Sometimes the simplest things in life are the most difficult. Such is the case with finding a new credit card. Many banks offer attractive introductory offers at first, only to quickly raise the interest rate, leaving you wondering why you’re still paying that high bill! Check out what we learned about getting a better credit limit on a Bank of America card, and see just how easy it can be!
What are the banks offering?
The banks offer to raise your credit limit by $500 and more. Banks may be hesitant though because there are some conditions that must be met. Conditions such as: you have no more than two open accounts, the account is current in total, the loan balance is zero or high, and the new card will not carry a balance.
With the advent of the BofA Just Rewards program, consumers with average credit scores can now apply for a higher credit limit than ever before. The bank says that it is focusing on improving customer experience and offering more services to customers with good credit scores.
Ways to use a credit card effectively
A credit card is a great tool to use if you have the discipline to make it work for you. But most people are not disciplined enough and end up paying more interest than they need to. Here are some simple ways to get a higher credit limit with Bank of America:
Bank of America offers credit cardholders a number of bonuses for using their cards, but there are certain rules to follow when applying for one.
First, the person applying must have a good FICO score, which is an industry standard credit rating that indicates how likely you are to pay your bills on time. After doing this and getting approved, you will be earning rewards like 2% cash back on all your purchases and Bank Points that can be redeemed in various amounts.
Tips for getting a higher limit
Bank of America has a lot of options for their customers to have higher limits, but there are some things you should know before you submit your application. They’ll hold the application for up to 60 days, so if you don’t hear anything, it’s okay to contact them and find out when they got back to you. Another thing that many people don’t know is that before submitting an application for something more than $100,000 in credit limit, you might need a co-signer from the other account holder.
The first tip is to know how much you can spend on your credit card. To find out, you should look at the limit on your account and subtract your average monthly expenses. The second step is to send a letter to the Bank of America’s customer service department explaining that you need more money for repayment purposes. The third step is to create a new account with the Bank of America, this will allow you to transfer your existing balance over and have more money on your new account.
You can get a higher credit limit with Bank of America when you apply online or in the branch. You can also get higher limits if you have high credit score and a large amount of available credit.
Once you make the decision to improve your credit, it’s time to open a new checking account with Bank of America. You’ll be able to get a higher credit limit and a better interest rate with this bank. Setting up a new account is pretty easy and doesn’t take much time.