Bank of America Credit Card Application Strategies
Back in December I wrote about my latest credit card application round where my wife and I picked up 12 credit cards from 7 different banks. While I don’t generally apply for cards in huge waves like that, it had been awhile so it made sense at the time.
One of the banks both my wife and I applied at was Bank of America. They are very generous with their Alaska Airlines credit cards and we were both able to get some valuable miles plus a $100 statement credit. (I was only awarded 5,000 miles because I was approved for a low credit line, while my wife was approved for the full 25,000 miles.)
At the time I had just read an interesting fact about Bank of America. They are one of the few banks who merge inquiries. This means if you apply for more than one Bank of America credit card in the same day, they only run your credit once. This presents a unique opportunity to stretch more value from that hard inquiry.
So after applying for our Alaska Airlines cards, I immediately applied for a BankAmericard Cash Rewards card with a $175 bonus after $500 in spend. (Thankfully I didn’t mess up and switch our social security numbers.) You can find out more info about the special version of the card we applied for in my original post.
By applying for the second card, we received another bonus for the same credit inquiry. But the fun didn’t stop there. Bank of America offers a 10% bonus when you redeem cash rewards from the card to a Bank of America checking account. So my $175 bonus was really $192.50!
I just recently was able to make this transfer and the bonus posted immediately. My rewards balance was $180.01 since I earned $5 cash back for my $500 minimum spend. After transferring it to my checking account, it turned into $198.02.
When applying for a Bank of America credit card, it may be a good strategy to try to go for two cards in the same day to stretch more value out of the hard inquiry. Of course this depends on a variety of factors, so it is not going to be a good strategy for everyone.
For us though it turned out pretty good. My wife walked away with 25,000 Alaska Airlines miles plus $292.50, and while I only got 5,000 miles, the $292.50 in cash made me feel a little better about the whole thing.
Have you ever done something similar? Let me know in the comments!
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