Author: JaneiR36 Posted: Tue Oct 25, 2005 2:40 am Post subject: Is there any benefit to CC companies...
...if you use their card but pay in full every month?
I was just thinking.... since I got so much info on Capital One now I use them a lot for regular purchases but now mainly to pay off other creditors since their payments post so quickly and they have those no fee purchase checks. I was just wondering if being on your map, so to speak has any benefit to the creditor? Is the fact that I'm using their account enough, or are they going to get mad just like some of my other creditors that they're not making money off of me? I'm not worried that they'll start doing that, or anything, just curious
Author: Board Monitor Posted: Tue Oct 25, 2005 8:12 am Post subject:
Interesting question. Are you saying that you're only using Cap One for 0% balance transfer offers? _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: JaneiR36 Posted: Tue Oct 25, 2005 9:25 am Post subject: Paying a Credit Card in Full Every Month
Actually I don't have any 0% offers with them. But I use them for regular purchases @ 8.90% APR, and their purchase checks really come in handy, too. The whole thing gives me anywhere from 25 to 60 days to pay up once I make a charge. Just wondering, 'cos I use their money a lot to move balances from one company to the other. They probably feel a little used... haha.
Author: beyond platinum Posted: Thu Oct 20, 2005 2:21 am Post subject: Citi Simplicity Card
I wanted to thank all of the members here for providing valuable insight into the world of credit. It was through Yahoo that I learned about this site. Is anyone thinking about getting this card and if so do you forsee any issues with their 'late fee waivers'? Visit http://www.Citisimplicity.com. Thanks!
Last edited by beyond platinum on Fri Nov 04, 2005 2:44 am; edited 2 times in total
Author: maddybeagle Posted: Thu Oct 20, 2005 6:29 am Post subject: Citi Simplicity Credit Card Review
I looked up the cash back terms and it looks the same as the citi div. select except it doesnt include the 5% at grocery stores? This seems more like a scam to encourage folks to carry a balance....and pay interest charges.
Author: Board Monitor Posted: Thu Oct 20, 2005 7:43 am Post subject:
More info. about Simplicity in an article on Smart Money Magazine's website:
I am proud to say that http://www.CardRatings.com is referenced in the article. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: maddybeagle Posted: Thu Oct 20, 2005 9:24 am Post subject: Citi Simplicity Credit Card Review
Thanks for the article and congrats on the reference! It sounds like a lot of folks here have had luck with reversing a late fee or 2 on occasion by just calling up the cc.
Author: Ira Posted: Fri Oct 21, 2005 12:24 am Post subject: Citi Simplicity Credit Card Review
A few comments.
First of all, virtually ANY card issuer will allow you to pick your own statement date. I've changed several over the years. All you have to do is call and ask them to change your date.
Also, almost any bank will reverse your first late charge and some will reverse two late charges during any twelve month period. You have to call and very politely ask them to do so. They will NOT volunteer the information.
Author: JaneiR36 Posted: Mon Oct 24, 2005 7:04 pm Post subject: Citibank PremierPass card: $100 after first purchase!
But I think you have to watch out for this offer in your mail. If someone has seen this elsewhere and everyone can access it, please post it! Unfortunately I will have to wait till the middle of November to apply which would be after I have paid down my Citi Dividend's card to below 80% utilization and the credit reporting agencies have the updated balance. I should have done this earlier, but I didn't see this offer coming. My application deadline is Nov 15 (dang it!) so I'll have to see if it works out.
This is also a rewards card and here are some key points in their reward structure:
Redeem $100 at a time. MUST be a GIFT card at "leading locations." (Discover does $20 at a time, some others $25 or $50).
Earn a total of 100,000 points or $1,000 per year.
Earn BOTH purchase and flight points. Can only earn 50,000 flight points per year. Earn a point per dollar spent on ticket, and get I think a third of the total miles flown (count both flight there and back). Example, spend $350 on ticket, fly total of 6,000 miles, get 2,350 points.
One point per dollar spent on any other purchases as well.
MUST redeem equal or greater number of purchase points whenever you redeem your flight points.
Okay, I must say the gift card thing throws me off a little. Maybe just do the first purchase, and use the card for BT's?
Oh, my letter says I "could" get 0% on BT's till Oct. '06. If any of this sounds interesting, just don't trash any offers you get from Citi in the mail. It might be worth checking out!
Author: jlrdc909 Posted: Mon Oct 17, 2005 11:56 am Post subject: Chase Platinum
Hi:
During the past 6 months I have received several different offers. I have accepted 3 of them. At the end of September, I received an offer from Chase for a platinum Visa. I accepted the offer online, I dont even think it had time to pull a credit report, it said "We will review your application, and let you know in 30 days". Calling back today (nearly 3 weeks since applying), they said the account was "pending", I asked what that meant, and he said that they need to determine rate of interest, credit limit. I have never seen an pre approved application take so long. He said that a decline would have come right away, so hold on for another week. Anyone else have this situation with Chase?
I know I will get this question asked, so I will answer it in advance. I found this website on a search engine, and read the posts nearly twice a week!
Author: jlrdc909 Posted: Tue Oct 18, 2005 7:06 am Post subject: UPDATE
I called back today, and was approved $7,500. I dont know the terms of the account, but I rarely pay interest anyways. According to this CSR, I had opened 3 new accounts in the few months, therefore "red flags" went up. After a manual review, it was approved. It looks like Chase does manual approval if something fishy comes up on your report. I hear that Chase is notorious for giving you one interest rate when you get the card, then start jacking it up over time? I have also hear the Customer Service is not that great? Any feedback on Chase would be appreciated!
Author: MattK82 Posted: Fri Oct 21, 2005 11:26 pm Post subject: Chase Platinum Credit Card Review
Chase is evil.
I had a card with them with a 60k credit limit with about 15k on it. I went off to law school and they decided to raise my rate from PRIME + 0% to 11.99% and then to 22.99%
I canceled the card and paid it off.
However, I will never do business with CHASE again.
Author: scarymary Posted: Mon Oct 24, 2005 5:12 pm Post subject:
There should be an amount listed on your statement as to what you can get out as a cash advance.
Something like... available credit = $$$$$ Amount available for cash advances = $$$$$
The two amounts may be different.
Author: Polonius Posted: Mon Oct 24, 2005 5:57 pm Post subject: Credit Card Cash Advance Tips
The amount you can get at an ATM is also limited--typically to $200-$500 per day. If you want to draw out your entire cash limit as a cash advance, go to any bank offering your kind of card (e.g., MasterCard) and ask for the advance at a teller window.
Remember, cash advances usually have a higher interest rate, a fee of typically 3%, and no grace period. Far better to draw the money out as a balance transfer if you can...
Author: rainyday Posted: Wed Oct 19, 2005 8:07 am Post subject: Citi extra 5%
I was on my Citi dividend card online account to make a payment and noticed off to the right there is a box saying.. holiday bonus earn 5% statement credit on purchases at department & discount stores until 12-31-05. I clicked on it but it didn't take me to a sign up page so I am going to try calling about it later(so I can talk to an American) to get it added to my account. I will let you all know how it goes but was wondering if any one else noticed this on their account?
Author: maddybeagle Posted: Wed Oct 19, 2005 12:36 pm Post subject: Citi Bank 5% Statement Credit
Nope, dont see that for any of my citi div. cards, but I want that so I can hit wal-mart and get 5%!
Author: rainyday Posted: Wed Oct 19, 2005 1:53 pm Post subject: I called
I called Citi and they are telling me my account doesn't qualify for this promotion. I asked why it was on my online account page if I didn't qualify? They said to send a copy of the page to them and they will honor it. O.K simple enough so I go to my online account page and it's not there anymore! I am more than a little pissed up until now I was happy with Citi now I feel like they removed that offer on purpose.
Author: grantsi Posted: Sat Oct 22, 2005 9:35 am Post subject: girlfriend
I am 25 years old, no debt, Amex card with 10k limit, Discvoer with 15k limit, and Visa with 12k limit - my credit is flawless and I have never missed a credit card, insurance, rent, etc...payment. My girlfriend has plenty of cash, but horrible credit because of some poor decisions she made in her past. Now she can not get a credit card. I am willing to absorb any risk that comes with giving her a credit, however, I want to know what opening a joint credit will do to my credit rating. I understand it will help hers...but will it do anything adverse to my rating? Do you have any advice for letting her piggy back my credit to improve hers without hurting mine?
Author: maddybeagle Posted: Sat Oct 22, 2005 10:35 am Post subject: Helping Someone Else Get Credit
I wouldnt do it. If she has made bad decisions in the past, if she does the same after you cosign with her, it will trash your credit. Besides, if you break up, do you want to be responsible for her debt?
Author: grantsi Posted: Sat Oct 22, 2005 10:47 am Post subject: Helping Someone Else Get Credit
i am not worried about her not paying the debt - I am more worried what the act of adding her to my credit card will do to my credit rating. The alteria motif behind asking this question is we are going to be engaged in the next few weeks and looking for a home within a yaer - i am trying to make sure our credit rating as a couple is as strong as possible. Having her rating improve by being tied to mine would be perfect, but if adding her brings mine down, the exercise is redundant.
Author: Polonius Posted: Sat Oct 22, 2005 10:53 am Post subject: Helping Someone Else Get Credit Make her an authorized user of your cards. As long as the payments are made properly, your credit won't be affected, but your good credit will contribute to hers. She gets the advantage of your good credit; you don't have any downside from her bad credit (since YOU are not an authorized user of HER cards).
Author: grantsi Posted: Sat Oct 22, 2005 11:00 am Post subject: Helping Someone Else Get Credit
thats great - thank you for your help - i also like the benefit of her earning us points for her purchases instead of using a worthless debit card. I am adding my GF as an authorized user on my AMEX right now - they basically set up a seperate screen so i can monitor all her purchases - basically she can treat it as her own card, but with the benefit of my credit improving her credit - lower mortgage here we come
You find out what limit you'll get after you apply. I think for a typical student card, it's under $1000, but I could be wrong. The bank looks at your credit history and, for Citibank these days, verifies your stated income if any, and then decides what credit limit to give you.
If you apply by phone, you could ask that--and probably would get a good idea after answering a few questions...
Author: Alexis Rios Posted: Mon Sep 26, 2005 8:17 pm Post subject: Citi Credit Card for Students
my first experience with student credit cards is that usually they send you a quite low credit limit to begin . Since my first card was after my student loans i receive a higher credit limit , because i have begin with credit history
Author: kouichi Posted: Tue Sep 27, 2005 12:14 am Post subject: Re: whats the limit on citi dividend cc for students
I got $2500CL on my first CITI® DIVIDEND® PLATINUM SELECT VISA it doesn't say if it's for college students or not though. And I forgot which link I used to sign up.
Author: Daniel Posted: Fri Oct 21, 2005 7:11 pm Post subject: Re: Prime/Sub-Prime
jlrdc909 wrote: Does anyone have a list of Prime vs. Subprime banks. I know that First Premier/Cross Country are Subprime Capital One: Both
But are there any banks that only cater to pristine credit?
Clearly some issue sub prime only like the CCB card but more often there is always going to be some that issue sub prime as well as prime cards. There is rarely clear distinction. Cap1 for example offers some prime products but have a plethora of sub prime cards.
Chase also issues sub prime cards but the majority of their portfolio would be prime. Bank of America is pretty picky they offer a sub prime secured card but other than that it’s pretty much prime.
I guess it comes down to what you consider prime versus sub prime. For me prime equals low APR, high credit lines, outstanding service, rewards, frequent low rate balance transfer offers where sub prime would have the opposite.
