Guest: Lyndzer Torte Post subject: Chase Credit Card Credit Limit Increase Posted: Thu Aug 25, 2005 5:46 pm
Does Chase ever offer online credit increases? When I click "increase credit limit", it takes me to an email form to request it. but I wonder if that's just because not enough time has passed since opening the account. I did it once and received a notice a week later that I was declined. I've had the account since April and requested the increase in July.
I've got 2 Chase accounts: Disney Visa (Bank One) and Cashbuilder.
When is the ideal time to ask for an increase from Chase?
I'm a Chase cardmember and they usually check for 3 to 6 months , you can await until you received an auto CLI without inquiry. I usually await a little bit more , and request a bigger CLI , although i receive a hard inquiry.
Guest: Lyndzer Torte Post subject: Chase Credit Card Credit Limit Increase Posted: Fri Aug 26, 2005 12:09 pm
Is there any harm in requesting a credit limit increase again?
If you request CLI , they issuer pulls a hard inquiry and may affect your score. The only harm in requesting again would be another hard inquiry without CLI.
Guest: guessindigo Post subject: Chase Credit Card Credit Limit Increase Posted: Sat Aug 27, 2005 12:13 am
With Chase, you need to use the form to request a sizeable CLI. You can call and ask if there is a preapproved increase, or wait for Chase to automatically give you one, however, in my experience, I have got huge CLI's when using the form and letting chase pull a hard inq.
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Chase Credit Card Credit Limit Increase Posted: Sun Aug 28, 2005 2:04 am
Ask for a NO HARD CLI
Each HARD costs points
Guest: Lyndzer Torte Post subject: Chase Credit Card Credit Limit Increase Posted: Sun Aug 28, 2005 12:16 pm
It's funny because I asked her if it would be a hard or soft inquiry and she said "there's really no difference- they both have the same impact on your credit score."
She went ahead and checked and denied me again! They're sending me a letter explaining why.
Guest: Alexis Rios Credit Expert (100+ Posts) Post subject: Chase Credit Card Credit Limit Increase Posted: Sun Aug 28, 2005 1:13 pm
Lyndzer Torte wrote: It's funny because I asked her if it would be a hard or soft inquiry and she said "there's really no difference- they both have the same impact on your credit score."
She went ahead and checked and denied me again! They're sending me a letter explaining why.
this representative perhaps have no knowledge of how credit report works. My advice gives some months more and use the internet form instead , and request a sizeable credit limit increase although cost you a hard inquiry.
Guest: n2jaz Post subject: CitiBank Platinum Select Master Card Rate Info Posted: Fri Aug 26, 2005 9:02 am
I've had a Platinum Select MC since '02. Nevr been late on a payment I've steadily received CL increases to 20K. Back in January I complained about my rate which had "jumped" for no apparent reason. Citi then gave me a 9 month rate of 1.9% which expires Sept.
I called to see where my rate would be as of Sept., they stated 11.4% variable. They said this is the best rate available.
Is this good rate? I currently have a balance of 4K.
Guest: hesiden Post subject: CitiBank Platinum Select Master Card Rate Info Posted: Fri Aug 26, 2005 9:18 am
Yes and no. That rate sounds about right for a Citi Platinum Select card.
However you'll be paying about $38 a month in interest. Why? You must have good credit to get a Platinum Select card. You should be able to apply for another credit card that has a 0% intrest for 12 months on balance transfers.
Bank of America CC have have no BT fees. You can see what they offer you with this link
Guest: Polonius Credit Expert (100+ Posts) Post subject: CitiBank Platinum Select Master Card Rate Info Posted: Fri Aug 26, 2005 9:28 am
Your BofA card might have no BT fees, but mine do. I just checked and was offered a BT at prime. The terms included this: Quote: # Your balance transfer rate is a variable rate based on the Prime Rate published in The Wall Street Journal, currently 6.25% APR, as of July 1, 2005, until promotional balances are paid in full as long as you maintain your account in accordance with your Cardholder Agreement. # For these balance transfers there is a cash advance fee equal to 4%, with a $5 minimum and a $75 maximum per balance transfer. This fee will post to your account as a cash advance fee and receive a cash advance rate. Please remember to deduct the fee from your available balance when determining the amount of your balance transfer.
