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Balance Transfer from CitiBank Credit Card to Advanta Credit Card
Guest: bullet875 Post subject: Balance Transfer from CitiBank Credit Card to Advanta Credit Card Posted: Sun Mar 26, 2006 6:10 pm I transfeered a balance from my citibank card to my advanta card. Advanta shows the BT as completed, but Citi still has the balance on the card that I transferred ti from. How long should it take to be credited to my Citi card? It was credited to my Advanta card on 3/24/06.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 26, 2006 6:55 pm It can be up to three weeks--but usually you'll see it within a week. Don't be surprised to see it posted with an EARLIER date than the first day you actually see it in your account. For example, I was a bit worried about a transfer to one of my Citibank accounts when it wasn't showing on 3/10--it was due by then. On 3/11 it showed on my online account--with a receipt date of 3/07. Whew! Advanta deducts the funds from your Advanta account the day it sends it to Citibank. Sometimes those payments are made by check and the checks are mailed--and that can REALLY delay the credit. Usually it's an ACH transfer, which can take 3 business days. And then Citibank has to credit it to your account. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 6:56 pm Took a week for my last one. Citi is waiting for the BT to clear offcially before they say its paid _________________ Average credit score: 709 !!!!!! WOOOHOOOOOO
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Guest: bullet875 Posted: Sun Mar 26, 2006 7:01 pm I'm new to all of this CC stuff like EFTs and BTs so I'm trying to learn as I go along! lol
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 26, 2006 7:03 pm 48 HOURS to 3 WEEKS Most of the time less than one week
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Guest: bullet875 Posted: Sun Mar 26, 2006 7:26 pm Thanks! I am just very impatient so that I can pay the balance off soon! lol
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Citi Dividend Platinum Select MasterCard Credit Card
Guest: jbkinn Post subject: Citi Dividend Platinum Select MasterCard Credit CardPosted: Sun Mar 26, 2006 11:14 am OK. Based on information I got from this forum I applied and got online the Citi MS Rewards Card (Diamond,I think). My question is in how they calculate interest and apply it. Although there is a 20 grace period, it looks as though the interest is computed on a daily basis. It was not clear that paying within the 20 grace period the entire balance would avoid this interest charge. What do you think? I do like the photo ID option and the ability to pay online and credit the payment the same day if done befor 5 PM. It also has what they call "virtual account numbers" which hids your actual account number when making an internet purchase.
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Guest: jbkinn Posted: Sun Mar 26, 2006 1:32 pm Citi® Dividend Platinum Select® MasterCard® is the correct name for the card I posted about.
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 26, 2006 4:03 pm If you pay your balance IN FULL within the grace period there will be no finance charge. That's the definition of "grace period." _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: bullet875 Posted: Sun Mar 26, 2006 7:39 pm I have that card and use it for my drgstore purchases because my prescription plan makes us pay 100% of our cost out of pocket and then refunds 90% of the cost via check within 2-3 weeks. So, with me using the 5% cash back card, I only end up paying 5% for my drugs instead of 10 and it lets me float the cost until the refund check comes. In my case this is cheaper than having a card that has a $10 copay per prescription. I've had this card for 2 years. My interest rate is 12.24% annually so I guess the 17.00% is new for new cards only. I think you'll like this card!
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Concerns Regarding Credit Card Offer (cont'd.)
Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Post subject: Concerns Regarding Credit Card OfferPosted: Sun Mar 26, 2006 11:04 am Quote: CC co's are using segments of the universal default Fed laws to circumvent State usury limits No. There are no "universal default Fed laws"! So there's no need for any circumvention. There are no Federal usury laws any longer either. And although SOME states still have usury laws, the big banks relocate their credit card departments to states that don't. Quote: If you've ever looked at the return address on your statement, you may notice your credit card issuer is located in a state such as South Dakota or Delaware. That's because these are the states that have either weak or no "usury laws" meaning there is no cap on the interest rate that is charged. (View this map that shows the states where the top ten credit card issuers are located.) The federal government once had national usury laws that set a cap on the amount of interest that could be charged on a loan. But after the Great Depression, it repealed them and some states put no new usury laws in place. That's why Citibank, the issuer of Mastercard, moved to South Dakota, which has no cap on interest rates. http://www.pbs.org/wgbh/pages/frontline/shows/credit/eight/ _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: awshucks Posted: Sun Mar 26, 2006 12:52 pm Ok Polonius, forgive my lack of knowledge. I assumed that 'universal default' was the result of the latest round of Federal law regarding bankruptcy. Is it solely the result of court precedent? Furthermore, does the activity noted in the article seem predatory to you?
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 2:58 pm My understanding is some proir federal court cases ended federal usury laws and threw it back to the states. Arkansas has a limit on interest rates. Finding a bank chartered there is hard because the banks prefer places like Delaware. I think Pulaski Bank is chartered in Arkansas. And they are predatory to the max. The whole idea of universal default. Basically, if they smell blood in the water, they are free to take their own bit. And with the new BK laws - you cant swim away. I wonder if suicide rates will increase in a fashion conistent with the new BK laws. _________________ Average credit score: 709 !!!!!! WOOOHOOOOOO
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 26, 2006 3:18 pm "universal default" is just a bank policy. Nothing to do with any federal or state law. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 26, 2006 3:22 pm DON'T EVER GIVE THEM A CHANCE TO USE THE DEFAULT RATE
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 4:04 pm mouse wrote: DON'T EVER GIVE THEM A CHANCE TO USE THE DEFAULT RATE Good idea, but easier said than done. Most people who hit BK do so becasue of a job or illness.... _________________ Average credit score: 709 !!!!!! WOOOHOOOOOO
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Guest: bullet875 Posted: Sun Mar 26, 2006 7:40 pm Whoa! Why does the term "loan shark" come to mind?
