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Credit Line Increase on my Bank of America and AmEx Credit Cards
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Line Increase on my Bank of America and AmEx Credit CardsPosted: Tue Aug 22, 2006 11:58 pm FOR CHASE IT IS GOOD I do have much more than all 3 on one card with BofA and AMEX
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Guest: cled Posted: Wed Aug 23, 2006 2:48 am mouse wrote: FOR CHASE IT IS GOOD I do have much more than all 3 on one card with BofA and AMEX with chase, got $700(old) and $5.000 (new)
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Guest: ajulius Posted: Wed Aug 23, 2006 11:27 am cled wrote: mouse wrote: FOR CHASE IT IS GOOD I do have much more than all 3 on one card with BofA and AMEX with chase, got $700(old) and $5.000 (new) Believe it or not Bank Of America wouldn't raise me from $6500. I took out the full balance of the 5000 credit limit I think it was at the time, they raised my limit to 6500 after 9mths. I paid off the balance in full, and they wouldn't raise me after a soft CLI request nor on their own. So I don't have a clue as to how credit card issuers assign credit limits. My highest payoff amount was 24900 and Chase came close with a limit of 24600 while on that card with MBNA, I have a limit of 31400. Now if I didn't use 0%s and charged a full 31400 each and every month and paid in full I have no doubt I would have super high credit limits. The question now is with Chase they can raise my rate according to the disclosures, so should I keep those CCs with 0%s to like 60% usage ratios rather than taking out the full 100% at 0%?
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 11:34 am 1) They can't rate-jack you after the fact on THOSE BTs if you meet the terms and make your payments on time. 2) They CAN rate-jack you on your regular purchase rate or your cash advance rate--but that won't affect you since you pay in full each month. 3) They CAN lower your limit at any time, but still have to honor the BTs. That said, I would urge you not to max out those lines. Keep usage on each one below 90%, preferably below 50%. That, in my opinion, is the best strategy to keep your credit scores high and encourage more such offers and higher limits in the years ahead. I don't always adhere to those policies myself, but I'm greedy and hate leaving money on the table. As far as "not worth bothering with" is concerned, do the math. You can earn 5% or more risk-free on those funds. How much profit is needed for you to write a BT check and put some cash into savings on which you pay 0% with maybe a small fee? _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Chase Credit Card with 0% APR for 15 Months
Guest: ajulius Post subject: Chase Credit Card with 0% APR for 15 MonthsPosted: Tue Aug 22, 2006 7:54 pm Hi. Got offers for 0% for 15 mths from Chase. Took advantage of 2 and got approved. Found out by checking my online account and they added it there. I have 3 Chase CC's now. One has a 0% for 6 mths balance transfer promo with a balance transfer fee available. The other 2 have 0% for 15 mths. Can I take advantage of the full credit line on both of them or would they jack my rate because it says subject to change. My limits are: 24600 on a 0% card 17600 on another 0% card 20000 on a card where I was offered 0% for 6mths with balance transfer fee I also have other preapproval codes for 0% for 15 mths but considering my credit line went down from 24600 on the first to 17600 on the 2nd, I am thinking it is probably not worth it.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Aug 22, 2006 8:58 pm Quote: "ajulius" Hi. Got offers for 0% for 15 mths from Chase. Took advantage of 2 and got approved. Found out by checking my online account and they added it there. I have 3 Chase CC's now. One has a 0% for 6 mths balance transfer promo with a balance transfer fee available. The other 2 have 0% for 15 mths. Can I take advantage of the full credit line on both of them or would they jack my rate because it says subject to change. My limits are: 24600 on a 0% card 17600 on another 0% card 20000 on a card where I was offered 0% for 6mths with balance transfer fee I also have other preapproval codes for 0% for 15 mths but considering my credit line went down from 24600 on the first to 17600 on the 2nd, I am thinking it is probably not worth it. Those are some pretty good credit limits for CHASE
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Guest: ajulius Posted: Tue Aug 22, 2006 9:18 pm Paid off High Balance: $249.00 Limit: $1,100.00 with Chase when I was young. Also paid off High Balance: $17,837.00 Limit: $20,000.00 Have perfect credit history with low utilization on all cards, but that is why I am wondering if I use the full amounts if they will jack me. I realize it will only hurt my credit score temporarily till I pay it back and is recorded but the 2nd part is what Im not sure of. mouse wrote: Quote: "ajulius" Hi. Got offers for 0% for 15 mths from Chase. Took advantage of 2 and got approved. Found out by checking my online account and they added it there. I have 3 Chase CC's now. One has a 0% for 6 mths balance transfer promo with a balance transfer fee available. The other 2 have 0% for 15 mths. Can I take advantage of the full credit line on both of them or would they jack my rate because it says subject to change. My limits are: 24600 on a 0% card 17600 on another 0% card 20000 on a card where I was offered 0% for 6mths with balance transfer fee I also have other preapproval codes for 0% for 15 mths but considering my credit line went down from 24600 on the first to 17600 on the 2nd, I am thinking it is probably not worth it. Those are some pretty good credit limits for CHASE
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Guest: cled Posted: Tue Aug 22, 2006 10:01 pm mouse wrote: Quote: "ajulius" Hi. Got offers for 0% for 15 mths from Chase. Took advantage of 2 and got approved. Found out by checking my online account and they added it there. I have 3 Chase CC's now. One has a 0% for 6 mths balance transfer promo with a balance transfer fee available. The other 2 have 0% for 15 mths. Can I take advantage of the full credit line on both of them or would they jack my rate because it says subject to change. My limits are: 24600 on a 0% card 17600 on another 0% card 20000 on a card where I was offered 0% for 6mths with balance transfer fee I also have other preapproval codes for 0% for 15 mths but considering my credit line went down from 24600 on the first to 17600 on the 2nd, I am thinking it is probably not worth it. Those are some pretty good credit limits for CHASE i agree.... decent credit lines.... congrats..