Guest: hesiden Post subject: CitiBank Platinum Select Master Card Rate Info Posted: Fri Aug 26, 2005 9:55 am
Well "new" accounts have no fee BT for 12 months or something. Otherwise I suppose you need to wait for a speical offer. Prime is not a very special offer.
Guest: Polonius Credit Expert (100+ Posts) Post subject: CitiBank Platinum Select Master Card Rate Info Posted: Fri Aug 26, 2005 10:53 am
Quote: Prime is not a very special offer. Not for you. Those here paying 20%+ would think 6.50% is special!
There are many mixes of income/debt/credit availability here, and thousands of different cards with different terms. We know OUR terms and experiences, but there are other terms and different experiences (of course).
I've always enjoyed AND respected your posts, by the way--and I've learned from them. Thanks!
Guest: n2jaz Post subject: CitiBank Platinum Select Master Card Rate Info Posted: Sat Aug 27, 2005 5:20 am
Thanks. I really don't want the hard inquiry. I wish credit card companies would stop taking better care of new customers than existing customers.
Guest: guessindigo Post subject: CitiBank Platinum Select Master Card Rate Info Posted: Sun Aug 28, 2005 1:42 pm
Well look at it this way, a new customer, is in effect, stolen from a competitor, which is a very good thing. There are too many competitors fishing for the same customers. So, in order to pick off a competitors customer base, the most effective tool is too offer long-term 0% deals as Citi and Chase are doing. Once your a customer (existing), there is less likelihood you'll leave. However, if you are a super-duper customer and call to close your account, trust me when I tell you that retention specialists have ALOT of leeway in terms of goodies at their disposal to keep your business.
Guest: maddybeagle MBNA Credit Card Balance Transfer Offer Posted: Fri Aug 26, 2005 6:21 pm
I applied here and wanted to do a balance transfer. It looks like there is a 3% fee and no cap. Is this pretty typical for them or is this somethign I can negotiate or just threaten to close. I actually wouldnt mind to keep open so I have a card account with them.
Guest: Alexis Rios Credit Expert (100+ Posts) Post subject: MBNA Credit Card Balance Transfer Offer Posted: Fri Aug 26, 2005 6:34 pm
Normally there's a cap of $75.00 for balances tranfers . Check your agreement or call to a customer service.
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: MBNA Credit Card Balance Transfer Offer Posted: Fri Aug 26, 2005 11:11 pm
$75 max is all I ever see with MBNA
Guest: guessindigo Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sat Aug 27, 2005 12:10 am
With MBNA, that $75 fee is pretty tough to get around. Of all the cards I have, MBNA is the least negotiable when it comes to waiving BT fees.
Guest: hesiden Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sat Aug 27, 2005 1:12 am
I got an MBNA AMEX card offer in the mail earlier this week. It had the 3% BT with no cap. Took about 2 miliseconds to tear it up and toss it in the trash.
Guest: JaneiR36 Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sat Aug 27, 2005 7:09 am
They'll probably do a $75 cap if you call and ask. They used to have caps around $50. Now they don't.
Are you sure you have to pay this fee for your brand new card? Be sure you have read your terms completely, at the end, they might say, "However, there is no fee for balance transfers made in response to this offer" or something like that. If this is on the offer you got in the mail, but not in your own terms (the welcome letter you got), I'd call and see if I could get your terms switched over to the no fee one.
I generally wouldn't sign up with a brand new card only to pay that wretched 3% fee. It'd be like a slap in my face.
Guest: maddybeagle Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sat Aug 27, 2005 8:40 am
Nope, looked all the terms and dont see a cap on the bt fee. I also looked at some of the online credit offers and doesnt appear there is a cap, either. I will probably just keep it open (and file it) and use another cc's offer instead.
