Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
Author: Daryl Posted: Thu Jun 10, 2004 11:53 am Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/7/2002 4:53 pm CDT
I have four rebate cards: AMEX Cash Rebate ($15,000 limit), Bank One Priority Rewards Worldwide Visa ($9500 limit), Citibank Platinum Dividend Select Mastercard ($13,000 limit), and Discover Platinum ($6000 Limit).
I always use AMEX except where they don't accept it, and then I use the Visa for points at Six Continents hotels. I hardly ever use Discover and only occasionally Mastercard.
Should I get rid of these last two cards? I have had Discover since 1986. I tend to carry all four cards around with me, out of habit.
Author: Steve Posted: Thu Jun 10, 2004 11:56 am Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 7:40 am CDT
You probably don't have too much credit. The only reasons that you can have too much credit are:
1) You're using it but can't afford to pay back. Lenders don't like it when you're using 90% of your available credit and making minimum payments each month.
2) You're planning on buying a house or something and need a very big loan. Many banks will consider your available credit and assume all cards are maxed out and take into account the minimum monthly payment for all your cards. This will reduce how much you can put every month on a mortgage and how much they can loan you.
Unless you are concerned with the above two cases, you should keep all four cards. They are all first-rate credit cards. However, you could leave the Mastercard at home as a backup card, in case you loose your wallet.
Author: Dori Posted: Thu Jun 10, 2004 11:58 am Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 9:00 am CDT
I totally agree with Steves' post but I am under the impression that the credit card company's love when someone is foolish enough to make only minimum credit card payments. They only need to get their high interest as I think most of those cards' interest is relatively high. If it takes 8,10, 15 years to pay it off, they really do not care as long as it never goes into default. I think it is financially good for them if their customers are late. I believe that this is where the companies make most of their money. i.e. late fees, over limit fees, and interest. It just makes me cringe when I see how much people do spend in interest over a period of several years while they do have money in a savings account or other means to pay loans down.
As for applying for NEW CREDIT, well then that is a whole other can of worms. This from a lending point of view is not what anyone wants to see I feel. I believe that 30% or lower (bal-credit limit ratio) is acceptable and good. If one does not plan to open any new lines for ANYTHING and wishes to pay so much interest then I see two setbacks 1. A low FICO SCORE 2. A poor way to manage money and get ahead.
Author: Eugene Posted: Thu Jun 10, 2004 10:56 am Post subject: AmEx Cash Rebate Credit Card Tips 11/9/2002 12:03 am CDT
I am thinking of switching to this card for all of my spending, and I have a couple of questions that their customer service has a problem answering, but card holders will probably easily know.
AmEx separates all purchases into everyday category with maximum 3% rebate, and non-everyday spending with 1.5% maximum rebate if you do not carry a balance (I am going to pay in full every month, of course).
I know they mention your points on every statement, but do they mark each purchase on the statements or on the web site "everyday" or "non-everyday"? Which category do US savings bond purchases fall into? Do you earn rebate on savings bonds at all?
Author: mouse Posted: Thu Jun 10, 2004 10:56 am Post subject: AmEx Cash Rebate Credit Card Tips
11/9/2002 3:57 pm CDT
1 Your annual cash reward for everyday purchases at stand-alone U.S. supermarkets, drugstores, gas stations and home improvement stores is up to 3%. Your annual cash reward for all other purchases is up to 1.5%. You will receive an additional rebate of up to 2% for purchases in months in which your account carries a balance. Your cash rewards are limited to $50,000 of eligible spending.
Author: Ira Posted: Thu Jun 10, 2004 11:02 am Post subject: AmEx Cash Rebate Credit Card Tips
11/15/2002 11:52 pm CDT
Eugene,
I just started using this card for some large purchases to take advantage of their 0% interest for six months offer. On my first statement there were only "purchases" with no designation as to whether they fell into category A (Everyday) or category B (non-everyday). It would make sense for them to indicate which is which on every purchase, but apparently for whatever reason they don't do that.
I will carry a balance for a few months (why not? The interest rate is 0%!), and it will be interesting to see if they give me the additional 2%. I'm betting that they will, but stay tuned on that one.
Author: Eugene Posted: Thu Jun 10, 2004 11:03 am Post subject: AmEx Cash Rebate Credit Card Tips
11/17/2002 11:44 am CDT
I just started using this card for some large purchases to take advantage of their 0% interest for six months offer.
