Bank of America declines my business app; wants me to open a certificate of deposit

Introduction

I wrote about my app-o-rama earlier this month.  I thought I was good to get the business travel rewards card since I had called recon and the person let me move credit around.  She did say that she’d have to get a manager to approve it, but usually it means you’re golden. However, they sent me this letter in the mail a week later.  I’ll let you read the letter but essentially they’ll approve me only if I open a CD with them.  I don’t plan on doing it, but it’s interesting that they even offer this route.

 

16 comments on “Bank of America declines my business app; wants me to open a certificate of deposit

  1. Lol that’s jokes cuz I got the same thing even though I have big azz accounts with them. They asked for 1500 CD. It’s a no-brainer. Open 12 month CD with 1500. Get the card. Get the bonus. Close the card. Close the CD. Penalty is interest earned. Whoop dee fuking do I lose my penny of interest.

      1. You can definitely do it online straight from their home page. You might have to fax/scan something in. You can also do it by calling (888) 600-4000. I just did it in branch since I’m there depositing MO often. Then once it’s set up you email or fax the paper that came with your “rejection letter”. All the info is on the backside of the letter in your photo

        1. Cool thanks. I’ll do it then. For some reason I thought you couldn’t withdraw the CD w/o a bigger penalty.

  2. Speculation, but I wonder if this coupled with the MLB cleanup in the last few days is indicative of BofA taking action on their loose credit standards.

          1. thx. always figured it might make sense to close cards and not reallocate credit prior to opening new ones

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