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Concerns Regarding Credit Card Offer (cont'd.)
Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Post subject: Concerns Regarding Credit Card OfferPosted: Sun Mar 26, 2006 2:26 am No, you don't get charged on money you already paid. You only get charged on money you've borrowed and not yet paid back. Two cycle billing basically means you didn't pay your balance in full by the payment due date, so you no longer have a grace period for subsequent purchases until all is once again paid in full. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: awshucks Posted: Sun Mar 26, 2006 6:30 am Yeh, a disturbing trend seems to be developing, in which CC co's are using segments of the universal default Fed laws to circumvent State usury limits. The big money isn't in the mere doubling of payments, its in the ability to give you a 'fixed' card rate one minute and after you have a sizeable balance, use any pretext (isolated late pay, late mail, other) to review the account/fico and retroactively jack interest rates into the 30 percentiles. Now you know why they so meekly aquiesced to shorter 'normal' repayment schedules...the back end benefit in penalties and lax law regarding assignment of penalties is a potential windfall. My two cents... Tip 1: Don't keep any balance on a card that you can't afford to pay in full today. This activity or the mere threat of it threatens to crush the CC carry trade. Tip 2: Refuse to do any business going forward with any CC co. that evidences these loan shark tendencies. I'll post the url for the story I refer to shortly.
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Guest: awshucks Posted: Sun Mar 26, 2006 6:33 am Here's the URL theintelligencer.net/business/articles.asp?articleID=3732
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 7:44 am The scary part here is how they kept the jack in minimum payments mostly a secret until the BK laws changed. The only exception is BOA. They took a big hit on their bottom line but their decision stands out as admirable in a business ***** bent on making indentured servants of us all. And with the universal default thing now - just applying for a new loan can potentially mean a jacking of your rates. I think the new situation is sooooo far over the top in favor of the cc's that it won't last. Or at least we will find out if gov't for the people, by the people has in fact ended in the USA. _________________ Average credit score: 709 !!!!!! WOOOHOOOOOO
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 9:16 am Here is what discover card did with my 2-cycle. More specifically, made a purchase of around 500 bucks on 12/21/05 which appeared on my 1/27/06 statement. Paid the min. payment but no finance charges. The next statement on 2/27/06 charges me interest for the CURRENT billing period and the PREVIOUS billing period. So yes, the retroactively erase the grace period all the way back to the purchase date. Always pay in full
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Concerns Regarding Credit Card Offer
Guest: TomfromCT Credit Expert (100+ Posts) Post subject: Concerns Regarding Credit Card Offer Posted: Sat Mar 25, 2006 3:22 pm I just got a card offer in the mail. "pre-approved" but when I went online they wanted EVERYTHING on me unlike other preapproved offers I have received where they just want a couple of basic items. The rate is 12.99 with 0% on BT until 4/2007 and the pentalty rate of Index + 26.5% So let me get this straight...... If they sense I am having trouble......they can jack my rates to MAKE SURE I AM HAVING BIG BIG TROUBLE..... This is like playing with fire if you have any need to carry a balance. _________________ Average credit score: 709 !!!!!! WOOOHOOOOOO
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Mar 25, 2006 4:36 pm Don't the terms spell out what's needed for the penalty rate to kick in? _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sat Mar 25, 2006 6:40 pm Quote: This is like playing with fire if you have any need to carry a balance. It really is worse if you consider 2-cycle billing. I forgot to pay off a small amount on my discover card a couple of months ago (paid the min. payment and was going to return something and didnt get to it). The 2-cycle billing looked terrible. I did pay it off right away when I noticed and asked discover to waive the finance charges and they said ok.
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Guest: heavyjay Posted: Sat Mar 25, 2006 8:51 pm maddybeagle wrote: Quote: This is like playing with fire if you have any need to carry a balance. It really is worse if you consider 2-cycle billing. I forgot to pay off a small amount on my discover card a couple of months ago (paid the min. payment and was going to return something and didnt get to it). The 2-cycle billing looked terrible. I did pay it off right away when I noticed and asked discover to waive the finance charges and they said ok. Does two cycle billing mean you pay interest on money you've already repaid? _________________ Jay
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sat Mar 25, 2006 11:50 pm with 2-cycle, they charge for the current month and also go back to charge you for the previous month, so you will get double charged.
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Advanta Business Credit Card with Rebate Rewards Offer
Guest: shooter Credit Expert (100+ Posts) Post subject: Advanta Business Credit Card with Rebate Rewards OfferPosted: Fri Mar 24, 2006 9:08 pm So I'm interested in the 5% rebate on phone bills, utilities, etc. this card offers. problem is I don't own a business. I know there has been discussions about this card so I apologize for the repeat. Anyway, I have aspirations to own a business with my brother some day but that is a few years off til we're both done with school. I know they ask for your personal info on the application for this card but do they have a way to see whether you are a business owner or not or do they really care? Is there anything in the card agreement about not using the card for personal purchases? I confess I'm ignorant to the world of business credit. I'd love a card with extra rewards on those kinds of purchases. If anyone knows of another card that pays extra for utilities etc I'd also be interested to know about it.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Mar 24, 2006 9:53 pm Citi® Home Rebate Platinum Select®Card • Earn a FULL 6% rebate on Internet connections, telecom services, cable, satellite (including other pay TV and radio services), and utilities for 12 months https://www.accountonline.com/ACQ/Chooser/LearnMore?siteId=CB&CARD_KEYS=6B3Z5255-M You could use this one for the 6% on purchases and save the bt offer for latter.
