Don’t Close That Bank of America Card – Do This, Instead

Bank of America Product Change

Sometimes, playing the hits is all one needs.  A few years ago, I had my worst La Quinta experience ever, but it was worth it to see Paul McCartney at Wake Forest.  One of my favorite credit card plays isn’t anything new.  I still love the sound, but I almost forgot to listen about a week ago.  Here’s why a Bank of America product change matters to us – and maybe some of you.

The Situation

A few years ago, my wife closed a Bank of America card (I forget which one, but it doesn’t matter for this discussion, anyway).  As I recall, she was maxed out on BoA cards at the time but wanted a new one (the bank generally sticks to a five personal card maximum).  She closed the card after the annual fee posted, but the fee wasn’t reversed based on the call.  My wife called a second time and got that resolved.  Now, fast forward to a few weeks ago.  After the second year annual fee posted on an Air France card, we put the call to cancel on the to-do list.

But, as we approached the call, I remembered that she could product change to another card instead of closing it.  While I was overly focused on the process and timing to ensure we got the annual fee refunded, I had almost forgotten that we could just flank to a no annual fee card instead of closing the account entirely.

Our Bank of America Product Change Decision

Bank of America has some relatively strict – but still manageable – credit card application rules.  My wife isn’t eligible for a new personal BoA card account any time soon.  So closing her account wouldn’t enable any near-term options; rather, it would provide one fewer for us.

Instead, we decided to product change this Air France Mastercard to a Customized Cash Rewards Visa.  We accomplished our goal of eliminating an annual fee card while maintaining this BoA credit line on a useful-enough-for-us product.  At a minimum, we’ll use this card on a single date each year during More Rewards Day.  But, more than likely, we’ll have other reasons to infrequently use this card throughout the year.  We prefer our investments elsewhere and do not participate in BoA’s Preferred Rewards program.  Regardless, our decision to PC to the Customized Cash will work out better than cancelling the account.

Conclusion

Of course, product changing isn’t always the optimal move.  Again, some may be in the position my wife was several years ago – potentially eligible for more cards and maybe needing to close one in order to obtain another new card welcome offer.  Still, many will find solid options by product changing to another Bank of America card rather than closing.  Unlike some individuals’ recent experiences with Citi, BoA’s ability to PC across account “flavors” (between cobranded cards and bank-tied ones) is alive and kicking.  And remember, individuals can also PC on the business card side.  We’ll continue taking advantage where we can.

Have you conducted a Bank of America product change recently?  Which card did you pick and why?