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Old 06-15-2011, 09:39 AM
 
7 posts, read 31,571 times
Reputation: 11
Default Changing Banks, Can I keep my Credit Card?

Hey All,

I'm switching to a smaller community bank from BoA. I opened up an American Express and Visa Credit card with them. I'd rather not open a new one since it would require a Hard Inquiry on my Credit Score.

When I move banks, can I just have these cards transferred or will I need to close them and start new credit cards?

Thanks,

TJMOORE
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Old 06-15-2011, 10:12 AM
 
Location: Keosauqua, Iowa
5,814 posts, read 5,971,236 times
Reputation: 6094
Are they credit cards or debit cards? If they're credit cards you don't have to do anything, you can keep your credit card accounts with Bank of America and do all your other banking at your new bank.

Good move changing to a local bank, by the way. Most of them offer the same services that the "big boys" do with a lot fewer charges.
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Old 06-15-2011, 07:05 PM
 
Location: Apex, NC
2,163 posts, read 4,539,252 times
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I just switched banks from BofA to USAA and I still kept all 3 credit cards with BofA. I did apply for a new CC with USAA and now use that exclusively. I basically just wanted to screw over BofA for telling me they were going to charge me a $14 monthly fee for my checking after having them (several different banks before them) for 16 years. So now I put all of my expenses on my USAA credit card, but still have kept my BofA cards because I don't want to close out credit for fear of my score dropping below my 810+ score now. My wife and I put over $35k a year of expenses on our credit cards (pay them off monthly), so I'm assuming that BofA is at least losing $700 in merchant fees from us if not more. Screw them! Now I get to deposit checks through my android phone and can use any banks ATM's for free. I'm mad that I didn't switch sooner!
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Old 06-15-2011, 08:33 PM
 
4,152 posts, read 5,700,767 times
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HA, I'm in the process of leaving BoA for a local credit union. So far the only thing I'll miss is the easy log in and much better online bill pay that BoA has. But other than that BoA can go take a hike.
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Old 06-15-2011, 09:33 PM
Status: "New user name, still old self!" (set 28 days ago)
 
4,473 posts, read 5,830,122 times
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Quote:
Originally Posted by duster1979 View Post
Are they credit cards or debit cards?
This is the good question - if they are credit cards, there is nothing you need to do. I have a BoA credit card and have never had a regular bank account with them.
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Old 06-16-2011, 07:06 AM
 
7 posts, read 31,571 times
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Thanks for all your responses! Yep, these are CCs.

I didn't realize you could just close the checking/savings and keep the credit cards. I'm assuming that there won't be any fees or charges (other than interest/card-related fees) for keeping these cards active?

The reason I'm switching is primarily because of the new (and bogus) fees that BoA is issuing. CC accounts don't charge you anything for keeping them open right? And they don't need to be connected/affiliated to a checking account?

I'm also not too excited about having two banks-- I'm a fan of consolidation. But I guess I can just hook up my credit card to my new bank? (People's Bank) Or would I have to go into BoA's website to pay my card off every month?

Thanks for all your help!
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Old 06-16-2011, 07:16 AM
Status: "New user name, still old self!" (set 28 days ago)
 
4,473 posts, read 5,830,122 times
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I use bill pay from my bank to pay my BoA credit card. We've had this credit card for years - it's the Upromise card that puts money into our son's 529 account. At first it was with Citibank - then BoA took it over. So like I mentioned, we've had a credit card with them for quite some time - never banked with them at all. In fact, they don't even have physical banks here so I wouldn't even consider it.

Unless there is something different about your card, then I wouldn't worry about it. But if it's a concern, then call. BoA issues many different types of cc's as do many banks - Chase, Capital One, etc. and you don't have to bank with them to get them.
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Old 06-16-2011, 07:29 AM
 
7 posts, read 31,571 times
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Quote:
Originally Posted by jkcoop View Post
I use bill pay from my bank to pay my BoA credit card. We've had this credit card for years - it's the Upromise card that puts money into our son's 529 account. At first it was with Citibank - then BoA took it over. So like I mentioned, we've had a credit card with them for quite some time - never banked with them at all. In fact, they don't even have physical banks here so I wouldn't even consider it.

Unless there is something different about your card, then I wouldn't worry about it. But if it's a concern, then call. BoA issues many different types of cc's as do many banks - Chase, Capital One, etc. and you don't have to bank with them to get them.
Beautiful, thanks so much jkcoop.

Off to People's Bank... the land of NO fees.
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Old 06-16-2011, 08:36 AM
 
Location: Keosauqua, Iowa
5,814 posts, read 5,971,236 times
Reputation: 6094
Quote:
Originally Posted by tjmoore View Post
Thanks for all your responses! Yep, these are CCs.

I didn't realize you could just close the checking/savings and keep the credit cards. I'm assuming that there won't be any fees or charges (other than interest/card-related fees) for keeping these cards active?

The reason I'm switching is primarily because of the new (and bogus) fees that BoA is issuing. CC accounts don't charge you anything for keeping them open right? And they don't need to be connected/affiliated to a checking account?

I'm also not too excited about having two banks-- I'm a fan of consolidation. But I guess I can just hook up my credit card to my new bank? (People's Bank) Or would I have to go into BoA's website to pay my card off every month?

Thanks for all your help!
Some credit cards do have an annual fee; but if you haven't been charged this up to this point there's no reason to think that they will start charging one now. Credit cards are administered by a totally different division of BoA so it's unlikely they'd tack on any kind of retaliatory charge because you pulled your deposit accounts.

There's no need to have a credit card "connected" to a deposit account. Many people still send a check in the mail to pay the bill each month. Your new bank will more than likely offer an online bill payment system, but if not it's a pretty simple procedure to login to BoA each month to pay the bill. I do it every month.
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Old 06-17-2011, 10:09 AM
 
8,119 posts, read 10,774,150 times
Reputation: 5538
Quote:
Originally Posted by tjmoore View Post
Thanks for all your responses! Yep, these are CCs.

I didn't realize you could just close the checking/savings and keep the credit cards. I'm assuming that there won't be any fees or charges (other than interest/card-related fees) for keeping these cards active?

The reason I'm switching is primarily because of the new (and bogus) fees that BoA is issuing. CC accounts don't charge you anything for keeping them open right? And they don't need to be connected/affiliated to a checking account?

I'm also not too excited about having two banks-- I'm a fan of consolidation. But I guess I can just hook up my credit card to my new bank? (People's Bank) Or would I have to go into BoA's website to pay my card off every month?

Thanks for all your help!
1. Your credit cards are completely unconnected to your checking/savings accounts. For years, I had citi cards (for AA miles) and BOA bank accounts.

2. You can't link your new account to a BOA credit card, but you can pay your bills online at BOA's website and have your new banking info saved to make paying off your statement a 2-minute task each month.

3. Credit cards shouldn't charge you a monthly fee for having one open unless it's a "fee card" where you pay $100/yr for Amex or $65 for a special points card like airline miles.

4. Do you ever go into the bank or call for your credit card specifically? I sure don't. I handle everything to do with my credit card online so it's not a hassle having credit cards with one bank and bank accounts with another.

5. All Visa cards (or Amex or MC) aren't the same. They are issued by the bank- ie, Chase AMEX or Citi bank MC- not by AMEX or MC. That's why you can't transfer a MC or AMEX from one bank to the next without closing one account and opening another.
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