Guest: JaneiR36 Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sat Aug 27, 2005 4:48 pm
Did you read the terms completely to verify that there is a BT fee? Don't mean to be a nag but... this is just completely strange to me. Also I'd call them and ask the same thing.
Guest: Polonius Credit Expert (100+ Posts) Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sat Aug 27, 2005 5:43 pm
I got that offer too and quickly trashed it when I saw the "gotcha" of no cap on the fee.
There's another cute offer that I keep getting from Providian. It's 0% ON PURCHASES if you transfer a balance. But there's regular high interest charged on the balance transfer amount itself!
Guest: maddybeagle Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sat Aug 27, 2005 7:54 pm
No problem on the nagging I read it 3 times and that is what I read. That is why I wanted to point it out to folks here. Apparently it is trick with no treat. Maybe some of their other cards have better offers and this is just what I got from them. I will leave open since started since it helps my overall available credit amount.
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: MBNA Credit Card Balance Transfer Offer Posted: Sun Aug 28, 2005 1:47 am
JaneiR36 wrote: They'll probably do a $75 cap if you call and ask. They used to have caps around $50. Now they don't.
Are you sure you have to pay this fee for your brand new card? Be sure you have read your terms completely, at the end, they might say, "However, there is no fee for balance transfers made in response to this offer" or something like that. If this is on the offer you got in the mail, but not in your own terms (the welcome letter you got), I'd call and see if I could get your terms switched over to the no fee one.
I generally wouldn't sign up with a brand new card only to pay that wretched 3% fee. It'd be like a slap in my face.
Guest: dmband Post subject: Promotional Interest Rate for Credit Card Posted: Thu Aug 25, 2005 9:21 pm
I just was approved for my chase platinum with 15 months no interest on transfers and purchases and a fixed rate of 7.99% after the promo ends. My question is can I really expect to have a 7.99% fixed rate or anything close to that rate (I know that it's really not fixed and they can change it at anytime) after my promo ends in Dec. of 06?
Guest: Polonius Credit Expert (100+ Posts) Post subject: Promotional Interest Rate for Credit Card Posted: Fri Aug 26, 2005 1:51 am
I think you answered your own question there! NO guarantees about the rate--but no reason to think Chase won't do as it says either. I'm paying 0% to 3.99% on my 4 Chase cards right now...
Guest: Board Monitor Post subject: Promotional Interest Rate for Credit Card Posted: Fri Aug 26, 2005 7:28 am
dmband,
Greetings and welcome to the board! Congrats and let us know how thing work out with Chase. You may find our low rate credit card article that was just published to be of interest:
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: dmband Post subject: Promotional Interest Rate for Credit Card Posted: Fri Aug 26, 2005 11:06 am
I was on yahoo and just doing a little research about credit card reviews and your link came up and it seemed like a great forum so I joined. THANKS, --jeff--
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Promotional Interest Rate for Credit Card Posted: Sun Aug 28, 2005 2:10 am
7.99% is an advertised "GO-TO" rate...
It is not a FAKE INTEREST RATE
7.99% is too high for some (LIKE ME) but is still better than 9.99%-->19.99%
Guest: guessindigo Post subject: Promotional Interest Rate for Credit Card Posted: Sun Aug 28, 2005 2:11 pm
ongoing 7.99% fixed is a very good rate. BT rates are alot lower of course, but strictly for purchases, 7.99% is awfully tough to beat.
Guest: ALex Post subject: Promotional Interest Rate for Credit Card Posted: Sun Aug 28, 2005 5:38 pm
I just got the same offer. 0% good until November of 2006.. .. In todays market , in where most of the credit card company's are going away from fixed rates to variable rates that are based the the prime rate.. . a 7.9 fixed is an excellent rate.. If you read the disclosure or do the application over the phone, it is stated to you that if you are late on you payments, go over the limit, ect.. you rates can default to a higher rate.. I am going to apply on the internet tonite to take advantage of the offer, I will use it to transfer a couple of other credit cards that I have...
