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Chip-enabled Bank of America BankAmericard Visa Signature Credit Card | by Aranami
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Chip-enabled Bank of America BankAmericard Visa Signature Credit Card

Bank of America, one of my very first credit cards and in fact the oldest in my credit history when you exclude the banks that are no longer around.


This card actually began as an affinity MBNA credit card which became a WorldPoints card around the time MBNA became Bank of America's FIA Card Services division.


For many years this was a "sock-drawer card": as many other BofA card holders recalled on the "FatWallet Finance" forums, the multi-year account histories were too valuable to close and BofA's ever-growing credit limits were very generous, but with mediocre rewards and irritating foreign transaction fees, their cards were not worth using over anything else... that is, until Bank of America rolled out its new lineup of cards about three years ago in 2012.


Bank of America offers the ability to migrate your existing account history to a different credit card product they have, while keeping the same credit line and continuing to report the same account age to the credit bureaus. Sometimes you even get to keep the same credit card number*. Soon after these new cards were announced, quite a few finance-savvy customers asked to convert their old cards.


In particular, the Better Balance Rewards card (or "the free Netflix card" as some called it) found a niche following among those who figured out that you could stick a small autopay on it - like a Netflix subscription - and earn about $7 a month in free money as long as the credit card's own autopay feature was set to pay itself off every month.


(*Bank of America can try to migrate your card number by request as long as it's the same card family. For example, Visa Signature, Visa Platinum and World MasterCard start with different numbers (BINs). Upgrading from Visa Platinum to Visa Signature requires a new card number, but changing from "Visa Signature Travel Rewards" to "Visa Signature Cash Back" can be done without a new card number, which also allows you to keep using your existing card right up until you activate the new one. For customers with multiple automatic bill payments set up on their Bank of America credit card, this capability can be very convenient.)

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Uploaded on January 16, 2015