"Beware Of Bank Of America"
Bank of America® Customized Cash Rewards credit card Review
Written by: revkurt on 2013-06-03
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
revkurt's review: 
I used to be a huge fan of BofA credit cards. I actually have 2 of their signature Visa cash rewards cards. I was given a generous line of credit as I have a high credit score and a fairly high salary. I fell for their trap with a balance transfer offer of 1.9% APR. So I transferred about $6000 using this offer. Then, with no warning whatsoever, my line of credit went from $19,000 to $450 under my current balance. In other words, I was now, with no warning or fault of mine, over my line of credit! In talking with an account rep, she admitted I was a customer for a long time and that I had an impeccable history with BofA but the transfer triggered an automatic audit and the computer dropped my CL. Now, not only has my utilization % gone up, this card is now to be reported as "maxed out."
Very, very slimy. I will keep the cards open, but in the sock drawer they go. Horrible experience. I used to speak highly of this card too.
I used to be a huge fan of BofA credit cards. I actually have 2 of their signature Visa cash rewards cards. I was given a generous line of credit as I have a high credit score and a fairly high salary. I fell for their trap with a balance transfer offer of 1.9% APR. So I transferred about $6000 using this offer. Then, with no warning whatsoever, my line of credit went from $19,000 to $450 under my current balance. In other words, I was now, with no warning or fault of mine, over my line of credit! In talking with an account rep, she admitted I was a customer for a long time and that I had an impeccable history with BofA but the transfer triggered an automatic audit and the computer dropped my CL. Now, not only has my utilization % gone up, this card is now to be reported as "maxed out."Very, very slimy. I will keep the cards open, but in the sock drawer they go. Horrible experience. I used to speak highly of this card too.
4 Comments
Comment 1 by bc8787
Re: Beware Of Bank Of America 
on 2013-06-03
I just got this same offer. However I logged on today and BOA had closed both of my savings and checking accounts. with money in it..... Im assuming because I never use them. I hope im getting a check for the balance i had in there.
on 2013-06-03 I just got this same offer. However I logged on today and BOA had closed both of my savings and checking accounts. with money in it..... Im assuming because I never use them. I hope im getting a check for the balance i had in there.
Comment 2 by patrick12
Re: Beware Of Bank Of America on 2013-06-04
WOW! I would be scared to death to bank with them fools! Who does that? The more I hear about how banks are treating their customers makes me thankful for credit unions! They have better rates, low to no fees, and customer service that no one else can match! Bank of America is garbage and is going down the crapper fast! I have read so many horror stories when it comes to peoples mortgages and general banking experiences! Its a shame and down right criminal if you ask me! Best of luck to you both on your future banking transactions!
on 2013-06-04 WOW! I would be scared to death to bank with them fools! Who does that? The more I hear about how banks are treating their customers makes me thankful for credit unions! They have better rates, low to no fees, and customer service that no one else can match! Bank of America is garbage and is going down the crapper fast! I have read so many horror stories when it comes to peoples mortgages and general banking experiences! Its a shame and down right criminal if you ask me! Best of luck to you both on your future banking transactions!
Comment 3 by roughdraft
Re: Beware Of Bank Of America on 2013-06-04
That's too bad. BofA suffered a barrage of attacks after the 2008 meltdown. They are still recovering. Their stocks are just starting to come back. Anyway, I feel their credit cards have a long way to go. Its easy for them to cut debt by slashing available credit lines. Especially as they pay back other area's of business and lose customers to other banks with better rates. They didn't become the largest US bank just because, but it will be hard to hold the top spot when they pull stunts like this.
on 2013-06-04 That's too bad. BofA suffered a barrage of attacks after the 2008 meltdown. They are still recovering. Their stocks are just starting to come back. Anyway, I feel their credit cards have a long way to go. Its easy for them to cut debt by slashing available credit lines. Especially as they pay back other area's of business and lose customers to other banks with better rates. They didn't become the largest US bank just because, but it will be hard to hold the top spot when they pull stunts like this.
Comment 4 by lilloesquilo
Re: Beware Of Bank Of America on 2013-06-08
Don't fall into their trap. Never carry a balance you don't have the funds to pay immediately. Then if they jack you around, you can pay, call them up close it and move on.
I have the card and I like it, you get some nice 10 and 15% cashback deals on it, but I NEVER EVER and I mean NEVER carry a balance on any card.
on 2013-06-08 Don't fall into their trap. Never carry a balance you don't have the funds to pay immediately. Then if they jack you around, you can pay, call them up close it and move on. I have the card and I like it, you get some nice 10 and 15% cashback deals on it, but I NEVER EVER and I mean NEVER carry a balance on any card.
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Disclaimer: This content is not provided by Bank of America®. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America®. Review content is powered by Finance Globe.
