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My Latest Bank of America Application Results & Some Good Data Points
Bank of America has not been a fan of mine lately. I have continued to strike out with them right and left since their rule changes a year or so ago. The one thing I have been able to get is a targeted offer for their Cash Advantage business card. For some reason they send this to me like once a year and I always get approved for it. Well this time around they sent it to me after 6 months and I decided to go for it even though I still have the last one open. My application results also led me to another application.
Business Card Application
As said above I received an email for the Business Cash Advantage card. It has a decent cash back earning structure (3% at office stores and gas stations) for a no fee card. But the welcome offer is $200 after spending $500. I like to throw in easy ones like that from time to time and since it is a business card it shouldn’t count towards Chase 5/24 which is a bonus.
I am 3 for 3 applying for this card through their targeted email offers. Even though I still had the card I decided to give it a try. I got a pending message and assumed they would deny me or send me the request for a whole bunch of documentation on my business. That is what they did on my previous Travel Rewards application and I didn’t think it was worth the effort.
Personal Card Application
Since I was assuming a denial was coming I decided to give a personal card a try. Even though my last 3-4 attempts over the previous 12 months have been denied. After my last couple applications I decided to close most of my Bank of America cards to free up available credit and de-clutter my life. Remember that you should reduce your overall credit limit before closing a BOA card.
I had been eyeing the Premium Rewards card and it’s $500 welcome offer since it first came out. And if I was ever able to get banking status with Bank of America it would become a great everyday card. In the past BOA had combined my personal and business applications so I thought why not see if that was still the case. Especially since I already burned a hard pull on the business card.
I crossed my fingers and hit submit and to my surprise I was instantly approved with an $18,000 limit. This was a stark change to just a few months earlier and I think focusing on business cards to clean up my personal record and removing unused cards from my account led to the approval.
I was satisfied with my 50% hit rate and I was excited to get my new card. A few days later I got an email that my business application was also approved. Say what? I ended up getting a double whammy of value. I’ll take that any day!
There were some data points that I think are worth highlighting:
- After a few denials I was able to get an approval from BOA and I think cleaning up the cards I had with them played a big part. Even though I was not at the 4 card maximum before I think reducing my number down further played a role. Reducing my overall credit limit helped as well. That plus lowering my overall applications the last 12 months led to an approval.
- It is still possible to get 2 of the same business cards with Bank of America. I applied for both as a sole proprietor but they are technically different businesses.
- The double application did lead to two hard pulls instead of them combining them.
I have a lot of irons in the fire with the Aspire retention offers, these two new cards, and the Delta no lifetime offer. No complaints here though, that is the way I like it. Getting maximum value from my everyday spend puts a smile on my face!
How have your recent applications with Bank of America gone?
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.