Guest: maddybeagle Post subject: Combining Different Credit Cards Posted: Sun Aug 28, 2005 8:56 pm
I havent done this but will consider. For each issuer, do they have a problem combining different cards. For example, will chase combine an amazon.com visa with some other chase card. Or are people targeting the exact same card type for combining. Also, are people doing this mainly because of the bt fee cap of 50-75 is much easier to deal with a higher limit on 1 card. Thanks.
Guest: girlie Post subject: Combining Different Credit Cards Posted: Sun Aug 28, 2005 9:46 pm
I just did this with two Capital One cards. I was considering doing it with 2 of my chase cards and someone on this board pointed out that when you combine the cards you cut your chances of recieving good offers etc. One of your cards may be offering something special with BTs while the other may not.
If you want a higher limit ask for one!
Guest: maddybeagle Post subject: Combining Different Credit Cards Posted: Sun Aug 28, 2005 10:27 pm
asking for higher limits doesnt appear to work as well as applying for several cards and combining. I dont worry about offers since I have enough accounts from different issuers to usually have a good offer when I want it.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Combining Different Credit Cards Posted: Sun Aug 28, 2005 11:20 pm
Rather than combine cards, you can ask that a portion of your available credit be transferred from card A to card B. For instance, say you have two cards from the same issuer, each with a $5,000.00 limit. If card A had a special offer that you wanted to take advantage of you could transfer, say, $4,800.00 from card B to card A. By doing this you retain the same number of cards - a plus on your credit score - and allow yourself to do whatever you want with a higher limit card.
Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Post subject: Touchless Credit Cards Posted: Sun Aug 28, 2005 10:18 pm
PayPass hopes to score with touchless credit cards
By: Dan Richman
Source: SEATTLE POST-INTELLIGENCER REPORTER
A few Seahawks fans, reluctant to miss precious seconds of Monday night's game while grabbing a dog and a brew, for the first time were able to pay for their snacks just by waving a newfangled credit card in front of a sensor.
If it seems like yet another newfangled way to risk high-tech theft, the experts say don't worry. Fans were taking no financial risk by beaming their account information through a few inches of air, rather than swiping a card conventionally or handing it to a clerk.
At most, they said, thieves determined and sophisticated enough to intercept the wireless transmissions might be able to discover a cardholder's name.
Monday's preseason game against Dallas marked the Seattle debut of MasterCard International Inc.'s "PayPass"- branded contactless technology. More than 400 terminals at Qwest Field are enabled with the new PayPass technology, at concession stands and retail sales areas.
Contactless cards, which use technology known as radio frequency identification, or RFID, currently account for less than 1 percent of the debit and credit cards in use, said Randy Vanderhoof, executive director of industry group The Smart Card Alliance.
But they are expected to quickly become more widespread, he said. Plans call for PayPass terminals to be installed at some Seattle-area McDonald's restaurants, 7-Eleven stores, Regal Cinemas and Ritz Camera stores by early 2006, MasterCard said.
Rivals Visa and American Express are rolling out similar technology. Readers installed by each card issuer will be able to process the other issuers' contactless cards, said MasterCard International Vice President William Murray.
Contactless cards can generally be used only for purchases of $25 or less, for which no signature is usually required. MasterCard says the cards take up to 18 seconds less than paying cash.
To use the new technology, holders of conventional debit or credit cards must request contactless versions from their card issuers. The special cards are usually free, and they're identical in shape and size to conventional cards, said Vanderhoof.
Right now, contactless cards are available to Seattle-area residents only through MBNA Corp. of Wilmington, Del., and KeyCorp of Cleveland, said MasterCard's Murray.
All three major card issuers -- MasterCard, Visa and American Express -- guarantee zero liability for fraudulent use to holders of contactless cards. Stolen cards must be reported promptly to avoid liability.
But experts said the contactless cards present no security risk to cardholders for two reasons.
One is technological. The cards transmit no signal except when stimulated by a reader, so thieves can't troll for transmissions as cardholders pass by, Vanderhoof said. When the cards do transmit, the signal travels only 4 inches.
And it contains only an encrypted variant of the cardholder's account number.
