No, so far it's ok, though I've only had that card for 2 months now. I only wish that they would report to the Bureus allready. They seem to take their time with that.
I wish I had the regular card though, since I've seen that they will approve scores that are in the 500's range with only $49 annual fee.
Guest: Board Monitor Post subject: Orchard Secured Credit Cards Posted: Fri Apr 08, 2005 7:23 am
KY,
Greetings and thanks for the post! You can read a lot of reviews of this card in our consumer reviews section here:
http://www.cardratings.com/cardreviewfr.html
Out of curiosity, how did you find out about our website? Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: KY Post subject: Orchard Secured Credit Cards Posted: Fri Apr 08, 2005 9:24 am
Savin4disney wrote: Can you tell me where Orchard pulls the report from?
They pulled Experian on me also...
Guest: ilsanilsne Post subject: Orchard Secured Credit Cards Posted: Tue Apr 12, 2005 7:59 am
They pulled Experian on me too.
Here is a list of which bureau they pull from each state...depending on where you live. I got it from here...http://209.26.140.39/inq-creditors.htm
ORCHARD BANK AL EXP 1 ORCHARD BANK AZ EXP 1 ORCHARD BANK CA EXP 6 ORCHARD BANK CO EXP 1 ORCHARD BANK FL EXP 1 ORCHARD BANK IL EXP 1 ORCHARD BANK LA EXP 1 ORCHARD BANK MA EFX 1 ORCHARD BANK MD EXP 1 ORCHARD BANK MI EXP 1 ORCHARD BANK MN EXP 1 ORCHARD BANK NC EXP 2 ORCHARD BANK NY EXP 1 ORCHARD BANK OK EXP 1 ORCHARD BANK PA EXP 2 ORCHARD BANK SC EXP 2 ORCHARD BANK TX EXP 3 ORCHARD BANK VA EXP 1 ORCHARD BANK WA EXP 1 ORCHARD BANK WI EXP 1
Looks like they pull Experian or Equifax.
Guest: Shawnee Post subject: Orchard Secured Credit Cards Posted: Tue Apr 12, 2005 11:57 am
Quote: How do you know where they pulled it from?
By pulling all three of my credit reports. There are several websites that provide access to all three of your reports. I use Privacy Guard for monitoring all three.
Guest: MDurai Post subject: Orchard Secured Credit Cards Posted: Sun Apr 24, 2005 11:34 pm
They seem to be good. I just wish the online account system was instant so that I can do more payments and things. But I've only had this card like a month so far.
Guest: milavant Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 7:42 am
For months (since 1-14-05) I have been trying to get Chase to consolidate my Marathon Mastercard into my Perfectcard. I have talked to countless CSRS, supervisors, resolution specialists, etc. who all take copious notes, empathize with me, tell me they are sending it on to someone else, etc. etc. and nothing happens. Somewhere the ball is getting dropped, and I am getting tired of the whole process. I am told consolidation is done all the time, but obviously not THIS time.
When is long enough enough? Should I just give up and keep the Marathon account? I do not want to cancel it and lose the $5000 limit. I use Marathon gas , along with 22 other brands, whoever is cheapest. I am loyal to no brand, only my wallet.
Guest: Board Monitor Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 9:11 am
Greetings! Sorry to hear about your difficulties. Why not just apply for a new Perfect Card? By the way, I'm sure you're aware of this, but there are more generous gas rebate credit cards on the market. Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 10:46 am
I had 6 Chase credit cards and consolidated 3 of them into the 4th card with no problem. That fourth card now has a credit limit of $45,500, which I think looks good on my reports.
For me the key was planning. I made sure each card was paid in full before I requested the consolidation. I know that MasterCards and Visas can't be consolidated--they remain separate. And I think that there's no way to consolidate rewards points since the terms of the programs are different. So use up any rewards points you have, or simply waive them for the consolidation.
