My first (BoA) card has a fee and no rewards. Should I upgrade?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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creddit
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My first (BoA) card has a fee and no rewards. Should I upgrade?

Postby creddit » Tue Jun 11, 2013 7:00 pm

My first card - and the one with the highest limit - is a standard BankAmericard Visa that I opened in 2009, right before I went off to college. I don't really want to keep paying an annual fee for a card that doesn't give me much in return.

Should I look into upgrading to some sort of rewards card? If so, does it matter that I recently applied (and was approved) for an Amazon Store Card and Macys Store Card (the non-Visa/AmEx ones, just the plain store cards)? Will too many inquiries in a short span of time hurt me?

My Experian and TransUnion scores are in the 730 range. I have an excellent history aside from those two applications and a CLI request/denial from Citi in early June.


pewpew
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Postby pewpew » Tue Jun 11, 2013 11:39 pm

when i upgraded my CC with BoA (check sig for details), they didn't check my credit history. the way they explained it to me is that you are either eligible for a PC in their system or you aren't. they wont go through the application process to change your product.

they wont offer it to you. it is up to you to ask for it if you want it. you have nothing to lose and everything to gain. go for it.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

rockyrock
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Postby rockyrock » Wed Jun 12, 2013 1:20 am

creddit wrote:My first card - and the one with the highest limit - is a standard BankAmericard Visa that I opened in 2009, right before I went off to college. I don't really want to keep paying an annual fee for a card that doesn't give me much in return.

Should I look into upgrading to some sort of rewards card? If so, does it matter that I recently applied (and was approved) for an Amazon Store Card and Macys Store Card (the non-Visa/AmEx ones, just the plain store cards)? Will too many inquiries in a short span of time hurt me?

My Experian and TransUnion scores are in the 730 range. I have an excellent history aside from those two applications and a CLI request/denial from Citi in early June.


I agree sooner rather than later is better. Hopefully they will PC you but keep the same acct number. As your oldest card it impacts your AAOA. If it closes or changes you will have three brand new accts--no history.
Sapphire Reserve: travel & dining
Blue Cash Preferred: groceries & gas
Freedom: 5% cats
Double Cash: everything else

pewpew
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Postby pewpew » Wed Jun 12, 2013 1:54 am

rockyrock wrote:I agree sooner rather than later is better. Hopefully they will PC you but keep the same acct number. As your oldest card it impacts your AAOA. If it closes or changes you will have three brand new accts--no history.


BoA will not let you keep your CC number if you do a PC. new product always has a new account #. the PC also takes forever. mine took over a month. with chase it only takes a week before you get your new card AND you get to keep your number in most cases

but the new # will still come up on the credit report with the original card issue date.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

creddit
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Location: USA

Postby creddit » Wed Jun 12, 2013 11:29 am

Thanks, all. So if I get an upgrade, it won't affect the avg. age of my accounts? It'll be a new # but still be the same account?

pewpew
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Postby pewpew » Wed Jun 12, 2013 9:34 pm

creddit wrote:it won't affect the avg. age of my accounts?


No

creddit wrote:It'll be a new # but still be the same account?


Yes. Kinda like when you lose your CC and request a new one.
Junk I use:
AmEx Platinum for Mercedes Benz from, 75k spending ability
AmEx Everyday 8.99% + Prime, 44k CL
Chase Ink Bold, 35k
Chase Freedom (Converted from WaMu VISA) from '07, 5.99% + Prime, 30k CL

Junk I don't use
BoA Susan G. Komen Cash Rewards (converted from World Points MC) from '07, 7.9% Fixed APR, 30k CL
Discover IT (Converted from Discover More) from '08, 5.74% + Prime, 20k CL
AmEx Clear from '07, 4.99% + Prime, 10k CL
All 3 credit scores are over 800.

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jumbo
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Postby jumbo » Sun Jun 16, 2013 3:06 pm

I had the same situation. I had a BofA Platinum student card from 2009 (though no annual fee). A week ago I called BofA and asked for a PC to a cash reward card, and there was no credit check, and I was eligible for the PC. So, got my cash reward card now, the apr and CL is the same, the card has a new number though.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card



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