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New MBNA Credit Card Issued
Guest: AJ Post subject: New MBNA Credit Card Issued Posted: Wed Aug 23, 2006 12:23 pm I received a letter from Bank Of America letting me know that they will be sending a new card to replace my existing MBNA card in a few weeks , and that the account number will remain the same. So I guess that means that my fixed apr of 5.9 should remain as well. ( I Hope) I already have a Bank Of America Power Rewards Card. So I will have two huge credit lines with BOFA
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Guest: XeroK00L Credit Expert (100+ Posts) Posted: Wed Aug 23, 2006 1:36 pm As long as they don't take away the online billpay I don't care how they brand it. But if they do.......
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 2:45 pm Quote: "AJ" I received a letter from Bank Of America letting me know that they will be sending a new card to replace my existing MBNA card in a few weeks , and that the account number will remain the same. So I guess that means that my fixed apr of 5.9 should remain as well. ( I Hope) I already have a Bank Of America Power Rewards Card. So I will have two huge credit lines with BOFA GOOD LUCK My 7.90% FIXED went to PRIME + 4.90% var more than a year ago (not that I even would pay that much)
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 2:46 pm XeroK00L wrote: As long as they don't take away the online billpay I don't care how they brand it. But if they do....... Don't over use it or it will be closed
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Credit Card Balance Paid Off with Balance Transfer Offer
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Balance Paid Off with Balance Transfer Offer Posted: Tue Aug 22, 2006 2:03 pm Quote: "Evilbunny" It's part of the Bank Secrecy Act, Also the Patriot Act touches on it as well. Banks are REQUIRED to implement security measures to prevent money laundering. Expecially if the credit balance is greater than $10,000 dollars. Yes, credit balances happen frequently in the case of misposted balance transfers, but banks are required to treat them all equally. I have seen my share of blatently obvious money laundering. it does happen. Crooks use it as a way of moving funds from one place to the other. So dont hate the bank. they get in BIG trouble if they arent diligent. More info on the BSA and Anti-money laundering can be found here : occ.treas.gov/handbook/bsa.pdf#search=%22anti-money%20laundering%22 Its kind of an interesting read. Well, i think it is, but then again. Im a bank nerd THE MONEY CAME FROM YOUR OTHER CREDIT CARD ACCOUNT (BT) or YOUR CHECKING ACCOUNT ONLY A FOOL WOULD THINK THAT IS MONEY LAUNDERING
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Aug 22, 2006 2:08 pm "IF" BT's ARE MONEY LAUNDERING SOMETHING IS WRONG WITH THE BANKING SYSTEM "IF" PAYING OFF A CREDIT CARDS FROM YOUR CHECKING ACCOUNT IS MONEY LAUNDERING SOMETHING IS WRONG WITH THE BANKING SYSTEM or YOUR A TERRORIST I GUESS
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Guest: Evilbunny Posted: Tue Aug 22, 2006 2:51 pm perhaps it is just a mistake with the BT or payment. but if you were required to be cautious about situations like that. wouldnt you rather be safe then slapped with a $500,000 fine? say bob runs drugs. he gets alot of money from said drugs, but he needs a way to move it from his offshore account into america where he can use it to by more said drugs. he sends in a large payment to a credit card. thus creating a credit balance. he then calls the company and says "my bad, that payment was supposed to go to a DIFFERENT credit card" The company then sends him a check to his US address. which he then deposits into a different account. THIS IS MONEY LAUNDERING. (and drugs are bad, mmmmmkay?)