That variant, used only once, is created instantly in response to a number generated by the reader. The encryption uses a 112-bit key, which is "pretty much uncrackable," said Patrick Ennis, a board member at Seattle semiconductor-maker Impinj Inc., which makes chips used in contactless cards.
The new technology is also secure because it puts all risk of loss on the card issuers, not the consumers or merchants, said security expert Bruce Schneier.
As to the chance the new cards will reveal the holder's name to electronically savvy thieves, "consumers have to ask the issuers what they're doing to protect that information," he said.
Guest: Board Monitor Board Monitor/ Administrator Post subject: Touchless Credit Cards Posted: Mon Aug 29, 2005 8:18 am
Cool! _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: billy Post subject: Pre-Approved Credit Cards Posted: Sun Aug 28, 2005 3:02 pm
Can any one tell me that how do I get credit company to send me pre-approved letter? The kind that doesn't required pre-paid fee. I recieved alot of pre-approved letter from the credit companies about half year ago, i didn't apply for any of them. I would like to apply for them now, can you please tell me how do I get them to send me those pre- approved letter now? Because I haven't recieve any of those letter lately. Is it easier to get the credit with those pre-approved letter than I apply by myself?
Guest: billy Post subject: Pre-Approved Credit Cards Posted: Mon Aug 29, 2005 6:26 am
can any one give me some advise?still online waitting.thx
Guest: maddybeagle Post subject: Pre-Approved Credit Cards Posted: Mon Aug 29, 2005 7:42 am
Unless you did something (like put a fraud alert on your credit report), there must be some reason that they stopped. Any thing bad on your credit report (late payment), etc. Otherwise, I dont know of any way to force them to send offers. Seems like we get enough.....
Guest: hesiden Post subject: Pre-Approved Credit Cards Posted: Mon Aug 29, 2005 8:46 am
billy wrote: Can any one tell me that how do I get credit company to send me pre-approved letter? The kind that doesn't required pre-paid fee. I recieved alot of pre-approved letter from the credit companies about half year ago, i didn't apply for any of them. I would like to apply for them now, can you please tell me how do I get them to send me those pre- approved letter now? Because I haven't recieve any of those letter lately. Is it easier to get the credit with those pre-approved letter than I apply by myself?
Thank you.
I don't think it is any easier to get CC with a pre-approval. Even with a pre-approval (or often "pre-selected") credit card companies still pull you credit report. If you are not getting offers in the mail any more you might want to check your credit reports.
Well, I did fill out this form on the bank of america web site. It checks to see what you would be "preapproved" for. https://preapproved.bankofamerica.com/SelfInquiry.aspx
I believe not long after I got a preapproval in the mail from BoA.
Guest: jer2911tx Post subject: 0% Balance Transfer Credit Cards for Life Posted: Mon Aug 29, 2005 10:28 am
Is anyone still doing a 0% balance transfer on the life of the loan?
Who has the best 0% balance transfer for 12 months?
I haven't seen any 0% for the life of the loan in about a year. For the 0% balance transfer for 12 months (or 6 months), it seems like they vary in the balance transfer fee, from $50 to as high as $150.
we've had some unexpected issues with the car, so we need to move a debt from one 0% offer to another. my wife's paycheck goes towards unexpected things that come up, and paying off debt. she should have enough $$ by the end of 6 months to pay off the debt, but we need to transfer the debt from one 0% offer to another, hopefully for the last time.
it's about $10k, but she'll be working overtime until the holidays, so we may have that $10k saved up to pay it off by then, definitely within 12 months. does anyone still do the 0% for the life of the loan offers? would definitely have to check the fine print on that.
i think a 0% for 12 months would be fine, just have to compare the transfer fees.
my wife also wants to move my student loans to a 0% offer, but i'm worried that will lead to problems later, if we can't swap it around again and we lose the current student loan rate (about 5%). maybe after we get rid of the current $10k debt we're shuffling around....
so, anyone know if there are any 0% for the life of the loan offers (with minimum 2 purchases per month on the credit card) around?
or, what is the best 0% for 12 month offer?
we need about $10k. our credit score should allow this amount. i believe our credit cards currently have a limit greated than that thx
Guest: hesiden Post subject: 0% Balance Transfer Credit Cards for Life Posted: Mon Aug 29, 2005 11:36 am
Discover has a 0% for life of loan, just saw ad in this sunday's paper. I don't see it online, but I'm sure if you called they'd know about it. However after something like 6 months you must make at least two $1 purchases which will be at the the regular purchase apr. At this rate it would take years for the intrest to build higher than the minium 50 cent finance charge.
