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Should I upgrade to Visa Signature? Any disadvantages?

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Posted 12-08-2012, 06:23 AM

Orangeade is offline

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Should I upgrade to Visa Signature? Any disadvantages?

I got an offer in the mail to upgrade my BOA Platinum Plus Visa to a Cash Rewards Visa Signature card. No annual fee.

I'm interested in the Signature card for its various travel/entertainment discounts and the cash rewards program is better than my current card.

Are there any reason NOT to upgrade? I've read that Signature cards can adversely affect your credit rating but the articles were a couple of years old. Is this still true?

TIA

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12-08-2012, 06:23 AM
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12-08-2012, 01:23 PM

bta15 is offline

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Visa signature do not report a true credit limit. My understanding is that the issuer gives you a non-firm credit limit, which you can exceed. But they report your maximum balance (that you have ever had on the card) as your credit limit to the credit bureaus.

As an example, I have a BofA Ak Air visa signature. Bank of America tells me my credit limit is 11k but is reported to credit bureaus as like $5.3k.

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