Author: pennypicher

Posted: Sat Nov 20, 2004 10:54 pm

Post subject: rates automatically going up??

Have a MBNA card and they went from 14.99% to 17.00%. I have good credit but they have screw my account up so many times in 6/8 months that I closed it. I called and asked why and they told me everybody’s rate was going up. I said ya but not 3% it’s more like 1/4% they have gone up. They refuse to go back down and I can’t transfer cause I have balances on other cards and we all know that game. Is it me or are they that screwed up?

Posted: Sun Nov 21, 2004 2:37 am

Post subject:

MBNA screwed your account up? How so? What did the bank do?

Polonius

“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

Posted: Sun Nov 21, 2004 2:29 pm

Post subject: Re: rates automatically going up??

pennypicher wrote:

Have a MBNA card and they went from 14.99% to 17.00%. I have good credit but they have screw my account up so many times in 6/8 months that I closed it. I called and asked why and they told me everybodys rate was going up. I said ya but not 3% it’s more like 1/4% they have gone up. They refuse to go back down and I can’t transfer cause I have balances on other cards and we all know that game. Is it me or are they that screwed up?

“IF” it is closed the interest rate “SHOULD” be frozen.

Posted: Sun Nov 21, 2004 5:03 pm

Post subject: Re: rates automatically going up??

mouse wrote:

“IF” it is closed the interest rate “SHOULD” be frozen.

I don’t think so. When you close an account it’s generally at the same terms as it was when it’s open. So if you had a variable rate, it would still be a variable rate when it’s closed. And if you miss payments it would go into a penalty rate under the same circumstances as it would have when it was open.

Posted: Mon Nov 22, 2004 9:34 am

Post subject: Do Credit Card Rates Automatically Go Up

Some cards stipulate an alternate rate you will automatically end up with if you close your account. Refusing a change in terms of service generally closes your account with the terms set as they were prior to being notified of the impending change — and if you have a variable rate, it will still continue to fluctuate, they just can’t change how it’s calculated. In other words, if your rate was prime plus 4.99% and prime goes up, your rate will too….

Author: missyob

Posted: Thu Nov 11, 2004 4:10 pm

Post subject: looking for a teen prepaid card

Hi. I have 3 boys and am looking for a prepaid mastercard or visa for them. They are 13 , 12, and 9 years old. I found the visabuxx card but the fees are very high.

Does anyone know of a place to look? I am trying to teach them some financial responsibility early. (They have their own savings accounts and have been great with them).

Posted: Thu Nov 11, 2004 11:53 pm

Post subject: Teen Prepaid Credit Card

You can try here:

http://premiumcreditcard.cardratings.com/partners/links/cardholders/categories/category.asp?category=Pre%2DPaid&parid=9025413&tfm_order=DESC&tfm_orderby=Date

Posted: Fri Nov 12, 2004 3:33 pm

Post subject: Teen Prepaid Credit Card

visabuxx.com

use bank of america for my son, works great for us…..

Posted: Tue Nov 16, 2004 4:53 pm

Post subject:

Thank you both for your help. I have decided against it for now. The fees are what is making me decide this.

Author: ATTYGARLA

Posted: Sun Nov 21, 2004 9:38 am

Post subject: CARDS THAT PAY $ TOWARD COLLEGE TUITION ?

ARE THERE ANY CREDIT CARDS THAT PAY $ TOWARD COLLEGE TUITION?

Posted: Sun Nov 21, 2004 3:41 pm

Post subject: Re: CARDS THAT PAY $ TOWARD COLLEGE TUITION ?

ATTYGARLA wrote:

ARE THERE ANY CREDIT CARDS THAT PAY $ TOWARD COLLEGE TUITION?
MBNA has two cards that will give pay money towards a child’s tuition.

1. They service a Fidelity Investment credit card that at the end of each quarter, they deposit money into an investment fund with Fidelity.. The amount of money is based on the amount of purchases, ect ..

2. I do believe that MBNA has another Credit card, but I am not sure of this one.. I think that it may be called the 529 investment card..