If you have good credit and assets and want the best terms, in general stick with the large issuers or credit unions if you get less than their best rate demand beter terms or take your business elsewhere.
Author: Jupswal Posted: Thu Oct 20, 2005 7:14 pm Post subject: Good/Bad balance transfer banks
I'm wondering if anyone knows which banks have good balance transfer offers, and which banks don't offer them at all. Is there a site to go to that would have a list?
These are from a Google search on "0% balance transfer offers." Any time you have a question that begins with, "Where do I find...." just do a Google search. I am constantly amazed at what you can find this way.
Author: scarymary Posted: Thu Oct 20, 2005 11:50 am Post subject:
Well, I can tell you that 2 months ago... I would have fallen prey to every one of those traps...
As I read the article... I kept thinking to my self... "I know that", "I know that!" LOL
It's true, from two cycle billing to even the finest print on a card agreement... I am understanding all of this. I am very savvy in the Real Estate industry but was not in the CC industry. I owe cardratings.com and these boards a lot of gratitude. I'm glad they referenced your site!!
Author: jlrdc909 Posted: Thu Oct 20, 2005 2:34 pm Post subject: Great Article
This is a great article, but this should not come as a surpise to the readers of this board. I guess the bottom line is EDUCATION, which when it comes to credit, most of the nation needs some light shed. I find it funny that most people relish in Alegbra and Trig, but when it comes to everyday finance, they have no clue. The banks are in the business to make money, and the less educated the public is, the better they come out. The best thing to do is to stay on top of the articles, read the posts and be an informed consumer. The board is the most informative I have seen so far!
Author: Ira Posted: Thu Oct 20, 2005 11:54 pm Post subject: Credit Cards With Great Rates
I agree, great article but nothing that hasn't been discussed right here as nausium. There's nothing bad about great offers as long as you read and understand them, follow the rules to the letter, and above all else, PAY ON TIME, EVERY TIME. If you do you can make out like a bandit. I've stated it many timnes, but I made almost $900.00 last year through the use of 0% balance transfer offers. It looks like I'll make just about the same amount this year. The rules are there for everyone to see. If you're not sure, call customer service for the bank making the offer and discuss your concerns with them.
I have an 8k Line with them taking advantage of a nice 0% offer, I called two weeks ago and asked for a cli to 10k they said I had sufficent credit with them. I asked to speak to someone they said no one to speak with. So I go online and apply for another Chase card Visa Signature and I call the next day to find the status, they were still making a decision, I looked though my credit monitering service and saw they pulled two files for me today so I give them a call and boom they gave me a 7k line. Im just wondering if cli's people never look at maybe a computer decision and applications are reviewd by people? Any ideas out there?
And is it still their common practice to approve you for one line be agree to double it for bt's?
I know they have done that in the past I had a 2.5k line but they said if I wanted 5k in bts they would do it, same thing when I got the line I had now got the card at 4k and did 8k in bts.
Do they do this now that bank one has a hand in the pot?
Author: jlrdc909 Posted: Thu Oct 20, 2005 2:41 pm Post subject: Manual Review
Chase seems to be one of the last of the CC companies that do a manual review if it doesnt pass on the computerized test. I just got approved after waiting 3 weeks, I had opened a few CC's over the past 6 months, most banks would have said no, but they did a manual review, so the wait was worth it.
Author: moonshado Posted: Fri Oct 21, 2005 8:18 am Post subject: Chase Credit Card Limit Increase From Chase
Update on the very smart people at Chase.
So I get the 7k line and relize they gave it to me at a 21% interest rate. I call and complain they say there is nothing they can do. So I say fine just consolidate this line over to my other Chase line. They put me in touch with a credit analyst that denyes it saying I have too much credit. I reply with if your alredy giving me the credit why does it matter where it is.. I get a whole line of C R A P . I ask to speak with a supervisor they say they will have to have one call me back. I wait two days and nothing so I call back and ask for a supervisor credit analyst comes back on the phone and states ok we will combine them but we have to leave 500$ on the new card. Im like ok fine. So heres where they show how smart they are again. 8k + 6.5k = 14.5k but the analyst tells me so that will make your new line 16.5k which is where it is today.
So not only are they lacking in common sense but math skills as well..
But hey another 2k on my 7.9f line im a happy man!
Author: Polonius Posted: Fri Oct 21, 2005 10:09 am Post subject: Chase Credit Card Limit Increase From Chase
It'a confusing. My guess is that new card applications are handled differently from existing card line increase requests. In another thread, someone complained that Chase had cut her off from balance transfer offers. I forget to mention then that I have 4 active cards with Chase--when I go online and check for bt offers, 2 of the cards show I can do bts, 2 show I can't. The marketing offers are designed for certain cards or types of cards and vary month to month. Point--it's wrong to assume any of these actions are personal in any way. If there's no CLI for your account today, it may have nothing to do with your credit, only with the current marketing. Wait and try again.
I applied for a fifth Chase card earlier this week; TransUnion was pulled. I'm waiting to hear back...
Author: somercamb Posted: Wed Oct 19, 2005 9:48 am Post subject: residual interest?
The most recent Consumer Reports has some great articles on Credit Cards. One thing they briefly touched on was "residual interest" which i had never heard of. Here is how they explained it (without any elaboration):
" Another twist, called residual interest, recently adopted by American Express, works like this: You get a bill with a $1,000 balance on Nov. 1 and mail in your check so that it arrives by the due date, say, 25 days later. On Nov. 2, however, you charge $500. Before Amex’s change, you paid no finance charge on the $500. Now Amex charges interest on the purchase until it receives your $1,000. "
Am I reading this correclty? If you have a (specific?) AMEX card you will be charged interest on new purchases until they receive your current ON TIME payment? So, is one supposed to stop using their card until they know AMEX has cashed their check or debited the $$ from the customer's checking account?
It's difficult to interpret without more info, but I wonder if this is applicable to those who pay IN FULL and ON TIME. From what it states it seems to include all folks.
Author: Board Monitor Posted: Thu Oct 20, 2005 7:58 am Post subject: Residual Credit Card Interest
Greetings and welcome to the board! Doesn't apply to folks who PIF as far as I know. We did a new article on this topic a few months back:
http://www.cardratings.com/creditcardnews Out of curiosity, how did you find out about our website? _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: somercamb Posted: Thu Oct 20, 2005 8:21 am Post subject: residual interest article?
Not sure from where I found your site (maybe via bankrate.com?). I have had it and related sites bookmarked for quite some time, but never used the board before now. I went to the news link but found nothing on "residual interest"....
Author: maddybeagle Posted: Wed Oct 19, 2005 1:34 pm Post subject: Restaurant Credit Card from Discover
when I had the promotion, I used it at subway and Applebee’s with no problem.
Author: milavant Posted: Wed Oct 19, 2005 2:24 pm Post subject: Restaurant Credit Card from Discover
Thanks, Maddybeagle! I was looking at their website and I could not find the "tier" structure. You get 5% at restaurants for the first $1500 charged. What happens after that? What is the % for non'restaurant purchases (although I have other cards that pay 5% for that)?
Author: Board Monitor Posted: Wed Oct 19, 2005 6:44 pm Post subject: Restaurant Credit Card
Just switched our Discover Platinum Card to the Restaurant Rewards Card. Will let everyone know how it goes!
Just an FYI- You can switch between the various Discover Card flavors anytime you want... _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: diddlydudette Posted: Mon Oct 17, 2005 5:11 pm Post subject:
No word yet scarymary.
I received this e-mail from Emigrant on 9/23. Hmmmmm....it's been over a week or two. I'll post as soon as I hear. I can't wait to see what they offer.
WE'RE ADDING THE HIGHEST CASH BACK CREDIT CARD IN THE COUNTRY TO OUR HIGHEST SAVINGS ACCOUNT RATE ONLY FOR EMIGRANTDIRECT CUSTOMERS!
Thank you for registering your interest in EmigrantDirect's newest product a new high cash back credit card, offering platinum-level benefits and cash back amounts deposited into your American Dream Savings Account automatically not once, but twice a year for added convenience.
You will receive a PRIORITY INVITATION to apply as soon as the card is available. We hope to have a credit card in your hands before Thanksgiving. Additional details will be available in the next week or two. We'll offer the highest cash back rebate in the country and hope that you will become a cardholder and discover yet another way that EmigrantDirect serves and rewards its customers with outstanding value.
Author: scarymary Posted: Mon Oct 17, 2005 7:22 pm Post subject: Tips on New Emmigrant Direct Cash Back Credit Card
Thanks for posting this!!! I haven't heard a thing about it from them. Please keep me informed if you get any more news.
Author: Board Monitor Posted: Tue Oct 18, 2005 8:48 am Post subject: Tips on New Emmigrant
It is definitely coming out...just don't know when. Will be soon, though. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: maddybeagle Posted: Mon Oct 17, 2005 11:30 pm Post subject: Having at least one of each of the major CC's
Does this give you better opportunities for balance transfers and offers? I thought somebody brought this up, but I was wondering how much it plays a part (do cc's look to see that you have other cards from other companies and dial up the goodies?)
Author: Board Monitor Posted: Tue Oct 18, 2005 8:43 am Post subject: Major Credit Card Issuers
Interesting question. I don't think they normally look over your credit report, but I am convinced that having mulitiple cards from multiple issuers gives you more options when it comes to balance transfers. Is this what you were asking? _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: Andri Posted: Tue Oct 18, 2005 9:20 pm Post subject:
It also increases your chance of taking advance of special offers by certain retailers/companies. I know Southwest offered double points for a month or two for paying with a certian type of card (Visa? not just teh southwest card for any visa branded card). I htink I have seen a similar deal with at least one hotel chain also.
Author: JakeC Posted: Mon Oct 03, 2005 11:16 pm Post subject: Chances at Citi Dividend Platinum Select
I'm a college student who wants to apply for the Citi Dividend Platinum Select card (not the student one) for the rebates and b/c it seems like the best card out there. I'm in North Carolina doing an internship (making a little money) this fall semester; my school and my parents' house is in Florida. I will not be working when I go back to school next semester. I don't know my current credit score but can provide the following information:
I have two accounts open: a store card with a very low limit that has been open about 2 years and an amex account w/ a $1500 limit that's been open about 14 months, no lates on either, always paid in full each month.
My score was low 700s in july, but should be higher now because my amex account had a limit of $500 and a high balance of $450. Now the limit is $1500 so the utilization is under 30%.
I have a hard hit from 5 weeks ago because I opened a checking account at a new bank although I didn't apply for credit. The last hard hit was 14 months ago.
Do you think I have a shot? I know the application will ask for household income, which is not very high now b/c I'm not at my parents' house and I am completely supported by them. Should I wait a while to apply b/c I have the recent inquiry?
Author: JaneiR36 Posted: Tue Oct 04, 2005 1:46 am Post subject: Citi Dividend Platinum
I happen to think you'd have a pretty good shot at the card especially if you added a parent as a cosigner and/or provided their income w/the household income (they have excellent credit?)
Author: hesiden Posted: Tue Oct 04, 2005 6:29 am Post subject: Credit Card Review
Since you have an AMEX care I think you have a good chance. One recent inquiry is not a problem. Also there are three major credit reporting agencies, the hard inquery from the bank is probably on one of them and when Citi pulls your credit it might pull from a different one.
Anyway, Chase Cash Plus is the same as the Citi Dividend card. With 5% earnings on gas, grocery and drugstore purchases, and 1% everything else.