Yeah, I am going to do the same. I already applied for it, waiting for the card in the mail.
On my first statement there were only "purchases" with no designation as to whether they fell into category A (Everyday) or category B (non-everyday). It would make sense for them to indicate which is which on every purchase, but apparently for whatever reason they don't do that.
I strongly suspect this disclosure is not good for them because customers would understand that their rebate structure is not as good as it may look at first glance. It is still good compared to other offers out there, though, so I took it.
sueb Author: Guest Posted: Thu Jun 10, 2004 10:49 am Post subject: Citbank Credit Card Balance Transfers
11/9/2002 4:47 pm CDT
Quick question. I am new to the whole balance transfer game regarding credit cards. I just got a 3.9 life of balance offer on my citibank platinum select card. I have other cards with really high rates I would like to transfer.
couple of quick questions. If I transfer my entire limit, I currently have a 0 balance of my citibank platinum select card (will I be penalized an over credit limit fee because finance charges put me over my limit. Should I leave at least $200 on the account?
Also is it correct that lower rate balances or paid off before higher rate balances. So if I already have a balance it will sit at same amount but not get paid off before the low rate balance transfer offer. Is this correct.
Sorry if my questions are confusing. Just trying to find out the possible downsides to transfers. Kind of nervous, since I have never done balance transfers before. I don't want to get screwed over.
Author: mouse Posted: Thu Jun 10, 2004 10:50 am Post subject: Citbank Credit Card Balance Transfers
11/9/2002 4:50 pm CDT
Leave some balance available, otherwise you will get hit with a OVER-LIMIT fee.
Pay off the HIGHEST interest rate first.
Author: Dori Posted: Thu Jun 10, 2004 10:51 am Post subject: Citbank Credit Card Balance Transfers
11/9/2002 6:27 pm CDT
Sue,
You really have to read the information carefully. Usually when these offers are made there may be a transfer fee of 2% or 3% (of the amount transferred) or it may state that they will not charge you more than $50 per transfer or per tansaction. Yes, payments are usually applied to the higher interest rate first then the lower interest rate. It is smart to pay off cards first of any outstanding balance and then transfer funds to pay off other higher cards. But you say that you have 0 balance already. If purchases are at a different rate which I am pretty sure that they are with Citibank, I would stop using that card for purchases. Just do your transfer and don't use it for anything else for the length of your outstanding balance. This way you are assured that the interest will stay at exactly at this low rate. Hopefully you don't have any bills that get automatically paid with this particular account. Your payment monthly will either be 2% or 3% of your balance due. i.e. $2000 bal could equal $40 if @2% or $60 if @ of 3% Interest does accrue immediately for transfers, so you do want to subtract a months interest back out of your transfers so that you do not go over the limit as you know. Rough calculation: .039 X (? transfer amount) divided by 12= your interest per month. Add a couple extra dollars for an extra cushion.
Author: Alexis Posted: Thu Jun 10, 2004 10:19 am Post subject: American Pacific Bank Credit Card Review
11/10/2002 3:01 pm CDT
I noticed a few good reviews for them. On the website they even show a secured card for no income people. Has anyone here had recent experience with them>
Author: jasonb Posted: Thu Jun 10, 2004 10:22 am Post subject: American Pacific Bank Credit Card Review
11/12/2002 8:20 pm CDT
I am a current cardholder and the American Pacific Bank credit card is a real good card.They only offer the unsecured card too three or four states, but you can get the secured card in almost every state.After nine months of great usuage of the card they will increase credit limit to 25% over the credit limit.You must request this yourself though.The max for 25% over will be $2000 limit, and you will receive $2500 limit.After that its dollar for dollar. $35 yearly fee and no hidden charges and they give this card to people with horrible credit.Its a great way to build your credit without getting scamed by other companys.
Author: twinkeeb Posted: Thu Jun 10, 2004 3:20 am Post subject: Credit Card Collections
11/11/2002 9:37 pm CDT
My CC has been in collection for about 2 yrs, I want to paid it off this year, but I can't pay the whole thing. My balance is $1600, can I pay this CC off by doing payment plan? Ex. sending $500 per mth. Will collection company accept this payment?
Author: Dori Posted: Thu Jun 10, 2004 3:23 am Post subject: Credit Card Collections
11/12/2002 7:44 am CDT
Many times the collection agencies will settle for a much smaller pay off than the original balance if you talk to them.