Best way to find out is to go to MBNA.com

Posted: Sun Nov 21, 2004 5:33 pm

Post subject:

There are several cards that pay rewards into a 529 savings account or other education-related account. Some of the cards have an education “theme”, but are really regular cash-back cards that don’t require rebates be put into a 529 or Coverdell account. I’ve reviewed most of them at www.529rewards.com. The Fidelity/MBNA MasterCard is the only one paying 2%; the others are generally 1% cards. The Fidelity card caps rewards at $1500/year ($75,000 in eligible purchases).

The Upromise savings club program is great but the CITI/Upromise credit card, though very popular, isn’t so hot (IMHO)…1% reward, $300 cap.

Good luck!

Author: lvwils

Posted: Mon Nov 15, 2004 2:19 pm

Post subject: Amex Blue or Blue Cash

What’s the difference between these two? And which one is better?

Posted: Mon Nov 15, 2004 4:51 pm

Post subject:

Well it is obvious you get the cash back on the Blue Cash, but unless you are a big time spender - you are usually better off with just Blue. Blue Cash will usually have a slightly higher rate compared to Blue. Other than that, they offer the same perks and benefits.

Posted: Mon Nov 15, 2004 6:48 pm

Post subject: Re: Amex Blue or Blue Cash

lvwils wrote:

What’s the difference between these two? And which one is better?

Thanks,

I had both.

I got rid of BLUE CASH first.

I did a 2 into 1 and got rid of the BLUE CASH.

It didn’t have a good enough pay out.

There are cards that pay 1% FROM THE GET-GO

I eventually did a 2 into 1 to AMEX DELTA and closed AMEX BLUE

I was happier with the “REGULAR” AMEX BLUE…but AMEX DELTA was better for me at this time.

Posted: Tue Nov 16, 2004 10:45 am

Post subject:

how many points would you have to accumulate on Blue before getting your rewards?

I have Amex Delta Gold right now, but i’m not spending enough to justify keeping it with its annual fee. I probably wouldn’t spend enough on Blue or Blue Cash, but i like the way they look and the online account look-ups are good. i have a chase ultimate rewards right now that i’m using, but i don’t like their online account information.

Author: hithesh123

Posted: Tue Nov 16, 2004 8:35 pm

Post subject: Providian Visa platinum. How good is it?

I got a preapproved offer today from providian for their visa platinum card. Is this card good?

thanks in advance.

Posted: Tue Nov 16, 2004 10:34 pm

Post subject: Providian Visa Platinum Credit Card Tips

Define “Good.” Good as in low interest rate? Good as in cash back or other reward? Good as in high limit? Good as in low percentage intro offer? Good as in customer service that listens when you call? Good” means different things to different people. The question is, what would constitute “good” for you?”

BTW, “preapproved” only means that you were preapproved to receive this offer. It does NOT mean that there’s a card waiting for you If you apply they’ll pull your credit report and then decide whether you fit their standards of credit worthiness. If you they’ll send you a card. If not they won’t, but they’ll send you a rejection letter listing the reasons why you were disapproved.

Posted: Tue Nov 16, 2004 10:40 pm

Post subject: Providian Visa Platinum Credit Card Tips

Right now, Good for me means credit limit (>1k) and low APR.

I thought pre-approved meant you almost got it.

Thanks for the clarification, I won’t spend my time waiting for the mail.

Posted: Wed Nov 17, 2004 11:46 am

Post subject: Providian Visa Platinum Credit Card Tips

With Providian, the preapprovals are usually the real deal, but there is no guarantee. I responded to a providian preapproved mail solicitation and was approved with “good” terms, including an 9.9% rate, $0 annual fee, and a credit line of $7,000. I got 2.99% for the life of the BT if I submitted it with the app.

I’ve called customer service and found it to be no better no worse than other bankcard issuers.

If you like the terms and conditions, that is, if they are competitive, I see no reason not to go ahead and apply.

Author: hithesh123

Posted: Tue Oct 19, 2004 1:33 am

Post subject: Will I get a credit card with better limit?

Hi folks,

I need a credit card with a good credit limit(aroud 1k atleast). Right now, I have a cap1 with a crappy $200 limit. yeah, you got it……. I am a student and they were the first to gimme a credit card.

My credit score is 661, according to mycreditinform.com

I had applied to Amex blue for students and MBNA couple of months(4-5) ago.

I wanna make sure I get approved before I do.

Any suggestions or comments would be welcome.

Thanks in advance.

Posted: Mon Nov 08, 2004 11:04 am

Post subject: How to Know If I Will Get a Better Credit Limit on Credit Card

How long has the Capital One Card been open? Do you pay at least the minimum payment due on time every month to capital one?

Posted: Mon Nov 08, 2004 12:44 pm

Post subject: How to Know If I Will Get a Better Credit Limit on Credit Card

I’ve had the cap on since Jan-2004. There is no monthly minimum payment.

Posted: Mon Nov 08, 2004 1:52 pm

Post subject: How to Know If I Will Get a Better Credit Limit on Credit Card

Amex & MBNA are some of the hardest cards to get. If you are looking for another card I would first check your credit report to make sure you have a good payment history.

Then apply for cards @ a Local Credit Union or Bank. Also department store credit cards are fairly easy to obtain.

Posted: Mon Nov 08, 2004 3:46 pm

Post subject: Re: Will I get a credit card with better limit?

hithesh123 wrote:

Hi folks,

I need a credit card with a good credit limit(aroud 1k atleast). Right now, I have a cap1 with a crappy $200 limit. yeah, you got it……. I am a student and they were the first to gimme a credit card.

My credit score is 661, according to mycreditinform.com

I had applied to Amex blue for students and MBNA couple of months(4-5) ago.

I wanna make sure I get approved before I do.

Any suggestions or comments would be welcome.

Thanks in advance.
MBNA does have Credit Cards for college Students depending on what University you are attending.. Criteria is that you must have proof of enrollment, No delinquency,. Also you do not want to have a lot of other revolving debt.. Usually the credit line is anywhere from 500.00 to 2k.. depending on what year you are in school.

Author: GettingBackIn

Posted: Mon Nov 15, 2004 5:33 pm

Post subject: Pre-Approved vs. Pre-Selected

My credit hasn’t been good in the past but I’ve paid everything off and my score is steadily improving. I’ve been very careful what I do with my credit including current account balances and number of inquiries.

So as my credit improves I keep getting “Pre-Approved” letters for Prime Cards. Correct me if I’m wrong, but if it states You are “Pre-Approved” by law, they must extend me credit unless something has changed for the worse in my credit report after they sent the solicitation.

So, I now have 2 Prime cards, a Visa and a Discover and I got another offer from Bank One. I send it in waiting for my card and I get a letter today stating that they can’t offer me credit because I have a charge off in the past. This is true, though it’s over 4 years ago and I paid in full over 18 months ago.

So I look at the offer again and it states “Pre-Selected” not “Pre-Approved.” First, I’m very upset that I have an inquiry without actually getting a card, but are there regulations with the term “Pre-Selected” as it applies to “Pre-Approved?”

Do I have legal grounds to call them and “demand” a card since their solicitation states “Pre-Selected” or should I just let it go and chalk it up as a lesson that my credit isn’t yet as good as I thought it was?

Thanks—

Posted: Mon Nov 15, 2004 6:44 pm

Post subject: Re: Pre-Approved vs. Pre-Selected

GettingBackIn wrote:

My credit hasn’t been good in the past but I’ve paid everything off and my score is steadily improving. I’ve been very careful what I do with my credit including current account balances and number of inquiries.

So as my credit improves I keep getting “Pre-Approved” letters for Prime Cards. Correct me if I’m wrong, but if it states You are “Pre-Approved” by law, they must extend me credit unless something has changed for the worse in my credit report after they sent the solicitation.

So, I now have 2 Prime cards, a Visa and a Discover and I got another offer from Bank One. I send it in waiting for my card and I get a letter today stating that they can’t offer me credit because I have a charge off in the past. This is true, though it’s over 4 years ago and I paid in full over 18 months ago.

So I look at the offer again and it states “Pre-Selected” not “Pre-Approved.” First, I’m very upset that I have an inquiry without actually getting a card, but are there regulations with the term “Pre-Selected” as it applies to “Pre-Approved?”

Do I have legal grounds to call them and “demand” a card since their solicitation states “Pre-Selected” or should I just let it go and chalk it up as a lesson that my credit isn’t yet as good as I thought it was?

Thanks—

NOT GUARANTEED APPROVAL

Posted: Mon Nov 15, 2004 8:54 pm

Post subject: Preapproved Vs. Preselected in Credit Card Terms

Forgeddaboutit.

http://www.yourcreditsource.org/repairing_getting_credit/truth_credit_card_offers_stop.html

Neither “pre-selected” nor “pre-approved” in an offer means that you have any rights to the offer. It’s just marketing. As the above link points out, banks found “pre-selected” fetched more responses to their direct mailings than simply “selected.” Basically, these offers just say: “We have a nice credit card. Wanna apply for it?”

_________________

Author: maverick

Posted: Tue Nov 09, 2004 8:26 am

Post subject: Question about carrying balances

I had a question regarding carrying balances on my credit cards. I could carry balance on two of my credit cards. Both of them have a credit line of about $10,000. Now, if I want to carry a balance of about $10,000, what will look better on my credit report/score: Having about $10,000 on one single card or carrying 5,000 on each of those?

Posted: Tue Nov 09, 2004 10:13 am

Post subject:

The second approach is better. You lose points in most credit scoring models if you are near the limit on a card. The breakpoints seem to be at the dectile figures. 49% utilization on a card produces a better score than 51% utilization; 50% is one breakpoint.

I’m basing that comment on the credit score simulator for Experian at PrivacyGuard.com. You can run all sorts of simulations there to see how to distribute your payouts for maximum score. It’s $1 for two months of service, a great deal as long as you remember to cancel via phone before the two months are up.

Posted: Tue Nov 09, 2004 10:30 am

Post subject: Re: Question about carrying balances

maverick wrote:

I had a question regarding carrying balances on my credit cards. I could carry balance on two of my credit cards. Both of them have a credit line of about $10,000. Now, if I want to carry a balance of about $10,000, what will look better on my credit report/score: Having about $10,000 on one single card or carrying 5,000 on each of those?

What are the interest rates???

F.I.C.O. DOESN’T PAY THE BILLS

If one card at $10,000 is 0.00% and the other card at $0.00 is 9.99%

Keep what you have.

If they are real close and you can do it without a major fee…split them up

You also could get some more back-up cards (like one or two that you don’t use very often)—ANOTHER $10,000 or $20,000

Posted: Thu Nov 11, 2004 9:09 pm

Post subject: How Does Having a Full Credit Card Balance Affect My Credit Score

I definitely agree with mouse — Ultimately, the score isn’t the most important thing at all, so long as you don’t sink low enough to scare your creditors into cutting back your available credit. Consider the cost to you for that credit, first and foremost, particularly if you’re not in need of that ‘great score’ right away for something big.

Something to be aware of: Your scores change constantly as information is reported/updated by your creditors.

If you aren’t going to seek out new credit (especially long term stuff like a mortgage or even a car loan), it may not matter at all how you divide up that balance so go with whatever costs you less in the long run. If those are your only two cards and they were previously paid in full, you may find your score ’suddenly’ suffers tremendously just by carrying a balance on both, especially if it’s a substantial portion of the credit line. (You’ll take a hit for many accounts with a balance and the percent utilization….) The flip side of it is that you could pay off the balance in full a short time before seeking out new credit and have your score jump tremendously once those zero balances post. This is a good argument for some unused backup cards — they can lessen the fluctuations as you use credit (by contributing positively to your utilization and the number of accounts with balances) if it is important to you to have a great score at all times.

Just FYI, different creditors have different policies regarding how frequently they update the bureaus. If you do try to raise your score ‘at the last minute’ by paying your balances in full, you’ll need to check your reports to ensure that you’ve got what you want showing before you apply for something important. Of course, all of this assumes that you don’t have any more weighty issues in the forefront like recent late payments, etc.

Author: jwhtwrth

Posted: Sat Nov 13, 2004 3:14 am

Post subject: How would Amex gold affect my credit rating?

I got an offer to get an Amex gold card, still mulling it over. The annual fee is very steep ($150) but its waived for the first year.

Anyway, the card isn’t really a credit card as far as I can tell. You are supposed to pay the balance in full every month and there is no preset spending limit. So what effect, if any, would this have on my credit rating? Any responses would be appreciated, thanks.

