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Should I consolidate my credit card accounts?
Guest: Snuffy Post subject: Should I consolidate my credit card accounts?Posted: Wed Aug 16, 2006 10:15 am EasyRhino wrote: yup, requesting a BT at application might result in slightly higher scores. So it's useful to have a good target. Also, citi's 0% Bt offers are often good from the first transfer, so you could "save" the BT offer on the Premierpass for a while until you finish laundering money through it, and THEN request the BT But don't dribble your apps out too long (barring the BT target card) because the new accounts will hurt your credit scores and approvals. I noticed that too when I signed up for th Citi card. It seems like a good card all around. Unless I could do a BT straight from it to my bank, I don't know what I would use the BT for. Could be a future use, so I will not use it now. When I do the Discover card I will group any other cards I want in the same session. Not sure if I want any other though. Could having too many cards hurt? Something I found at FW: fatwallet.com/forums/messageview.php?start=40&catid=52&threadid=635164 Quote: Discover won't reallocate or consolidate. BofA won't reallocate. Only consolidate. What's the difference? consolidate - take limits from 2 cards and combne into 1, closing the other. reallocate - move limits between cards, keeping both open. Yesterday I sent a message to BofA asking if I can consolidate my 2 cards with them and retain the start date of the oldest.
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Guest: Snuffy Posted: Wed Aug 16, 2006 11:53 pm Snuffy wrote: Yesterday I sent a message to BofA asking if I can consolidate my 2 cards with them and retain the start date of the oldest. This is their reply: Quote: We now offer the option to consolidate your Bank of America Credit Card accounts. The consolidation process is subject to credit approval. If approved, your credit limits can be merged together to form one limit. One account will remain open, and the other account or accounts will be closed. You may choose which account you wish to keep open. Purchases and cash advances will be the only balances that will automatically be separated upon consolidation. Any promotional rates will be forfeited on the closed account, and any balances at a promotional rate will be transferred as purchases, unless the balance is a cash balance. If you wish to proceed, please e-mail us again and include which account you wish to remain open. We appreciate the opportunity to assist you online. Should you have any further inquiries, please e-mail us again. Would it be best to not do this until I get the other cards? Doing this might show activity and appear as if I am applying for another.
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Suggestions for Credit Card Offers with 0% APR and no Balance Transfer Fees?
Guest: Snuffy Post subject: Suggestions for Credit Card Offers with 0% APR and no Balance Transfer Fees?Posted: Mon Aug 14, 2006 8:05 pm My strategy is starting to come together. JaneiR36 wrote: Citi is really good about sending true no-fee 0% APR checks if you qualify for one of their accounts. You can then write a check up to your full credit limit to yourself. Chase gave me checks on my 0% APR for 12 months new account, but they had fees attached and the CSR I spoke to would not waive it. Alternatively, accounts like Capital One, for instance, frequently come with no-fee purchase checks (like mouse said, ALWAYS read the fine print!), and you can write a check to yourself and it would be treated like a regular purchase with a grace period. You can then use the new account to pay off the balance with a balance transfer. fatwallet.com/forums/messageview.php?start=40&catid=52&threadid=632935 Date Posted: Jul/14/2006 3:57 PM Quote: On another side note, Citibank is fine being a BT target. I have a Diamond Preferred Am.ex with them that has a 0%, no fee offer. Whenever I want to take a BT from somewhere else that won't send me a check, I just request a BT from Citibank and then have the other card pay off the balance. I've overpaid and had credit balances in the past, and they've never given me any trouble. So for getting cash from a BT, that's a safe bet. It takes a week or maybe two, but how much faster are you going to get the money another way? Date Posted: Aug/02/2006 9:45 AM Quote: Let's say I get a $20,000 credit limit from Emigrant Direct and do a BT of $10,000 to a Citi account without a balance. Can I get Citi to send me a check for my "credit balance" after the BT goes through? You can do it online. Manage my account > maintenance requests > credit balance refund. So it sounds like Citi might be a good exit/conduit for getting money from other cards to the bank. I think a possible limitation might be the CL and I wonder if something would happen if I did that too many times. I also heard from another person that Citi will sometimes send 0% APR checks. Both of these are good pluses for using Citi in my strategy. So if I use Citi as my conduit, then I need cards to feed it. Preferably one with no 0% BT’s with no fees that won't red flag this activity. If there is a way to make this whole process free, I want to find it. Does anyone have suggestions for good cards for this part? Discover and Chase seems to be mentioned. I already have a Chase Sony card, so I don't know if that will decrease the chance of getting another one. Based on the App-o-rama posts, it seems best to submit the applications at the same time. I am not doing anything like an AOR, but maybe it would help anyway. So I want to create a plan of which cards I want and how will I do it....then execute it. Something I found about credit history and use of limits. I found this post: http://www.fatwallet.com/t/52/641866/ Quote: 50% utilization for a single card isn't good 90% utilization for a single card is not good 50% utilization over all cards is bad 90% utilization over all cards is worse If you can keep the utilization to less than 50% each card, your score will be much less impacted. If you haven't applied for any credit cards recently, now might be a good time to do an AOR to get some new credit lines and thus lower your utilization. Does anyone have any advice to add or tips?