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Guest: rapjunkie Posted: Sat Mar 25, 2006 2:15 am Business card applications typically have clauses where you agree to only use the card for business purposes. And by the way, read the consumer reviews on this site for the Advanta cards - I saw a bunch of negative comments a while back. You might want to go with Citi, Chase, or Amex instead.
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Guest: shooter Credit Expert (100+ Posts) Posted: Sat Mar 25, 2006 2:10 pm mmmmm Thanks for the heads up rapjunkie. I'll check out the reviews.
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Guest: bullet875 Posted: Sun Mar 26, 2006 7:52 pm I haven't had a problem with Advanta...yet. However, we are able to pay our house bills with the card because we are currently working out of the house. Advanta considers that to be business related I guess. The businesses are secondary income, I am a teacher so that's my first income.
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Washington Mutual Visa Platinum Credit Card Offer
Guest: JakeC Post subject: Washington Mutual Visa Platinum Credit Card OfferPosted: Sun Mar 26, 2006 2:46 pm I get lots of pre-approved offers in the mail but one has stood out---Washington Mutual Visa Platinum b/c it has an 8.99% apr and free access to your credit score. I couldn't find much info about it on the web. Anyone know anything about it? I know WAMU recently bought out Providian and I've heard Providian wasn't so great. Is there online account management? _________________ Jake C Bal Harbour, FL
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Guest: Ira SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Mar 26, 2006 3:05 pm Why don't you check with them? _________________ Do not let what you cannot do interfere with what you can do. Ira
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Guest: fitz75 Posted: Sun Mar 26, 2006 8:29 pm I have the WAMU visa card. It has a 9.9 APR, which is the best out of all my cards. The down side is they gave me the smallest limit ($750) out of all the credit cards I applied for and got. They have a pretty nice online setup which does allow you to get your TU fico score monthly for free. The customer service reps I dealt with have all been great. For a no fee card its worth getting just for the free fico score. Hope that helps you some
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Guest: lawyer2be371 Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 10:48 pm I just got the card, 2000 credit limit.....0%apr for balance transfer until April of 2007, I won't use it for purchases until after then...3% fee though...My biggest credit limit that I have every had, I do have a secured credit card at 2,100
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Guest: Chazmanian Posted: Mon Mar 27, 2006 12:07 am I Have a recently issued WAMU card. The one I got is the Platinum Pay-Pal Visa. 0% 12 Months Etc Etc.. Lowest limit of all my cards. Probably because I applied for it "Cold" no pre-approved letter or anything. They do have online account managment and a little tab you click on which has your TU Fico score. Not a bad card I dont use it as my limit is too low. But the Fico score updates every 2-4 weeks according to the site. Bank Of America and the My Portfolio deal on the BOA website is by far the most Awesome online account managment tool I have seen yet! They let you group all of your cards together at a one glance site which does everything from telling you how much you spent last week to letting you chose which news headlines you want to read as you look over your "Trove" of cards and all the current balances (Or lack of) on one easy to read paragraph. It is really awesome and easy to navigate. Combine that with the best customer service I have seen since ever...Way generous lines of credit. Bank O' America wins my vote as Card Issuer of the year hands down. And I thought the Citi-Bank site was cool. not even in the same league.
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Visa Rewards Credit Card (cont'd.)
Guest: thejoshua Post subject: Visa Rewards Credit Card Posted: Fri Oct 07, 2005 4:03 pm You would think so, but I've been having a ***** of a time. It doesn't make things better considering school is $15K and I would like to get a little for living expenses. NObody wants to give some kid a $15k loan.
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Fri Oct 07, 2005 4:13 pm Are you starting grad, or undergrad this year? What year? That will determine what is the maximum they will give you. I take it the 15 grand is after the Pell grant has been applied (assuming you are going to a public school in your state?) Need more info, I think things should be a little easier for you, but I could be wrong.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Fri Oct 07, 2005 5:30 pm If you have a credit history and can get a credit card or 2? why waste your time with a 5k loan? that you will just have to pay interest on? Be patient and build your credit over time by paying on time and being responsible.
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Guest: creditnewbie Credit Expert (100+ Posts) Posted: Fri Oct 07, 2005 5:50 pm I have several deposit accounts with BoA and also a Visa platinum. I started with a secured card and after it became unsecured, they gave me everything I wanted. Any limit--soft inqueries-- and even lowered my APR to 8.9% fixed. I wasn't sure whether they always gave me what I wanted because I have a lot of money in my accounts or because my score was high. I took my friend to my branch a few months ago to open an account for him. he didn't deposit much, but the was recognized by a loan officer, who was his patient, he greeted him in front of the guy who was opening the accounts for him. 1 week later, they sent him a platinum visa that he didn't apply for with $8000 limit. I guess the bank was courting him because they saw the potential big deposits that they might take from a rival bank--Citi Bank. Anyway, I haven't figured bank of america yet. They are good at hiding their motives when I call the 800#, I get through in less than 1 min. Often times, 20 secs. I called on my friend's behalf once and it took them like 10 mins to take his call. Another observation with Citi bank. I used to get reps from India almost everytime I called, then recently, all the reps were americans or at least sounded like it. I got through even faster than BoA. I don't know if that's because I have a high score or because I charged a lot of money and made large payments. Or because I recently applied for the AAdvantage Platinum card, or maybe somehow they found out how much money I had with BoA since they had my account numbers. Whatever their means are, they sure worked for me
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Guest: thejoshua Posted: Fri Oct 07, 2005 6:04 pm This will be one year of technical school, I'm also not eligible for pell grants. I'm 22 which is considered dependant, even so with my salary I wouldn't get it even if I was independant. I wont be working a fll time job in school obviously, school is 30 hrs per week. The system is screwed unfortunately.