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Aug 22, 2006 3:06 pm Quote: "Evilbunny" perhaps it is just a mistake with the BT or payment. but if you were required to be cautious about situations like that. wouldnt you rather be safe then slapped with a $500,000 fine? say bob runs drugs. he gets alot of money from said drugs, but he needs a way to move it from his offshore account into america where he can use it to by more said drugs. he sends in a large payment to a credit card. thus creating a credit balance. he then calls the company and says "my bad, that payment was supposed to go to a DIFFERENT credit card" The company then sends him a check to his US address. which he then deposits into a different account. THIS IS MONEY LAUNDERING. (and drugs are bad, mmmmmkay?) SO NOW I'M A DRUG RUNNER FOR DOING BT's AND PAYING OFF MY CREDIT CARDS??? OK..............
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Guest: Evilbunny Posted: Tue Aug 22, 2006 3:17 pm Why does it always have to be you personally? dont you realize that a bank doesnt care about you specifically? They dont care about your house, what kind of car you drive, that your a member of a credit card forum, that you enjoy typing in all caps and underlining and highlighting random words. BANKS HAVE TO TREAT EVERYONE THE SAME. (see, i can use caps too) so maybe you arent Bob the drug runner. but a bank has to treat your credit balance the same as everyone elses. im not picking a fight, i was simply trying to give information on why banks dont like large credit balances, thats all. lighten up
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Aug 22, 2006 3:45 pm Quote: "Evilbunny" Why does it always have to be you personally? dont you realize that a bank doesnt care about you specifically? They dont care about your house, what kind of car you drive, that your a member of a credit card forum, that you enjoy typing in all caps and underlining and highlighting random words. BANKS HAVE TO TREAT EVERYONE THE SAME. (see, i can use caps too) so maybe you arent Bob the drug runner. but a bank has to treat your credit balance the same as everyone elses. im not picking a fight, i was simply trying to give information on why banks dont like large credit balances, thats all. lighten up You have a PROBLEM with the way I type...COMPLAINT DEPARTMENT IS UP THE STREET YOU'RE INFERRING THAT THE BANK WILL TREAT YOU AS IF YOU WERE A DRUG RUNNER or MONEY LAUNDERER or A TERRORIST And they can get away with it and they are PROUD to do it
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Tue Aug 22, 2006 3:49 pm Another CAPSLOCKSPHOBIC
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Guest: Evilbunny Posted: Tue Aug 22, 2006 4:47 pm ugh, i give up you win down with the big evil banks that are just out to inconvenience you.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Quote: "Evilbunny" ugh, i give up you win down with the big evil banks that are just out to inconvenience you. I USE BANKS for my benefit
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Guest: kellyashleymandy Posted: Tue Aug 22, 2006 10:07 pm How Funny! Evil banks out to get mouse! _________________ work for cc co. pls ask questions
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Guest: kellyashleymandy Posted: Tue Aug 22, 2006 10:11 pm Think about it MOUSE if you had a business... lets say....The Big Silly Mouse Natinal Bank. and every year you lost 500 million dollars because of dishonest and criminal people use your legit business to benefit them and their illegal doing ... wouldnt you like to know and investigate? Thanks why they do it ... PLUS the Govt is requiring banks to report it or face a huge fines. _________________ work for cc co. pls ask questions
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 12:05 am Quote: "kellyashleymandy" Think about it MOUSE if you had a business... lets say....The Big Silly Mouse Natinal Bank. and every year you lost 500 million dollars because of dishonest and criminal people use your legit business to benefit them and their illegal doing ... wouldnt you like to know and investigate? Thanks why they do it ... PLUS the Govt is requiring banks to report it or face a huge fines. Just ignore what I say I LIE ABOUT EVERYTHING
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Guest: Bikshu Posted: Wed Aug 23, 2006 1:52 am Don't let the Mouse also known as George try to get to you. He thinks he's a big shot because he's posted over 40,000 posts on here and other CC forums in the past two or three years. I'm not exaggerating... that's like 50 posts per day or two every single hour for a few years straight. The man lives his ENTIRE LIVE in online credit card forums and takes great personal offence when a "newbie" comes along and challenges his "real life experience." So much so that the guy goes to other forums like creditboards.com to post nasty posts about Kelleyashleymandy and myself and then ask for emotional support from his online buddies. If you're smart you'll all allow him to revel in his online glory... By the way George, once again they are right and you are wrong. But hey, don't take my word for it man... I just work for a bank and everyone knows that you know more than bankers. Oh, and just FYI my friend, BT CSRs from most major banks are not on commission. Its not worth a huge fine having them break a regulation here or there just to get a sale. Now if you'll excuse me, I have to book it to go do something you obviously haven't done in a long time... be with a real live woman (and not online even... imagine that George). I'll leave you to cry to Shawnee...
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 2:38 am SOME PEOPLE JUST HAVE NO CLUE
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Guest: hdporter Credit Expert (100+ Posts) Posted: Wed Aug 23, 2006 6:35 am And, Bikshu ... reply to that one and you'll demonstrate that you REALLY have no clue ...