Author: JakeC Posted: Tue Oct 04, 2005 7:14 pm Post subject: Citi Dividend Platinum Credit Card Review
Yes, my parents have excellent credit, but I don't currently live with them and I think listing a six figure income could raise a red flag. Could I just list some of their income? I pulled my equifax report (w/o the score) and it had the recent hard hit on it-I've read from the Yahoo group "whopulledmycredit" that Citi generally pulls equifax.
Author: scarymary Posted: Wed Oct 05, 2005 9:26 am Post subject: Citi Dividend Platinum Credit Card Review
I'm in PA and recently applied for the Citi Dividend card. They pulled TransUnion which is my most limited report. I've had credit since 1986 and still can't get approved when a creditor pulls TU!!
So guess what! Denied! Oh Well.
BTW... I have delinquincies that are more than two years old, are paid but are still reporting to the bureaus. Citi told me that as long as the delinquencies report, they will always decline those applications.
So I should be able to apply with them again around 2010!!! LOL
After that I wanted to apply with Chase but one of the first 3 questions is "Do you have a history of serious delinquencies?" Well, yes... but they're old.
What qualifies as a serious delinquency and when can answer "NO" to that question????
Author: gameboy Posted: Fri Oct 14, 2005 1:20 am Post subject:
Allow me.
"You may earn a maximum of $1,000 in rebates each year under the Driver’s Edge Rebate Program based upon the date you become a Citi Driver’s Edge cardmember."
Author: MadDuck Posted: Sat Oct 15, 2005 2:43 pm Post subject: Drivers Edge Rebate Credit Card Program
Promotions only apply to new cards, generally. In this case you would get the rate the 6% reverts to for new cardholders after the year. I think its 3%.
Quote: "You may earn a maximum of $1,000 in rebates each year under the Driver’s Edge Rebate Program based upon the date you become a Citi Driver’s Edge cardmember."
well thats still $16,666 in purchases you'd get 6% back on. How much gas do you buy in a year?
Author: vicmail12 Posted: Tue Oct 18, 2005 8:45 am Post subject: Drivers Edge Rebate
Our gasoline expenses are prolly $2K/yr, but our groceries total $12K/yr. It is mine and my wife's only regular splurge/hobby. We buy mostly organic foods at Whole Foods, aka, Whole Paycheck.
Let's assume, I qualify for the 6%. Comparing this to a 5% grocery/gas rebate card, I'm getting 1% extra on $14K (my gas/grocery expense), or $140.
I think it would be worth it to open a new account for this marginal rebate, even if I could only do it the first year.
Author: TheGreatestExpectation Posted: Wed Oct 12, 2005 11:12 pm Post subject: :) Young, Learning, Eager...
I love this site. I have behaved like a fly on the wall for the past two months. Reading everyone's post and utilizing all the advice coming from all the posters such as Polonius, Ira, and Nightstar and Gameboy. This is my first post. My situation is as such. I just turned 21. A few weeks before I turned 21 I reqested a copy of credit report from all three bureaus. Within a matter of a few weeks I received my copies. It stated that I had items that were sent to collection and medical bills that were sent to collection as well. two of the collections were as a result of idenity theft that occured when I just turned 18, a few years back. And, within a matter of two weeks, TU and Exp sent me new copies of my report "agreeing with the consumer" and deleting the file. This dispute settled in my favor after I produced the forgery affidavits. Now, I am waiting for the result of the medical collections. (They only showed up on the Exp report, not the other two). However, I have never has a credit card in my name. The only negatives on my report are the collections and the positives are my deferred student loan. I really need a card to start building my history and I have been researching heavily for the past two months, yet should I apply now for a card or wait till the medical dispute settles. I applied for a student MBNA and was denied. Thus, they are my only "Hard" inquiry I would say. I really need the card and changed my opinions about credit cards after I was denied a TERI student loan, which is the best and most ideal private student loan. They told me I needed two years of employment and credit history. Credit history which I do not have. This student loan is important because I cannot go back to school without it, I have a 17000 unpaid tuition hanging over my head, in my name (long story, my mom did not pay, she says she did, but she did not. And arguing with her is of no use) I know this is a lot of info for one post, but I really need all of your great advice, at your convenience of course. I really want to start taking full charge of my life and financial independence and most importantly, financial know-how is the first necessary step. Thanks !!!
Author: gameboy Posted: Thu Oct 13, 2005 12:22 am Post subject: Good Starter Credit Card For Student
Dear TheGreatestExpectation,
I started off in April with the BOA secured card. That is my first credit card. For that I believe you have to pay $29 annual fee and open a savings account with a few hundred dollars, but as long as you are good with the payments, the $29 will be worth it. I personally opened it with $1500. They report to all 3 credit bureaus, so that's good. Also don't charge too much to the card. Keep the utilization ratio down to around 10-20%. Whenever I am charging more than 20% of my credit limit, I go to the bank to pay it off before the bill cycle closes so I will have a low balance in the end of the month.
One more thing to remember is that you should never buy something with the card if you are not sure if you can pay it off in the end of the month. I know that being able to spend more than you have is tempting, but just remember you HAVE TO pay it back eventually. You can pay it back now, or pay it back later WITH INTERESTS! (This is the bank's face: )
See what you get when you are a good boy? Amex is willing to give me a $2000 credit line just 6 months after I had my first credit card. (This is my face: )
I am also surprised (and flattered) that you read my posts so closely. I almost feel like I have a stalker. Haha. Jokes aside. I am glad that I helped you in any way. There are many knowledgeable people here that are very eager and willing to help. Please feel free to ask any questions.
Lastly, welcome to the forum, and best of luck to you.
Author: maddybeagle Posted: Thu Oct 13, 2005 7:21 am Post subject: Good Starter Credit Card For Student
you could always research a cc that doesnt pull a credit report from the report that has the medical collection. Is the collection accurate? and how old is it? you could also have someone cosign for you have them removed in a year or so. Of course, you have to pay every month and not skip or else you will pull that person's credit down, so you have to convince you are responsible.
Author: TheGreatestExpectation Posted: Thu Oct 13, 2005 10:19 pm Post subject: Good Starter Credit Card For Student
Thanks for your reply Gameboy. It means a lot I really look towards your post, because your are like me; young, fresh, and starting out to handle a relationship with our money, finances, and credit that could very well span 50+ years! Ira is the best example of that. However, unlike myself now, you are where I hope to be in six-nine months. Thanks for the advice. I will definitely look in to it!
Author: scarymary Posted: Mon Oct 17, 2005 2:32 pm Post subject: Check out the terms on this...
These terms are from the Commerce Bank Visa Rewards Card... There must be a typo in the fees section. (I cut and pasted this from their site so I apologize in advance if this doesn't post properly).
IMPORTANT INFORMATION ABOUT THE COMMERCE BANK VISA® CARD Annual Percentage Rate (APR) For Purchases 2.99% UNTIL THE END OF THE FIRST 6 MONTHS OF MEMBERSHIP, AFTER THAT, 10.74%* Other APRs BALANCE TRANSFER APR: 2.99% UNTIL THE END OF THE FIRST 6 MONTHS OF MEMBERSHIP, AFTER THAT 10.74%* CASH ADVANCE APR: 14.74%
Variable Rate -Information YOUR APR MAY VARY. AT THE END OF THE FIRST 6 MONTHS OF MEMBERSHIP, THE RATE FOR PURCHASE AND BALANCE TRANSFERS IS DETERMINED MONTHLY BY ADDING 3.99% TO THE PRIME RATE** YOUR APR FOR CASH ADVANCES IS DETERMINED MONTHLY BY ADDING 7.99% TO THE PRIME RATE**
Grace Period For Repayment of Balances for Purchases YOU HAVE NOT LESS THAN 25 DAYS*** Method of Computing the Balance for Purchases AVERAGE DAILY BALANCE (EXCLUDING NEW PURCHASES) Annual Fees NONE Minimum Finance Charge $.50 Transaction Fee for Cash Advances: NONE Balance Transfer Fee: NONE Late Payment Fee: NONE Over-the-Credit-Limit Fee: NONE * Introductory fixed 2.99% APR for purchases and balance transfers during the first six billing cycles of card membership; after that, variable APR for purchases and balance transfers is the Prime Rate** plus 3.99% (10.74% as of 9/20/05) on the entire outstanding balance. -------------------------------------------------------------------------------- ** The Prime Rate means the highest prime rate published in The Wall Street Journal on the day the rate is determined (or the previous day on which The Wall Street Journal was published if the paper is not published on that day). The date the rate is determined is the first day of each month. Any increase or decrease in the Prime Rate will result in an increase or decrease in your monthly periodic rate and corresponding APR. These changes will be applied, as applicable, to your existing account balance and to subsequent transactions effective as of the first day of the billing cycle immediately following the month in which we calculate the rate. Variable rates accurate through 9/20/05. -------------------------------------------------------------------------------- *** You have not less than 25 days to repay the entire previous purchase balance before being charged a finance charge. If the purchase balance is not paid in full on or before the due date, finance charges will be assessed on the posting date of purchases made previously. The grace period is the same for balance transfers. The grace period does not apply to cash advances. The terms (including rates) stated in these disclosures are subject to change.
Notice to New York Residents: A consumer credit report may be requested in connection with your application or in connection with updates, renewals or extensions of any credit granted as a result of your application. Upon your request, you will be informed whether or not such a report was requested and, if so, the name and address of the agency that furnished the report. New York residents may contact the New York State Banking Department to obtain a comprehensive listing of credit card rates, fees and grace periods. New York State Banking Department: 1-877-BANK-NYS, One State Street, New York, New York 10004-1417.
Patriot Act Notice - Important Information About Procedures for Opening a New Account: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to verify your identity. We may also ask you to send a copy of your driver's license or other identifying documents.
Terms and Conditions: Each Applicant submitting below ("I") is applying to Commerce Bank, N.A. ("Bank") for a Visa® Card ("Card") as indicated above. I authorize Bank to make the credit inquiries considered necessary for processing my application and for any review or collection of my Card Account(s) ("Account"). I also authorize any person or consumer reporting agency to compile information to answer the credit inquiries and to furnish information to Bank. I understand that if this application is approved, I will receive a copy of the Credit Card Agreement that applies to my account ("Agreement"). Use of the Card indicates that I agree to be legally bound by the terms of the Agreement. I expressly agree to account privileges made available to me. I agree this application, when submitted, is by each Applicant included in this form, and if approved, the Account will be established in both names. I agree that the terms stated in this application apply to each Applicant and that all Applicants will be jointly and individually liable for all amounts due on the Account at any time.
Author: nycreditjunkie Posted: Fri Oct 14, 2005 10:55 pm Post subject: Strategies to maximize 0% BT offers for bank deposits?
I have played the 0% game in 8-10K increments here and there back when I had a car payment, but haven't in a while.
I recently received a very clean 15 month 0% offer on a card we already have with $20K limit - no fees involved. Card is Plat MC with USAA - well known for straight dealing, and we are longtime customers with everything from insurance to IRA accts. The offer is good till 11/15/05 and is valid up to whatever our credit line is and we have a check that we can deposit right to ING. Just on a lark I called to see if I could increase credit line. They don't tell you a maximum limit and make you pick something, so I asked for $50K - this was no problem over the phone.
At current interest rates, I'm seeing some substantial profit potential here. I'm thinking of doing a transfer in early Nov, then holding in savings 2.5 months at 3.4-3.5%, and then converting to a 1-year CD at 4.2-4.5% under the hope that rates are even higher 2.5 months from now. (today's inflation numbers should help that) This nets roughly $2000-$2500 over 15 months.
This experience has really piqued my interest on a few topics.
First, I regret not asking for more credit to milk this deal. We have about $75K on deposit with USAA, including some old IRA rollovers, after tax investment accounts, checking, and savings. Married with a house and spotless credit/payment history. We have had the USAA card about 5 years, and combined annual income is ~$200K base salary and $25-$50K in bonuses and consulting income that varies - I'm not sure they factor that extra part in. Liabilities are ~$3K mortgage payment, $500 car lease (0.6%) and $150 on consolidated dirt cheap student loan rate; otherwise debt free. What should I have asked for in a credit limit given these circumstances? Would $100K have been possible?
Second, since I'm planning to coordinate one deal, I wouldn't mind doing some more at the same time. I have 4 cards with Citibank - Choice, Plat Select, AT&T and Dividends. Limits range from $10-$15K - haven't ever asked for increases. I will probably make Dividends my primary card and in the process change to the points card to avoid $300 cashback limit, but I have the other three all sitting around. The only thing I do with them is once in a while they all get $20 statement credits if I use them within a month, so I do that for $20 of gas when it happens. Not terribly productive compared to 0% deals.
Am I likely to have success extracting some 0% deals from Citibank on existing cards? I assume I should attempt before doing the $50K check on our USAA card? What kind of luck are people having with Citibank doing this? With limits of $10-$15K on these cards, should I ask for increases with 0% BT offer? Or should I just apply for a new card I don't yet have with them? I want to maximize available money to deposit if I do this - much less that $10K/12 months/0% is not really worth the hassle to me.
Are there other 0% deals from other banks that I am likely to get a good credit line on before taking the $50K deal with our financial situation? I don't have any cards outside USAA and Citibank at this time. But it's not really worth the trouble to get another card with intro 0% but < $10K limit, which has sometimes been my experience in the past.
Also, is it easy to just ask for a check that we can write to ourselves/cash from other banks? In the past, I have either fabricated a large balance on one of our no-fee cash advance cards we have between USAA/credit union, but this still incurs a few days of interest charges at 10-12% interest. Alternatively, I once simply created a huge credit balance by having a balance transfer check sent to a card with no balance. But the cleanest way is just a check I can cash and open up a CD with, and that would be preferable.
Author: maddybeagle Posted: Sat Oct 15, 2005 9:12 am Post subject: How to Maximizing Balance Transfer Offers
Citibank has no problem with sending you a check in your name. It is now an option in the online bt application.
I also heard of people using their debit card number for a bt so it goes right into a bank account (I will probably try that once I get a card---just applied for one with a small balance at a local bank separate from regular checking). I have also transferred to another card and asked that card for a credit balance--that takes a little time). Citibank and Discover dont mind issuing a credit within a few weeks. Some other banks dont like this and may want to sit on the money for awhile.
Author: MadDuck Posted: Sat Oct 15, 2005 2:37 pm Post subject: Balance Transfer Offers
Quote: I also heard of people using their debit card number for a bt so it goes right into a bank account
smart smart smart. Are we just smart, or the credit card companies dumb? Yet another fine way of outmaneuvering. Most companies though allow a balance transfer check to go right into your checking. But make sure its not a cash advance check (the 0% deal does not apply)! Some, ie.MBNA, will do an ACH transfer right into your checking.
Author: Polonius Posted: Sat Oct 15, 2005 2:41 pm Post subject:
There are a few banks that won't accept a payment that exceeds the balance due by a great amount--the check is returned to the sender. Some have mentioned that here. I haven't experienced that myself.
I finess the deals by doing the balance transfer to banks that allow purchase checks for no fee (like my accounts with Capital One). I withdraw the funds first by a purchase check, then do a valid balance transfer, then withdraw the funds again. That never raises any problems with the banks since you never go to a credit balance and you are always paying off an existing balance.
As far as getting 0% deals on existing cards, they're pretty rare in my experience. I have six Citibank cards. I've never had such an offer on my AAdvantage and Driver Edge cards and Sears cards. I've gotten one 0% offer on my AT&T card. I get nice offers on my two converted Mellon cards, but not 0%. Lately the offers I do get on all these six cards have had no balance transfer fees. Limits vary from $4000 to $42,900 on these cards. No one to know what limit a bank will approve.
Author: csyberblue Posted: Tue Oct 11, 2005 1:33 pm Post subject: College kid with a bunch of questions
Hi, thank you all for your help in advance. I have quite a few questions and you all seem like the source to go to.
I've had a gasoline credit card in my name now since 2003. My parents paid off the gas card in full every month.
Now I'm looking to get another credit card. My parents will be paying it in full every month as well.
A low credit limit on the card is ok for me, but there are a few features that I would like to have on it.
Some card companies offer a "1-time use" generated number for making online purchases, so if a crappy company stole my credit card number, they would have my actual credit card number. I think that's a cool feature that I would like to have.
I also don't want to worry about the card not being accepted someplace. I have a mastercard debit card, and I haven't had any problems with it not being accepted. I do however, worry about that if I got a american express card or discover card.
The AMEX Blue card sounded like a really good deal, I think it also increased the warranty period of items that you buy with it.
I also don't know my credit score. I've read that checking it too much can be bad for your credit history. So I've been nervous about checking it.
If any of you know a credit card that can fit this bill, I would be greatly appreciative.
Author: ericnmu Posted: Tue Oct 11, 2005 1:36 pm Post subject:
Checking your credit will not hurt you. Its called a soft inquiry. A hard inquiry too many times can hurt, an example of a hard inquiry is applying for credit cards.
I have a MBNA card, and it offers the generated number like you requested.
Author: scarymary Posted: Thu Oct 13, 2005 8:23 pm Post subject: Chase Flexible Rewards Card
I am trying to find out if anyone this and how they like it. I couldn'f find it on cardratings.com
I applied for HELOC w/ Chase and just received my paperwork today. Enclosed was an application for the Chase Flexible Rewards Card.
Prior to this... I was interested in applying for the Chase Cash Plus Card for the 5% gas, grocery and drug store rebates. I know that this is very similar to the Citibank Dividend card which I was just recently denied credit with.
Just wondering if the flexible rewards card might be better. Doesn't seem to be but am I missing something?????
Author: scarymary Posted: Fri Oct 14, 2005 11:52 am Post subject: Chase Flexible Rewards Credit Card Review
Flexible RewardsSM Visa® Signature Card. Get the innovative Flexible Rewards Visa® Signature card that lets you choose your reward. Earn 1 point for every $1 you spend in net purchases and redeem for your choice of travel, cash, merchandise or gift certificates/gift cards. Best of all, you can start redeeming at 2,500 points and we'll give you 1,000 bonus points after your first purchase. All with no annual fee!
Not going to carry a balance so rate not really an issue.
I am totally new at the Cash Back card game so I just need an idea on what would be better. Doing the math:
$1 = 1 point $25 gas purchase = 25 points the advance of $1000 points aside... I would need to get gas 100 times to get a rebate... of $25.00
CHASE Cash Plus Card Earn 5 points per dollar on gas, grocery and drugstore purchases. Earn 1 point per dollar on purchases elsewhere. For every 5,000 points earned, redeem for either a $50 check or a $50 gift certificate from a variety of world-class merchants.
5% of a gas purchase of $25 would be $1.25 Redeemable in $50 only so I would have to get gas 40 times...
I know... this is dumb but I'm trying to put it in perspective...
Author: JaneiR36 Posted: Fri Oct 14, 2005 1:37 pm Post subject: Chase Flexible Rewards Credit Card Review
But you don't have to use the other Chase card for only gas!!! Therefore the terms of the flexible reward card apply, and more. Unless you have any particular objection to using the card on anything other than gas?
Author: Board Monitor Posted: Fri Oct 14, 2005 3:42 pm Post subject: Emerge Visa Credit Card Interest Rate
This message posted by e-mail request from one of the visitors to our site:
I also have an Emerge Visa Credit Card. My interest rate however, is at 26.9%. I also contacted the company and asked for them to lower my interest rate.
I will be closing my account by moving it to Bank of America. They have worked with me through all of this and increased my overall credit line and lowered my interest rate.
Emerge has lost another customer. The consumer should have the right to discuss their accounts with a manager and not a call center. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: rmecseki Posted: Fri Oct 14, 2005 10:51 am Post subject: Which billing cycle is effected by the purchase?
Today the following information can be seen on my CHASE account:
Outstanding balance $0
Payment due date 10/21/2005
Minimum payment due $0.00
My outstanding balance was $0 each day in this billing cycle. I have not used my CHASE card in this billing cycle until today when I purchased something for $100. I suppose this will show on my account on 10/16/2005. Because of this purchase will the "minimum payment due" change for this billing cycle?
Obviously if I had made this purchase on 9/23/2005 my minimum payment would not be $0 now! When does the purchase effect the minimum payment of the current billing cycle and when the next billing cycle?
Author: JaneiR36 Posted: Fri Oct 14, 2005 1:35 pm Post subject: Credit Card Billing Cycle Tips
All purchases made after you've been issued a statement go on the next bill. With your payment due 10/21, it seems you are about to get another statement already? 'Cos that's where the 10/16 statement will be.
Author: imdeng Posted: Thu Oct 13, 2005 11:36 am Post subject: Citibank Bonus Rewards: How to make the most of it
I carry a Citi Platinum Select Divident credit card and citi is supposed to pay me 5% bonus reward points on all Groceries, Drugstore, Gas and other everyday purchases. This is a cool feature and I end up saving significant amounts. However, its difficult to know from the statement whether Citi is giving you all the bonus reward points you deserve. Also - you don't know which stores are considered "grocery" and which are not.
I made on Excel tool to help me deal with this and I am putting it up on my blog for everyone to use. The link is:
I found some nifty things with this tool. Like - I can get bonus rewards at Meijer for non-grocery purchases. Also - even if you buy grocery from WalMart - you don't get any bonus reward. So use the tool - figure out where you get bonus rewards - shop there and save money.
Author: maddybeagle Posted: Thu Oct 13, 2005 2:23 pm Post subject:
Thanks. Otherwise, I can tell by tracking the "reward activity" online. esp. at the start of the statement period, it is obvious what you are getting 5% on since there is a base and a total dividend cat. That is too bad about wal-mart. We dont shop there often since they are just putting in a superstore, but we will keep in mind to hit the other grocery stores for the deals. Anybody know about super target?
Author: JaneiR36 Posted: Thu Oct 13, 2005 11:57 pm Post subject: How to Make the Most Out of Credit Card Rewards
wow! I'm a total geek for stuff like this, you almost make me wish I didn't have thousands of dollars sitting on a 0% APR on my Citi rewards card!! I did just get the Chase rewards card, though, so I'm gonna have to start buying gas on it and see if it works.
Unfortunately, in my area, nothing compares to the prices at Walmart There just wouldn't be enough of a savings to warrant switching to a "rewards" merchant in that case. However, I do stop at Kroger every now and then for the odd item; I'll try to make the most of that.
Thanks for your excel worksheet, it's pretty cool!!!
Author: Board Monitor Posted: Fri Oct 14, 2005 9:10 am Post subject: How to Make the Most Out of Credit Card Rewards
How cool! Very impressive. Will have to try to download it... _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: MadDuck Posted: Tue Oct 11, 2005 5:42 pm Post subject: Maxed out on 0% balance transfers!
I've just completed 0% BT offers on 5 credit cards at once, now using 100% of my available credit!
I wasn't in debt, I just wanted the free (for a while) money. I'm now wondering-- what are the CC companies going to do? All offers were done using balance transfer checks deposited into my bank, so companies didn't know I was maxing myself out everywhere.
Author: JaneiR36 Posted: Tue Oct 11, 2005 5:57 pm Post subject:
FICO score drops a few points or plummets, as the case may be. But this is just about a non-issue if you're not planning on doing any big applications soon (mortgage, etc). Your BT terms should be safe until they expire, but CC companies in the future may use this high usage as an excuse to raise your purchase APRs. You may also have a harder time getting more of these offers approved in the future, unless of course you pay it off periodically!... or pay it down significantly just before you apply for more credit
Author: StephanB Posted: Tue Oct 11, 2005 6:14 pm Post subject:
Don't forget to make the monthly payments on this BT ..
Author: Ralph Posted: Tue Oct 11, 2005 6:30 pm Post subject: Maxed out Credit Card Balance Transfers
MadDuck,
I have read posts by other forum members saying that they had charged their cards up to 60,000$ to put the money in a saving account or for other purposes without any adverse consequence. Well my experience was different. I did what you just did a couple of years ago because I needed the cash urgently. Overnight, I transferred around 70-75% of my available credit to my checking account. I had around 100k in available credit and didn't have any credit card debt. I thought that by not maxing out my cards completely I would be ok. However a couple of months later, credit card companies started decreasing my lines, increasing interest rates and some closed my accounts. I had an MBNA Platinum Plus card that got closed. Before closing my account an MBNA financial advisor called me to inquire about the reason why my debt raised over a matter of days to 70,000$, all credit cards included. She said almost verbatim "credit card companies get nervous when things like this happen, they get worried that you might not be able to pay back... everybody is watching your credit report you know". MBNA was first to close my account (it was my oldest account, go figure), others followed with closures, hiking up interests and decreasing lines. I guess when 1 creditor lose confidence in you, others follow (they too see that your account was closed). My advice: others may tell you differently, but based on my personal experience I would advise you to pay back the balances as soon as possible to avoid running into a similar situation. Also you said that you transferred 100% of the balances. Are there fees for balance transfers? If so, be careful: in that case some banks might charge you the fee to you current cycle AND will add an overdraft fee (transfer fee + 100% used credit= overdraft). I know it does not apply to you since your balances are 0% but if the transfers were not 0%, crapy companies might even add your finances charges to your credit limit at the end of your cycle and charge you an overdraft because you passed your limits.
Author: JaneiR36 Posted: Tue Oct 11, 2005 6:38 pm Post subject:
It's probably different when you do it routinely and for sport, than when you do it as a result of trouble and desperation... I'm pretty sure that paying the money back every so often will also show that you're not interested in keeping the money, but rather moving it around so they have nothing to worry about.
Author: Leeb Posted: Wed Oct 12, 2005 11:45 am Post subject: Rental Car Insurance via the credit card
I'm about to rent a car for the first time in a couple of days. I'm 22, so I'll probably have to get a cosigner. Anyway, my question is exactly how do you go about using the credit card ins coverage in lieu of the ins provided by the car company? I've read that all you have to do is opt out of the voluntary ins coverage that the car company offers you (for around $15), and just pay for the rental with your credit card. Is it as simple as that? (I'll be using my Amex Blue by the way).
Author: Board Monitor Posted: Thu Oct 13, 2005 8:39 am Post subject: Rental Car Insurance on a Credit Card
Leeb,
Greetings and welcome to the board! Just about all credit cards offer this free benefit. You might want to double check by calling your card issuer. Just decline the insurance the rental card co. offers you at the rental counter. I have done this for years and never had any problems.
Out of curiosity, how did you find out about our website? _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: mouse Posted: Thu Oct 13, 2005 11:35 pm Post subject: gameboy wrote: If you have your own auto insurance, you should be fine. Some traveling credit cards also provide accidental insurance.
Drive safe!
CREDIT CARD INSURANCE is secondary coverage (most of the time)
Your insurance covers say all but $500 the credit card covers the $500
Author: moon Posted: Wed Oct 12, 2005 9:37 pm Post subject:
I have the card in my amex collection, if you fly jet blue it can be a great points program way it works I belive ever 200$ you spend you earn one jet blue point 100 jet blue points equals free flight, round trip. You get 25 points for your first purchase. Now it works wiht your jet blue Frequent flyer program Depending on how long your flight is you could earn upto 24 points per flight you take with them. When I use them I go from Boston to Los V. Which is 24 points. I go twice a year buy two tickets each time. So earning the extra points is pretty good.. Only draw back is points expire 1 year from time earned .. So unless you fly a couple of times a year you could end up losing.
Author: praetor Posted: Thu Oct 13, 2005 12:50 am Post subject: How do I get a Credit Card? Quote: How do I get a credit card and how do I get a credit card with bad credit or no credit?
Getting a credit card is not as difficult as it seems. If you have recently graduated, or you are still in college, credit card companies see you as desirable and a “good credit risk”. In fact, you probably receive credit card offers in the mail quite often. Compare the terms and be sure to choose one with no annual fee and with the lowest possible interest rate.
How do I get a credit card if I am not in college and I have bad credit or no credit? You can still get a credit card! Often the best way to get a credit card when you do not have an established credit history is to get a secured card. Orchard Bank is one of the major banks offering Secured credit cards. In most cases, you will have to send them money, usually about $200 - $250. They then issue you a credit card with that credit limit and often times up to double or more.
If I do get a credit card, what is the benefit? Why get a credit card if I have the money? The answer is to establish a good credit history. You can rent a car or hold a hotel room by using your credit card. You can make purchases without having to carry cash or having to write a check. If you pay the credit card bill off quickly, preferably in full every month. You will establish good credit and the unsecured credit card offers will start rolling in!
Author: creditnewbie Posted: Tue Oct 11, 2005 6:15 pm Post subject: What's with Citi Bank???
Recently, I have been receiving notices of membership renewals that I never signed up for. Everytime I called to find out about them, I was told that citi bank enrolled me in them after a call I made to their customer service. The first time I saw a notice of renewal that I didn't think I signed up for, I ignored it since I knew I hadn't enrolled or paid for whatever they were notifying me. I ended up seeing the charge on my citi mastercard, so I called to cancel the membership, and today I got another notice about dealpass.com and that if I don't cancel, they will charge me $139.95. So I called to find out about it and they told me that citi bank enrolled me in it after a recent phone call. So I cancelled it, and called citi to NEVER offer me ANYTHING whenever I call for whatever reason. Anyone had a similar experience? I know discover always tries to sell stuff whenever a customer calls them.
Author: JaneiR36 Posted: Tue Oct 11, 2005 6:41 pm Post subject: Credit Card Renewal Tips
wow... they almost always offer to sell me their credit protector, but have never charged me anything. Just be careful if they ever say they'll send you xyz for free to try their service for however long. In my case, they sent me a $15 gas card and some other info that I didn't quite look at. I felt it was a hassle to remember to call before the 30 free days were up and get out of that mess. It was hard to say no to the CSR because they were so nice. That's when they get you!
But that's pretty crazy that they'd just add the service to your account out of the blue!!!
Author: maddybeagle Posted: Tue Oct 11, 2005 7:52 pm Post subject: Credit Card Renewal Tips
Quote: I have been receiving notices of membership renewals that I never signed up for
If you didnt ask to sign up and it doesnt show up on your credit card, dont worry about it. If it does, dispute to have it removed.
Author: Ira Posted: Tue Oct 11, 2005 10:26 pm Post subject: Credit Card Renewal Tips
Did you ever accept any of the free magazine subscriptions that come as inserts with many credit card statements? If so and if you read the fine print you would have seen that you were signing up for automatic renewals which would be charged to the credit card that made the offer.
Author: creditnewbie Posted: Wed Oct 12, 2005 4:44 am Post subject: Credit Card Renewal Tips
no, I didn't. as a matter of fact, I was so annoyed by them trying to sell me stuff I refused that I always stopped them before they even finish what they were saying, so there was no way I signed up for anything. I called once because I had a aproblem with the account and the rep couldn't help me and told me that he was transferring me to someone else. Then I said "ok." at that point, I still had the problem, but he ended up trying to sell me stuff BEFORE he transferred me to someone who supposedly could help take care of the problem. That was supid because I was mad and he knew it. I told him I wasn't intrested in continuing that conversation and I wanted to be transferred instantly.
Author: steppin Posted: Fri Oct 07, 2005 1:46 pm Post subject: Chase refuses to lower APR, won't escalate call. Why not?
I'm really steamed about this. I hope someone has some constructive suggestions.
After four+ years of 11.5% fixed, in April Chase changed my rate to a variable and hiked it a quarter point every month or so, till it was up to 13.49%. So last month I called to ask for a reduction. The guy I spoke to said the best he could do was to knock off a half-point. Then he tried to sell me on two different balance transfer offers. When I said "no thanks," he said "Call back after the first of next month; there may be better offers available then."
So this morning I rang them and asked again, and this is what I was told:
"Your account is not eligible for rate reduction. No, I can't transfer you to a credit analyst. We do an account review every month or two, and your account must meet certain criteria to be eligible. No, I can't tell you what those criteria are."
WTF?? I did get bumped up to her supervisor, who repeated the same song-and-dance. My account is not eligible because it doesn't meet certain criteria, he can't tell me what they are, and he can't transfer me to a credit analyst. The only satisfaction I could get was a "correspondence address." When pressed for a reason, he said a possible reason might be that I might have "a large amount of unused credit elsewhere." He also alleged a late payment (all three credit reports show perfect payment for past 7 years on this account). "When?" I asked. After a VERY long pause, he says "In 2001."
Now, here are the numbers: I currently have a 5,500 CL with Chase. I have been paying down the balance for the past year or so, and currently owe only about 300. I have three other cards. Total CL: around 18,000. Total owed: around 4,800 (down from nearly 14,000 a year ago). As of late August/early Sept, FICOs were 663/666/711 (TU being the whack high score). Inquiries show that Chase has been doing soft hits (A/R) nearly every month.
As far as I can tell, improving my credit has made me unattractive to Chase. Here I was thinking that bringing my utilization to around 28% was going to make me a more desirable customer in the CC's eyes, but apparently I was wrong. I wonder, though, what happened over the course of one month to change their minds--they were happy to talk to me 30 days ago, but not any more. I seriously expected to get two or three different offers, just like last month, and instead I got treated like a leper.
What do you think is going on here? Should I go ahead and write a letter? I don't want to close the account because it's one of my older trade lines and makes up about 30% of my total CL. What to do?
Author: JaneiR36 Posted: Fri Oct 07, 2005 2:20 pm Post subject: How to Lower Credit Card APR
It's their company, they can do whatever they want with it. No, I wouldn't write a letter.
Shop around for more credit cards if you so desire. Sometimes you can even get a more attractive one with the same company! But no matter what, keep this card open. Like you said, they make up a good chunk of your credit limit and that keeps your FICO score up. The more unused credit vs. total credit line you have, the higher your FICO score is. Besides, that same card could have another offer down the line that you may wish to take advantage of.
Just keep the account, use them when they benefit you, and get another one to use more actively if you don't like what they have to offer!
Author: Polonius Posted: Fri Oct 07, 2005 3:14 pm Post subject: How to Lower Credit Card APR
But you just got a rate reduction of .5% last month! That's probably why no one will talk to you about another one right now. Sounds like your rate is indexed to the prime rate, which has been rising in quarter point jumps lately.
Just like some banks let you have a credit limit increase only every six months, some banks let you have a rate decrease only now and then as well. No harm in trying again of course.
Author: diddlydudette Posted: Sun Oct 09, 2005 7:13 am Post subject: Me again....reading more fine print with Chase. Admin. fees
Does this hold true for most other credit cards?
I was cleaning out my desk drawers and found Rates and Fee Table that came with my Chase card.