Author: Dori Posted: Thu Jun 10, 2004 9:22 am Post subject: Credit Card Collections
11/12/2002 7:43 am CDT
I believe that they will be very happy with any payment that you make. It shows that you are responsible for your debts. It will be very good to see "COLLECTION--PAID" on your credit report too in 2 years. Future Creditors will be much more likely to extend credit to you in he future if this is paid off.
Author: HJM Posted: Wed Jun 09, 2004 9:24 pm Post subject: People's Bank Platinum MasterCard Review
Hi,
I recently received a pre-approved letter for People's Bank Platinum MasterCard. The teaser rate is 0% APR on both purchases and balance transfers until June 2003, and there is no balance transfer fee. This sounds too good to me. Assuming they keep their words if I apply for the card, is there a catch beside a very high interest rate after 6-month period?
Author: mouse Posted: Wed Jun 09, 2004 9:24 pm Post subject: People's Bank Platinum MasterCard Review
11/13/2002 4:42 pm CDT
Read the paper work it MUST say what the "GO-TO" rate is. If it is 9.99% or under GO FOR IT!!!
Only down side, DON'T EVEN THINK OF EVER HAVING A LATE PAYMENT!!!
Author: Ira Posted: Wed Jun 09, 2004 9:26 pm Post subject: People's Bank Platinum MasterCard Review
11/13/2002 5:08 pm CDT
If you're going to use this card to transfer high interest balances and keep them there for six months while you pay down balances only, go for it! At four months in, look for other similar offers. Then transfer the remaining balance to the new card before the 0% rate expires. I bounced from card to card to card in this fashion for about four years.
Essentially it's get out of debt free time. Of course you should also STAY out of debt and charge no more than you can pay off totally during the grace perios.
Author: hjm Posted: Wed Jun 09, 2004 9:27 pm Post subject: People's Bank Platinum MasterCard Review
11/13/2002 11:58 pm CDT
Hi,
I always pay my balance in full. I just thought that I can delay paying my holiday spending for 6 months or so with this card. However, I read that it is not good for my credit to have many credit cards. I currently have 5 credit cards, and 7 closed accounts. The credit score I got from DirectAlert (I think provided by Experian) is around 750. I don't know whether it is the same score everyone's talking about, but it is completely different from the one I got from TransUnion. Anyway, should I take advantage of short term benefit by applying the card or protect my credit score?
Author: Kadyb Posted: Wed Jun 09, 2004 8:02 pm Post subject: Credit Cards for Teens
11/14/2002 11:24 pm CDT
do you guys happen to know of any credit cards that a 17 year old can apply for? i know you have to be at least 18 for almost all of them. but i live on my own, pay my own bills and i think that it would be good to have one incase of any emergency. i see that they have one for students, but i'm not 18 for another 1/2 a year and i'm not in school, i start again next year.. any suggestions?
Author: Verneb Posted: Wed Jun 09, 2004 8:04 pm Post subject: Credit Cards for Teens
11/15/2002 0:52 am CDT
If you are self-emancipated, try the local credit union or bank. If you have the income, you can skip the "student" junk cards and go straight to GO.
With no credit history, even other species have a chance. I say, equal opportunity for those of the human persuasion. I like animals but I think humans need a chance too.
Author: Wayneb Posted: Wed Jun 09, 2004 7:37 pm Post subject: How Many Credit Cards Should I Have 11/15/2002 1:37 pm CDT
I have an AMEX Cash-Back Card and a Cash-in Visa from First USA. Both have high limits. I also have a couple others, but I was cleaning out my wallet and thought maybe I could get by on the above two. I use the AMEX when I can, with the Visa as a backup. If I carry just those two, is that enough to cover all circumstances? I am a little nervous carrying more than a couple major cards, but I just want to make sure I am covering myself adequately. I pay off my balances every month, but I am just coming back to credit in the last 18 months after a long absence (ten years) and need a little advice.
Author: Eugeneb Posted: Wed Jun 09, 2004 7:41 pm Post subject: How Many Credit Cards Should I Have
11/15/2002 7:04 pm CDT
I saw a chart on it...YES IT IS BAD TO HAVE TOO FEW.
I would agree with you that "too few" is bad, however nobody knows how few is too few.
If you mean this chart http://www.ftc.gov/bcp/creditscoring/present/sld008.htm, then it is a sample of a scorecard that kinda, sorta represents FICO. See pages 17-18 of this - http://www.ftc.gov/bcp/creditscoring/index.htm for more details.
Nobody really knows FICO criteria, as Fair Isaac guards it better than Pentagon guards its secrets.
Author: rogerb Posted: Wed Jun 09, 2004 4:30 pm Post subject: Disputing Credit Card Charges
11/17/2002 11:26 pm CDT
Over the last year or so i disputed 4 to 5 charges on my credit card for damaged items or duplicate charges, they were are legit. Could that credit card refuse my services because the number of disputes. i have good credit. does anyone know if it will effect my credit or what could happen.
Author: Ababykittyb Posted: Wed Jun 09, 2004 4:31 pm Post subject: Disputing Credit Card Charges
11/18/2002 3:55 pm CDT
Keep a copy of all disputes you have with a credit card company. The disputes should not have a negative impact on your credit rating. Remember........they want and need your business far more than you need their card.
Author: Ababykittyb Posted: Wed Jun 09, 2004 4:10 pm Post subject: Credit Cards That are More Widely Accepted
11/18/2002 3:50 pm CDT
VISA or Mastercard are each good. Not all companies accept AMEX or Discover. If you can get a Shell Mastercard, you can get credit for "free" gasoline.
Author: gpb Posted: Wed Jun 09, 2004 4:11 pm Post subject: Credit Cards That are More Widely Accepted
11/18/2002 6:15 pm CDT
the shell master card will be history after 1/26/03
Author: Eugeneb Posted: Wed Jun 09, 2004 4:13 pm Post subject: Credit Cards That are More Widely Accepted
11/18/2002 10:12 pm CDT
Which is a better card to have with Visa or Mastercard?
I know very few merchants who accept AmEx or Discover and do not accept Visa or Mastercard (Costco comes immediately to mind). If you have a V/MC, you already have everything that is accepted virtually everywhere credit cards are accepted. There's gotta be a better reason to need AmEx/Discover, or you don't need them.
Author: mouseb Posted: Wed Jun 09, 2004 4:13 pm Post subject: Credit Cards That are More Widely Accepted
11/18/2002 10:25 pm CDT
I carry all 4.
I have been to some stores/restaurants that take AMEX but not DISCOVERCARD. BUT more stores take DISCOVERCARD than AMEX that I shop at.
A lot take ALL 4. Most gas stations take all 4.
You might want to just call or visit the 20 most used businesses and ask what cards they take from VISA/MC/AMEX/DISCOVER
Author: Artemisb Posted: Wed Jun 09, 2004 4:14 pm Post subject: Credit Cards That are More Widely Accepted
11/19/2002 3:49 pm CDT
I have both AMEX and Discover at very favorable terms. Never had trouble with AMEX (acceptance, available merchants) but I do not use these cards like cash. I use an ATM debit card for cash and they give me "cash back" for each withdrawal. I've had credit since 1977 and was probably one of the first women to be granted credit without a co-signer (father, husband, man down the street, etc.). My first card was issued by Chase Manhattan Bank and I've had a continuous relationship with them since that date and never any problems whatsoever.
DISCOVER is aggressively marketing their business and will offer very favorable rates to top borrowers, meaning, if you have credit with Chase, AMEX, Citibank, or any other large national bank, you will be offered favorable rates by "lower" echelon lenders.
I avoid these types of lenders because they are nothing but TROUBLE (see problems with CAPITAL ONE). I do not carry store cards, gas cards, or any other cards but AMEX, Mastercard, VISA, and Discover. If a lender raises their interest rates, I negotiate a better rate or I close the account if they decline. If you're going to rent money, you need to shop for the lowest rents possible.
It is quite easy to negotiate a favorable rate over the phone, especially if they call you and offer a deal. Top lenders will also waive annual fees if they want to retain your business and good will. I've been waiving annual fees on one of my accounts for over 10 years!
Always remember that lenders, like other for-profit businesses, are extremely competitive. They want to keep their best customers in lieu of future long term business and it pays to allow them to compete for YOUR business. Don't accept their garbage deal if you know you can do better elsewhere, and let them know that is what you'll do--go right to their competitors! Then the account rep will start pulling rabbits out of hats to win your business. I've done it many, many times and consider it a game. But you need to have excellent credit to play these games, so start early and it will pay off. Remember, one day you'll need good credit for something more important to you than a credit card account. That's when the payoff really kicks in.