Why bother with consolidation anyway? If there's no fee for the Marathon card, what's the harm in keeping it? I consolidated because of a change in Chase's policies--it instituted a fee for balance transfers. So it made sense for me to consolidate so I could do a single balance transfer of $40,000 on one card instead of several balance transfers on smaller limit cards each time, paying one maximum $75 fee instead of four...
What's your reason to consolidate?
BTW, it took several weeks for the consolidation to go through. After I knew it was done by checking online, Chase took another few weeks to notify me by mail that the consolidation was complete. Some of the credit bureaus still report the closed cards as being open...
Guest: milavant Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 12:57 pm
Well, Polonius, I originally got the Marathon Mastercard because my auto mechanic was a Marathon dealer, and the card gives you 5% on all Marathon PURCHASES (gas or not). Sweet deal, until he sold his business to a Shell dealer and moved to Arizona. Now, I have basically a 5% Marathon gas card, since almost all of my purchases now go on AMEX cashback (Which, by the way, to answer the Board Monitor's question, is why I don't apply for a better gas card. AMEX raised all of their "everyday" spending, which includes gas, to 5% effective 5-8-05)
You are correct, ther is no annual charge, as long as I make nine Marathon purchases a year. Since there are Marathon stations around, this is not a problem.
So, I can use Chase Perfect for gas at 3% until I hit the $6500 tier with AMEX (about two months) then use AMEX for all gas except Marathon (5%), when competitive. Also, for other purchases where AMEX is not accepted I use Chase Perfect, for the 1%. The Marathon MC would be used only for Marathon gas, at 5%, when competitive.
Will they allow me to call off the consolidation after all this hassle?
The consolidation was fine, until all this "Mickey Mouse" stuff and time. By the way, when I asked for consolidation, my Marathon balance was zero.
So, based on the above, does it make any sense to consolidate and continue to pound them for that, or should I call it off?
P.S. I do not want to apply for any new cards, "better" or not.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 1:13 pm
Hm. It doesn't sound like you have any real need for the Marathon card at this point. Why not skinny around the problem by NOT asking for a consolidation? Call Chase, ask for a credit analyst, and explain you'd like a $5,000 credit line increase on your Perfect card. Tell the analyst it's OK to cancel the $5,000 Marathon card if necessary. I can't think of any reason that your request wouldn't be granted--the bank's exposure to risk is the same either way. And by phrasing it this way, you might:
1) Simply get the CL increase and keep the Marathon card too with its limit or 2) Have the "consolidation" done as two separate unrelated transactions--a CL on one, a cancellation on the other--avoiding whatever computer/clerical gllitch is causing the problem for you now.
Guest: milavant Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 1:37 pm
Polonius:
The Perfectcard has a $20,500 limit already. Plus, why take a "hard" hit, if I don't have to, for a credit increase of $5000?
I guess I have two choices:
1) Sit around, do nothing, and hope the consolidation eventually goes through.
2) Call off consolidation, request new Marathon cards (I cut mine up when I requested the consolidation), and use them nine times a year.
The consolidation was requested several months ago and several times.
This is not a new issue. You are right-- I don't Need the Marathon card, can get along quite well without it, but technically I already "have" it.
Btween AMEX and Chase Perfectcard, I can pretty much cover all my charging, plus I also have a Bank One Flexible Rewards Visa (straight 1%) just to have a Visa. I use it for large purchases where AMEX is not accepted since there is a 2500 point tier on it. Plus, I like the security of having all three types of cards.
But back to the Marathon card. I could really use your advice. I am very frustrated.
Guest: milavant Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 1:40 pm
P.S. Plus I was trying to avoid actually cancelling an account (Marathon).
