21st June 2007

Search For a New Business Credit Card

posted in Real Estate Investing |

So the time has come to find a newCredit Card credit card for the company I have set up to do “management” of the properties we own. I am partial to Citibank as I already have a personal card with them and every interaction I have had with them, without fail, has been a pleasant experience.

Citi also has many interesting “rewards cards” which will pay me cash back rewards for expenses I would have to pay anyway. I want to switch banks because the card I have right now is from GE Capital which offers no rewards and every time I call in to customer service, I get routed to Mumbai.

I wanted to get an idea about what else was out there, card-wise, so I was looking on BankRate.com. An excellent site by-the-way. To my surprise (not really), I ran upon this blog post.

Bank of America is one of my least favorite banks for the following reason:

For a number of years I had at least two credit cards with Bank of America with pretty high balances. I was paying on-time but any time I called into customer service I was treated like a child and the answer to most of my questions was a sound “NO”.

When I pulled up at the drive-thru window to do some banking, I was actually yelled at by the teller for a slightly out-of-the-ordinary request. When I went into the branch and asked for some blank deposit slips (yes, slips of paper so that I could DEPOSIT money in their bank) I was told that “they don’t do that.”

Then, some time after, I sold a property that I owned which netted me about $175K and deposited it in my Bank of America checking account.

Well, I started to receive calls from someone at a local Bank of America branch to let me know that Bank of America, get this, “values me as a customer” and that they can help me invest the $175K I just deposited. Bastards!

Long story short, I paid off the credit cards and closed the accounts. I also closed 3 checking accounts and vowed to never do business with Bank of America again. I mean, WTF?!

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