Visa Signature Credit Card Offer is Good Deal
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Visa Signature Credit Card Offer is Good Deal
Posted: Thu Aug 31, 2006 3:50 pm
THERE ARE PEOPLE WHO ACTUALLY HAVE SPENT $1,000+ ON FICO
THAT IS JUST WRONG
ALSO WHEN YOU WORRY ABOUT 30% or 50% ON A 0.00% BT YOU LOSE MONEY!!!
90% IS MY MINIMUM
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: Sat Sep 02, 2006 12:43 am
Ira:
I do agree with both you and Mouse on this. You are absolutely right, over the long run most people should not worry too much about a no-preset spending account negatively effecting their FICO. And you are both asbolutely correct that in my personal situation, a small temporary FICO drop is certainly not worth losing out on potential interest income. In fact, doing the max possible BT on a card like this would actually null and void the problem of Chase not reporting the line, since the high balance (just under the credit line) would be used in place of the credit line anyway. This high balance would hurt one's utilization ratio, but I still agree its worth it for many people.
I was just pointing out a potential problem, that's all. For certain folks with less than stellar credit, or who are going to apply for some type of equity line or car loan, the potential downside may be great enough to avoid this offer. But most people won't be affected too negatively, and the damage is always reversible if its kept to a minimum. Of course many people simply don't care in the least about FICOs or their rates in the first place, and they certainly have every right to do so. For example, less than two hours ago I reviewed the multiple account relationship that an Otolaryngologist from California has with my bank. She is showing $170,000 in revolving balances outside of my bank, her FICO is 525 (up from 519 last month), and she is carrying $100,000 in debt with me at an APR of 30.49%. She has paid us just under $30,000 in finance charges and fees in the past twelve months and sees nothing wrong with that. And if she's OK with it, hey who am I to argue with her? If I had my way, I'd have the bank send her a dozen roses every week as a thank you.
In short, I agree with you two and have said on the record that this is perhaps the greatest offer in the industry today. So much so that I am planning on accepting my Visa Signature offer from them... I just didn't want the World MC offer I received first as I already have a World MC with another bank.
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: Sat Sep 02, 2006 12:56 am
One other thing about this particular offer that I wonder if anybody else has noticed and can provide clarification on. I recieved both the World MC version as well as the Visa Signature version, and both show a discrepancy in the promotional materials. In both cases, the introductory letter and the little inserts specifically state that the 0% goes through March 1, 2008. However, in both cases the actual terms disclosure sheets state that the 0% goes through April 1, 2008.
If I remember correctly, banks have to honor what is printed in the disclosure sheet of the offer terms. I believe these sheets take legal precedence over any other material included in a credit offer, including the introductory letter and any marketing inserts. So I presume if I ask for April, and can provide proof that my offer really does stipulate April (I'll fax it to them if necessary) they may have to honor it.
I plan to ask the rep when I call to accept/apply, but has anyone found out which date is officially correct?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: davensd
Posted: Sat Sep 02, 2006 1:24 am
Board Monitor wrote:
Quote:
I received an offer ( so called pre approved) for 0% on purchases and transfers till March 2008 then 8.9 fixed thereafter.
Wow! Where do I sign up?!!? Chase hasn't rate jacked me (have a couple of BT offers with them currently)...yet.
No lie, that is a great offer..18 months 0%..WOW!
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: Visa Signature Credit Card Offer is Good Deal
Posted: Thu Aug 31, 2006 3:50 pm
THERE ARE PEOPLE WHO ACTUALLY HAVE SPENT $1,000+ ON FICO
THAT IS JUST WRONG
ALSO WHEN YOU WORRY ABOUT 30% or 50% ON A 0.00% BT YOU LOSE MONEY!!!
90% IS MY MINIMUM
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: Sat Sep 02, 2006 12:43 am
Ira:
I do agree with both you and Mouse on this. You are absolutely right, over the long run most people should not worry too much about a no-preset spending account negatively effecting their FICO. And you are both asbolutely correct that in my personal situation, a small temporary FICO drop is certainly not worth losing out on potential interest income. In fact, doing the max possible BT on a card like this would actually null and void the problem of Chase not reporting the line, since the high balance (just under the credit line) would be used in place of the credit line anyway. This high balance would hurt one's utilization ratio, but I still agree its worth it for many people.
I was just pointing out a potential problem, that's all. For certain folks with less than stellar credit, or who are going to apply for some type of equity line or car loan, the potential downside may be great enough to avoid this offer. But most people won't be affected too negatively, and the damage is always reversible if its kept to a minimum. Of course many people simply don't care in the least about FICOs or their rates in the first place, and they certainly have every right to do so. For example, less than two hours ago I reviewed the multiple account relationship that an Otolaryngologist from California has with my bank. She is showing $170,000 in revolving balances outside of my bank, her FICO is 525 (up from 519 last month), and she is carrying $100,000 in debt with me at an APR of 30.49%. She has paid us just under $30,000 in finance charges and fees in the past twelve months and sees nothing wrong with that. And if she's OK with it, hey who am I to argue with her? If I had my way, I'd have the bank send her a dozen roses every week as a thank you.
In short, I agree with you two and have said on the record that this is perhaps the greatest offer in the industry today. So much so that I am planning on accepting my Visa Signature offer from them... I just didn't want the World MC offer I received first as I already have a World MC with another bank.
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: Sat Sep 02, 2006 12:56 am
One other thing about this particular offer that I wonder if anybody else has noticed and can provide clarification on. I recieved both the World MC version as well as the Visa Signature version, and both show a discrepancy in the promotional materials. In both cases, the introductory letter and the little inserts specifically state that the 0% goes through March 1, 2008. However, in both cases the actual terms disclosure sheets state that the 0% goes through April 1, 2008.
If I remember correctly, banks have to honor what is printed in the disclosure sheet of the offer terms. I believe these sheets take legal precedence over any other material included in a credit offer, including the introductory letter and any marketing inserts. So I presume if I ask for April, and can provide proof that my offer really does stipulate April (I'll fax it to them if necessary) they may have to honor it.
I plan to ask the rep when I call to accept/apply, but has anyone found out which date is officially correct?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: davensd
Posted: Sat Sep 02, 2006 1:24 am
Board Monitor wrote:
Quote:
I received an offer ( so called pre approved) for 0% on purchases and transfers till March 2008 then 8.9 fixed thereafter.
Wow! Where do I sign up?!!? Chase hasn't rate jacked me (have a couple of BT offers with them currently)...yet.
No lie, that is a great offer..18 months 0%..WOW!
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 1:43 PM
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