I scanned it and saw at bottom:
Administative Fees: Copy of Billing Statement or other record - $5.00
They were going to charge 5.00 to mail me a statement? Glad I saw that and changed my preferences to online statement only. They sure do put things in small print and not so 'Screaming at You' online where we would be more apt to catch it.
Author: CreditCardGuru Posted: Sun Oct 09, 2005 7:27 am Post subject: Chase Credit Card Tips
Not really with just Chase, LOL. Look at it this way, the Cardholder Agreement is the Bible for credit cards, LOL.
Author: diddlydudette Posted: Sun Oct 09, 2005 7:36 am Post subject:
CCG, This is really becoming exhausting trying to catch everything they might try and charge me for.
Can you think of anything I might have missed that they might charge for? Will they charge me to check my statement online? What if I pay my bill online? Is there a fee? What if I send in a check? Will they charge me 10.00 or some amnt to process my check? What if I ask a question via their site, are they charging me? Can I call them with a question, or am I getting charged by the minute to be on hold?
Author: CreditCardGuru Posted: Sun Oct 09, 2005 7:42 am Post subject: Chase Credit Card Tips
Phone support is always free, if you want to know of a bank that charges for that, WACHOVIA DOES, Wachovia will nickel and dime a poor man to death. Only allowed 2 calls per month to Wackovia or they will charge $2 per extra call. And Wachovia is full of crooks too!!! But as for online statement, no fees, and online payment is no fees unless its overnighted, which is stupid to wait til the last minute anyways, and also for future reference, if your payment date falls on a weekend or holiday pay it at least the business day before. Oh, yes, I read my credit card Bibles, LOL. And other than that I can easily waste my time talking to CSR's asking about all the terms and stuff. But Chase is pretty nice and upfront about their fees, some banks aren't, hint hint, WACKOVIA!!!
Author: JaneiR36 Posted: Sun Oct 09, 2005 7:59 am Post subject:
I call Wachovia all the time and haven't seen a $2 charge yet. Maybe I have been lucky and timed the calls right? I also saw someone on another group counter this point and say she's never gotten charged for it. They did send something in the mail to me, though. This was a few years back, they said they would charge the $5 for more than two TELLER transactions per month. ATMs, direct deposit, online banking, etc are free so they must have been wanting to limit people coming into the bank (more expensive for them, obviously), to do transactions you can do elsewhere.
Hey, dudette, please go back to your paper statement if you want. The $5 for COPY of statement means if you lose your statement and you'd like an exact copy, they would charge you $5 for it. MBNA charges like $1.50 or $2.50 last I checked. There is always a fee for this service. Your regular statement, however, should not cost a dime.
I've never responded to those ads to switch over to paper-free statements, because a) the company should not be so damn lazy or desperate to save money that they can't send me a paper statement. b) my email expires after a while. When the server deletes the old mail, then what? c) I don't know if the "real" online statements contain everything, because even though I check my accounts online like a maniac, when the bill comes in the mail is when I go digging and a lot of times stumble on some good stuff. I think you should keep both the paper statement and the online statement!!!
Author: ericnmu Posted: Mon Oct 10, 2005 3:32 pm Post subject: A few questions from a newcomer
Hi, I have a few questions regarding my overall credit situation.
Let me start with some relevent background. I am a full time student, 21 years of age. I have one college loan (deffered payment), through the US Dept. of Education. The total is around $2,000. I have two credit cards, a Capital One ($500 credit limit), and a Wells Fargo ($1300). I have had the two for roughly 2-2.5 years. I accidenly made 1 late payment to my Capital One card, which is noted in my credit report.
I signed up for Credit Watch from Equifax the other day. The first day my score was reported as 611. Two days later, it jumped to 649... not sure why. Is this service worth keeping?
I would like to cancel the Capital One card. I'm not really happy with it, and I don't use it. Would keeping this card benefit me in any way, as I try and build credit? I would also like to open a new credit card, but I have no clue which to look it. Should I get a student card, or a regular card? How can I tell how aggressive I should be while searching for the best card that I can get (meaning I dont want to apply to cards I know I cant get).
I am also looking into credit monitoring services. I have read mixed reviews of TrueCredit, in my situation is this a feasible choice? Another that has cought my eye is Citi's credit monitoring, but I cant find where it pulls the scores, does anyone know?
I know I am forgetting a few questions, but I am running out of time at work. I will keep this updated as they come to mind. And before you ask, I found this site via the google.
Author: gameboy Posted: Mon Oct 10, 2005 4:33 pm Post subject: Benifits of Closing a Credit Card
Unless you absolutely hate the Cap One card, you should keep it open to have a longer length of credit history on the credit report. Length of credit history is a big factor in determining your credit score (30% or 35%).
I would get a student card (and I did get one recently) because it's easier to get approved for them.
I don't know much about credit monitoring services. Someone else here will be able to tell you.
Author: maddybeagle Posted: Mon Oct 10, 2005 4:52 pm Post subject: Benifits of Closing a Credit Card
Welcome Yooper! When were you late on the payment. If it was recently, you could ask them to "forgive you". Even if it wasnt recent, no harm in asking. It sounds like folks here have had a good track record of getting by on 1-2 late payments before they get reported. Just asking is usually enough. As pointed out, your oldest account looks good to keep. Also, closing accounts isnt good esp. with as few of accounts you have. If you dont like cap. one, I would just "sock draw it" unless they charge an annual fee and apply for another account that you like using better.
Author: astounding Posted: Tue Oct 11, 2005 3:24 am Post subject: Benifits of Closing a Credit Card
Quote: I am also looking into credit monitoring services. I have read mixed reviews of TrueCredit, in my situation is this a feasible choice? Another that has cought my eye is Citi's credit monitoring, but I cant find where it pulls the scores, does anyone know?
The three major consumer reporting agencies (credit bureaus) are: (These agencies store your credit score. Contact anyone of them, and they'll have a file on you and your score and your credit history.)
Trans Union 760 West Sproul Road P.O. Box 390 Springfield, PA 19064-0390 (800) 916-8800 http://www.transunion.com/Personal/PersonalSolutions.asp
Equifax P.O. Box 740241 Atlanta, GA 30374-0241 (800) 685-1111 https://www.econsumer.equifax.com/consumer/landing.ehtml?^start=
Furthermore, if you EVER have a dispute about a mistake, incorrection or anything else related to "Credit score", above 3 agencies are the ones to contact. Because one of them will have made a mistake which happens EXTREMELY often.
Author: Board Monitor Posted: Mon Oct 10, 2005 3:53 pm Post subject: Unlawful Credit Card Practices
This message posted by e-mail request from one of the visitors to our site:
I finally paid off my card with Aspire, cancel the card, cut it up and sent it back with my last payment ( this was their instruction on the back of a statement). I explained to them in a letter I did not want to do business with them for several reasons. 1. unable to contact a human with the phone number they provide. 2. Interest rate to high. 3. Many time I never received a statement or notice of payment. 4. Unable to make payment vivi Internet at the time I tried 3yrs ago they charged $14.95 just to make that service. 5. Their customer (which there really is none) SUCKS.
I could go on but what is the point. I want to know who owns this company. How do they get away with the unlawful practices, or does our government turn the other way, is there a payoff to someone? _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: mouse Posted: Mon Oct 10, 2005 4:38 pm Post subject: Unlawful Credit Card Practices
Nobody held a gun to your head did they??????
I wouldn't ever send a letter or cut up card with a payment!!!!!!
"REAL" credit cards have a special address just for letters
Author: Ira Posted: Mon Oct 10, 2005 11:15 pm Post subject: Unlawful Credit Card Practices
Here's some answers to your questions:
Quote: CompuCredit markets the Aspire Visa Credit Card by means of LendingTree System, the online loan market place, now announced a contract with CompuCredit Corp. (Nasdaq: CCRT) to promote the Aspire® Visa® credit card on its growing Network of 54 lenders.
Visitors to the LendingTree site interested in obtaining a credit card can entire a appeal online and take delivery of a choice inside seconds as to whether they meet the requirements for an Aspire Visa card.
For the full statement go to http://www.losangeles.com/credit/aspire-creditcard-online.html
What do you think is illegal about their practices? What specific law do you feel they are violating?
Author: supersport Posted: Sat Oct 08, 2005 10:27 pm Post subject: 0% card to pay down mortgage?
Well my wife and I are in disagreement.
I've purchased a rental property for $80,000. My idea is to take out several 0% credit cards and pay off as much of this loan as I can...maybe up to $60,000. (I have a credit score of 780 and make over $100,000 a year but I don't know how many card companys will actually go along with this)
Then, in essense I will be able to pay off most of this loan at a 0% rate. Even though I'm very dilligent about paying bills, I admit this sounds pretty daring and daunting. However, if you think about it, I'm $80,000 in the hole either way...it's all in how you look at it.
My wife thinks I've lost my mind to go into a $60,000 credit card hole. She may be right, but my way I'd save almost $80,000 in interest!
Anyone with an experience like this? I'm I out of my mind?
Author: mouse Posted: Sat Oct 08, 2005 10:50 pm Post subject: Re: 0% card to pay down mortgage?
supersport wrote: Well my wife and I are in disagreement.
I've purchased a rental property for $80,000. My idea is to take out several 0% credit cards and pay off as much of this loan as I can...maybe up to $60,000. (I have a credit score of 780 and make over $100,000 a year but I don't know how many card companys will actually go along with this)
Then, in essense I will be able to pay off most of this loan at a 0% rate. Even though I'm very dilligent about paying bills, I admit this sounds pretty daring and daunting. However, if you think about it, I'm $80,000 in the hole either way...it's all in how you look at it.
My wife thinks I've lost my mind to go into a $60,000 credit card hole. She may be right, but my way I'd save almost $80,000 in interest!
Anyone with an experience like this? I'm I out of my mind?
How long does the 0.00% last????????
6 months?????
12 months?
I would assume NOT till paid
What is the "GO-TO"
Author: supersport Posted: Sat Oct 08, 2005 11:02 pm Post subject: Credit Card to Pay Off Mortgage
Well I'd probably hold out for a year of 0% interest. Then I'd have to transfer the balances.
Another option I guess would be to do it in $10,000-$15,000 chunks. Although I'd be paying alot of interest on the original loan this way, I could still save some money and probably better sell the idea to my wife.
I'm just curious if anyone's tried doing this. Done right, this could be a shrewd move.
Author: Polonius Posted: Sat Oct 08, 2005 11:26 pm Post subject: Credit Card to Pay Off Mortgage
I do it all the time.
Look, you're going to owe the money either way. There's no downside in paying less interest for as long as you can. It doesn't have to be 0% offers only. Anything less than the interest you'd be paying (considering that the mortgage interest is tax-deductible, and considering how much of your time would be involved as well) will save you money.
The worst thing that can happen is that you run out of low-priced balance transfer offers. Then you can get a HELOC on your rental or just go to a long-term mortgage instead. Possibly interest rates will have soared by then so you wind up without much of an advantage in the long run, but possibly you won't run out of offers...or mortgage rates will be basically the same or go down. No one can predict rates. But if you can save one or two year's interest, why the heck not?
I have a HELOC on which I pay 6.5% today. I moved most of it to credit card balance transfers on which I'm paying about 2% overall. There are 0% offers, 1.99% offers for 9 months, 3.9% offers "until paid"--whatever I can get. Works out to about 2% for me right now. If the offers dry up, I just pay off the credit cards from the HELOC and I'm still better off for doing it this way. My own credit card debt is around $160,000.
Your credit score will take a hit if you do this, but again so what? It will rise again when you pay off the balances.
