BofA vs Citi

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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hockeyplayr
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BofA vs Citi

Postby hockeyplayr » Thu Mar 27, 2014 8:20 pm

I'm going to be closing either my bofa cash rewards card or citi typ card. I just can't decide which. Both provide lesser rewards than other cards i currently have so that isn't an incentive towards choosing one. I'm just curious which bank is more generous in regards to your card growing with you. Currently my citi card is 3.5k limit with 16% apr and my bofa is 2k with 22.99% apr. I do have a BofA checking account though. Rest of my cards are in my sig. Suggestions?
Credit Scores: Equifax - 736 (October Fico) | Experian 726 (October Fico) | TU - 758 (October Fico)

Credit Lines: Diners Club 20k | Citi DC 9.1k | SDFCU 5k | Penfed 7k | Amex BCE - 10.5k | Chase Marriot - 5.2k | CSP - 6.5k |Discover IT - 9k | Sallie Mae 3.8k | Citi TYP - 3.5k | BOA 123 - 4.9k | Total Rewards 3.25k|


augiedog
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Postby augiedog » Thu Mar 27, 2014 10:23 pm

Do you dine out more, or buy more groceries? That seems to be their only difference in rewards from what I can tell. I have the BoA cash rewards too and I find I'm not using it so much.. but it is my first credit card. BoA does give a 20% bonus when you redeem the rewards in their checking account.
If the rewards don't matter to you then I would close the youngest account since the average age of your accounts is a large factor in your score.
As far as growing... I haven't had my account grow too much, but I barely use it anymore and I've only asked for a $200 increase (which was big for me at the time - it was my first credit card, and I've had it nearly 1.5 years by now). If they would give me an auto-increase that would be nice, but I'm eyeing the BoA Better Balance rewards since it rewards $120/yearly just for paying it off in full.
American Express: Blue Cash Everyday (10k), Everyday, ; Discover It (7.3k) ; Target (2.1k)

Citi: Diamond (2k) ; Bank of America: Cash Rewards (2.6k) ; Capital One: Quicksilver (3k) , Sony ; Chase: Freedom (3.7k), Slate (3k), (Amazon) ; Barclay Ring ; Synchrony: Walmart MC, Amazon, Ebates

CC Deville
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Postby CC Deville » Fri Mar 28, 2014 5:34 pm

Classic case of different strokes for different folks. I love my Cash Rewards card. 3% on gas, 2% on groceries and 1% on everything else. I get the 10% bonus for redeeming my reward to my BofA checking account. Add that to the Add It Up mall and Bankamerideals and I really love the card. But that is me...I only buy the basic necessities in life. Freedom and Discover's restaurants and movies etc do nothing for me.

But back to your question....Citibank is awesome about frequent, SP credit line increases online. BofA really only does CLI's at your request and are usually a HP on your TU.

hockeyplayr
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Postby hockeyplayr » Fri Mar 28, 2014 8:35 pm

CC Deville wrote:Classic case of different strokes for different folks. I love my Cash Rewards card. 3% on gas, 2% on groceries and 1% on everything else. I get the 10% bonus for redeeming my reward to my BofA checking account. Add that to the Add It Up mall and Bankamerideals and I really love the card. But that is me...I only buy the basic necessities in life. Freedom and Discover's restaurants and movies etc do nothing for me.

But back to your question....Citibank is awesome about frequent, SP credit line increases online. BofA really only does CLI's at your request and are usually a HP on your TU.


I honestly could get away with my discover card for categories, sallie mae for gas/groceries, and the amex/bofa card for a backup. I just got wrapped up in the sign up bonuses and the thrill of getting approvals and i can't get myself to close what I really don't need. Back on topic, I'm wondering if the banking relationship is more valuable in the long run than sp cli increases with a bank I do not use.
Credit Scores: Equifax - 736 (October Fico) | Experian 726 (October Fico) | TU - 758 (October Fico)

Credit Lines: Diners Club 20k | Citi DC 9.1k | SDFCU 5k | Penfed 7k | Amex BCE - 10.5k | Chase Marriot - 5.2k | CSP - 6.5k |Discover IT - 9k | Sallie Mae 3.8k | Citi TYP - 3.5k | BOA 123 - 4.9k | Total Rewards 3.25k|

CC Deville
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Postby CC Deville » Sat Mar 29, 2014 12:21 pm

hockeyplayr wrote:I honestly could get away with my discover card for categories, sallie mae for gas/groceries, and the amex/bofa card for a backup. I just got wrapped up in the sign up bonuses and the thrill of getting approvals and i can't get myself to close what I really don't need. Back on topic, I'm wondering if the banking relationship is more valuable in the long run than sp cli increases with a bank I do not use.


Do you have a relationship with BofA vs Citibank? I guess it depends on where you are at in your credit journey. If you are starting out or rebuilding having cards with high limits can help get other cards with high limits. If that does not impress you and you'd rather build a relationship with a bank that holds your checking account/mortgage than that is your answer. BofA does grant CLI's and APR reductions; however, the CLI is going to be a hard inquiry.

I guess I am one of those rare people that actually really likes BofA. I love my BofA cards and checking account. I don't mind Citibank but I am not impressed with their rewards.



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