Guest: CreditCardGuru Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 4:28 pm
I like the BP Visa since I use BP/Amoco. I would continue to persue it, try contacting the BBB, local courts, etc. If the BBB can't help they will usually direct you to the right place. I'm not really a fan of AMEX, they try to monopolize in my mind. Actually I've noticed a lot of small state banks have pretty decent cards, while you wouldn't think they do. Bigger isn't always better. I'm the Credit Card Guru, YOU BET
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Card Consolidation Posted: Sun Apr 24, 2005 4:28 pm
I don't get what you're saying--"consolidating" your Marathon card into your Perfect card WOULD cancel the Marathon card--that's what "consolidating" means. For the consolidation which I just completed, Chase didn't pull a hard inquiry with any of the three bureaus. If you already have two Chase cards, you might not get a hard inquiry if you just speak directly to a credit analyst and explain the situation. Again, if you're consolidating you're not exposing Chase to any added risk and you're not asking for additional credit from the bank. There's just a glitch somewhere.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Consolidation Posted: Mon Apr 25, 2005 2:11 pm
Don't use the term "consolidation." Just ask if they couldn't move some or all of your available credit from card X to card Y. Even though I constantly tell people not to worry about an inquiry or two now and then, there won't be a credit bureau inquiry. Why should there be? You're not asking for anything you don't already have. Call it a rebalancing if you'd like. You're not asking for an increase in your credit limit. Your limit won't change at all. When I've done this sort of thing it's been done over the phone in a matter of minutes. I don't understand why you're having a problem.
Thanks, Ira, but Chase is an "all or nothing" thing. They do not move some of the limit. They will move all of the limit, and this they call "consolidation," which I have been trying to get since January.
I do appreciate your input, though.
Thanks.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Consolidation Posted: Mon Apr 25, 2005 8:36 pm
Something's not right. I've moved part of my limit from one Chase card to another with no trouble. I can't explain it.
Yeah, I was about to say that don't seem right, transferring balances within a bank is usually easier than doing it outside the bank. I'm the Credit Card Guru, YOU BET
Guest: Siphilon Post subject: Disputing Credit Card Chargebacks Posted: Mon Apr 25, 2005 11:15 am
Hello,
I am foreseeing a situation where I am going to possibly want to dispute a credit card charge and I would like some advice and suggestions.
The chargeback will be on service performed by an auto-mechanic. Basically I was verbally quoted one thing and now they have abused that quote (they quoted me a repair time of 5 days and it has now been 16 days and they still have not finished the work).
I have not signed anything at their shop besides the service form for requesting the quote to be done.
What I want to know is if there is anything I can do to help my case? So far I have a email response from the company acknowledging their mistakes and that is it. When it comes time to pay for the car I imagine they will ask me to sign some sort of warranty & service disclaimer as well as the credit card slips.
How can I come out of this scenario with the best amount of "ammo" to provide the credit card company with to dispute a charge on service?
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Disputing Credit Card Chargebacks Posted: Mon Apr 25, 2005 11:27 am
"VERBAL" ESTIMATES ARE NOT WORTH THE PAPER THEY ARE WRITTEN ON
ALWAYS get a written estimate...
...and that estimate "CAN" be exceeded by a certain amount like a certain percentage like 5% or 10% or $50 BUT any higher amount when they find out about it you MUST BE NOTIFIED OF THAT HIGHER COST BY PHONE AS SOON AS THEY CAN
Guest: Siphilon Post subject: Disputing Credit Card Chargebacks Posted: Mon Apr 25, 2005 11:39 am
I believe in Virginia Oral agreements are legally binding. But *if* I can get them to acknowledge in writing that they took longer than estimated, I imagine that will help my case? The thing is, my dispute won't necessarily be based on what the cost is but the amount of time that it took, so I am not sure how that is going to work out.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Disputing Credit Card Chargebacks Posted: Mon Apr 25, 2005 1:53 pm
Your card issuer only knows from dollar amounts. They couldn't care less how the amount was arrived at. If you want to dispute it has to be in the form of, "they told me it would cost X and they billed me for Y. My dispute is for the difference between the two amounts."
I know with my card if I'm not satisfied with the services I can always do a chargeback......it really depends on the bank, but if they quote you one price while charging you another, you have every right to get at least the difference back....I have price protector on my card for that.
