jeffysdad wrote:Machine, FIA is a unit of Bank of America. If you call them back and ask them to open the Fidelity account while closing your current B of A account and moving credit line to the Fidelity, I bet that will work. The same rep should be able to do all of that. If they balk, asked to be transfered to a supervisor.
Thanks for the info jeffysdad, I called back this morning and spoke to a very nice and helpful women from the credit analyst department. She explained to me that since I am an undgergraduate (I have that on the application, because technically I wont be graduating until July 2011), their company policy under FIA is that undergraduates can only have 1 issued credit card through the company.
Just as you mentioned above, they actually gave me the choice to close out my BankAmericard to open the FIA AMEX. I decided to go with that on the phone, but I was actually quite hesitant to do so since it IS my oldest and longest standing credit card with only a 4.75% APR and 6 years of credit history. (this apr doesn't matter much to me, since I pay off in full, but very good for emergencies).
The lady was very patient with me when I asked for her own personal suggestion, she told me she would hate to see me close out a card with such a great relation and can see where I'm coming from in this situation. I thanked her and decided that I will just be waiting to reapply when I graduate in July which is only 5 months away. She was nice and told me she'll cancel this application per my request and told me I won't be affected negatively when I reapply in a few months as long as I don't have too many other credit card inquiries within the year.
Do you guys think I made a good decision? I think I can live with waiting 5 months since I have all these other cards I can use in the meantime and then have the best of both worlds then. I would hate to see my oldest card get canceled.
My current cards: (I don't carry any balances)
AMEX: American Express Blue Sky
BoA: BankAmericard - no rewards 4.75% APR on purchases (only for emergencies)
Citi: Citi Forward - 5 Points on restaurants / movies / books
Discover: Discover More - 5% on rotating categories
Capital One: Capital One Sony Rewards Card - (hardly used)