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Aug 14, 2006 8:20 pm 50% utilization for a single card isn't good 90% utilization for a single card is not good 50% utilization over all cards is bad 90% utilization over all cards is worse FOR 0.00% BT 99% BT IS FINE WITH ME!!! FICO SCORES DON'T PAY MY BILLS!!! But I do have a few $100,000's un-used at all times So it is real hard to be over 10% "OVER-ALL"
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Guest: multiplierx Posted: Tue Aug 15, 2006 11:46 am I haven't gotten much in the way of BT offers lately. WAMU - 1.9%+ fee CITI - 6.9% 6 months no fee(have a 0% expiring this month) MBNA, BOA 3.9% + fee Amex 3.9%+fee I would like 0% but don't really want another card. _________________ Total interest paid on cards = 0.00 Amount of cash/rewards in past year = $550 Utilization - less than 1%
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Guest: Snuffy Posted: Tue Aug 15, 2006 12:03 pm Last night I signed up for a Citi PremierPass and was instantly approved for $7500 CL. I chose Citi because it looks like a good card to move the money to the bank. My next target is the Discover Platinum card. From what I have read it says there is no BT fee if you do it with the application. So I plan on waiting until I activate my Citi card and then BT to that during the Discover application. Has anyone else tried this?
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EasyRhino Posted: Wed Aug 16, 2006 12:14 am yup, requesting a BT at application might result in slightly higher scores. So it's useful to have a good target. Also, citi's 0% Bt offers are often good from the first transfer, so you could "save" the BT offer on the Premierpass for a while until you finish laundering money through it, and THEN request the BT But don't dribble your apps out too long (barring the BT target card) because the new accounts will hurt your credit scores and approvals.
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Chase Credit Card Offer with 12 Months 0% APR
Guest: JaneiR36 Credit Expert (100+ Posts) Post subject: Chase Credit Card Offer with 12 Months 0% APRPosted: Sun Aug 13, 2006 3:06 pm Citi is really good about sending true no-fee 0% APR checks if you qualify for one of their accounts. You can then write a check up to your full credit limit to yourself. Chase gave me checks on my 0% APR for 12 months new account, but they had fees attached and the CSR I spoke to would not waive it. Alternatively, accounts like Capital One, for instance, frequently come with no-fee purchase checks (like mouse said, ALWAYS read the fine print!), and you can write a check to yourself and it would be treated like a regular purchase with a grace period. You can then use the new account to pay off the balance with a balance transfer.
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Guest: Snuffy Posted: Sun Aug 13, 2006 10:23 pm Thanks for the help everyone. I have never played the credit card game. I have only used them for purchases and always pay them off each month. I checked out Fat Wallet. Haven't been there for awhile and had no idea they have a Finance section. Right now I am doing a lot of reading there. Here are a few interesting threads I have found so far: New Balance Transfer apporama CC scheme (BT) fatwallet.com/t/52/636830/ App-o-rama-2nd wind..$145K+ in new credit and counting. Bonuses Received and BT deals Updates fatwallet.com/t/52/624468/ Creative ideas on doing 0% BT with CCs that don't do transfer to checking... fatwallet.com/t/52/522179/ Which credit cards issue checks for large overpayments (BT) without hassle? fatwallet.com/forums/arcmessageview.php?catid=52&threadid=385866 I am putting together the cards and limits I have right now so I know what I have to work with: Business Cards: CitiBusiness - $14500 Capital One - $2600 Personal Cards: Chase Bank Sony Card - <-- was CitiCard Visa Check Card through my credit union <-- bank account where I want the money to go Older personal cards I don’t use anymore, but probably could if needed: Bank of America Platinum Reserve - $2500 Bank of America Power Rewards - $3100 <-- was Fleet – Never activated new card I have never tried to get a limit increase on any card. For the CitiBusiness card I believe they did that on their own. I am making more money then I used to and my credit history is totally clean. I used to get the checks for the Capital One business card, but threw them away thinking I would never use them. I never did look at the terms. I currently have $2046 on my CitiBusiness card and I am going to buy plane tickets soon that will likely be over $1000. I suppose one way of getting some of the money legitimately is if I have a 0% BT card in time to do it, then I just use the money from my bank account that I would have used to pay it. Of course that just limits the money I can get to what I spend. I could use it in combination with another method if needed. To do what I said above I would need a card soon with the 0% APR offer. Is there one that is really good now? JaneiR36 mentioned Citi is good about checks. I am assuming you are excluding CitiBusiness(see below)? How long does the process typically take to get a card once the application is submitted? Another question; should I only