Are you really planning to sign the credit card charge, get your car, and THEN protest the charge? If you're presented with a charge that isn't right, don't sign the charge slip. Get the matter settled/discussed right there and then. It's not the job of the credit card company to act as a consumer agency for a problem you knew about WHEN you made the charge. Why not just write a check and stop payment on it until the problem is resolved, if the firm won't give you back your car without some sort of payment?
Guest: tbrko Post subject: iCruise Credit Card Posted: Sun Apr 24, 2005 12:52 pm
Your page on iCruise credit card indicates that it was last updated April 6, 2005.
Based upon my most recent iCruise statement dated April 20, 2005 it appears that iCruise will change the conditions of their rewards program.
Effective July 1, 2005, they will institute the following levels of redenption: 10,000 points for $100 credit 25,000 points for $250 credit 35,000 points for $400 credit
Their current program are: 17,000 points for $500 credit 25,000 points for $800 credit 34,000 points for $1,000 credit
As you can see, their proposed highest reward of $400 is less than their current lowest reward of $500. Putting it into value for dollar charged, their current program is worth almost $.03 per point, whereas their new program will be worth only $.01 per point.
I have been charging all my charges onto this credit card from December, upon which I currently have about 8,000 points. There is no doubt in my mind that I would have reached the 17,000 point level by the end of this year and the 34,000 point level sometimes next year. Now, in order for me to take advantage of the current program, I must book a cruise and redeem points before July 1st. This seems unfair and unreasonable!
In addition, their website still advertises their credit card with the current rules, which I think is very misleading to anyone considering applying for their card. I think that under these circumstances, you should update your review of iCruise so that everyone looking to apply has a clear understanding of what program they are getting.
There are several credit cards that offer a $0.01 rebate on all purchases (with some also offering as much as $0.05 on gas, groceries, drugstores). In these programs, a check for the rebate is sent to the participant. Why would someone want to earn $0.01 which can only be used at a particular merchant (iCruise in this case) when they can get a check in the same amount and then use it however they wish.
I would love to send this post to the CEO of iCruise, Alex Aliksanyan, but unfortunately I cannot locate an address or email for him. There is an administrative contact email address for iCruise, but it appears that they are unresponsive towards negative feedback.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: iCruise Credit Card Posted: Mon Apr 25, 2005 1:57 pm
Quote: There are several credit cards that offer a $0.01 rebate on all purchases (with some also offering as much as $0.05 on gas, groceries, drugstores). In these programs, a check for the rebate is sent to the participant. Why would someone want to earn $0.01 which can only be used at a particular merchant (iCruise in this case) when they can get a check in the same amount and then use it however they wish.
Indeed!
So knowing this, why did you sign up for the cruise card? Even at the original rate it's not worth as much as most of the others.
There really are only 2 banks that offer a 5% discount on gas/groceries/drugstores and 1% flat on all other purchases. They are ATT Universal and their parent company CitiBank. I have one of each as does my wife. That gives us a maximum annual rebate of $1,200 (4 x 300). I ONLY pay for gas/groceries/drugstores with these cards to maximize my rebate.
For all other purchases, I tried to pick a card that provided me with the best deal. Discover, Chase, and many others offer 1% but that is only after you grade through the 0.25%, 0.50%, 0.75% levels. In my opinion, these are a waste.
Then there are the airline cards. Let's assume 25,000 miles for a free ticket (48 contenental). Let's further assume a value of $500 for the free ticket. That works out to $0.02 back for every dollar spent. Twice the return on the 1% cards.
Then there was this deal with an almost $0.03 return for every dollar spent. My wife and I cruise every 12-18 months, so this was the most valuable rebate to put all my other shopping on.
I guess the thing that bothers me the most is the fact that they are still advertising the current program to get new applicants when they will know that the program is changing.
I have a few questions about my secured credit card...
1. Do I need to just buy things and pay them off asap to build credit good? Or can buy things and pay on them over time? Such as paying MORE than the monthly statement amount...
