People's Bank Platinum MasterCard Review
Author: HJM
Posted: Wed Jun 09, 2004 9:24 pm
Post subject: People's Bank Platinum MasterCard Review
Hi,
I recently received a pre-approved letter for People's Bank Platinum MasterCard. The teaser rate is 0% APR on both purchases and balance transfers until June 2003, and there is no balance transfer fee. This sounds too good to me. Assuming they keep their words if I apply for the card, is there a catch beside a very high interest rate after 6-month period?
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Author: mouse
Posted: Wed Jun 09, 2004 9:24 pm
Post subject: People's Bank Platinum MasterCard Review
11/13/2002 4:42 pm CDT
Read the paper work it MUST say what the "GO-TO" rate is. If it is 9.99% or under GO FOR IT!!!
Only down side, DON'T EVEN THINK OF EVER HAVING A LATE PAYMENT!!!
Author: Ira
Posted: Wed Jun 09, 2004 9:26 pm
Post subject: People's Bank Platinum MasterCard Review
11/13/2002 5:08 pm CDT
If you're going to use this card to transfer high interest balances and keep them there for six months while you pay down balances only, go for it! At four months in, look for other similar offers. Then transfer the remaining balance to the new card before the 0% rate expires. I bounced from card to card to card in this fashion for about four years.
Essentially it's get out of debt free time. Of course you should also STAY out of debt and charge no more than you can pay off totally during the grace perios.
Author: hjm
Posted: Wed Jun 09, 2004 9:27 pm
Post subject: People's Bank Platinum MasterCard Review
11/13/2002 11:58 pm CDT
Hi,
I always pay my balance in full. I just thought that I can delay paying my holiday spending for 6 months or so with this card. However, I read that it is not good for my credit to have many credit cards. I currently have 5 credit cards, and 7 closed accounts. The credit score I got from DirectAlert (I think provided by Experian) is around 750. I don't know whether it is the same score everyone's talking about, but it is completely different from the one I got from TransUnion. Anyway, should I take advantage of short term benefit by applying the card or protect my credit score?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jun 09, 2004 9:24 pm
Post subject: People's Bank Platinum MasterCard Review
Hi,
I recently received a pre-approved letter for People's Bank Platinum MasterCard. The teaser rate is 0% APR on both purchases and balance transfers until June 2003, and there is no balance transfer fee. This sounds too good to me. Assuming they keep their words if I apply for the card, is there a catch beside a very high interest rate after 6-month period?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Wed Jun 09, 2004 9:24 pm
Post subject: People's Bank Platinum MasterCard Review
11/13/2002 4:42 pm CDT
Read the paper work it MUST say what the "GO-TO" rate is. If it is 9.99% or under GO FOR IT!!!
Only down side, DON'T EVEN THINK OF EVER HAVING A LATE PAYMENT!!!
Author: Ira
Posted: Wed Jun 09, 2004 9:26 pm
Post subject: People's Bank Platinum MasterCard Review
11/13/2002 5:08 pm CDT
If you're going to use this card to transfer high interest balances and keep them there for six months while you pay down balances only, go for it! At four months in, look for other similar offers. Then transfer the remaining balance to the new card before the 0% rate expires. I bounced from card to card to card in this fashion for about four years.
Essentially it's get out of debt free time. Of course you should also STAY out of debt and charge no more than you can pay off totally during the grace perios.
Author: hjm
Posted: Wed Jun 09, 2004 9:27 pm
Post subject: People's Bank Platinum MasterCard Review
11/13/2002 11:58 pm CDT
Hi,
I always pay my balance in full. I just thought that I can delay paying my holiday spending for 6 months or so with this card. However, I read that it is not good for my credit to have many credit cards. I currently have 5 credit cards, and 7 closed accounts. The credit score I got from DirectAlert (I think provided by Experian) is around 750. I don't know whether it is the same score everyone's talking about, but it is completely different from the one I got from TransUnion. Anyway, should I take advantage of short term benefit by applying the card or protect my credit score?
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 6:50 PM
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