Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
Author: Daryl
Posted: Thu Jun 10, 2004 11:53 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/7/2002 4:53 pm CDT
I have four rebate cards: AMEX Cash Rebate ($15,000 limit), Bank One Priority Rewards Worldwide Visa ($9500 limit), Citibank Platinum Dividend Select Mastercard ($13,000 limit), and Discover Platinum ($6000 Limit).
I always use AMEX except where they don't accept it, and then I use the Visa for points at Six Continents hotels. I hardly ever use Discover and only occasionally Mastercard.
Should I get rid of these last two cards? I have had Discover since 1986. I tend to carry all four cards around with me, out of habit.
Do I have too much credit?
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Author: Verne
Posted: Thu Jun 10, 2004 11:54 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 1:55 am CDT
You have four top-notch credit cards with ordinary credit limits. I see your problem.
You got the rebate thing, the Six Continental Hotel thing, this Bank One priority award problem and that pesky platinum dividend select mastercard.
Good luck with your fantasy problems.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Steve
Posted: Thu Jun 10, 2004 11:56 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 7:40 am CDT
You probably don't have too much credit. The only reasons that you can have too much credit are:
1) You're using it but can't afford to pay back. Lenders don't like it when you're using 90% of your available credit and making minimum payments each month.
2) You're planning on buying a house or something and need a very big loan. Many banks will consider your available credit and assume all cards are maxed out and take into account the minimum monthly payment for all your cards. This will reduce how much you can put every month on a mortgage and how much they can loan you.
Unless you are concerned with the above two cases, you should keep all four cards. They are all first-rate credit cards. However, you could leave the Mastercard at home as a backup card, in case you loose your wallet.
Author: Dori
Posted: Thu Jun 10, 2004 11:58 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 9:00 am CDT
I totally agree with Steves' post but I am under the impression that the credit card company's love when someone is foolish enough to make only minimum credit card payments.
They only need to get their high interest as I think most of those cards' interest is relatively high. If it takes 8,10, 15 years to pay it off, they really do not care as long as it never goes into default. I think it is financially good for them if their customers are late. I believe that this is where the companies make most of their money. i.e. late fees, over limit fees, and interest. It just makes me cringe when I see how much people do spend in interest over a period of several years while they do have money in a savings account or other means to pay loans down.
As for applying for NEW CREDIT, well then that is a whole other can of worms. This from a lending point of view is not what anyone wants to see I feel. I believe that 30% or lower (bal-credit limit ratio) is acceptable and good. If one does not plan to open any new lines for ANYTHING and wishes to pay so much interest then I see two setbacks
1. A low FICO SCORE
2. A poor way to manage money and get ahead.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Jun 10, 2004 11:53 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/7/2002 4:53 pm CDT
I have four rebate cards: AMEX Cash Rebate ($15,000 limit), Bank One Priority Rewards Worldwide Visa ($9500 limit), Citibank Platinum Dividend Select Mastercard ($13,000 limit), and Discover Platinum ($6000 Limit).
I always use AMEX except where they don't accept it, and then I use the Visa for points at Six Continents hotels. I hardly ever use Discover and only occasionally Mastercard.
Should I get rid of these last two cards? I have had Discover since 1986. I tend to carry all four cards around with me, out of habit.
Do I have too much credit?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Thu Jun 10, 2004 11:54 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 1:55 am CDT
You have four top-notch credit cards with ordinary credit limits. I see your problem.
You got the rebate thing, the Six Continental Hotel thing, this Bank One priority award problem and that pesky platinum dividend select mastercard.
Good luck with your fantasy problems.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Steve
Posted: Thu Jun 10, 2004 11:56 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 7:40 am CDT
You probably don't have too much credit. The only reasons that you can have too much credit are:
1) You're using it but can't afford to pay back. Lenders don't like it when you're using 90% of your available credit and making minimum payments each month.
2) You're planning on buying a house or something and need a very big loan. Many banks will consider your available credit and assume all cards are maxed out and take into account the minimum monthly payment for all your cards. This will reduce how much you can put every month on a mortgage and how much they can loan you.
Unless you are concerned with the above two cases, you should keep all four cards. They are all first-rate credit cards. However, you could leave the Mastercard at home as a backup card, in case you loose your wallet.
Author: Dori
Posted: Thu Jun 10, 2004 11:58 am
Post subject: Four Rebate Credit Cards: AMEX, Bank One, Citibank, Discover
11/8/2002 9:00 am CDT
I totally agree with Steves' post but I am under the impression that the credit card company's love when someone is foolish enough to make only minimum credit card payments.
They only need to get their high interest as I think most of those cards' interest is relatively high. If it takes 8,10, 15 years to pay it off, they really do not care as long as it never goes into default. I think it is financially good for them if their customers are late. I believe that this is where the companies make most of their money. i.e. late fees, over limit fees, and interest. It just makes me cringe when I see how much people do spend in interest over a period of several years while they do have money in a savings account or other means to pay loans down.
As for applying for NEW CREDIT, well then that is a whole other can of worms. This from a lending point of view is not what anyone wants to see I feel. I believe that 30% or lower (bal-credit limit ratio) is acceptable and good. If one does not plan to open any new lines for ANYTHING and wishes to pay so much interest then I see two setbacks
1. A low FICO SCORE
2. A poor way to manage money and get ahead.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 7:46 PM
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