2. What has been the amount of time that you guys that have had a secured card have waited to get a Credit Limit Increase? Or get the account changed to an unsecured?
3. And any things that I can do to get better credit as I dont have any?
Thanks!
Oh yeh... What credit report service gives good unlimited reports monthly? Cheaply?
Guest: Board Monitor Post subject: Secured Credit Cards Posted: Tue Apr 26, 2005 8:58 am
Greetings and thanks for your post! You can every pay off in full each month (the option that I would strongly recommend) or carry a balance to build credit. You usually have to have a secured card for a year or so to qualify for an unsecured card. More info. about secured cards here:
Hope this helps! Out of curiosity, how did you find out about our site? Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
The best thing to building credit is making good sized purchases and showing them that you can pay those kind of purchases back, paying over time is okay, but paying in full always looks better....but if its 0%, then you don't need to worry about interest charges...LOL I'm the Credit Card Guru, YOU BET
Ok. I'm paying on the net with their statements and stuff... on the website so I guess I'll pay ASAP.
Guest: Board Monitor Post subject: Secured Credit Cards Posted: Wed Apr 27, 2005 8:34 am
MDurai,
You're quite welcome! Check our credit forum for tips on the best credit monitoring services... Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
I've been tossing around the idea of actually accepting one of those "play-with-fire" 0% for life Discover pre-approved offers.
Anyway, usually, other pre-approved offers have a phone number or website that you can apply and very quickly get an answer. However, I've scoured all over the Discover offer, and can't seem to find any phone# or website.
Does this mean it can only be done by paper/snail-mail?
Has anyone applied for one of these, and how long does it really take for the snail-mail application to be processed?
I don't really know, I don't much like Discover myself, after what they did to a friend. I prefer VISA and MasterCard, and now AMEX is getting to the more than one bank thing, but Discover only has one bank....I like the idea of banks competing....like the commercial on TV, when banks compete, you win! I'm the Credit Card Guru, YOU BET
Guest: guessindigo Post subject: 0% APR Discover Card Posted: Sat Apr 23, 2005 1:13 pm
Yes. There is never a phone number to call in your app, nor is there a website to respond to a preapproved offer.
Sucks I know, but thats just how Discover is.
Guest: Board Monitor Post subject: 0% APR Discover Card Posted: Sun Apr 24, 2005 9:16 am
dbnyc,
Greetings and thanks for your post! Are they requiring you to make a minimum purchase every month? If so, what is the amount? Please advise. Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: CreditCardGuru Post subject: 0% APR Discover Card Posted: Sun Apr 24, 2005 4:32 pm
Discover is a low budget business....if you have ever noticed, they use the same commercial every Christmas.....that shows low budget....LOL I'm the Credit Card Guru, YOU BET
Hi, the details of the Discover offer are pretty standard from what I've read.
The most recent one I have is 0% APR until the first statement that includes Nov 1st 2005. Beginning with that statement, you must make 2 purchases every cycle to extend the 0% APR rate. I'm assuming this means it's safest to start making the purchases by Oct 31st. There is no minimum dollar amount mentioned. So, looks like I could theoretically go to my local drugstore chain and buy a candybar one day, and a small bottle of water the next day (or even a few hours later). That's 2 purchases of less than $1 each.
Thing is, I've decided after all, that this really is like playing with fire... and maybe it's better to just do the Citibank Dividend application w/ 0% APR for a year... I know if I could remember to do the 2 purchases each month, it'd be worth it for minimal-cost loan (only interest on the tiny purchases), except it's really pushing my luck to think I would never forget. Heh.
I don't know, I get these 0% for life offers from them every few months, and each time they are so tempting. The finance-major in me wants to take the offer, and put my money elsewhere to earn "free" interest. Still... just might be too risky.