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Guest: sykai Posted: Tue Mar 28, 2006 1:48 am I am in need of a co-signer badly,.... for my private student loan... they're only giving me $11,000.. _________________ Wake me up when March is over
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Visa Rewards Credit Card (cont'd.)
Guest: JaneiR36 Credit Expert (100+ Posts) Post subject: Visa Rewards Credit CardPosted: Fri Oct 07, 2005 3:31 pm Can someone explain to me this talk about needing credit for student loans? When I was in college, all I did was say the word and it was mine for the asking. I needed two cosigners regardless and that was it. Maybe there's something I'm missing? All I took out were Federal stafford loans, by the way.
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Guest: thejoshua Posted: Fri Oct 07, 2005 3:38 pm Maybe I don't have anybody to cosign for me? I'm 22 and my parents stopped wiping my bum for me a long time ago
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Fri Oct 07, 2005 3:45 pm dude... the cosigners can't even be relatives... seriously. Find somebody. Unless you're going to grad school, this will be a requirement...
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Guest: thejoshua Posted: Fri Oct 07, 2005 3:48 pm Cosigners can be relatives, when I talked about getting my loans they told me to have my parents sign. Also I would never ask a friend to cosign, so it's up to me.
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Fri Oct 07, 2005 3:57 pm sorry, it wasn't a cosigner, it was a reference. You need two. They may not have the same address. The first should be a parent, and the second could be anyone else. (Possibly also a parent, if they don't share an address!) Still, I don't get it. While you're a full time student in college, student loans are yours for the asking, up to your yearly maximum. And when you've maxed out a certain kind of loan, you move on to the next one. Last I heard, the Federal government wants you educated and employed!!
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Visa Rewards Credit Card
Guest: thejoshua Post subject: Visa Rewards Credit CardPosted: Fri Oct 07, 2005 11:29 am I went to BOA today to apply for a secured loan. The only terms they have available were $5000 for 60 months which is not what I need by far. The man I spoke with talked me into a Visa rewards card, he said I had a very good chance of being approved considering my history with BOA (checking, savings, secured card that is now unsecured) So do you think he was blowing smoke, or was he genuinely trying to help?
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Guest: StephanB Posted: Fri Oct 07, 2005 11:46 am Why did you want the secured loan? If it is to strenghten your credit, and you told the associate, then I believe he acted in good faith. A bank loan does have more weight then a credit card in terms of your credit report, but I'm not sure if it would be worth the interest you would pay on that loan over the 5 years. A high-limit credit card that you keep for that same period of time might do you more good in the long run, considering credit line increases you'll get during the 5 years, and of course the rewards that could rack up. And of course, a credit card earns you good credit even if you only use it sporadically and keep a low or no balance. This costs you little to no money, while the bank loan will cost you a lot of money - guaranteed. /Stephan _________________ My FICO scores --> EQ: 686 (11/25) -- TU: 690, EX: 708 (10/28) TC FAKO scores --> TU: 740, EX: 750, EQ: 763 (11/29)
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Guest: thejoshua Posted: Fri Oct 07, 2005 11:51 am I wanted the secured loan to boost my score as well as have another type of credit. I only have credit cards. I was looking to do $2k for six months, but $5k for five years was just not the right move for me. However building more credit with this card (if i get it) will hopefully help my credit enough so I can get my school loans.
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Guest: thejoshua Posted: Fri Oct 07, 2005 12:04 pm When you have a relationship like mine with BOA does that way heavy on your approval? Or is it still totally based on credit?
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Guest: scarymary Credit Expert (100+ Posts) Posted: Fri Oct 07, 2005 2:27 pm I don't know... I have been banking with Commerce for years but they turned me down this week for a Home equity line of credit due to delinquencies more that 2 years old. Chase approved methoug and I don'teven have a credit card with them... go figure!!! It not like it used to be... years ago when you needed money,you went to see Bob down at the bank. Bob made you sign a paper and gave you a check to sign. Oops, no pen?? No problem, take the money and come in tonight to sign everything... I remember going to the bank with my parents as a kid and it was like that. Everybody knew you... you wouldn't dare be late on a payment or you would be the talk of the town. Technology and computers kinda took all that away..... _________________ Thanks~ Scary Mary ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ When life feels jolly rotten... there's something you've forgotten... and that's to laugh and smile and dance and sing!
