Rewards 123 World MasterCard, and it lists my now current 10K CL.


Thanks, that sounds like a better plan. I have a balance on the BOA signature card would they just transfer that over to the new card that you referenced above? Did you have to speak to a manager to make the switch?


For me it was a piece of cake, I called BoA explained my Visa Siggy was not reporting a CL and I wanted to switch over to the World MasterCard if it reported a CL, and she confirmed  the World MasterCard would report a CL, so I said "yes I'd like to switch" and that was it, maybe a few questions were asked but it was a 10 minute phone call if that.

 

I'm not sure if I spoke to a manager, I think I may have been transferred to someone other than the reg CSR, not sure if it was a manager or not. But as I said, for me, it was a piece of cake.

 

I did not have a balance on my card so I don't know how that works, but I would think, yes, they would just transfer the bal over.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Message 8 of 10
New Visitor

Re: flexible spending credit card????


@Mustanglvr2006 wrote:

@workingitup wrote:

Sounds like a better plan. I have a balance on the BOA card,


@Mustanglvr2006 wrote:

I applied for the BankAmericard Cash Rewards Visa Siggy Card and was approved, once it showed on my reports it listed as "Flexable Spending Card" no credit limit, So I called in and PC'd it over to the BankAmericard Cash Rewards 123 World MasterCard, and it lists my now current 10K CL.


Thanks, that sounds like a better plan. I have a balance on the BOA signature card would they just transfer that over to the new card that you referenced above? Did you have to speak to a manager to make the switch?


For me it was a piece of cake, I called BoA explained my Visa Siggy was not reporting a CL and I wanted to switch over to the World MasterCard if it reported a CL, and she confirmed  the World MasterCard would report a CL, so I said "yes I'd like to switch" and that was it, maybe a few questions were asked but it was a 10 minute phone call if that.

 

I'm not sure if I spoke to a manager, I think I may have been transferred to someone other than the reg CSR, not sure if it was a manager or not. But as I said, for me, it was a piece of cake.

 

I did not have a balance on my card so I don't know how that works, but I would think, yes, they would just transfer the bal over.


Thanks. I'll give them a call and see what they can do. I'll report back on results.

Message 9 of 10
Valued Contributor

Re: flexible spending credit card????


@workingitup wrote:

@Mustanglvr2006 wrote:

@workingitup wrote:

Sounds like a better plan. I have a balance on the BOA card,


@Mustanglvr2006 wrote:

I applied for the BankAmericard Cash Rewards Visa Siggy Card and was approved, once it showed on my reports it listed as "Flexable Spending Card" no credit limit, So I called in and PC'd it over to the BankAmericard Cash Rewards 123 World MasterCard, and it lists my now current 10K CL.


Thanks, that sounds like a better plan. I have a balance on the BOA signature card would they just transfer that over to the new card that you referenced above? Did you have to speak to a manager to make the switch?


For me it was a piece of cake, I called BoA explained my Visa Siggy was not reporting a CL and I wanted to switch over to the World MasterCard if it reported a CL, and she confirmed  the World MasterCard would report a CL, so I said "yes I'd like to switch" and that was it, maybe a few questions were asked but it was a 10 minute phone call if that.

 

I'm not sure if I spoke to a manager, I think I may have been transferred to someone other than the reg CSR, not sure if it was a manager or not. But as I said, for me, it was a piece of cake.

 

I did not have a balance on my card so I don't know how that works, but I would think, yes, they would just transfer the bal over.


Thanks. I'll give them a call and see what they can do. I'll report back on results.


 No problem, I hope it goes smooth for you as well.


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Message 10 of 10
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