Guest: Board Monitor Post subject: 0% APR Discover Card Posted: Tue Apr 26, 2005 8:52 am
Good points. I know the one I was looking at a few months back required a $25-$50 minimum purchase every month. That could add up pretty quick. Let us know how things turn out... Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
That's why I don't like them, they always have hidden agreements. I'm the Credit Card Guru, YOU BET
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: 0% APR Discover Card Posted: Wed Apr 27, 2005 2:41 pm
Like you said, the Discover offer is gimmicky and risky. Also, if you don't pay in full - balance transfer as well as purchase balance - every month, you will be hit with a purchase finance charge. Reason: your payments are always applied to the lowest interest balance first. Therefore you will never get to pay off your purchases and will get hit with a small but growing finance charge each month until you get to a total zero balance. That's the gotcha which I would avoid
Guest: vickster136 Post subject: Credit Cards After Bankruptcy Posted: Sun Apr 24, 2005 5:08 pm
my bankruptcy was discharged 2 years ago, I have slowly gotten credit cards (total of 3) small limits, and cap one has given me an auto loan %10 interest. my credit scores are in the low to mid 600s. At what point can I apply for and get a descent credit card with a descent limit?? I get rejections because of bk.
Guest: Board Monitor Post subject: Credit Cards After Bankruptcy Posted: Sun Apr 24, 2005 6:55 pm
You should check out the post in the other section General Credit, it shows what people have reported having approvals for with bankruptcy. Might find a creditor you can apply with, usually you want better then 650 credit score - 680 or higher the better. Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH
Guest: CreditCardGuru Post subject: Credit Cards After Bankruptcy Posted: Tue Apr 26, 2005 2:57 pm
Maybe you'll get lucky like my dad and get an offer from Capital One for a credit card with up to 2,000. I'd say wait for your score to hit 700 or near there I'm the Credit Card Guru, YOU BET
Guest: Board Monitor Post subject: Credit Cards After Bankruptcy Posted: Tue Apr 26, 2005 8:40 pm
Some creditors will black list customers no matter what the credit score is, like American Express, if you have discharged a debt with them, they will want it paid back before granting new credit to you.
They may make you wait up to 10 years to apply again.. I have not followed the bankruptcy consumers much to keep up on what has been reported for various creditors but that one link shows what another lady had put together from consumers. Best Regards, Pammila Phillis Board Monitor http://www.cardratings.com 501-663-0314 PH
Guest: CreditCardGuru Post subject: Credit Cards After Bankruptcy Posted: Fri Apr 29, 2005 11:31 am
Oh yeah, I know that sucks big time.....however, the only one I know that does it is AMEX, and I think Discover, but I'm not really impressed with their policies to begin with, especially the fact that you can call them and their representatives don't even know about their products.... I'm the Credit Card Guru, YOU BET
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Grace Periods Posted: Sat May 14, 2005 10:52 pm
The real frustrating part about so-called grace periods is that they're not what they seem to be. Have you ever gotten the feeling that the grace period seems awfully short? Here's why.
Next time you get a statement open it immediately and look at the statement date. Not the due date, but the actual date of the statement. It's a bogus date. Notice that it's often as much as a week before you receive it. Please don't tell me that it takes one ful week for the post office to deliver first class mail. Statements are usually mailed out about four to five days AFTER the statement date. However, the grace period clock starts from that darned statement date! What's wrong with this picture?
It's the one phase of the operation where virtually every card offerer quietly lies to us!
Guest: Board Monitor Post subject: Credit Card Grace Periods Posted: Sun May 15, 2005 9:17 am
Good point Ira. Consumers beware and pay your bill as soon as you get it!!! Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Grace Periods Posted: Sun May 15, 2005 9:25 am
PAY ON-LINE AND YOU CAN AVOID MAIL DELAYS
Some cards like AMEX and MBNA have "FUTURE PAY" you pick the date to pay...like say 5 days before it is due
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Card Grace Periods Posted: Sun May 15, 2005 11:32 am
Ah, but is it a significant lie? If you have a card, you know its statement closing date; you know its payment due date; whether you get the statement in the mail early or late doesn't matter. The point of the grace period is that you have a certain number of days to repay without being charged a fee or interest. You get that grace period regardless of when you receive the statement. No bank is taking the prescribed number of grace days away from you by mailing the statement late.