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Bank of America Power Rewards Credit Card Offer
Guest: quiznut1 Post subject: Bank of America Power Rewards Credit Card OfferPosted: Mon Mar 13, 2006 2:36 pm It was previously discussed in this forum about the Bank of America Power Rewards Visa credit card, a card that offered a $1,000 statement credit at 50,000 points (1 point for every dollar you spend). This is a 2% cash back rate, but with the MBNA/Bank of America merger, it was under some suspicion that the 50,000 point reward for $1,000 was going away. The removal of the reward from this website also seemed to confirm that: Bank of America Power Rewards Visa Platinum However, after placing 3 calls to the Power Rewards Center in the span of about 3 weeks, which is the very number that customers of this card must call in order to redeem their rewards, the representative's answer has been the same. This 50,000 point reward for a $1,000 statement credit is not going away. The representative has told me each time as well that the reasoning for the removal of the 50,000 point reward from the website above, is that customers are now required to CALL to request this reward. This 50,000 point reward is no longer redeemable online, as well as the 35,000 point reward for $600 (1.5% cashback). I also asked if there was any chance the 50,000 point reward would be going away in the near future that had anything to do with the merger, or any other reason, and they have consistently told me no. This means now that this card is still available at a 2% cash back rate if you can earn 50,000 points in 5 years, at a rate of 10,000 points per year (because the points expire after 5 years), 1 point for every dollar you spend. I am definitely thinking of applying for this card when I get out of school.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Tue Mar 14, 2006 8:38 am Thanks for the update! Interesting. If this offer is still around by this summer, I think I will do the same. I did the math today on my Blue Cash card and I'm earning an effective rebate rate of 1.77%. So, not too far off. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Mar 14, 2006 10:48 am Well, if that reward isn't mentioned online, you're going to have a wonderful time convincing some CSR years from now that you're still entitled to it. I'd suggest you get it in writing. Rewards come and go and can change at any time. That's one reason why I prefer cash rewards credited to my account at once. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: Woolfman Posted: Wed Mar 15, 2006 4:07 pm I picked up a brochure the other day at the Bank about this card, and I was wondering how it worked. Now that I know you have to reach 50,000 points I think I'll pass.
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Guest: violincool Posted: Tue Mar 28, 2006 2:58 pm Hi, I have the Power Rewards Visa and called today- they told me you can get a $450 credit with 30,000 points (1.5% cashback) and then the next tier is the $1k at 50,000 points. A bit of a bummer, because the $650 at 35k points is a better deal! But alas, it no longer exists according to the man I spoke with.
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Guest: XeroK00L Posted: Tue Mar 28, 2006 3:46 pm violincool wrote: Hi, I have the Power Rewards Visa and called today- they told me you can get a $450 credit with 30,000 points (1.5% cashback) and then the next tier is the $1k at 50,000 points. A bit of a bummer, because the $650 at 35k points is a better deal! But alas, it no longer exists according to the man I spoke with. Huh? $450 for 30,000 points has always been the case, even before they pulled that offer off of their website, right? I don't recall seeing a $650-for-35,000-point offer ever. Is it some very old deal?
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Should I apply for a student credit card?
Guest: Tha0Sand6Man Post subject: Should I apply for a student credit card?Posted: Tue Mar 28, 2006 4:54 pm I am currently a high school student and I will be attending a 4 year college next year. To build my credit, I have chosen to get a credit card and to use it for emergencies. As far as past credit, I have had government loans for farm and livestock projects as well as held several bank accounts and worked for the same company for 2 years. I was wondering if signing up for a free credit report is a good idea, or if I should take a chance and apply for a card that requires good credit and take a chance of being denied, or just go for one of the student credit cards? Thanks for anyone willing to help. K
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Guest: rapjunkie Posted: Tue Mar 28, 2006 8:12 pm You don't need to sign up for one of those scam services that gives you your credit report along with a subscription to something you don't need... you can get your report for free once a year from each of the three credit bureaus... just go to http://www.annualcreditreport.com and follow the instructions. If your prior loans are on your report, you should be able to get a card, and you probably want to start with a student card. However, trying for a regular card won't hurt much either way because it'll just be one inquiry. Good luck, and way to go as far as establishing your credit early... just be sure to manage it responsibly and it'll pay off big in the long run.
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Credit Cards with no Foreign Conversion Fees
Guest: lwsdt Post subject: Credit Cards with no Foreign Conversion Fees Posted: Tue Mar 21, 2006 7:46 pm I know that mastercard and visa charge a flat 1% to convert your money while making purchases abroad. Are there any credit cards that do not chagne anything on top of that? I can not believe these card companies are charging me an extra 2-3% for nothing!!! So far the best i ahve found is AMEX (which charges 2% total). Thanks
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Guest: Alexis Rios Credit Expert (100+ Posts) Posted: Tue Mar 21, 2006 7:59 pm right now MBNA didn't charge foreign fees.
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Guest: lwsdt Posted: Tue Mar 21, 2006 8:08 pm They will in May and my trip in later in the summer.... There has to be someone on here who can point me to a link to apply for a credit card with no foreign conversion fees (execpt what via\mastercard charges) Amex is just not accpeted at enought locations... Charge card issuer/ Foreign currency transaction fee Does fee apply when foreign purchase made in U.S. dollars? J.P. Morgan Chase 3% /No Citi Cards 3%/ No MBNA America 1% Visa/MasterCard fee now, rising to 3%{+1} / Yes American Express 2%/ No Bank of America 3% /No Capital One 1%{+2}/ Yes HSBC 1%{+2} / Yes Providian 1%{+2} /Yes Wells Fargo 3%/ No Diners Club 2%-3% /No 1- Additional 2% MBNA fee takes effect in May 2- Visa/MasterCard fees, applied if purchase is made in a foreign currency. Until Oct. 1, MasterCard does not charge a fee if foreign purchases are made in U.S. dollars
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Guest: rapjunkie Posted: Wed Mar 22, 2006 2:51 am lwsdt, Thanks for the informative post. I read somewhere a while back (I think it was on Bankrate.com) that Capital One was actually absorbing the 1% fee from Visa/MC rather than passing it along to cardholders, but I guess that didn't last long.
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Guest: alekski Posted: Mon Mar 27, 2006 7:34 pm That's correct about Capital One. I've been using mine for the past few weeks in Europe and the currency is exchanged at around the mid-market rates. There is no 1% fee (they do absorb it - I even called and asked) and the exchange rate is MUCH better than offered at any currency exchange place I've seen.