Citi and Chase have 12 month deals. Citi has no fee BT. I have a 12 month 0% apr no BT pre approval from Bank of America. Its only 6 months on the web site, you might be able to get 12 months if you call. Citi seem to be the least hassle, since you can to it all on line.
Guest: jer2911tx Post subject: 0% Balance Transfer Credit Cards for Life Posted: Mon Aug 29, 2005 12:18 pm
lol, i just finished applying for the blue amex card before you posted. 0% balance transfer 15 months, no annual fee, no balance transfer fee
only 0% for life balance transfer info i found on the web was from 2004. my wife is a flight attendant, and someone mentioned a 0% for the life of the loan balance transfer. i figured it was from 2004 since i couldn't find any info online abnout it.
do you know the link to it?
i just got approved for the amex one, not sure it's worth the hassle, and the added hit on the credit report to apply for another one thx
Guest: maddybeagle Post subject: 0% Balance Transfer Credit Cards for Life Posted: Mon Aug 29, 2005 12:20 pm
I have seen the discover card offer but with 50 dollar per month min. purchase (but I think that was on one of my existing cards).
Guest: JaneiR36 Post subject: Credit Card Purchase Checks Posted: Sat Aug 27, 2005 7:55 pm
I just had to go back home today because a place where I was doing an application would only accept cash or checks, and I didn't have enough money in my bank account. On my way home I quickly remembered Cap one purchase checks and how everyone here kept raving that they do not charge a fee to use them and you get charged your regular APR.
So I ripped open my latest statement, found a check and rushed back and paid it to the same place that wouldn't accept my Visa card. Almost like tricking people and organizations that you're using a check when you're really using credit!!
So now I'm thinking, would this work for everything? I mean, can I pay rent, and my power bill using these access checks? Other than the expiration date, what's the catch?
I'm pretty good about paying up any debt I've racked up once I see my pay"check" in my bank account, but especially with differing due dates on different accounts, it's hard to keep up sometimes. Also the companies in question do NOT do credit cards, else that would have been my preferred method.
Guest: maddybeagle Post subject: Credit Card Purchase Checks Posted: Sat Aug 27, 2005 8:34 pm
Sounds like a good deal. I think Polonius mentioned that was the case and they have a grace period like any regular cc purchase? I dont have a cap. one account, but maybe I should start one. A lot of utility bills you have auto. pay on your cc. I do that on my rewards card.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Card Purchase Checks Posted: Sat Aug 27, 2005 8:37 pm
No catch. I do this all the time. Just make sure of the details, since Cap1 has lots of different cards and lots of different terms.
For my two Cap1 accounts, a purchase check has no fee, can be deposited right into my bank account, and is treated as a purchase--usual grace period. As it happens, my latest Cap1 statement arrived this morning. On the second page are two purchase checks, one already filled out with my name as payee, the other blank. Both expire 9/30. My closing date is 9/24, so I'll pay off the check I used on 7/26 on 9/22 or so, wait a couple of days, and then deposit the check in my own bank account on 9/26 or so (once I know for sure the funds are once again available in my account to use). That check will show on my 10/24 statement, and I'll pay it off around 11/22. And I'll do it again if I can.
Guest: JaneiR36 Post subject: Credit Card Purchase Checks Posted: Sat Aug 27, 2005 10:38 pm
ARRRRRRRRRRGGGGGGGHHHHHHH!!! I feel like a TOTAL idiot!!
