Difference Between Bank of America Gold and Platinum Credit Cards
Author: BLT
Posted: Thu Aug 17, 2006 7:29 pm
Post subject: Probably a dumb question...about BoA Gold/Plat cards
But what's the difference between BoA Gold and Platinum cards? Both cards appear to have the exact same terms...
I do wish BoA would come out with a good rewards card so I could convert to it and get some good use from them
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Author: rapjunkie
Posted: Thu Aug 17, 2006 9:26 pm
Post subject:
I believe platinum would be eligible for higher possible credit lines than gold, although I rarely even see gold cards these days.
Author: Bikshu
Posted: Fri Aug 18, 2006 6:27 am
Post subject: Difference Between Bank of America Gold and Platinum Credit Cards
Good call rapjunkie. The credit line would usually be slightly higher for Platinum than Gold. Gold would typically require at least a $5,000 credit line while Platinum is typically $10,000+. The benefits provided by both Visa and Mastercard themselves on Gold and Platinum are exactly the same. So any difference would be left to the issuing bank itself, not Visa or Mastercard. Often a Platinum card will be more likely to have a rewards program of some type, but this is not necessarily the case with Bank of America.
Rapjunkie is also correct about the rarity of Gold. The industry as a whole has been slowly phasing out Gold cards for about ten years now, since Platinum really took hold in the mid-90s. MBNA entirely stopped issuing Gold circa 1998 and now that they will be running Bank of America's card portfolio the same will happen to BOA. Expect to see the death of the BOA Gold Visa and Mastercard sometime in 2007.
Now within the MBNA/BOA portfolio there is a difference when it comes to our American Express card offerings. The hierarchy is as follows: American Express, Rewards American Express, Gold American Express, and Platinum American Express. Regular and Rewards carry no annual fee, Gold is $99, and Platinum is $195. Gold and Platinum earn rewards points at faster rates, respectively. Both also get you a yearly companion plane ticket. Platinum also has no pre-set spending limit and entitles you entrance into certain airport frequent flyer lounges. But remember, this is strictly the case with MBNA/BOA American Express cards.
Rapjunkie: give us a few more months until early 2007 when we have fully integrated the two banks and we officially manage the BOA card portfolio. At that point you should be able to call and convert to a WorldPoints account. You will probably lose your existing rewards points balance, if you have any, so bear that in mind and consider cashing them in before officially requesting the change. But WorldPoints is pretty decent: you can get cash back, Visa/MC/AmEx gift cards (or store specific gift cards if you prefer them for some reason), Sony TVs, Bose stereo systems, Callaway golf clubs, or even a Coach purse. You can also redeem points for travel arrangements with virtually any airline, hotel, cruise, or car rental company with no blackout dates. Its not the greatest rewards program out there, but its better than most and certainly better than anything BOA offered prior to the merger. You'll also get the use of a 24 hour toll-free concierges service automatically with a WorldPoints upgrade. Its a free service that can hook you up with tickets to concerts, sporting events, dinner reservations, etc. Again, nothing mind blowing but pretty cool stuff...
Author: BLT
Posted: Fri Aug 18, 2006 11:07 am
Post subject: Difference Between Bank of America Gold and Platinum Credit Cards
Very enlightening I guess since I have my BoA Gold and my MBNA Worldpoints signature Visa (which I assume will be converted to the new BoA Signature Visa), I need to start thinking about what to convert that old gold to
Thanks for the response, and welcome to the board!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Aug 17, 2006 7:29 pm
Post subject: Probably a dumb question...about BoA Gold/Plat cards
But what's the difference between BoA Gold and Platinum cards? Both cards appear to have the exact same terms...
I do wish BoA would come out with a good rewards card so I could convert to it and get some good use from them
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: rapjunkie
Posted: Thu Aug 17, 2006 9:26 pm
Post subject:
I believe platinum would be eligible for higher possible credit lines than gold, although I rarely even see gold cards these days.
Author: Bikshu
Posted: Fri Aug 18, 2006 6:27 am
Post subject: Difference Between Bank of America Gold and Platinum Credit Cards
Good call rapjunkie. The credit line would usually be slightly higher for Platinum than Gold. Gold would typically require at least a $5,000 credit line while Platinum is typically $10,000+. The benefits provided by both Visa and Mastercard themselves on Gold and Platinum are exactly the same. So any difference would be left to the issuing bank itself, not Visa or Mastercard. Often a Platinum card will be more likely to have a rewards program of some type, but this is not necessarily the case with Bank of America.
Rapjunkie is also correct about the rarity of Gold. The industry as a whole has been slowly phasing out Gold cards for about ten years now, since Platinum really took hold in the mid-90s. MBNA entirely stopped issuing Gold circa 1998 and now that they will be running Bank of America's card portfolio the same will happen to BOA. Expect to see the death of the BOA Gold Visa and Mastercard sometime in 2007.
Now within the MBNA/BOA portfolio there is a difference when it comes to our American Express card offerings. The hierarchy is as follows: American Express, Rewards American Express, Gold American Express, and Platinum American Express. Regular and Rewards carry no annual fee, Gold is $99, and Platinum is $195. Gold and Platinum earn rewards points at faster rates, respectively. Both also get you a yearly companion plane ticket. Platinum also has no pre-set spending limit and entitles you entrance into certain airport frequent flyer lounges. But remember, this is strictly the case with MBNA/BOA American Express cards.
Rapjunkie: give us a few more months until early 2007 when we have fully integrated the two banks and we officially manage the BOA card portfolio. At that point you should be able to call and convert to a WorldPoints account. You will probably lose your existing rewards points balance, if you have any, so bear that in mind and consider cashing them in before officially requesting the change. But WorldPoints is pretty decent: you can get cash back, Visa/MC/AmEx gift cards (or store specific gift cards if you prefer them for some reason), Sony TVs, Bose stereo systems, Callaway golf clubs, or even a Coach purse. You can also redeem points for travel arrangements with virtually any airline, hotel, cruise, or car rental company with no blackout dates. Its not the greatest rewards program out there, but its better than most and certainly better than anything BOA offered prior to the merger. You'll also get the use of a 24 hour toll-free concierges service automatically with a WorldPoints upgrade. Its a free service that can hook you up with tickets to concerts, sporting events, dinner reservations, etc. Again, nothing mind blowing but pretty cool stuff...
Author: BLT
Posted: Fri Aug 18, 2006 11:07 am
Post subject: Difference Between Bank of America Gold and Platinum Credit Cards
Very enlightening I guess since I have my BoA Gold and my MBNA Worldpoints signature Visa (which I assume will be converted to the new BoA Signature Visa), I need to start thinking about what to convert that old gold to
Thanks for the response, and welcome to the board!!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 11:23 PM
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