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Guest: BigDog Posted: Tue Mar 28, 2006 12:08 am Yeap, Cap 1 is the only one I found that does not charge a fee. A little info? I travel allot in europe and if you going to travel to small towns. Amex is just not going to cut it.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Tue Mar 28, 2006 11:27 am Cap One does have some redeeming qualities afterall. _________________ Best Regards, Curtis Arnold Board Monitor http://www.cardratings.com (501) 663-0314 Sign up for our free monthly e-mail newsletter!
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Guest: rapjunkie Posted: Tue Mar 28, 2006 8:22 pm Wow, that's excellent news. I had read conflicting reports - some saying that they absorbed the 1%, and others saying they didn't. That's good to know (although I'm still going to call and check with them when the time comes, just in case they happen to change their policy).
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Credit Card Offers with 2% Cash Back
Guest: quiznut1 Post subject: Credit Card Offers with 2% Cash BackPosted: Tue Mar 28, 2006 12:55 am Hi everyone, I want to start this thread completely devoted to the 2% cash back cards, as I know they are hard to come by. I will not include cards that give you an extra .5% cash back (resulting in 2%) for revolving a balance to the next month. I will also not list cards that have an annual fee. Here are the ones I am aware of, and feel free to add any more if I miss any. Bank of America Power Rewards Platinum Visa - 2% cash back when you redeem 50,000 points for $1,000 statement credit - 1 point per dollar spent - Points expire after 5 years, no limit to amount of points you can earn in a single year Fidelity 529 College Rewards Mastercard - 2% cash back on all purchases - Once you accrue $25 in cash back, redeem points for a deposit into your 529 plan - Limit $1,500 cash back per year NOTE: No annual 529 account maintenance fee if auto deposit of $50 monthly or $150 quarterly is made. Also, you may withdraw any or all of your $50 monthly or $150 quarterly principal at any time without penalty, tax free (as long as your account doesn't reach $0 - automatic closure in that case). HSBC True 2% Cash Back Gold Mastercard - 2% cash back on all purchases - Limit $400 cash back per year - Seems to target invites only, but this thread on fatwallet indicates you may be able to get the card by applying in a Best Buy store (for a store credit card initially, then you get a "mystery" HSBC card). It depends on what you qualify for.
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Guest: XeroK00L Posted: Tue Mar 28, 2006 1:51 pm quiznut1 wrote: Fidelity 529 College Rewards Mastercard - 2% cash back on all purchases - Once you accrue $25 in cash back, redeem points for a deposit into your 529 plan - Limit $1,500 cash back per year NOTE: No annual 529 account maintenance fee if auto deposit of $50 monthly or $150 quarterly is made. Also, you may withdraw any or all of your $50 monthly or $150 quarterly principal at any time without penalty, tax free (as long as your account doesn't reach $0 - automatic closure in that case). This thread is a great idea for newcomers, quiznut1! Reading the details of the 529 card, I just realized how to make the card work for the rest of us who have no future plans to go to a college AND have no child to build this fund for. As you said, withdrawals of principal are not subject to penalty at all (note that earnings on non-qualified college expense will be subject to federal income taxes at the distributee's rate, as well as a 10% federal penalty tax). That means, we can make auto deposit of $50 every month AND withdraw $50 every month, just to avoid the fees, right? If there are contributions from the 2% cash back from the 529 card, we can withdraw that money too, since those contributions become the new pricipal as well. Anyone sees anything that can possibly go wrong with this idea?
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Guest: quiznut1 Posted: Tue Mar 28, 2006 2:11 pm XeroK00L wrote: That means, we can make auto deposit of $50 every month AND withdraw $50 every month, just to avoid the fees, right? quiznut1 wrote: Also, you may withdraw any or all of your $50 monthly or $150 quarterly principal at any time without penalty, tax free (as long as your account doesn't reach $0 - automatic closure in that case). Reference my quote above from my first post. Your 529 cannot reach $0 in total balance or your account will be closed. When the auto $50 monthly deposit is set in place, you could withdraw $49 each month and leave $1 in there. What I would do is set up the plan, then apply for and get the 2% credit card, use the 2% card till you reach the $25 minimum cash back to deposit into the plan, and then cash out the whole principal as well as your $25 cash back. Your money you invested in the plan should have earned a little bit by then, so you can cash out and leave your earnings. Any other 2% cash back cards besides the ones I referenced, or other questions about the Fidelity 529 card?
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Guest: XeroK00L Posted: Tue Mar 28, 2006 2:20 pm quiznut1 wrote: Reference my quote above from my first post. Your 529 cannot reach $0 in total balance or your account will be closed. When the auto $50 monthly deposit is set in place, you could withdraw $49 each month and leave $1 in there. What I would do is set up the plan, then apply for and get the 2% credit card, use the 2% card till you reach the $25 minimum cash back to deposit into the plan, and then cash out the whole principal as well as your $25 cash back. Your money you invested in the plan should have earned a little bit by then, so you can cash out and leave your earnings. Any other 2% cash back cards besides the ones I referenced, or other questions about the Fidelity 529 card? Haha, yup yup, well said. I saw the >$0 restriction but just didn't include the note in my post. Forget about the Power Rewards whose 2% requirement is hard to achieve and wastes your interest earnings during the lengthy accumulation, and forget about the HSBC/Household card that is not only hard to get but also usually comes with a low credit line. I think with the approach above the 529 card should be THE card to get for EVERYONE, particularly those who are looking for a "my wallet is only big enough for one card" solution. EDIT: For that matter, forget about the Blue Cash as well wahaha.
