Signature card - should I or shouldn't I?

pshooper said: Just got the "Upgrade to the Visa Signature Card" offer from Bank of America. I have no Signature cards right now, but carry many other cards with reasonably high limits. I rarely use 20% of the total CL since the economy tanked. Only reason I would consider the Signature card that I know of is a current offer of 25% off on hilton reservations until the end of the year. That might save me $100 tops. It sure wouldn't be worth dropping my credit score for. So, what other upsides are there to the Signature card and what are the downsides of a "No pre-set spending limit" card like this?

Presumably you mean because of the hard credit pull? I wouldn't worry about that, as it lowers your score maybe a couple points. If it would have some reasonable benefit, go for it. That's the point in having a credit score, being able to make it work for you.

I think FICO should give you two free inquiries a year without impacting your score.

mewannaxbox said: no pre-set limit usually means no limit is reported to the CB which means you are always at maximum utilization.

This was my concern. I'm not sure I would get a hard pull, I already have the card, they just offer to "Upgrade" it. I really don't like the idea of maximum utilization on a CC. I've always been taught that is a serious no-no.

Not sure where you heard that Howie. Its a buy one get one free ticket. There are no limits on this; at least with Chase. Been using it weekly for almost 2 yrs.

One benefit I've encountered, aside from the BOGO movie ticket, are some value-added perks at participating malls. IIRC, they setup small spaces at different floors of the Westfield in San Francisco during the Winter season of 2008. One was handing out free coffee, while others were offering free services; which I couldn't remember, for the life of me.

Seems like I was boarding a U.S. Airways flight and noticed them allow early boarding for Visa Signature card holders. Maybe it's just if you have a U.S. Airways Visa Signature Card.

I think signature cards should report CL's to the credit bureaus.

comptalk said: Free movie tickets @ Fandango!I had no idea. I might actually start going to the movies again.

pshooper said: Just got the "Upgrade to the Visa Signature Card" offer from Bank of America. I have no Signature cards right now, but carry many other cards with reasonably high limits. I rarely use 20% of the total CL since the economy tanked. Only reason I would consider the Signature card that I know of is a current offer of 25% off on hilton reservations until the end of the year. That might save me $100 tops. It sure wouldn't be worth dropping my credit score for. So, what other upsides are there to the Signature card and what are the downsides of a "No pre-set spending limit" card like this?

Upgraded to the Visa Signature Card from Bank of America a while back (about a year or so) .... originally had "Platinum Select Visa" or something like that.

They just sent me a notice a month ago that starting in January that the Visa Signature Card will start to carry a $29 annual fee, even though when it was advertised me, the whole "no annual fee" thing was one of the great highlights on the upgrade offer letter, etc.

Just a FYI.

Edited to Add: Still debating on closing the account or not. I really hate to close it because it's one of my longer held cards ... but, I also don't like the idea of paying an annual fee for the "convenience" of using their card.

cliffedelgado said:
if you do it for the 25% hilton offer, make sure the hilton you're thinking of participates in the deal. the one i needed did not

Thanks, tried it and of course there was a rate lower than 25% off (couldn't apply the 25% off to it) that I preferred anyways, so I am under no pressure to go Signature now. I guess that the features of the Signature card do not offer me much advantage now. I think the possibility of reducing my credit score even a little for this is not useful to me. I may want to buy a new car next year and I would like to keep my score as high as possible to get the best loan rate. If I did take a hit for a card, I think one that offered air-mile bonus's with my regular airline would be a better choice.

ShadowedBlade said:
They just sent me a notice a month ago that starting in January that the Visa Signature Card will start to carry a $29 annual fee, even though when it was advertised me, the whole "no annual fee" thing was one of the great highlights on the upgrade offer letter, etc.

It is probably not related to the card upgrade.

Starting next year, Bank of America will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected.