Visa Signature Credit Card
Author: milavant
Joined: 11 Nov 2003
Posts: 37
Posted: Sat Dec 04, 2004 11:30 am
Post subject: Visa Signature Card
When you "product-trade" a Bank One Visa card ($14,500 limit) for a Visa Signature card with "no pre-set spending limit," how does this get reported to the credit bureau? Does it show as a reduction in limit of $14,500, or not? Also, does anyone have a Visa Signature card? What makes it better than a regular Visa?
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Author: creditnewbie
Joined: 30 Oct 2004
Posts: 30
Posted: Sat Dec 04, 2004 2:00 pm
I watched a program once on the travel channel about the black AMEX, and they said that visa had signature card and mastercard had world card. They said they couldn't get much info out of AMEX but Visa shared some info about the signature card. They said the minimum income has to be $250,000, and they showed what kind of services those clients would get for having that card..etc. At work, we had one customer who had Black AMEX. He is a very rich man and he has been on tv many times; however, customers who had the signature cards were regular people--except one couple-- with regular jobs and didn't really have much money because they were always on a tight budget and they weren't driving fancy cars either. The same applies to customers who had world mastercard. What I read about charge cards is that limits aren't reported to credit agencies and they don't weigh much on the credit score. What I suggest is, keep what you have and get the signature card and in 2 months or so, pull your credit report and see what it shows. After all, having 2 cards is supposed to be better than having 1 when it comes to scores.
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Author: pepper jackson
Joined: 15 Dec 2004
Posts: 10
Posted: Wed Dec 15, 2004 6:08 pm
basically a signature card will prevent overlimit fees if you can pay your balance down under the limit by your next due date. it is advertised as "no pre set spending limit" this does not mean unlimited spending. do not count on being able to make a purchase with your card if you are overlimit. generally, the card will allow you to go over a certain amount before the charge is denied. (say 10% of your limit). if it goes beyond this the charge may be denied. this misunderstanding of the card can get you in trouble. but if you are the type of person who charges up your card every month and then pays it off and you risk going over limit (lets say a business owner who puts $10,000 each month on your card and then pays in full) then the signature card is a good choice. no overlimit fees.
View our latest credit card ratings!
Joined: 11 Nov 2003
Posts: 37
Posted: Sat Dec 04, 2004 11:30 am
Post subject: Visa Signature Card
When you "product-trade" a Bank One Visa card ($14,500 limit) for a Visa Signature card with "no pre-set spending limit," how does this get reported to the credit bureau? Does it show as a reduction in limit of $14,500, or not? Also, does anyone have a Visa Signature card? What makes it better than a regular Visa?
View our latest credit card ratings!
Author: creditnewbie
Joined: 30 Oct 2004
Posts: 30
Posted: Sat Dec 04, 2004 2:00 pm
I watched a program once on the travel channel about the black AMEX, and they said that visa had signature card and mastercard had world card. They said they couldn't get much info out of AMEX but Visa shared some info about the signature card. They said the minimum income has to be $250,000, and they showed what kind of services those clients would get for having that card..etc. At work, we had one customer who had Black AMEX. He is a very rich man and he has been on tv many times; however, customers who had the signature cards were regular people--except one couple-- with regular jobs and didn't really have much money because they were always on a tight budget and they weren't driving fancy cars either. The same applies to customers who had world mastercard. What I read about charge cards is that limits aren't reported to credit agencies and they don't weigh much on the credit score. What I suggest is, keep what you have and get the signature card and in 2 months or so, pull your credit report and see what it shows. After all, having 2 cards is supposed to be better than having 1 when it comes to scores.
View our latest credit card ratings!
Author: pepper jackson
Joined: 15 Dec 2004
Posts: 10
Posted: Wed Dec 15, 2004 6:08 pm
basically a signature card will prevent overlimit fees if you can pay your balance down under the limit by your next due date. it is advertised as "no pre set spending limit" this does not mean unlimited spending. do not count on being able to make a purchase with your card if you are overlimit. generally, the card will allow you to go over a certain amount before the charge is denied. (say 10% of your limit). if it goes beyond this the charge may be denied. this misunderstanding of the card can get you in trouble. but if you are the type of person who charges up your card every month and then pays it off and you risk going over limit (lets say a business owner who puts $10,000 each month on your card and then pays in full) then the signature card is a good choice. no overlimit fees.
View our latest credit card ratings!
posted by CardRatings.com at 10:01 AM
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