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Guest: quiznut1 Posted: Tue Mar 28, 2006 10:14 pm Yeah you're right...haha Any other 2% credit cards I didn't mention already that are available right now as we speak? Does anyone think we will see another flat 2% credit card become available later in 2006?
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AmEx Blue vs. Citi Dividend Rebate Credit Cards (cont'd.)
Guest: XeroK00L Post subject: AmEx Blue vs. Citi Dividend Rebate Credit CardsPosted: Mon Mar 27, 2006 6:44 am quiznut1 wrote: JoyJoy wrote: Citi Dividend has the American Express logo on their card now so really it's the best of both worlds! The OP originally was asking which card was a better card, the Blue Cash, or Citi Dividend. My advice would be to use the Citi Dividend card exclusively for the 5% cash back on gas, groceries, and drugstore, because the 5% Blue Cash rebate on these purchases doesn't kick in till you've reached $6,500 in total annual purchases. Once you reach the $300 yearly rebate limit with the Citi card, use the Blue Cash as your primary card, because you'll have probably reached that $6,500 threshold with Blue Cash on everything else. This means you'll be able to earn the 5% rebate on gas, groceries, and drugstore with Blue Cash. Otherwise, for the first $6,500, you will only earn 1% on gas, groceries, and drugstore. So use the AMEX Blue Cash for everything else but gas, groceries, and drugstore till you reach the $6,500 threshold, then feel free to continue to use it for everything else along with gas, groceries, and drugstore. The first $6,500 in total annual purchases earn .5%, (Everything else, not gas, groceries, drugstore) with Blue Cash, and then it's 1.5% after that, which is better than the Citi Dividend's 1% on non-gas, grocery, and drugstore. Actually, Blue Cash sucks...for most people. Please read the debate I had with Andri who firmly believed the Blue Cash did any good for her: http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=7634 What most people including quiznut1 fail to realize is that, in the process of reaching that $6,500 threshold, you LOSE a lot by not using a 1% or better-rewarding card. At the risk of sounding like a broken record, I have to say it once more, that the Blue Cash is only good if you actually spend more than $13,000 in purchases that do not fall in any of the categories that could otherwise earn you more than 1% in rewards, which is very rarely the case for most people. As can be seen in the thread I linked above, Andri and her husband tried very hard to maximize the benefit they get from the Blue Cash yet in the end they still earned less than they could have if they had used the Dividend card. As Ira pointed out in the end of the thread, cleverly using "situational cards" is the way to go. Wasting chances of higher rewards just to meet a threshold of a card is not.
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Guest: cameron Posted: Tue Mar 28, 2006 12:08 pm I appreciate the analysis re: blue cash. However, I have a different perspective. Maybe Im wrong, if so please set me straight. Its true you are losing ground the first $6500. Since you only get .5% rather than 1% you lose $32.50. You gain that back the next $6500. I have heard talk about specialty cards, but when I check on them they are no longer offered, or require a costco membership, or a business, or something else that precludes me. I am willing to look at restaurant cards, home improvement cards, or tuition cards, since I spend significant money there, but there comes a time where its not worth my time to save a few buck. There are downsides to carrying lots of cards too, such as liability if you lose them all. Using Blue Cash with the 1.5% rewards, and City and Chase for the %5 while you build up to the $6500 level seems like a practical strategy. It may not be perfect, but it is a reasonable approach.
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Guest: XeroK00L Posted: Tue Mar 28, 2006 1:07 pm cameron wrote: I appreciate the analysis re: blue cash. However, I have a different perspective. Maybe Im wrong, if so please set me straight. Its true you are losing ground the first $6500. Since you only get .5% rather than 1% you lose $32.50. You gain that back the next $6500. I have heard talk about specialty cards, but when I check on them they are no longer offered, or require a costco membership, or a business, or something else that precludes me. I am willing to look at restaurant cards, home improvement cards, or tuition cards, since I spend significant money there, but there comes a time where its not worth my time to save a few buck. There are downsides to carrying lots of cards too, such as liability if you lose them all. Using Blue Cash with the 1.5% rewards, and City and Chase for the %5 while you build up to the $6500 level seems like a practical strategy. It may not be perfect, but it is a reasonable approach. Thanks for chiming in. I can totally see how some people may prefer carrying only a couple of credit cards at any time. Well, in that case (using the Dividend for everyday purchases and the Blue Cash for everything else), just make very sure that you do spend more than $13,000 /year in non-everyday purchases (at places that do take Amex BTW), so that you'll at least break the 1% barrier with the Blue Cash. If you can't make sure of that, you should stick to a fixed 1%-rewarding card.
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Guest: georgee Posted: Tue Mar 28, 2006 3:19 pm I have Chase Cash Plus, Citi Dividend, and AMEX cashback. I use Citibank for gas, groceries, and drugstores, and AMEX for everything else (for the 1.5% after I hit $6500). Once I hit the $300 rebate for the calendar year on Citi, then I switch to Chase Cash Plus for gas, groceries, and drugstores, and earn the $300 annual rebate on that card. At any one time I am carrying only two (not all three) cards -- either Citi and AMEX or Chase Cash Plus and AMEX, This works for me, and all three cards get a good workout during the year.
