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Written by: 7wonders on 2008-11-19

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7wonders's review: Callout Comment Just received my BOA American Express Card today with an initial $4,000 CL. I called to activate the card this afternoon, and requested a credit line increase to do a couple of balance transfers. BOA instantly increased my CL to $8,200! They also do CL increases every 3 months (per your request) and it's a soft pull. So far, I am excited to have this card and can't wait to put it to good use... FYI, my Equifax score as of today is 766. Go and get this card if you do not already have one, it's worth it...guaranteed!


Comment 1 by ashes
Not Good Rewards User Icon on 2008-11-19

Remarks Like you I applied last week and got my card and activated it this afternoon. They had given me $13k limit and I carry $0 balance so I didn't do a BT.

While this is an Am Ex brand, watch out for their rewards program! It not not 1% cashback till you get 25,000 points! Yes, 25,000 points! You get 1.25 points per $ but the first 2500 points get you only $12.50. That means $12.50 for the first $2k spent (1.25 point per $) which comes to 0.625%. 10,000 points get you $80 (which translates to 1%) and 25000 points get you $250. So unless you spend $20k on the card 1.25 points per $ don't mean that much. My HSBC Cashback Mastercard is straight 1% starting at 2500 points, no caps no expirations. My Chase Freedom does the same with 3% in some categories. I personally don't like cards where I have to spend so much to get maximum cash back. 25000 points will take me 2 years to get there. The rewards should be simpler and better but that is just my opinion.

I will keep this in my wallet but will use my Chase Freedom and HSBC card and Discover for their 5% cash back categories.
Comment 2 by thomas1
Congrats User Icon on 2008-11-19

Remarks Congrats on your BOA Amex! Which bureau did they pull from, btw?

I have Chase, Citi, Discover, and Cap One, and may consider a BOA account next year sometime.

I wasn't sure which bureau they pull from though

Enjoy your new card!

Comment 3 by cabana7
Bank Of America Is Solid As A Rock! User Icon on 2008-11-19

Remarks Bank of America is the BEST!
Comment 4 by charonh
Congratulations!! User Icon on 2008-11-20

Remarks On your third new card. I'm know you'll have fun this Christmas season!
Comment 5 by meya
Cool User Icon on 2008-11-20

Remarks Nice limits and nice scores. They are rollin the carpet your for you! Santa has been good to you... Lol.
Comment 6 by colonative
BofA User Icon on 2008-11-20

Remarks Good choice. BofA is a good back to do business with.

I did what you described as well. They gave me a $2,500 limit back in 2001, I called and lied about wanting to do balance transfers so they increased my limit right away.

Also, just FYI, with BofA you will rarely ever need to request a CLI again. They are notorious for giving regular and obscene CLI.
Comment 7 by ashes
Took Me To $20k User Icon on 2008-11-20

Remarks So I called CS and asked them to increase my CL from 13k to $20k and lo and behold they did. Now my card which is 2 days old has a $20k limit on it. Bank of America is for sure famous for giving large CLIs. I didn't need the CLI in the first place but it can't hurt can it?
Comment 8 by 7wonders
Approved Last Week User Icon on 2008-11-20

Remarks Exactly... It never hurts to ask for the CL increase even if you're not going to put it to use immediately. Actually, it helps your scores overall, with the debt to income ratio etc. My score jumped from 747 to 766 (Equifax) in one week with the higher lines of credit.
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