NetBank Wouldn't Allow Deposit of Credit Card Check
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: NetBank Wouldn't Allow Deposit of Credit Card Check
Posted: Sat Sep 16, 2006 8:49 pm
Hip, hip, hooray for Bikshu!
Seriously, thanks!
Bikshu--you're right--I do have a fixed 7.9% rate on that card. MBNA graciously offered to let me make only a $15 payment on the card this month. But I paid about $14,000 since I didn't forget that the promo rate is expiring!
By MBNA BillPay I was talking about the bill pay feature on the NetAccess Web site. I understand it's available for some card products and not others. It lets you pay a bunch of merchants INCLUDING some other credit card banks (like Citibank)--but it explicitly excludes those payments from earning rewards points unless they are "in network"--and I don't know anyone who has found which merchants are "in network"! I read somewhere that there are two.
Some use that feature to gain an extra free month without paying interest, since the payments are treated as purchases with grace by MBNA, so you can wait to be billed and then pay before your grace period ends. Ive always wondered if MBNA made money from that feature. I think the payments are now processed through CheckFree like BofA's online payments.
Anyway, here's something to add to your post. One way to skinny around the hold period on access checks is to just deposit them in a money market/savings account. They'll earn interest from day of deposit regardless of when they actually clear.
I recently closed my account with NetBank. It was a nice, interest-bearing account. But it just wouldn't allow "credit card checks" or "third party checks" to be deposited in it. So I couldn't use it as my only checking account. The restrictions were annoying.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sat Sep 16, 2006 8:59 pm
Oh, one other thing--about FICO scores and being overlimit.
I reallocate limits all the time among my various cards to take advantage of special offers. For example, I have an old Citi AAdvantage Mastercard which has been mine for OVER 30 years! Two years ago Citibank increased its limit from $35,700 to $42,900 without a request from me. But there was nothing special about the card. When I got a NEW Citi card with a 0% promo rate, I transferred $41,900 of the limit to that new card, leaving the AAdvantage card with a $1,000 limit and a "high balance" over $30,000.
That didn't affect my score at all so far as I could tell--not in any of the FICO or FAKO models I follow. So I get a feeling this kind of overlimit doesn't affect the scores in general, since at no point was my then-current balance higher than my then-current credit limit. I'm not sure how (or if) the computers distinguish this situation from similar ones where people really do go over their limit...
I do know that when I asked for a CLI on that $1,000 limit card, Citibank wrote me a letter saying that my CL had decreased on the card recently, suggesting I learn to use credit responsibly, pay promptly, and so forth. I felt I was back in high school getting punished by the school principal for misbehaving. Apparently its system can't distinguish a reduction caused by a Citibank analyst thinking you're deadbeat scum and a reduction initiated by the cardholder by reallocating the limit.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: cled
Posted: Sun Sep 17, 2006 1:12 am
Polonius wrote:
I do know that when I asked for a CLI on that $1,000 limit card, Citibank wrote me a letter saying that my CL had decreased on the card recently, suggesting I learn to use credit responsibly, pay promptly, and so forth. I felt I was back in high school getting punished by the school principal for misbehaving. Apparently its system can't distinguish a reduction caused by a Citibank analyst thinking you're deadbeat scum and a reduction initiated by the cardholder by reallocating the limit.
i received same letters before...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Posted: Sun Sep 17, 2006 2:39 pm
JoyJoy wrote:
If your boss ever wants to hear that you are doing a good service here, just state the e-mail address and I will be glad to send a positive note about you!
Hahahaha. I would assuredly be fired ten times over for the information that I've posted on here if the bank could ever prove it was me. I've given out far too much "proprietary" information with respect to marketing, fraud, and credit decisioning strategies. I sometimes have nightmares a la "The Matrix" about being pulled aside at work into a little office where someone will ask me "Do you deny being Bikshu?"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: NetBank Wouldn't Allow Deposit of Credit Card Check
Posted: Sat Sep 16, 2006 8:49 pm
Hip, hip, hooray for Bikshu!
Seriously, thanks!
Bikshu--you're right--I do have a fixed 7.9% rate on that card. MBNA graciously offered to let me make only a $15 payment on the card this month. But I paid about $14,000 since I didn't forget that the promo rate is expiring!
By MBNA BillPay I was talking about the bill pay feature on the NetAccess Web site. I understand it's available for some card products and not others. It lets you pay a bunch of merchants INCLUDING some other credit card banks (like Citibank)--but it explicitly excludes those payments from earning rewards points unless they are "in network"--and I don't know anyone who has found which merchants are "in network"! I read somewhere that there are two.
Some use that feature to gain an extra free month without paying interest, since the payments are treated as purchases with grace by MBNA, so you can wait to be billed and then pay before your grace period ends. Ive always wondered if MBNA made money from that feature. I think the payments are now processed through CheckFree like BofA's online payments.
Anyway, here's something to add to your post. One way to skinny around the hold period on access checks is to just deposit them in a money market/savings account. They'll earn interest from day of deposit regardless of when they actually clear.
I recently closed my account with NetBank. It was a nice, interest-bearing account. But it just wouldn't allow "credit card checks" or "third party checks" to be deposited in it. So I couldn't use it as my only checking account. The restrictions were annoying.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sat Sep 16, 2006 8:59 pm
Oh, one other thing--about FICO scores and being overlimit.
I reallocate limits all the time among my various cards to take advantage of special offers. For example, I have an old Citi AAdvantage Mastercard which has been mine for OVER 30 years! Two years ago Citibank increased its limit from $35,700 to $42,900 without a request from me. But there was nothing special about the card. When I got a NEW Citi card with a 0% promo rate, I transferred $41,900 of the limit to that new card, leaving the AAdvantage card with a $1,000 limit and a "high balance" over $30,000.
That didn't affect my score at all so far as I could tell--not in any of the FICO or FAKO models I follow. So I get a feeling this kind of overlimit doesn't affect the scores in general, since at no point was my then-current balance higher than my then-current credit limit. I'm not sure how (or if) the computers distinguish this situation from similar ones where people really do go over their limit...
I do know that when I asked for a CLI on that $1,000 limit card, Citibank wrote me a letter saying that my CL had decreased on the card recently, suggesting I learn to use credit responsibly, pay promptly, and so forth. I felt I was back in high school getting punished by the school principal for misbehaving. Apparently its system can't distinguish a reduction caused by a Citibank analyst thinking you're deadbeat scum and a reduction initiated by the cardholder by reallocating the limit.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: cled
Posted: Sun Sep 17, 2006 1:12 am
Polonius wrote:
I do know that when I asked for a CLI on that $1,000 limit card, Citibank wrote me a letter saying that my CL had decreased on the card recently, suggesting I learn to use credit responsibly, pay promptly, and so forth. I felt I was back in high school getting punished by the school principal for misbehaving. Apparently its system can't distinguish a reduction caused by a Citibank analyst thinking you're deadbeat scum and a reduction initiated by the cardholder by reallocating the limit.
i received same letters before...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Posted: Sun Sep 17, 2006 2:39 pm
JoyJoy wrote:
If your boss ever wants to hear that you are doing a good service here, just state the e-mail address and I will be glad to send a positive note about you!
Hahahaha. I would assuredly be fired ten times over for the information that I've posted on here if the bank could ever prove it was me. I've given out far too much "proprietary" information with respect to marketing, fraud, and credit decisioning strategies. I sometimes have nightmares a la "The Matrix" about being pulled aside at work into a little office where someone will ask me "Do you deny being Bikshu?"
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 2:57 PM
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