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Guest: JoyJoy Posted: Tue Mar 28, 2006 5:48 pm Sounds like a plan to me! I can say I'm really learning a lot here. All I have ever known is to get a cc and pay it. I never went with the rewards, etc., but with so many people ranting about the rewards and how much they are really saving, it just makes sense to have your card and balance transfers work for you. Important thing, however, is to KNOW HOW to make them work for you though. Thanks for your input. _________________ J~J
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Guest: XeroK00L Posted: Tue Mar 28, 2006 7:59 pm georgee wrote: I have Chase Cash Plus, Citi Dividend, and AMEX cashback. I use Citibank for gas, groceries, and drugstores, and AMEX for everything else (for the 1.5% after I hit $6500). Once I hit the $300 rebate for the calendar year on Citi, then I switch to Chase Cash Plus for gas, groceries, and drugstores, and earn the $300 annual rebate on that card. At any one time I am carrying only two (not all three) cards -- either Citi and AMEX or Chase Cash Plus and AMEX, This works for me, and all three cards get a good workout during the year. Just out of curiosity, do you mind telling us if you have been able to charge more than $13,000 on the Blue Cash annually?
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Guest: catalyst4christ Posted: Tue Mar 28, 2006 11:10 pm I have the same cards that georgee mentioned along with a Discover. I use the Citi as my primary for everything, except whatever Discover has as their Get More promotion, then I use the Discover. Also I use the Discover at Sam's Club cause it's the only card accepted there. Once I hit the max rewards on the Citi, I then use my Chase Cash Plus Rewards as primary. I haven't maxed the rewards on both the cards before. I also have the AMEX Blue Cash but I don't spend/earn enough money right now to maximize that card so I stick to the three I mentioned previously. System works for me right now. Anything to make it better? D _________________ AMEX Blue Cash/Citi Dividend Platinum Select/Wells Fargo Platinum/Chase Cash Plus Rewards/Discover Classic/Capital One Platinum/GAP Card
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Guest: georgee Posted: Wed Mar 29, 2006 7:52 am Yeah, I charge about $16,000 annually on AMEX. I have Discover Restaurant card, too. I have reached the $1500. I won't even use it since I am not at all interested in their 5% "Get More" promotions.
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AmEx Blue vs. Citi Dividend Rebate Credit Cards
Guest: JoyJoy Post subject: AmEx Blue vs. Citi Dividend Rebate Credit CardsPosted: Tue Mar 21, 2006 2:30 pm In your honest opinion, which one is the best and why do you like it? Thanks! _________________ J~J
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Guest: TomfromCT Credit Expert (100+ Posts) Posted: Tue Mar 21, 2006 3:51 pm I like the AMEX card better. Its like cool stuts symbol stuff. "I'm sorry what was that total again? Oh very well, here's my card. Do you take American Express? (Obnoxious upper class tone of voice)" Anyways ... thats my opinion, but I'm kinda shallow. No, my name is NOT Hal. _________________ Average credit score: 709 !!!!!! WOOOHOOOOOO
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Guest: JoyJoy Posted: Tue Mar 21, 2006 6:35 pm Citi Dividend has the American Express logo on their card now so really it's the best of both worlds! _________________ J~J
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Guest: quiznut1 Posted: Wed Mar 22, 2006 12:44 am JoyJoy wrote: Citi Dividend has the American Express logo on their card now so really it's the best of both worlds! The OP originally was asking which card was a better card, the Blue Cash, or Citi Dividend. My advice would be to use the Citi Dividend card exclusively for the 5% cash back on gas, groceries, and drugstore, because the 5% Blue Cash rebate on these purchases doesn't kick in till you've reached $6,500 in total annual purchases. Once you reach the $300 yearly rebate limit with the Citi card, use the Blue Cash as your primary card, because you'll have probably reached that $6,500 threshold with Blue Cash on everything else. This means you'll be able to earn the 5% rebate on gas, groceries, and drugstore with Blue Cash. Otherwise, for the first $6,500, you will only earn 1% on gas, groceries, and drugstore. So use the AMEX Blue Cash for everything else but gas, groceries, and drugstore till you reach the $6,500 threshold, then feel free to continue to use it for everything else along with gas, groceries, and drugstore. The first $6,500 in total annual purchases earn .5%, (Everything else, not gas, groceries, drugstore) with Blue Cash, and then it's 1.5% after that, which is better than the Citi Dividend's 1% on non-gas, grocery, and drugstore.
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Guest: JoyJoy Posted: Wed Mar 22, 2006 7:59 am Great explanation Quiznut1! Citi Dividend seems to be the best choice in our situation. _________________ J~J
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Wed Mar 22, 2006 9:09 am Hey quiz, I think you should be compiling some of your posts and put them somewhere for folks to access. Very well written.
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Discover Gas Credit Card with 5% Cash Back
Guest: TomfromCT Credit Expert (100+ Posts) Post subject: Discover Gas Credit Card with 5% Cash BackPosted: Sat Mar 25, 2006 5:41 pm Anyone have this card? Do you like it? Is it really 5% back on gas? Cuz..... Yea baby.... I just applied online and GOT IT !!!!! Thats just leaves AMEX for my total credit recovery ( or at least getting all the cards I once had back) But I think I'll wait a while on the AMEX thing. Hey IRA, I;m sure my recent applications dropped my credit score - AND I DON'T CARE !!!! Are ya proud of me? _________________ Average credit score: 709 !!!!!! WOOOHOOOOOO
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sun Mar 26, 2006 9:24 am Congrats. I have 2 discover cards (home improvement and get more). The get more program starting for april 1 is gas and auto., so that might be a better deal than the gas card alone if you need any car repair/main. I use my chase and citi cards for gas and groceries, but probalby will switch one of my cards to gas when they discontinue the home improvement card along with the restaurant cards.
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