I got an offer for a BofA VISA with annual fee??

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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scalar009
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I got an offer for a BofA VISA with annual fee??

Postby scalar009 » Thu Sep 04, 2014 5:20 pm

So Im new to credit, about a month ago I applied for BoA student card and got a Platinum plus card with 700 imit, 2 days ago I received an offer about a BoA Visa with 39$ annual fee and 22% interest which is way higher than the 14% I already have.


I was wondering why they would do this If I already have a much better card with no annual fee? is the VISA anything different?


popamode72
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Postby popamode72 » Thu Sep 04, 2014 6:17 pm

Whatever it is, I'd just stick to the card you got approved for. You can always opt out of those prescreened offers if you don't wanna get stuff like that anymore.
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PlyrStar93
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Postby PlyrStar93 » Thu Sep 04, 2014 6:26 pm

Maybe it's only for marketing purposes, and remind that a mailed offer or any other form of pre-approval credit card offers don't guarantee approval. Basically it's just ads.

Nevertheless, banks may order information from credit bureaus or other third parties, so they have a list of people with certain criteria which may or may not include (but not limited to): specific credit score range, credit history, # of specific types of accounts, etc. "Limited credit history" might also be another criteria. You happen to be within the list. For myself after getting the Freedom card Chase still sends the Freedom offer as well as Slate.

Anyway they just send offer for marketing purposes and creditors most likely have no idea if the offer fits you, and those offers may or may not make sense to recipients. I don't see a reason for you to apply for the card. It looks like to be a secured card (same fee, similar APR), but may be not. Most likely, this Visa card is just a Visa card, nothing special.
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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Sep 04, 2014 8:18 pm

scalar009 wrote:I was wondering why they would do this If I already have a much better card with no annual fee? is the VISA anything different?


The others are right. Those pre-qualified mailings are pretty meaningless. You got one because your credit profile appealed to them and was simply one of many hits that came up on a sort of credit 'search engine', not because some BofA employee looked at your student card history and thought you'd be a good candidate for another card.

You might get a mailing for a different card sometime that offers a special signup bonus, and that could be worth pursuing (if you'd be seriously considering getting the card, anyway). Mailed signup bonuses can sometimes beat ones you'd find through web links.
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Postby yfan » Thu Sep 04, 2014 8:39 pm

I think issuers do a deductive process: they figure out which cards you are likely to qualify for, then see if you already have any of them, and then they send you offers for whatever cards you don't have. The other day, I got an offer from Capital One for a Visa Platinum, when I already have the QuickSilver card, which was actually PC'ed from my Platinum. They figured, hey, he doesn't have any platinums (anymore), so let's send an offer!

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CarefulBuilder14
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Postby CarefulBuilder14 » Thu Sep 04, 2014 8:53 pm

Some of it does kind of seem random. I never have gotten anything from Discover, Chase, or Barclaycard. The only time I've gotten a prequalified offer related to a card I applied for, it was for the PRG.

And then I see posts on here of people who really want an Amex but are getting constant invitations from those three issuers. I'm not sure how much of it comes down to credit quality.
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Postby flan » Thu Sep 04, 2014 10:29 pm

CarefulBuilder14 wrote:Some of it does kind of seem random. I never have gotten anything from Discover, Chase, or Barclaycard. The only time I've gotten a prequalified offer related to a card I applied for, it was for the PRG.

And then I see posts on here of people who really want an Amex but are getting constant invitations from those three issuers. I'm not sure how much of it comes down to credit quality.


When issuers send out offers, they put together information from multiple sources. They ask a credit bureau for something like 'people with score between 680 and 740, in [zipcode list| census tract list]' where they've picked the zip codes for either being an area they want to serve (because they have a bunch of new branches, or something) or having an income profile they like. Often, they'll combine that with other data ("drop everyone who already has an acount with us" "drop everyone who {does not have | has} an account with the competition" "include people who subscribe to a newspaper") for a more targeted list (you can pick things that correlate to income, for instance.). This all can look pretty random, but it's not.



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