Author: Board Monitor Posted: Sun Oct 09, 2005 9:20 am Post subject: Yes! Definitely, particularly in the credit card industry. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: CreditCardGuru Posted: Mon Oct 10, 2005 12:18 am Post subject: Bank Mergers
Kinda mad it keeps happening because it's leaving less banks to deal with, soon everybody gonna have one bank it if keeps up, LOL. Wish WAMU and Providian didn't merge, I don't like that idea, and neither did my ex. Two banks with totally different policies usually don't work out, LOL.
Author: gameboy Posted: Wed Oct 05, 2005 3:48 pm Post subject: Newbie - Amex Blue for Students
I just started building my credit 6 months ago (got a secured card from BOA). I paid it off every month, and now my credit score (FACO - Experian Plus) is 723. So far I am happy with my progress.
I think it's time to get another one. Since I am a student and student cards are fairly easy to get, I am thinking about applying for the Amex Blue for Students.
Is this too soon? Should I consider a department store card next instead of jumping ahead so much?
For those of you who have this card, was it easy for you to get, and what do you think about the card?
For the others, do you have any suggestions as what other cards I can get next?
Thank you for your help and advice. I love this place.
The Citi mtvU card for students gives 5 points (aka 5% back) per dollar spent at restaurants, bookstores, record stores, movie theaters, and video rental stores. Plus some points for good grades.
The Citi Dividend for students card gives 5% back cash on supermarkets, drug stores and gas stations.
Also ask BoA when you can switch to an unsecured card?
Remember you want to build history so these accounts you get now you want to keep forever, meaning eventaully you'll want to "convert" these student cards into another type. Converting means you keep the same history and date opened.
I'd get an account with each of the major card issuers (not all at once) Citi, Chase, BoA, AMEX, and Discover.
Author: JakeC Posted: Wed Oct 05, 2005 6:53 pm Post subject:
gameboy, I can tell you exactly what amex told me:
I applied and was eventually approved for blue for students. The rep said they require at least 1 year of credit history to get the card. If you really want to apply, I would call them and ask them is this is an objective factor they use before applying, because if it is, dont apply and you'll have saved yourself an inquiry on your credit report. Also, Amex doesn't allow cosigning.
Author: gameboy Posted: Wed Oct 05, 2005 7:30 pm Post subject: Amex Blue Credit Card for Students
JakeC wrote: gameboy, I can tell you exactly what amex told me:
I applied and was eventually approved for blue for students. The rep said they require at least 1 year of credit history to get the card. If you really want to apply, I would call them and ask them is this is an objective factor they use before applying, because if it is, dont apply and you'll have saved yourself an inquiry on your credit report. Also, Amex doesn't allow cosigning.
Thank you JakeC. I just called Amex, and the rep said she didn't know any specific requirements (such as the 1 year credit history rule) for the Blue for Students card. All she can do is to take my application and tell me if I am approved or not.
Does anyone else know anything about this? Help is very much appreciated!
Author: gameboy Posted: Sun Oct 09, 2005 5:16 pm Post subject: Amex Blue Credit Card
I went ahead and applied for the Blue for Students card yesterday. Today I checked the status online and I was approved.
Author: StephanB Posted: Sat Oct 08, 2005 8:46 pm Post subject: Got it! Amex Clear (My first Amex)
Amex Clear, $4,800!!! No clue what report they pulled and what it did to my scores. I won't be able to check it until 5pm tomorrow (TrueCredit 24hr thing), but I'll keep you posted. It was an instant online decision. I will call and have my CL raised to at least an even $5,000, but I'll aim for more.
Together with my BofA Platinum ($5k@7.90%) and my new MBNA (??@5.9%), this will be my third and last card for a looooong time.
Author: Board Monitor Posted: Sun Oct 09, 2005 9:26 am Post subject: Congrats! Please keep us updated on your progress. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: StephanB Posted: Mon Oct 10, 2005 6:57 am Post subject: American Express Clear Credit Card Tips
I just pulled my report, and it seems that Amex pulled Equifax for me 2 days ago just like they did december of last year when they denied me. My Equifax TrueCredit score dropped 2 points to 747 I'm happy
Author: StephanB Posted: Sat Oct 08, 2005 8:46 pm Post subject: Got it! Amex Clear (My first Amex)
Amex Clear, $4,800!!! No clue what report they pulled and what it did to my scores. I won't be able to check it until 5pm tomorrow (TrueCredit 24hr thing), but I'll keep you posted. It was an instant online decision. I will call and have my CL raised to at least an even $5,000, but I'll aim for more.
Together with my BofA Platinum ($5k@7.90%) and my new MBNA (??@5.9%), this will be my third and last card for a looooong time.
Author: Board Monitor Posted: Sun Oct 09, 2005 9:26 am Post subject: Congrats! Please keep us updated on your progress. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Author: StephanB Posted: Mon Oct 10, 2005 6:57 am Post subject: American Express Clear Credit Card Tips
I just pulled my report, and it seems that Amex pulled Equifax for me 2 days ago just like they did december of last year when they denied me. My Equifax TrueCredit score dropped 2 points to 747 I'm happy
Credit Card for Balance Transfer for Less Than Perfect Credit
Author: CreditCardGuru Posted: Mon Oct 10, 2005 12:35 am Post subject: Card for B/T with less than perfect credit
I have a friend in college that wants to B/T all of his CC's to one CC to make it easier not to forget about payment dates and take advantage of just one APR. However his credit is less than perfect because he has MAXED OUT all of his cards. Is there a leniant bank that may approve him?
Author: rmecseki Posted: Sat Oct 08, 2005 1:23 pm Post subject: What's the appropriate way to prove income if self-employed?
I just became self-employed this year. I have never filed my tax return as a self-employed before. What usually happens if someone claims that he is self -employed on a CC application form. Would a CC company call me up for sure to verify my income! What is the appropriate way to prove income to a CC company if you are self employed?
Author: Polonius Posted: Sat Oct 08, 2005 5:43 pm Post subject:
If you're called for verification, just answer the questions you're asked. Sometimes, in recent years, you'll be asked for "pay stubs, W2s, and tax returns" for verification. Basically, just give the bank whatever it asks for if you want the card badly, or tell it to withdraw your application if the requirements are too annoying for you...or if you lied. Bad idea to fake your tax returns to "prove" the income you claimed, by the way; you can get into serious trouble with that method, although odds are you'd get away with it.
Author: rmecseki Posted: Sat Oct 08, 2005 7:30 pm Post subject: Proving Imcome if Self Employed on Credit Card Application
I am self-employed since January 2005, so I can give pay stubs, a W2 and a tax return only for 2004. But since this information does not predict my future income I do not think they would ask for it. The earliest date is May 2006 when I will be able to show them a tax return. But I would like to apply for cards now and not in April. I want to see a hard inquiry on my credit report only if I get approved for the CC. So I want to apply for a CC only if I can find a way of proving my income, because I think it is pretty sure they would call me.
Author: astounding Posted: Sat Oct 08, 2005 8:14 pm Post subject: Proof of Income on Credit Card Application
I've been in your situation a few years back.
I can't exactly remember what happened, but here's to what I remember.
If you've been self-emplyeed for less than 1 year, majority of banks will not approve of a card as they're concerned about the business going bankrupt as it has no long-term and reliable track record.
I know. Even though your business is impossible to go bankrupt, to their eyes, it is!
However, I still gotta credit card (even though I never had one) while I was about 3 months into self-emplyment.
How?
The tradational way. Go from applicator to applicator.
Get rejected. So what. Go onto the next one UNTIL someone approves you.
One thing for sure. They'll give you a low limit credit card. Perhaps in the $1500 range.
Believe it or not, you will get approved by ingoring the rejection and going onto the next one.
Author: JaneiR36 Posted: Sat Oct 08, 2005 8:31 pm Post subject: Looking for low interest rates all over again!
Thankfully, not for myself (whew!)
A close relative just called me today asking why her payments don't seem to be going to reduce her credit balance. She has a 0% offer on this account, she says, so there shouldn't be any finance charges. It should all go to principal. So I get her login information and log into the account. Whoops! There's a list of purchases!
I look at the previous statement and MBNA tells us exactly how much of her balance is subject to the purchase APR finance charges: $9000 of a $13000 credit usage!
The credit limit on that account is $14K, and unfortunately, this person closed down another account after doing the BT. My recommendation right now is to apply for a good 0% offer and transfer that entire balance out. Because all her payments will go toward the lower APR first before even starting on the high APR.
However, now that the only credit she has is a high $13K balance out of a $14K credit limit, a paid off car as of quite a few years back, HELOC of about $16K @ 8.75% and the rest a mortgage, what are the chances of getting approved for a good offer? Should we just apply for a bunch of them and see who gives us credit?
Author: maddybeagle Posted: Sun Oct 09, 2005 9:45 am Post subject: Low Interest Rate Credit Cards
Can they just take out some more money on the heloc and available cash and pay this mess off ASAP and start all over. The bt's could take a little while. I think they should avoid the cc bt's unless they are willing to figure out how cc's work, otherwise, they are causing more problems.
Author: JaneiR36 Posted: Sun Oct 09, 2005 9:54 am Post subject: Low Interest Rate Credit Cards
The HELOC is definitely my biggest idea right now, however, they owe like 16 grand on it @ 8.75%. either way, I think that is one of our biggest options. Here's what I'm thinking, I'll have to find out how the HELOC is listed on their credit report, because i read that some are listed as mortgages, others are listed as regular CC debt. Move the debt in there, wait till the credit reports start showing it, and then apply for good 0% cards. With a low utilization they might be more inclined to approve a card?
But you are so right about her needing to take the time to figure out how CC's work. It seems like everytime I start brainstorming, and bouncing ideas off of her as to how she could lower her interests, she resorts to that gloom and doom state of, "I spent the money, so I should pay and it doesn't matter if I pay a little interest." So ridiculous. I cannot help someone like that when they complain of needing a little money here and there because they are WASTING it on stupid interest charges they wouldn't have to pay if they just sat down to figure things out!!!!!
Other option is to move the balance to other accounts temporarily, if the HELOC is no good. Also, w/such a high bal on the HELOC, I wonder how much she will pay in interest in that month or two when we're waiting for the credit reports to update? oh yuck, what a mess
Author: Polonius Posted: Sun Oct 09, 2005 10:50 am Post subject:
You move the debt to the HELOC just before the credit card statement closing dates Then you try to do the same to pay off all or the most possible on the HELOC before its closing date. For a nice boost in credit scores, shoot for under 50% of the credit limit on the closing date. If your friend has purchase checks or balance transfer checks for any of the credit cards for under, say, 6% or so, use the HELOC to pay the account in full and then, when the funds are once again available, draw on them again to pay down the HELOC.
There are two goals here--an increase in credit scores as well as paying the least interest possible overall.
Right now I have a 6.9% no fee offer for 6 months on two Citibank cards. I only pay 6.5% on my HELOC. But my MBNA billpay account can pay off those cards, considered as purchases with grace period, and can't pay off the HELOC. So when my MBNA account is due, I'll transfer from the Citibank cards to pay it off in full, wait for the statement date, then transfer it back again to pay off the Citibank card. Sure, I'll pay 6.9% interest for a day or a week. But for the next 45 days or so, I'll pay zilch in interest for the same balance on the MBNA card, because that will appear as a purchase with no finance charges if I pay by the due date on the NEXT statement.
Author: SpSk8er17 Posted: Sun Oct 09, 2005 2:20 am Post subject: Credit for me?
