I started in 2010 on a secured card with a $300 limit. About a year later I was switched to cash rewards and was approved for $1500. A year later I requested and was approved $5000. Just last week while checking my credit score I noticed I was moved to $7000 on an automatic approval. I called and was told sometimes they do this I really had no idea. As long as those payments come in on time BOA will move your limit up rather quickly it would seem.
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Be forewarned that this card will show up on your credit report as a Flexible Spending Account. I wish I'd known that in advance. Essentially, a flexible spending account does not report the cards credit limit and will instead just show your highest balance & current balance which will appear as if your credit utilization is at the limit since there is no balance reported. The purpose of this kind of card is so that if you go over your credit limit on the card but manage to pay off the difference before your closing statement, you won't be penalized by the credit card company for going over your balance. However, should you only have 1 other credit card or low limit credit cards, this card will totally screw you big time. I think I will avoid Visa signature cards henceforth & also research in advance if the card I have interest in will report my CL.
I had 2 Bank of America cards, this being 1 of them, and I decided to merge the accounts to simplify things. The other card was a AAA rewards card that BofA were basically phasing out. BofA ran a credit inquiry just to add the balance of the AAA card to this 1.
IDKman3's review was:
Bank of America offers a variety of high-value credit cards, like the BankAmericard Cash Rewards™, BankAmericard Travel Rewards® and BankAmericard® Visa® cards, featuring competitive rates.
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users.
† These Approval Odds represent Credit Karma's estimation of how likely you are to be approved for a product based on a comparison of your profile with data about Credit Karma members who have been approved for the product in the past (if available). There is no guarantee that you will be approved by the lender or that credit will be extended to you.
‡ Average score refers to the arithmetic mean and typical low score to the 5th percentile of, in each case, available VantageScore 3.0 credit scores provided by TransUnion of Credit Karma members who were approved for this product from June 2014 through November 2014. Average and typical approved scores are provided as guidelines only and approval is not guaranteed. You can learn more about credit card approval through our in-depth article.