Approved for $3.5k Credit Line!
Back at the end of June I applied for the Bank of America Alaska Business Visa. I was approved for a credit line of only $3,500. This made me very concerned at first. Why? Well with the personal version of the Bank of America Alaska Visa, they actually have two different flavors of cards: Visa Platinum Plus or Visa Signature.
Platinum Plus vs. Signature
When you apply for the Bank of America Alaska Personal Credit Card, you can get approved for either the Platinum Plus or Signature. Basically if your credit line is below $5k, you get the Visa Platinum Plus. Above $5k, you get the Visa Signature. Now why does this even matter? Well the Visa Signature comes with a 30k miles signup bonus, whereas the Visa Platinum Plus only gives you 5k miles signup bonus. There are some other differences in annual fees and benefits, but those aren’t worth worrying about.
The Fine Print
It is pretty sneaky how Bank of America is able to approve people for a “slightly” different card even though you’re applying for a specific signup bonus. The language in the terms and conditions of the Alaska personal credit card application reads as follows:
Alaska Airlines Credit Card Program Summary. Although you may apply for the Alaska Airlines Visa Signature® credit card, based on our review of your credit card application and creditworthiness, you may be approved for a (1) Visa Signature® account or a (2) Platinum Plus® Visa account (or you may not be approved for a card at all). Each credit card type described above has different costs and/or benefits which are described in these terms and conditions.
Bonus Miles Offer. You will qualify for 30,000 bonus miles for a Visa Signature® account or 5,000 bonus miles for a Platinum Plus® account if you use your new credit card account to make any combination of Net Purchases totaling at least $1,000 that post to the account within 90 days of the account open date.
Credit Line Doesn’t Matter (for Business version)
Now back to my story. I was approved with a credit line of $3,500 (under the $5,000 threshold). However, I had read reports that the Business card does not have these different Visa flavors. In searching through the terms and conditions, I didn’t find similar language in the business credit card application.
I am happy to confirm that the business version does not have the different Visa flavors. I met the minimum spend in mid-July by using the card to tithe to my church. When my 30k bonus miles posted to my Alaska account a few weeks later, I breathed a small sigh of relief. All Bank of America Alaska Business cards get the 30k miles signup bonus no matter what the credit line.
We plan on using all of these Alaska miles for a trip to Asia. We may also use the Companion Fare earned each year for a ticket to Hawaii or something. I’ll most likely only use this card now for purchases on Alaska Airlines since that’s the only spending that will get you more than 1 mile/$1. Alaska miles are extremely valuable to me, but I am better off putting non-bonus spending on my AMEX SPG card, which effectively gets me 1.25 miles/$1. Overall, this Alaska card is great for the signup bonus, but it is now sitting in my sock drawer collecting dust.