I just volunteered about $42 to Cap one this past month. A relative abroad needed money, so I decided Western Union was the safest way to do it. I also chose this method because I was too lazy to research other transfer methods. Additionally, because I didn't want to wait one week till I got my next paycheck, I used my Cap One credit card number to fund the purchase.
STUPID, STUPID, STUPID!!! I didn't realize it would count as a cash withdrawal, so I got hit with 3% of $1075 fee. I also got hit with ~$10 finance charge because I didn't even realize this had happened. End of the month I see all that and my eyes are bulging out of their sockets. How did I work so hard to save all this money on interest, getting new accounts, etc, then just give away this money? Talk about saving pennies, losing pounds.
Anyway, even if I didn't want to wait that one week, I could have EASILY avoided this by using the Cap one deposit check, put the money in my checking acct, and then used my debit card to send the money. Wow... Cap One offers so many financial services now I just feel bad for not knowing before.
Have you been receiving those offers for Mortgage financing? I don't know if they've always done this, but if not, it looks like they're earning trust among their customers and now going for bigger fish. I wish them the best!!
Guest: JaneiR36 Post subject: Credit Card Purchase Checks Posted: Sat Aug 27, 2005 10:45 pm
well, I think I found the catch
Only two checks...lol and one already made out to your name? Can you scratch off your name and address it to someone else? They're probably absorbing some check processing fees doing this aren't they?
Guest: maddybeagle Post subject: Credit Card Purchase Checks Posted: Sat Aug 27, 2005 11:08 pm
probably are taking on some processing fees, but are figuring they can catch a few up to pay the interest charges by carrying a balance.
Guest: Polonius Credit Expert (100+ Posts) Post subject: Credit Card Purchase Checks Posted: Sat Aug 27, 2005 11:55 pm
No catch--deposit the check in your own checking account, and then you've got Cap1's money. Write as many checks/payments as you like from your own account then.
I can just balance transfer up to my credit limit by a phone call to Cap 1. You can even do that for payments to department stores, home equity credit lines, and so forth. Still treated as purchases with a grace period...and no fees. You don't really need the checks. (Again, make sure YOUR terms are the same as the ones I'm describing here. I always ask the Cap1 reps to make sure there's no fee and the transfer is a purchase with grace period. A few times I've been told there's no grace period--and I have to refer the reps to their terms screen to verify that my notion, not theirs, is right. I gather some Cap1 accounts don't have those terms. So be careful.)
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Purchase Checks Posted: Sun Aug 28, 2005 1:42 am
"PURCHASE" CHECKS MAY or MAY NOT HAVE A FEE...
Look at the fine print
Although I would NEVER rewards a business THAT DOESN'T TAKE CREDIT CARDS by using a check...(even "IF" it was a CREDIT CARD CHECK I guess it would work for some
Guest: JaneiR36 Post subject: Credit Card Purchase Checks Posted: Sun Aug 28, 2005 9:10 am
Well, I kinda needed Title and Tag from the Illinois Secretary of State, but I guess that's optional to some
haha... just kidding with ya, mouse
wow... Polonius, I never really thought of depositing a large amt and writing as many checks as I want from my checking acct.
But the thing is, I want the CC company to be responsible for the balance. I want to be able to give them just about my entire paycheck when my pay comes so I have little to no liquid cash on me. For me, having all that money is just kind of a weird circle. But you BEST believe I'll be hanging onto that deposit check for dear life in case of an emergency!! I'm still feeling bad about the money I wasted, I really can't see any set of circumstances where it'd happen again.
Hey, how long does it normally take your bank (checking acct) to make funds from the deposit check available? Wachovia makes cash deposits made at the counter available right away but I'm not too sure about checks. As for my local credit union, I'm not sure about any of the timelines at all.
I think I'll probably just use the one purchase check for rent. It always throws me for a financial loop when they take their sweet time taking out the money and I'm left with almost nothing in the bank acct when they eventually do! This way I can live my life without having to worry about what they're doing. As for the other smaller payments (power, student loan), I'll just have to keep an eye on the automatic withdrawal date.
