Credit Tips: New Millinium Bank Credit Card Review

Posted On: July 16, 2006

Author: michael90002002
Posted: Sun Jul 16, 2006 1:33 am
Post subject: New Millennuim Bank cc question

I just now got approved for both Rewards 660 Visa cc(insecured) and New Millennuim cc(secured). I won’t have enough money this week to pay $250.00 for the 660 cc and pay $400.00 for the new millennium. So I was thinking, can I just pay the $99.95 to get the card and sometime within the next 2-3 weeks pay the $300.00 deposit?

Author: eastbaykitten
Posted: Sun Jul 16, 2006 3:09 am
Post subject:

Questions

1) If you were approved for an unsecured card, why are you throwing away your money on a secured card w/ lots of hidden fees?

2) If you don’t have the money to pay the fees, why are you seeking credit?

I saw that you mentioned you will be going to community college next year and you were wanting a laptop. Why not sock some money away in a high interest savings account, use your new unsecured cc for small charges (gas, groceries), PIF monthly, build up your scores in the meantime, and then after you register at school-goto the bookstore, talk to the store manager and ask if your school has a student discount for a laptop? Usually it’s 30 percent or more off through the bookstore. Use the money you saved and buy the laptop outright.

I take nursing classes at a JC and we have discounts through Dell and Apple and any software I want 30-70% off retail.

That’s just my opinion because I’m now 31 and should have done it that way a decade ago, but instead went card/ financing crazy for myself and my friends and am still paying for it. Feels kind of silly to be paying off computers, textbooks, and mountain bikes that you no longer own.

My $0.02
Good luck!
_________________
~EBK
“The mind plays tricks on you. You play tricks back! It’s like you’re unraveling a big cable-knit sweater that someone keeps knitting and knitting and knitting and knitting and knitting and knitting…”

Author: EasyRhino
Posted: Sun Jul 16, 2006 11:26 am
Post subject:

I’ve been lucky enough, since getting a student card way back when, to not have to deal with subprime card lenders.

However, I hate fees, and the 660 card sounds like utter ****.

$250 fee at creation, $10 every month, and $48 dollars every year.

Walk away. *****, run away.

The new millenium secured card isn’t as bad, but still has pretty crappy fees. $59 annual and $35 upfront.

If your credit isn’t enough to get a no-fee (or low-fee) unsecured card, then how about finding a secured card with reasonable fees? Who do you have a checking account with? They’d be the first people I’d try.

For instance, BofA chase a card with a $29 annual fee:
http://www.bankofamerica.com/creditcards/?template=secured_plat_visa

Wells Fargo has one that’s $18 a year:
https://www.wellsfargo.com/wf/credit_cards/select_card/secured/terms

Author: michael90002002
Posted: Sun Jul 16, 2006 1:20 pm
Post subject: New Millinium Bank Credit Card Review

eastbaykitten, yeah thats what I was planning on using my 660 card for(directv if I can…..). I’ve never thought about the bookstore thing, it seems like a good idea. I’ll definately do that.

I asked your questions also:

1) If you were approved for an unsecured card, why are you throwing away your money on a secured card w/ lots of hidden fees?
-I wanted to build up my credit fast so I decided to apply for both.(yeah I know, i’m dumb. At the time it seemed like a good idea because currently I have no bills or anything to pay.)

2) If you don’t have the money to pay the fees, why are you seeking credit?
-I do have the money to pay the fees but i’m trying to save for a car so thats why I said I didn’t. I really want/need a car so I really don’t have any money to throw away.

Right now, I only have a savings account with Central National Bank. Whenever I get a chance, i’m going to get a checking account with BOA. I really don’t mind paying the $250.00 for the 660 cc. It’s just that the new millenium cc fees are way too much for a secured cc.

If the n.m cc didn’t have a monthly fee or a high deposit it wouldn’t be so bad because I wouldn’t use it(emergencies only). I wanted a BOA secured cc but I kinda got impatient because I didn’t have a checking account with them and signed up for the new millenium instead.

Thanks for the help, I really appreciate it. Each day thanks to this helpful site, I learn many….many new things.

Author: maddybeagle
Posted: Sun Jul 16, 2006 1:28 pm
Post subject: New Millinium Bank Credit Card Review

I hope that you arent mentioning “New Millennuim” to spam this site….for some reason people mention this outfit from time to time….This is one of the most ridiculous cc offers….