I agree, though, that it's despicable for the banks to delay mailing their statements. Still, you can always find out the information online--and most banks will tell you via e-mail (for free) when your statements are ready for viewing...
What bothers me is when the banks suddenly change the payment due date or change the address to send your payment. I send everything electronically, so that doesn't matter. But it can be a real gotcha if you mail in checks.
Guest: CreditCardGuru Post subject: Credit Card Grace Periods Posted: Sun May 15, 2005 12:08 pm
I would expect something like that from AMEX, they are more of a corporate type company than say Bank of America, which is more consumer based. I'm the Credit Card Guru, YOU BET
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Grace Periods Posted: Sun May 15, 2005 10:46 pm
Look, most people are not standing at the mail box eagerly awaiting statements so they can immediately pay them. A bill comes in, you wait until the weekend or some other convenient time. Most people have other things to do with their lives besides paying bills. All I'm saying is that you don't have as much time as you think you have to pay on time. I have met people who actually think the grace period means they have 25 days from date of receipt (would that it were so!) to pay bills. No, if you're lucky you have mabe ten days.
Guestr: rain Post subject: Credit Card Grace Periods Posted: Sun May 15, 2005 11:32 pm
I tend to think of it as getting >1 month to pay... It probably depends on when you make your purchase, but if you make it immediately after your statement, you'll be given 2 grace periods to pay at least, no?
If you average out purchases, it'll still be 1.5 grace periods before you have to pay the cc bill. Its still an okay deal. I can definitely understand how as a consumer, you don't want something you're used to being taken away. But to help get over this feeling fast, invest in a bank stock and you'll quickly like their nickel and diming practices !
Haha
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Grace Periods Posted: Sun May 15, 2005 11:50 pm
My DISCOVERCARD closes on the 27th of every month
If I spent BIG BUCKS on the 28th I didn't have to pay till like the 26th of the second month
JANUARY 28th BUY BIG THING
SHOWS UP ON THE FEBRUARY 27th BILL
MARCH 26th PIF (maybe a few days before)
Guest: Shawnee Post subject: Credit Card Grace Periods Posted: Mon May 16, 2005 10:15 pm
These days, the paper statement means nothing. As a matter of fact, I've chosen the option with AMEX to not even mail statements. Every time I log in to view my account, it tells me when the cycle closes. After that, I pay online. No fuss at all. And every month they keep giving me CLIs!
Guest: chuckbowers Post subject: Credit Card Late Payment Terms Posted: Thu Jun 16, 2005 4:02 pm
I note that a couple of my card issuers sent new terms. They both reserve the expanded right to impose harsh (usurious) penalties for late payment. One even threatens to impose retroactive interest and a huge late fee if THEY fail to post payment immediately upon arrival. Anyne know of issuers who don't try so completely to milk the cardmember?
Guest: Daniel Post subject: Credit Card Late Payment Terms Posted: Thu Jun 16, 2005 4:11 pm
Most Credit Unions have more relaxed default rates; but the real benefit is they are not as agressive in imposing it as some of the other banks by virtue of universal default language.
Guest: chuckbowers Post subject: Credit Card Late Payment Terms Posted: Thu Jun 16, 2005 7:54 pm
Are you suggesting that i look into credit union cards? if so, i will certainly do that, as i have not investigated them previously. Thanks for your help.
Guest: Shawnee Post subject: Credit Card Late Payment Terms Posted: Thu Jun 16, 2005 10:26 pm
Try Bank of America. They don't have an universal default clause, and they don't seem to play games posting payments.
Guest: Daniel Post subject: Credit Card Late Payment Terms Posted: Fri Jun 17, 2005 8:32 am
Not to get to far off the OT; but personally I think everyone should have a relationship with a credit union. Not an exclusive relationship mind you but having choices is a good thing.