Guest: girlie Post subject: Prime and Sub-Prime Credit Cards Posted: Sat Aug 27, 2005 11:40 am
I could be way of on this but I read something on another board that touched on the subject. It seems to me that there is some sort of division between good cards and bad cards. Maybe I shouldnt call them "bad" cards but it seems like maybe some of the cards are designed for those of us with lower credit scores.
I have two questions regarding this - does it really matter? Do banks look at stuff like this? Am I better off aiming to get a shinny new Discover card or is it ok to apply for a Providian card if I am confident I will get accepted by both?
Secondly what are the better cards and what are the lesser cards?
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Prime and Sub-Prime Credit Cards Posted: Sun Aug 28, 2005 2:02 am
I have MANY $100,000's of "AVAILABLE CREDIT" (not used) and I was DENIED PROVIDIAN (not that I care)
Guest: Board Monitor Board Monitor/ Administrator Post subject: Prime and Sub-Prime Credit Cards Posted: Sun Aug 28, 2005 10:12 am
Providian used to be a subprime card issuer (i.e. issued "bad" cards- ), but has recently been trying to change to a prime issuer (i.e. "good cards"). _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314
Guest: guessindigo Post subject: Prime and Sub-Prime Credit Cards Posted: Sun Aug 28, 2005 1:46 pm
I would argue the circuit is now complete. In fact, Providian is squarely a prime player now and now that WaMu owns the card business, I would expect to see them to be very aggressive in courting new customers.
Those old subprime providian accounts (which gave it it's bad reputation) have all been sold to Aspire. The remaining customers look alot like the customers the major prime players would like to have.
Guest: ALex Post subject: Prime and Sub-Prime Credit Cards Posted: Sun Aug 28, 2005 5:51 pm
girlie wrote: I could be way of on this but I read something on another board that touched on the subject. It seems to me that there is some sort of division between good cards and bad cards. Maybe I shouldnt call them "bad" cards but it seems like maybe some of the cards are designed for those of us with lower credit scores.
I have two questions regarding this - does it really matter? Do banks look at stuff like this? Am I better off aiming to get a shinny new Discover card or is it ok to apply for a Providian card if I am confident I will get accepted by both?
Secondly what are the better cards and what are the lesser cards?
Credit card scores are part of the reason, but also take into account your ability , stability and willingness to pay your debt in regards to getting approved.. A single medical bill unpaid that is showing on your credit report can drop your scores down to a level where it does have an effect on your ability to get a prime card even though you may have major credit cards that you have handled well for years.. That is the problem today with the major credit card company's that Lend only by using risk and Fico scores.. There are a couple of Company's, ( MBNA is one of them) that do judgementally lend and do not use scores, ect for fhe basis for their decision... There are many consumers today that think that the more available credit that you have the better, but sometimes based on the demographic's of the person , it can be seen as a risk to the Credit card Company's.. Orchard, Premier, ect are high risk approval cards.. Chase, Citi, MBNA , Bank of America,( who in January will have the MBNA portfolio of credit cards and will go by the name of Bank of America card services.. -Cindy
Guest: girlie Post subject: Prime and Sub-Prime Credit Cards Posted: Mon Aug 29, 2005 12:12 pm
Thats the word I was looking for - Subprime and Prime!
So really whats the difference between Prime and subprime other than that they are easier to obtain? Does it look bad to have an Orchard or Aspire account on your credit report?
Is CapitalOne a subprime card?
Guest: hesiden Post subject: Prime and Sub-Prime Credit Cards Posted: Mon Aug 29, 2005 12:36 pm
CapitalOne does issue subprime cards.
The main difference between prime and subprime is usually the card fees and intrest rates. Some of the sub prime cards are really bad deals, monthly fees vs no fee for a prime card. Prime cards can have nice reward programs, good balance transfer deal, better credit limits, etc.
Some bad things about Capital One, they do not report credit limits which can hurt your FICO score. They also pull all three credit reporting agencies for new accounts, most only pull one (inquires slightly lower your FICO score for a few months). Also many people get small credit limits $200 which never increase even years later.