Hi, im seventeen and i have a question about credit. my question is if it is possible that i can get a line of credit from somewhere. i tried getting help from some other boards and i was directed here. i was told a little bit about what i could do but only one thing seemed important, about someone haveing to co-sign with me. i do turn 18 in about a year and do have a savings account at wells fargo with my mom as my "custodian"
Author: Debt Free Training Posted: Sun Oct 09, 2005 6:18 am Post subject:
Generally without a co-signor the age limit is 18.
But a couple things you might try are prepaid credit cards and (especially since you have a savings account) a secured credit card where your savings account is. I am not certain of the age requirement of a secured card but it certainly is worth a try.
I dislike seeing anyone take on debt regardless of age but I should mention, there is a good article for you at http://www.missoulian.com/articles/2005/09/06/families/fam01.txt _________________ Mike Killian, Board Monitor Free Money Training Credit/Debt Management Education/Information CardRatings.com Reporter
Author: CreditCardGuru Posted: Sun Oct 09, 2005 7:26 am Post subject: Best Credit Card for a Teenager
Some states allow people under 18, but I believe you have to be emancipated. Of course there are other ways to get it under 18, but I will not post that information here, LOL. I didn't say change yer age, did I?
Posted: Sun Oct 09, 2005 2:48 pm Post subject:
debt free training,
thank you for the article, great sourcr of information. my parents and i both like the idea of me having a restriceted credit card so i can build up credit but you wouldnt happen to know where i would go to acquring such a credit card? would i go to my bank?
edit: because i will be entering college in the next year
Author: scarymary Posted: Sun Oct 09, 2005 3:27 pm Post subject: Best Credit Card for a Teenager
I think the best thing you could do... if your goal is to establish credit... is to have a parent add you as an authorized user on one of their cards.
This will allow you to "piggyback" their credit and therefore, their credit becomes yours.
Remind them that they will get a card with your name on it BUT they don't have to give it to you... they can just hold onto it.
As long as they have good credit, this is a much more desireable approach rather than get a card in your own name (i.e. with a co-signer) and possibly get yourself into debt with it.
i was just approved for a credit card with a 3k credit limit... I think that is great cause i only have 2 credit cards with less than one thousand each. my question is.... is providian ok? it says no yearly fee and 0% for 6 months. I did a search on the internet about them and found some not so good things. I just don't want to get this card, get skrewed (fees) then have to cancel. any advice is much appreciated....
Providian is ok but I am not sure how long I'll be with them. I think the only good thing about them is they gave me a better limit on a credit card than any of the ones I have so far and I got approved easier. You must have had a good FICO score if you got a $3,000 limit. When I signed up, I got a lower limit than yours. I think the only cons I can think of with this card is when you are more than few days late with a payment you get stuck with a much higher annual % rate and they charge you a high late fee on top of that. I got the $39 back supposedly, but have yet to see it on my statement. They also have not put it back to the 0% introductory fee yet.
I have dealt with customer service very little so I can't say anything bad about them yet but I have heard a lot of bad things.
thanks for the reply. right now i only have a 641 credit score. but i just paid off everything i had two months ago (car was 13k and miss. credit ie department stores and closed accounts for around 5k) so i owe nothing on my credit. but i do have 3 bad credit things that are over 2 years old and paid and under $250 total.
also to add i just called them cause i signed up for the credit protection by mistake have not even gotten the card yet and they canceled it right away no questions asked. so that was very nice, cause so far i have had not much luck on my credit one customer service......
Wow! Mine was not much better than yours and they gave me a lousy $1000 credit limit when I signed up 2 months ago . Maybe I should call them and ask them to give me an increase. This month my FICO score went up. Not sure if it accounts for anything though.
Author: CreditCardGuru Posted: Sun Oct 09, 2005 7:46 am Post subject: Great card for bad credit or bankruptcy.
My boyfriend got a Rewards 660 card, it is much better than Aspire, however more fees, but less fees than First Premier. Good card to rebuild credit with, so if anyone wanted to know of one. And also do NOT fall for those prepaid cards that rebuild your credit like the VUE Visa and ****, all issued by Four Oaks Bank & Trust, they do NOT. Also they have huge fees which have the sites make it hard to find.
Author: diddlydudette Posted: Sat Oct 08, 2005 6:23 am Post subject: Chase Cash Plus CashBack card..where's the thumbs down icon?
This card isn't working out like I was hoping. First off I didn't want to even have another credit card, but needed to get some recent revolving credit so figured I'd get me a cashback card.
Well, first off, my gas stations are coded as convenience stores, grocery stores are coding as superstores so basically I'm just getting 1% off of purchases where I was looking forward to getting the 5%. I did go to a Eckerds drugstore yesterday, but it's not listed online yet but I'm thinking they probably won't code right either.
Then Chase sent me a blank check to use when they sent me my card a few weeks ago. I read the small print and even ask them if any fees or interest on using the check. They said 0% interest for a year until 9/06 and no fees attached to using the check. So I thought I'd pay rent with it and put my rent in Emigrantdirect where it could take advantage of the 4%.
Well, I just checked online and I have a 14.85 fee described as TRANSACTION FINANCE CHARG(Other). What the heck is that?????!!!! I will call them later tday, but I'm really not liking this card. What fee could this be? I thought I read all the small print. Did I miss something? I was trying to be so careful, but it seems credit cards are so tricky and then no store, gas station codes correctly to where I can take advantage of the 5%. Thanks for listening to me vent.
Here's the e-mail that I wrote and how Chase responded regarding the blank check. Maybe I read their response wrong. If I did, it was sure misleading when they didn't state fee amount to use. So dang frustrating.
Thanks for your reply.
My check number is #2000. Also, is there a fee to use this check? I tried to read my rates and fee table and it can be confusing for me. It looks like y'all charge a fee to use the check?? (I could be wrong). If you do, what is the fee?
Thanks! ---------------------------
According to our records the balance transfer rate on your account for that check is 0% until the bill date following 09/13/06, there is no balance transfer fee with this transfer.
If you have any further questions, please reply using the Secure Message Center.
Author: JaneiR36 Posted: Sat Oct 08, 2005 7:06 am Post subject: Chase Cash Plus Cash Back Credit Card Review
Holy ****! I hope that wasn't a cash advance check!! Checks can be any of the three: cash advance, purchase, or balance transfer.
The MBNA checks I receive with my statement are cash advance; I make sure I tear those up good. Cap one is purchase checks. I like those! With a special offer, Discover might send me some BT checks. The APR revolves from okay to not that great and it still involves a 3% fee. However, the really good BT checks are also common with brand new accounts, so I don't really know what's going on here, either!!
Author: diddlydudette Posted: Sat Oct 08, 2005 7:14 am Post subject: Chase Cash Plus Cash Back Credit Card
Well, it was my understanding that if I could use this check just as I would a personal check and it would have fees/interest associated with it as a 'balance transfer' would. They wrote in their response when I questioned if any fees associated with me using check that 0% interest and NO FEE. That's how I took their response.
I'm thinking they will claim they weren't clear and some loophole and they can charge me this for some odd reason they failed to explain when I clearly asked my question.
If they demand to charge me this fee, I will close acct. It's just not worth it and I don't trust that they won't try and sneak other fees on me.
Things like this is exactly why I hate credit cards. Plus the fact that none of places I go code to whree I can benefit so much. Heck if all I'm getting is 1% of most everything and getting charged fees they can't be clear about, then I'll pay it off and close. It's too dangerous when I'm trying to save money. 14.85 isn't much, but it's the principle.
Author: PhilBy Posted: Fri Oct 07, 2005 3:49 pm Post subject: CITI® DIVIDEND PLATINUM SELECT MC 5% Gas/Groceries Rewards
Hi
I checked the first gas puchase I made for gas with my new Citi Dividend Platinum card and it's only giving 1%. I understand that the merchants identifier has to be programmed and Citi has no control over this. The main reason I am confused is because I intentionally got gas at Giant Food Store because I thought since it's a grocery store (not a warehouse club either) and I was purchasing gas, I should get the 5%. either way. I figured it would be identified as either gas or grocery. Yesterday I got gas at Sheetz, which is a gas/conv. store. That transaction has not yet posted to the account, so I don't know the reward percentage will be for sure. Just wondering if anyone else has encountered the same situation. Should I call customer service to question it, or wait until I double check the mailed paper statement. I remember reading on this fourm that sometimes paying at the pump rather than the cashier will effect the percentage. I paid at the pump, because paying inside is more of a hassel. I am in Pennsylvania and Sheetz and Giant usually offer the best price on gas in my area. I doubt if paying the higher gas price at another station to take a chance getting 5% is necessarily worth it.
Author: PhilBy Posted: Fri Oct 07, 2005 4:34 pm Post subject: A little more info...
I just checked my AT&T Universal Cash Rewards Statement for July and by my calculations, it gave 5% at Sheetz. I never got gas or anything at Giant Food with that card. I got it in June and shortly took advantage of the 0% BT and have not purchased with it since. I will have to wait and see when the Sheetz transaction I did yesterday posts to the Dividend card to verify my new rewards balance. My AT&T statements break it down by catergory on the paper statement. Services, Merchandise and Vehicle Services. Sheetz Gasoline was considered Vehicle services and earned the 5%, and of course the other two did not Super Wal-Mart (merchandise) and my Verizon Wireless cell phone bill (services). Does the Citi Dividend paper catergorize as well? If the Sheets earns 1% on the dividend, but 5% on AT&T I will have to call.
Author: tonygoldston Posted: Fri Oct 07, 2005 6:37 pm Post subject:
I think the Citi cards do the extra 4% as a bonus at the end of the billing period. Give them a call to check how it was coded, or wait until the statement posts and see then.
Author: PhilBy Posted: Fri Oct 07, 2005 8:53 pm Post subject: Citi Dividend Platinum Select Credit Card Review
Thanks Tony I agree with you, because upon closer inspection of my AT&T Universal Cash Rewards Statement it seems like the website automatically codes everything as 1% and considers it base dollars until the statement prints. The extra (considered bonus dollars) 4% is added to the applicable transactions and combined with the base dollars earned to give you the total dollars earned for that billing period. and I also noted this statment at the bottom of the cash rewards section.
Bonus Cash Back may take one to two billing cycles to appear on your statement. Please refer to the specific terms and conditions pertaining to the promotion for further details.
Thanks so much for helping me figure this out, because I am new to reward cards and it saved me a call to customer service.
Author: tonygoldston Posted: Fri Oct 07, 2005 10:59 pm Post subject:
No problems.
I have been using a MBNA AAA card for gas for the last few years, and they keep changing terms, (went from a $3 rebate per day limit to $2 and now they just dropped the rebate % to 3 from 5.) So I am trying to find a better card for gas. got a Citi Diamond Preferred, but just got a Driver's Edge too.
Author: gameboy Posted: Fri Oct 07, 2005 3:24 pm Post subject: Question regarding credit cards with 3 different APRs
If a credit card has 3 different APRs ranging from 10% - 20% (for example, the Chase rebate card), does this mean that they tend to approve people with a wide range of credit scores (instead of just a group of people with a relatively small range of credit scores)? For people with great credit scores, they will get 10%, and for people with not-so-good credit scores, they will get 20%?
For people with lower credit scores, would it be easier for them to get approved for this type of cards?
Author: JaneiR36 Posted: Fri Oct 07, 2005 3:35 pm Post subject: Yes, people with poorer credit scores will in fact get worse interset rates. I got 23.99% purchase rate. Intro period for 0% APR balance transfer can also really SUCK! Mine was 3 months instead of the advertised "up to" 12 months.
Can people with not so good credit get it? I can't really speculate to answer that but I'm sure someone else can help