use half the credit on a card so it doesn’t look bad on my history? While logging onto the sites to see my limits I found a few things. CitiBusiness citibank.com/us/cards/cardserv/citibiz/services.jsp Quote: Check-writing Option When you do business with someone who does not accept credit cards, you still can access your CitiBusiness Card account—with CitiBusiness Checks. They work just like checks and are accepted anywhere your personal checks are accepted. To request your complimentary checks, call Small Business Customer Service at 1-800-750-7453. Subject to availability and limited to unused portion of your existing credit line. CitiBusiness Checks are treated as Cash Advances, are subject to the Cash Advance Transaction fee and will be assessed a finance charge from the date of the transaction until paid in full. The cash advance rates/fees are not shown on the site. Capital One fees from the site: Quote: Overlimit Fee $29.00 Returned Check Fee $29.00 Past Due Fee Balances less than $1,000.00 $29.00 Balances $1,000.00 and above $35.00 Cash Advance Fee $5.00 Cash Advance Percent 3.0% Minimum Payment Amount $10.00 Minimum Payment Percent 3.0% Cash Advance Fee/Cash Advance Percent: A service charge for each cash advance made through an ATM, bank teller, or credit card check. It is either the fee amount or the percent of your cash advance listed above, whichever is greater. Bank of America Quote: Convenience checks can be used at locations that do not accept a credit card. You write convenience checks just as you would write a check. The amount will post to your credit card account. Convenience checks are treated as a cash advance, and any cash advance fees or rates will apply. When I logged of the BofA site it said this for my Power Rewards card Quote: For your Bank of America Credit Card account ending in XXXX, you can transfer balances from other cards and loans with high interest rates to start saving today. Limited-time offer features: * 0% fixed APR through your June 2007 billing cycle, then your standard contract variable Purchase Rate currently 30.74% APR until the balances are paid in full1 * Save with a great low rate to eliminate other high-rate balances * Act now to take advantage of this special offer Please note that you will lose this promotional rate if you exceed your credit limit (except for Signature cards), close your account or are late with a payment. All payments you make will be applied to the lowest APR balances first. Remember – this is a special, limited time offer and does not apply to regular purchases or cash advance transactions. There is a 4% fee (minimum $10; maximum $90) for each balance transfer amount. This fee will post to your account as a cash advance fee and receive a cash advance rate. That last sentence is really bad. I am going to do some more reading.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Mon Aug 14, 2006 8:36 am Quote: This fee will post to your account as a cash advance fee and receive a cash advance rate Wow! New one of me. Things are definitely not what they used to be. _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: wierdo Posted: Mon Aug 14, 2006 8:36 am Those are the terms which will be applied unless the checks say something else on them. The Cardmember Agreement for one of my Chase accounts says: Quote: We may provide you cash advance checks or balance transfer checks as a way to use your account. We also refer to them in the agreement as a check or checks. You may use a check to pay for goods or services, to transfer balances to your account, or for other uses we allow. But you may not use these checks to transfer balances to this account from other accounts with us or any of our related companies...Cash advance checks are treated as cash advances and balance transfer checks are treated as balance transfers except as noted in this agreement or any offer we make to you. We may treat checks we call convenience checks as balance transfer checks. However, checks that we call convenience checks and that we indicated to you are subject to the terms for cash advances, may be treated as cash advances and assessed cash advance rates and fees. IOW, balance transfer checks are balance transfers unless they say otherwise. :p
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Credit Card Offers with 0% APR
Guest: Snuffy Post subject: Credit Card Offers with 0% APRPosted: Sun Aug 13, 2006 1:25 am I have been thinking of signing up for one of the many 0% APR for 12 month offers out there. I would like to find a method to convert it to cash in my bank account. Then I can use it to earn while it is 0% APR and make the minimum payments. I have been doing some reading on this forum and so far I found a couple methods mentioned: 1. Purchase/convenience checks: Write a check to yourself and deposit. Fees may vary based on the checks issued. 2. Balance transfer to debit card: Is this easy to do or will only some do this? Have I missed any methods? My concern with both methods is it being treated as a cash advance or having other pitfalls. Right now I have not tried to obtain one of the 0% APR cards yet. I want to do my homework first and be sure which one is the best for my scenario. Also will doing something like this hurt my credit?
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Sun Aug 13, 2006 12:22 pm Quote: "Snuffy" I have been thinking of signing up for one of the many 0% APR for 12 month offers out there. I would like to find a method to convert it to cash in my bank account. Then I can use it to earn while it is 0% APR and make the minimum payments. I have been doing some reading on this forum and so far I found a couple methods mentioned: 1. Purchase/convenience checks: Write a check to yourself and deposit. Fees may vary based on the checks issued. 2. Balance transfer to debit card: Is this easy to do or will only some do this? Have I missed any methods? My concern with both methods is it being treated as a cash advance or having other pitfalls. Right now I have not tried to obtain one of the 0% APR cards yet. I want to do my homework first and be sure which one is the best for my scenario. Also will doing something like this hurt my credit? 3% or 4% NO MAX ($10 MINIMUM) $30,000 X 0.03 = $900) $30,000 X 0.04 = $1,200 READ THE FINE PRINT CAREFULLY!!! NOT EVERY OFFER IS NO FEE or $50 MAX or $75 MAX
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Guest: EasyRhino Posted: Sun Aug 13, 2006 12:37 pm Snuffy wrote: Have I missed any methods? Checks are usuall the easiest (scour the fine print). If the issuer doesn't intend for the BT to go into your bank account: 1) Transfer to a another credit card and push it into a credit balance. Request that this other card send you a credit balance refund check (Citibank is very easy about this, some other issuers may or may not hassle you for the 30k overpayment). 2) Do a really cheap advance with another credit card (a no-fee cash advance card, like from a credit union, may come in handy). Then to the BT to cover that cash advance. You'll eat a week's worth of a pretty high interest rate. This would be the "completely legitimate" way of doing it. I haven't actually tried the debit card method. I've used a combo of checks and #1 above.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Sun Aug 13, 2006 2:59 pm Fat wallet has some threads on this....check it out...I have done them all except the debit card thing...also some cc's dont like a credit balance....chase, amex and mbna....chase will lock your account (hassle)....mbna might close the account if you do multiple times...
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How do credit cards with a cash advance option work?
Guest: shan Post subject: How do credit cards with a cash advance option work?Posted: Wed Aug 16, 2006 5:28 pm Can someone explain how cash advance checks work please? I have a BofA/MBNA card and want to deposit the check into my BofA checking acct, then use some of the money to pay that card and my other BofA card. I know that you can't use it to directly pay a card with them, but can you make it out to yourself and then pay them? Will they track that through my checking acct? Also, it is 0% APR for a year, but 3% fee which is labeled as a finance charge. Will that finance charge compound if I carry a balance? If so, can I pay the finance charge seperate from the balance? Thanks for your help!
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Guest: fire3000 Credit Expert (100+ Posts) Posted: Wed Aug 16, 2006 7:30 pm They send me those convenience check frequently. When I decide to use one, I make the check out to myself and deposit it into a checking account other than my BoA account or to my HELOC lender (Wachovia). If it is a BT offer only, the check must be written out to one of your creditors. If there is a fee charged, it will be added to your balance at the start of your next statment. Regular rates may be accessed on the fee and you can not pay the fee off until the rest of the balance is paid off. The fee is a one time charge and if you carry a balance the stated low rate will apply to the amount of the check used. Purchases made before or after the check is used are charged the regular purchase rate unless the offer states otherwise. If your payments are on time and your credit reports stay positive, they will not rate jack until the end of the low rate period or until the check amount is fully paid as stated in the offer.
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Guest: multiplierx Posted: Wed Aug 16, 2006 7:36 pm That's the catch with BTs. The fee will accrue interest while the 0% is paid off. You can't seperate the charges. The only true 0% BT is 0 fee. _________________ Total interest paid on cards = 0.00 Amount of cash/rewards in past year = $550 Utilization - less than 1%
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Guest: shan Posted: Wed Aug 16, 2006 11:54 pm Ok, thanks. I figured there was a catch with that fee. So, it's best not to deposit into my BOA acct then? I was thinking of opening Citi checking and e-savings accts anyway. I guess I can use those.
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Providian Credit Card with 30% Interest!
Guest: kjffilm Post subject: Providian Credit Card with 30% Interest!Posted: Thu Aug 17, 2006 12:45 am Hi, great to find you guys. I have had a providian credit card for several years during which they've steadily increased the interest to where it;s now over 30%. Their address is in DALLAS,TX and they were recently taken over by wamu. Does this rate constitute usury? Can I sue? sny adviceis much appreciated. _________________ Keith J froelich
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Guest: hdporter Credit Expert (100+ Posts) Posted: Thu Aug 17, 2006 4:55 am Only a couple of states have usury laws of any sort. Many credit card companies won't issue cards in those states. These days you can be subject to rates approaching, or exceeding, 30% if you are late with your payment twice in a 6 mo. period. Timeliness is critical. The biggest problem with Providian is that they rarely reduce rates appreciably. My wife and I obtained P* cards when our credit was poor. Our scores are now 700+ and yet those cards still carry 20%+ rates. The only remedy to the high rates is to apply for another card once your credit scores begin approaching the mid-600's (start tying in the low 600's). - Harry
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Frequent Flyer Miles with Balance Transfer Credit Cards?
Guest: bigclam Post subject: Frequent Flyer Miles with Balance Transfer Credit Cards?Posted: Thu Aug 17, 2006 12:14 pm I use credit card checks (0% offers for transfers, etc.) to pay for imported business supplies because my contacts can't accept credit card payments. Is there any way I can get FLYER MILES from these transactions?
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Try Department Store Credit Card to Build Credit History
Guest: wierdo Post subject: Try Department Store Credit Card to Build Credit HistoryPosted: Wed Aug 16, 2006 11:27 pm Dmoney wrote: I've tried the exact same thing you did and it did not work. MBNA is rough and they do not trust "new credit heads". My suggestion is trying to get a department store card, getting a secured card, or a credit card with garaunteed approval (the fees will suck though, but if you have an excellent banking history $150-$250(setup fees) should not be an issue). There should be no need to pay a bunch of money to get a card. While the OP should expect to have annual fees and high interest, there's no need to take some scam card like a First Premier or one of the CompuCredit/Columbus Bank offerings. Personally, I got lucky with Citi, as they had an online-only card they were willing to approve me for, even with 4 or 5 inqs and nothing else on my report, but that was 8 years ago. Take a secured card from someone who doesn't run a sleazy operation. A gas card or store card might be the place to start. If nothing else, get a Crown Jewelers account, since they don't run a credit check, but will report after you buy something from them. At least then you have something to show for your money. Once that's on there, some halfway decent lender like Cap1 will probably approve you, and a year or so after that a prime lender will probably approve you for something decent.
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Guest: jlrdc909 Credit Expert (100+ Posts) Posted: Thu Aug 17, 2006 6:10 am NO!!!!!!!!!!!!!!!!!!!!!!!! You might think because you have X # of $'s in an account that the bank will look on you better than a non banking customer, but it is not the case. When applying for a CC from your local bank, they are going to look at you like every other "Joe", and evaluate you income, history, etc, etc.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Thu Aug 17, 2006 8:50 am This is why folks making 250K+ a year get without any debt get denied credit! _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Should I apply for a credit card with my bank?
Guest: newtoitall Post subject: Should I apply for a credit card with my bank?Posted: Wed Aug 16, 2006 12:54 pm Ok so I have been banking with Suntrust since the 90s when they were Crestar! I have only used them for a free checking account, but I have been loyal to them for over 7 years and have never so much as even overdrafted my account! My question is this: I have applied for a Suntrust CC even though I have "no credit history" hoping that my excellent record with them will nudge their decision to approve me. Any thoughts?
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 16, 2006 1:33 pm Too many thoughts, not enough action. If you want a credit card, apply for a credit card. It's as simple as that. You may get "extra credit" because you're a banking customer, but there's no way to know if that will give you a card or not. I've had Wells Fargo as my main bank (two checking accounts, one savings account) for 13 years. When I applied for a credit card with it two years ago, I was turned down. I have two dozen other credit cards though and a clean record. Go figure. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: hdporter Credit Expert (100+ Posts) Posted: Wed Aug 16, 2006 1:34 pm Not a chance. MBNA has been the issuer for the Suntrust card since 1999. You'll be evaluated for the card in pretty much the same manner you would be for any other MBNA card. - Harry
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Guest: Dmoney Posted: Wed Aug 16, 2006 10:23 pm I've tried the exact same thing you did and it did not work. MBNA is rough and they do not trust "new credit heads". My suggestion is trying to get a department store card, getting a secured card, or a credit card with garaunteed approval (the fees will suck though, but if you have an excellent banking history $150-$250(setup fees) should not be an issue).
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Post Bankruptcy Credit Card Offers
Guest: drummerman631 Post subject: Post Bankruptcy Credit Card OffersPosted: Thu Aug 17, 2006 7:18 am I went through chapter 7/13 banruptcy in 2004 and I wanted to know if there's an unsecured credit card that I would have a good chance of getting approved. With my current employer, I really need a credit card because I travel a lot with this job, but they are not in a position to give me a company credit card. I have a check card with my bank, but I don't always have the funds in the account to travel with. I have checked my credit reports with the three credit reporting companies, which show that all of my old accounts have been paid due to the bankruptcy. Please, what chance do I have or would it be best to apply for a secured credit card. Thanks in advance for your advice.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Thu Aug 17, 2006 8:47 am Greetings and welcome to the board! Do you know your scores? You can find cards here that cater to folks in your situation. http://www.cardratings.com/poorinfohome.html _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: drummerman631 Posted: Thu Aug 17, 2006 9:07 am I do not know my credit scores. What's the best way to gey my credit score from the three credit reporting companies?
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Simmons First Visa Credit Card Offer with 7.99% Fixed APR
Guest: spjoink Credit Expert (100+ Posts) Post subject: Simmons First Visa Credit Card Offer with 7.99% Fixed APRPosted: Wed Aug 16, 2006 2:36 am what cra company does Simmons First pull from ???
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Guest: wierdo Posted: Wed Aug 16, 2006 2:32 pm Good question, but don't you love companies that respect their state's usury laws? Being a relatively small bank, I'd bet you could call them up and ask and eventually find someone who knows. Edited to add: If this is the card, it claims to be 7.25% fixed, not 7.99. Wow, look at that penalty rate, only 15.25%! Too bad my scores are certainly not enough to qualify. :p
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Guest: Board Monitor Board Monitor/ Administrator Posted: Thu Aug 17, 2006 9:03 am Quote: Good question, but don't you love companies that respect their state's usury laws? Actuallly, Arkansas no longer has a usury law on the books, but Arkansas issued cards still remain among the lowest in the country. Great card. More info. about it here: http://www.cardratings.com/creditcardnews/2006/08/simmons-bank-introduces-new-low-fixed.html _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: wierdo Posted: Thu Aug 17, 2006 10:05 am Board Monitor wrote: Actuallly, Arkansas no longer has a usury law on the books, but Arkansas issued cards still remain among the lowest in the country. Great card. More info. about it here: I must have missed that constitutional amendment last time I voted. My understanding was the constitution was amended to remove the fixed 10% (or whatever it was) cap and tie it to the discount rate..something like discount+6 being the maximum. It's 10.25% now, anyway, so usury has nothing to do with their super-low rate.
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Visa Credit Card from Chase with 0% APR?
Guest: wierdo Post subject: Visa Credit Card from Chase with 0% APR?Posted: Wed Aug 16, 2006 8:13 pm Citi is claimed to report the limit on the World MC products if you fax them a written request to do so. Once I get my Visa from Chase (presuming they approve me for the Signature rather than the Platinum), I'll be asking them if they'll do something similar. Alternatively, I could use the BT check they send to deposit most of my CL in the bank and PIF it a month later, making my high balance the credit line. Of course, with a 3% fee with a minimum $15 and max $75, that could get rather expensive, although I suppose I could open an Emigrant Direct account and leave it on deposit there until I make back the $75. I personally have little interest in the ability to exceed my credit line with no fee, as I have more than enough available credit to charge most any business expense I would have, and if I don't have the money on hand (or enough to pay it off in at most 2 months, if it's something I have a pressing need for) for a personal purchase, I won't make the purchase. I was attracted more by the 0% on BT and purchases until 3/08.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Thu Aug 17, 2006 8:57 am 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. _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: wierdo Posted: Thu Aug 17, 2006 10:00 am Board Monitor wrote: Wow! Where do I sign up?!!? Chase hasn't rate jacked me (have a couple of BT offers with them currently)...yet. Opt in. Sadly, the offer is only available in the mail. I just got mine last week, though, so surely they'll get around to you eventually. BTW, it's the Rewards card, too. Not that I'll probably ever earn a single point since I'm only going to use it for BTs.
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Guest: Perfectcredit Posted: Thu Aug 17, 2006 10:42 am Quote: Closing old accounts isn't a good idea because it reduces the average age of your accounts, making your score lower, making Chase ratejack you. I closed my Macy's account which was my oldest account and it knocked off only 10 points across all my scores. I rather close and unused account than leave it vunerable to identity theft. _________________ Wellsfargo Platinum Visa - $2500, Bank of America Platinum Visa - $600, Amex Blue - $6600, Citi Select Dividen Platinum - $3000
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Chase Credit Card Offer with 0% APR
Guest: AJ Post subject: Chase Credit Card Offer with 0% APR Posted: Wed Aug 16, 2006 10:09 am I received an offer ( so called pre approved) for 0% on purchases and transfers till March 2008 then 8.9 fixed thereafter. I am not falling for that scam only for them to find a reason to raise the rate to the default rate in the brochure which is 31 % if they think you are a "Risk" I closed my accounts i had open since 94 because they felt I had too many cards. so they raised the rate from 8.9 to 28. I paid them off, then closed the account, now they won't leave me alone
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 16, 2006 12:21 pm Quote: "AJ" I received an offer ( so called pre approved) for 0% on purchases and transfers till March 2008 then 8.9 fixed thereafter. I am not falling for that scam only for them to find a reason to raise the rate to the default rate in the brochure which is 31 % if they think you are a "Risk" I closed my accounts i had open since 94 because they felt I had too many cards. so they raised the rate from 8.9 to 28. I paid them off, then closed the account, now they won't leave me alone "JACKING" a BT RATE is not legal when you pay on time and minimum or more till the EXPIRE DATE OF THE BT OFFER
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Guest: wierdo Posted: Wed Aug 16, 2006 2:55 pm AJ wrote: I received an offer ( so called pre approved) for 0% on purchases and transfers till March 2008 then 8.9 fixed thereafter. I am not falling for that scam only for them to find a reason to raise the rate to the default rate in the brochure which is 31 % if they think you are a "Risk" I closed my accounts i had open since 94 because they felt I had too many cards. so they raised the rate from 8.9 to 28. I paid them off, then closed the account, now they won't leave me alone Closing old accounts isn't a good idea because it reduces the average age of your accounts, making your score lower, making Chase ratejack you. I got one of these offers, and am using it for BTs, I'll let you know if they ratejack me because I was approved for a few other cards recently. I wouldn't be surprised, having had it happen before, but not on the BT rate, and not during the intro period. Good thing I opened the mail, too, because I was about to respond to one whose 0% was only good until 11/07. I don't really care if they try to screw me, as I have other cards to which I can transfer the balance, and a drawer with plenty of room for more cards.
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Guest: Bikshu Posted: Wed Aug 16, 2006 6:06 pm I received one of these offers yesterday and it does appear to be one of the absolute best offers in the industry right now. In fact, I took the offer to work to show some of my co-workers simply because it is so much better than anything I'm offering clients now. I was very tempted to get the card except for one big problem I have with it: Since it is a World MasterCard, it really does not have a pre-set spending limit. This makes it similar to a Visa Signature card or any of American Express' Gold or Platinum cards with no limit. This is the bank's way of saying that they will not charge an overlimit fee and will never report your credit limit to the credit reporting agencies (CRAs). You still technically do have a limit, however, referred to as your revolving credit access line. This is how much credit exposure we will allow you before one of our analysts will have to personally approve any future transactions. But in case you have to go over that line, nothing derogatory is reported to the CRAs since they do not have this limit in their file. Sounds great, right? Not so fast. Because the actual credit limit is not reported, the CRAs are forced to use your high balance in place of it. So lets say you get this great Chase World MC account with an access line of $25,000. You now responsibly only put $400 on it, but you do put this same $400 on there each and every month. As far as the CRAs know, your credit limit is $400 and your current balance is $400... you appear to be tapped out so to speak. Never mind the fact that you are $24,600 under your limit, your utilization ratio still takes a hit and your FICO plunges. If you have low total credit lines or a higher utilization ratio already, be very prepared for a FICO hit from any heavy usage or balance transfers on a no pre-set spending card. Only MBNA (now BOA) reports Visa Signature and World MC revolving access lines to the CRAs, so you would not run into this same problem on one of those cards. Otherwise, I highly recommend that most average Joe's carry only one no pre-set limit card at any given time. You have to decide whether you'd rather have a Visa Siganture, a World MasterCard, or a premium AmEx. Only a Big Fish with a FICO of 730+, total reported credit lines of $50k+, and an annual THI of $100k+ can disregard this warning. Otherwise, be sure to check your credit report before applying for this great 0% Chase World MC offer. The other posters are correct regarding the promotional rates, however. As long as no terms or conditions of the card agreement are broken, the bank cannot legally reprice a promotional rate (this would be called "adverse action" which is against federal lending laws). Just make sure your payments are of sufficient size, sufficiently early, and that there are no minimum retail purchase requirements (Discover card anyone?) The bank is free, however, to reprice your contract rate while you are still under the promotional rate. So it is hypothetically possible that Chase could raise that fixed 8.99% APR to 15.99% or what have you anytime prior to your 0% running out on March 1, 2008. Since your balance was not at the 8.99% rate when the repricing took effect, it is not considered adverse action and is completely legal. I'm not saying that Chase would do this, but its something to bear in mind. Always have your Plan B ready even when a great offer like this comes around.
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MBNA/FIA/BOA Credit Card Credit Protection Program
Guest: Board Monitor Board Monitor/ Administrator Post subject: MBNA/FIA/BOA Credit Protection ProgramPosted: Wed Aug 16, 2006 8:52 am Bikshu- Greetings and welcome to the board! Glad to have you around and to get an "insider" viewpoint. _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Wed Aug 16, 2006 12:00 pm Quote: We received notification a few days ago that existing MBNA CP customers will be able to order gift cards through the program until the end of this year but then no more. Hope this helps! hmmm. I wouldnt be surprised if they discontinue since the buysmart was discontued with the wamu/providan merger...I was waiting to enroll and called up today and was told the GC feature was still there...I will wait to get my packet in the mail and order up my gift cards...
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Guest: quiznut1 Credit Expert (100+ Posts) Posted: Wed Aug 16, 2006 3:07 pm Bikshu wrote: I hate to burst your bubble on the gift card feature of CP but it has been terminated as of this week...This new synthesized program is still in the final stages development but will roll out in January 2007 and the gift card feature will no longer be a part of it. We received notification a few days ago that existing MBNA CP customers will be able to order gift cards through the program until the end of this year but then no more. Hope this helps! Man, this really sucks if it is true. Just when I had everything planned out. I'm going to call them again around October and see what they have to say. At least I'll be able to use this during my last semester at school when I shop at Target. Otherwise, looks like I'll be shifting to Today's Escapes + after I graduate in December. Maybe I should splurge on that last month and order the remaining cards of the 50 quarterly limit, like if I've ordered 25, just order 25 the last week it is available. More to ponder on...
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Guest: Bikshu Posted: Wed Aug 16, 2006 4:06 pm Its true. When you call in October we will tell you that the feature is still available because it will be. The business update we recieved just instructed us that we could no longer use the feature as a selling point when soliciting the Credit Protection program. So I can't bring it up, but if you ask about it I will surely tell you its still there for the time being. I wish you guys all got me on the phone when you called in to order Credit Protection! I get decent money for each account I enroll and its the darned hardest product in the world to sell. I generally have to offer it about twenty times before one person accepts it. I can tell you with complete honesty that of all the stresses that MBNA employees face each day, selling Credit Protection plans is one of our single biggest causes for loss-of-sleep!
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MBNA Credit Protection Rewards Credit Card Offer
Guest: quiznut1 Credit Expert (100+ Posts) Post subject: MBNA Credit Protection Rewards Credit Card OfferPosted: Tue Aug 15, 2006 7:40 pm Okay, let's bring this subject back to the forefront... I've been doing a lot of research on this program and have now enrolled. The first credit card I got was an MBNA card, and I no longer use it because I've moved on to better reward cards. However, I am keeping it because of this program. So I essentially don't even pay the 85 cents per $100 for the credit protection...nice deal since it's essentially free. Yes, you are limited to $125 per year at Walmart, Target, Home Depot, Lowes, Circuit City and Best Buy. However, you can get around these limits by visiting websites like card swap or card avenue to trade for the cards you want. There are plenty of third party users on these sites who will trade Walmart, Target, Home Depot, Lowes, Circuit City, or Best Buy cards. You just have to find a merchant on their wishlist that corresponds to a merchant that is on your MBNA list (hopefully a merchant that doesn't have a limit). This is how I plan to use the program in the upcoming months. 20% off at Target, here I come!
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Guest: jrjdrayer Posted: Tue Aug 15, 2006 8:23 pm Do you know if this is available on all MBNA cards ? I have the MBNA AAA Platinum Plus (for the 5% gas rebate, and 0% access checks), but I've never rec'd any info on this.
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Guest: hdporter Credit Expert (100+ Posts) Posted: Wed Aug 16, 2006 2:31 am Quote: I can't use this one right now--my sole MBNA card is on a 0% BT for another 3 months, so I can't join this particular program since I am carrying a hefty balance... And this isn't cause to apply for a 2nd card? Say it ain't so, Po! - H.
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Guest: Bikshu Posted: Wed Aug 16, 2006 2:37 am I work for MBNA/FIA/BOA and actually sell the Credit Protection program for a living. Whether the CP program is available on all cards is a tricky question for one major reason: all MBNA/FIA/BOA accounts are classified as either "Transparent" or "Non-Transparent" depending on what organization the account is affiliated with. Transparency means that according to the contract we have with the affiliated group, we cannot let their cardholders know that the card is actually with us. For example, any card associated with a financial institution (FI) such as Fidelity, Wachovia, Merrill Lynch, Charles Schwab, credit unions, etc. is deemed a transparent account because those banks don't want their cardholders to know its really an MBNA account. Even some non-FI organizations are classified as transparent such as the Philadelphia 76's... its entirely determined by the original contract MBNA signs with each group. Most of our cards however such as LL Bean, NASCAR, NFL, MLB, colleges, etc. are all non-transparent. Anyway, to make a long story short we cannot provide CP on any transparent accounts... only on non-transparent accounts. Again this is due to the contract the two institutions sign. I hate to burst your bubble on the gift card feature of CP but it has been terminated as of this week. When MBNA merged with BOA, the bank re-engineered the CP program to combine the "best elements" of the MBNA CP program with those of BOA's program. This new synthesized program is still in the final stages development but will roll out in January 2007 and the gift card feature will no longer be a part of it. We received notification a few days ago that existing MBNA CP customers will be able to order gift cards through the program until the end of this year but then no more. Hope this helps!
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