Posted: Sat Nov 13, 2004 11:59 am

Post subject:

I’ve got a gold AmExp card, so I used the credit score simulator at PrivacyGuard.com to research your question.

The credit report shows I owed $2200 on the card at the last statement date. It shows the credit limit as 0. I always pay the card off in full before the payment due date. So I tried two simulations–reducing the balance to zero, and reducing the balance to zero AND closing the account. For both simulations, the calculation was that my credit score would rise by 2 points.

So for me Amex Gold means very little as far as scoring is concerned. (The affect on your score could be different.) I use it a lot to get the bonus points, so I usually have a balance of a few thousand dollars at the statement date. Is it worth $150 per year as a fee? Probably not. I’ve had it since 1983. My last fee was charged in 7/2004–and it was only $75.00. Looks to me like you’re being told that you will be charged $150.00 after one year–meaning that you are being charged $75 for the second year and $75 for the first year, but the billing for both years comes at the end of the first year. That’s not “free” for the first year the way I look at things! If the fee really has been raised to $150, I haven’t been told about that yet. If I’m charged $150 for renewal next July, I’ll cancel the card.

I do have over 80,000 bonus points–enough for 3 roundtrip domestic airflights…

Posted: Sat Nov 13, 2004 12:17 pm

Post subject: How Does American Express Credit Card Affect My Credit Rating?

Thanks for the reply. I believe that they have indeed raised the annual rate to $150, but you may have been grandfathered in with the low rate.

Although the rewards seem very nice, I’ll just stick with starwood, which for anyone looking for a card is a really really nice card (I got it because of the best value guarantee).

Posted: Sat Nov 13, 2004 3:42 pm

Post subject: How Does American Express Credit Card Affect My Credit Rating?

I have an Amex Gold Rewards card. Not sure if it’s the same thing, but I do know that I don’t pay an annual fee.

Author: Guest

Posted: Tue Jul 06, 2004 6:56 pm

Post subject: Grace Period

Last year Bank One Visa cut my grace period from 25 days to 20 days. This means from the time I receive a statement until I need to write a check and mail it, I have maybe 7 days. So, I cut my use of BankOne Visa from $15,000.00 per year to $0.00 per year. MBNA and DISCOVER, both with 25+ days grace period get my business now.

Similarly, I cancelled my AMEX gold card after 24+ years with AMEX. The statement showed only 15 days grace, although a call to AMEX indicated per the cardmember agreement I had 30 days. But I go by the statement, not some long lost cardmember agreement.

I travel a lot for business and pleasure; if the card only has approximately 7 days for me to pay it is unusable as a travel product.

My Point: I never carry any balance on any card; a low interest rate is appealing, a 30+ day grace period is what I really need.

Posted: Tue Jul 06, 2004 7:23 pm

Post subject: What is the Average Credit Card Grace Period?

One possible solution is to set up automatic bill paying either with your bank or the credit card. All of my credit card bills are paid automatically about 5 days after the statement date and well before the due date.

I like to use my bank’s epay service since the credit cards get a little gimmicky - the default payment is usually the minimum 2 days before the due date. (the agreement says you will still be responsible for any late payments if this somehow fails)

With my bank’s bill paying service I set up a recurring payment that more than covers the minimum with a date of my choosing. I could be in a coma for several months (how would anyone tell?) and all the bills would be paid.

Posted: Tue Jul 06, 2004 11:36 pm

Post subject: What is the Average Credit Card Grace Period?

You don’t have to wait for your statements to arrive. Find out the amounts on line and pay them online too, as Verne says. I do online banking with Citibank and Wells Fargo–both pay all major charge cards electronically, so if a card has a due date of Wednesday at 1 PM I just schedule payment on Monday–the payment posts to my account some time on Tuesday and I’m safe.

Also, I think that the Gold Amex card just has a “suggested” payment due date; if your payment arrives before the next statement closing date, you’re OK regardless of the due date stated on the statement you receive. That’s NOT true of the other Amex cards, like Optima or the Cash Rebate cards. The Gold card similarly has no firm upper limit either.

But I hear what you’re saying. What bugs me are the statements I get showing the statement closing date a week before the postmark on the envelope containing the statement! Looks like banks will do anything to trap you these days.