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Guest: spjoink Credit Expert (100+ Posts) Posted: Wed Aug 23, 2006 10:35 am kindergarten anyone?
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Guest: JaneiR36 Credit Expert (100+ Posts) Posted: Wed Aug 23, 2006 10:50 am Whatever, Hollywood, I was just getting my popcorn out!
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Guest: spjoink Credit Expert (100+ Posts) Posted: Wed Aug 23, 2006 1:40 pm i take some butter on mine......
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Balance Transfer to Citi Credit Card Account
Guest: hdporter Credit Expert (100+ Posts) Post subject: Balance Transfer to Citi Credit Card AccountPosted: Sat Aug 19, 2006 5:09 am My recommendation is that you call Citi and explain that you erroneously arranged a BT to this account. There's no need to provide further explanation -- simply say that you obviously screwed up. Tell them that you've been unable to cancel the transfer with BA and want to know how to handle this since you don't have a Citi balance outstanding. I expect that they'll assist you with this without a hassle. If they don't want to refund the payment to you directly, they have the option of reversing the payment - for credit back to your new BA account. I recently had to reverse a transfer from Chase to BA in this fashion. At first, BA indicated that they would send me a check. They offered this even though I did have an outstanding balance at the time. However, in the end they reversed the payment. I was nervous about this, but the credit showed up in my Chase account within a couple of days. - Harry
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Guest: kellyashleymandy Posted: Mon Aug 21, 2006 7:20 pm I used to work for citi and we are able to send you a refund check. it happened all the time where someone did a balance xfer and could not cancel it. _________________ work for cc co. pls ask questions
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Aug 21, 2006 8:15 pm SOMETIMES IT HAPPENS BECAUSE YOU ARE TOLD YOU WERE DENIED So you apply for another credit card and do the BT again The first card was actually approved so you paid TWICE
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Guest: Evilbunny Posted: Tue Aug 22, 2006 1:12 pm It's part of the Bank Secrecy Act, Also the Patriot Act touches on it as well. Banks are REQUIRED to implement security measures to prevent money laundering. Expecially if the credit balance is greater than $10,000 dollars. Yes, credit balances happen frequently in the case of misposted balance transfers, but banks are required to treat them all equally. I have seen my share of blatently obvious money laundering. it does happen. Crooks use it as a way of moving funds from one place to the other. So dont hate the bank. they get in BIG trouble if they arent diligent. More info on the BSA and Anti-money laundering can be found here : http://www.occ.treas.gov/handbook/bsa.pdf#search=%22anti-money%20laundering%22 Its kind of an interesting read. Well, i think it is, but then again. Im a bank nerd
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Credit Card Balance Transfer Made in Error?
Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Card Balance Transfer Made in Error?Posted: Fri Aug 18, 2006 9:08 pm Quote: "spjoink" really , what happened excacly ...please explain I had a credit balance like $5,000--$10,000 (maybe more) because of doing a BT deal "OVER-PAYMENT" THEY JUST TOLD ME ON THE PHONE DON'T DO THAT AGAIN BECAUSE IT VIOLATES THE T.O.S. (when I was asking for a check to be sent to me for the credit balance) I asked for that in WRITING 4 times...never got it IT "MAY" NOT EXIST But with the money laundering issue they "MAY" still close your account BECAUSE THEY CAN I'm not gonna' risk it It may not be an issue like under $100
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Guest: spjoink Credit Expert (100+ Posts) Posted: Fri Aug 18, 2006 11:02 pm i see .....Mouse the money launderer...
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Aug 18, 2006 11:21 pm THAT CREDIT CARD IS NOT MONEY LAUNDERING ANY WAY YOU CUT IT!!!
BECAUSE YOU OWE IT ON ANOTHER CREDIT CARD (BT) or IT CAME OUT OF YOUR CHECKING ACCOUNT!!!!
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Guest: multiplierx
Posted: Fri Aug 18, 2006 11:53 pm
This is generally a bad idea. You are still able to get away with it through some banks, but to me it's not worth the potential problems and damaged credit. I would never recommend doing this.
_________________
Total interest paid on cards = 0.00
Amount of cash/rewards in past year = $550
Utilization - less than 1%
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Balance Transfer to a Credit Card with No Balance
Guest: bellbellx Post subject: Balance Transfer to a Credit Card with No BalancePosted: Fri Aug 18, 2006 2:00 pm I recently applied and was approved for a BofA signature USAir card. I'm purely interested in the 25k miles. The card has a $90 fee, but I decided to offset that by taking advantage of their 0% balance transfer offer for 6 mos (by getting cash and depositing to savings). On the original app, I requested a $9900 transfer to a Citi card. At the time, that Citi card had a high apr but NO FEE BT offer available, and they allow BT into checking account... so I thought I would just put that through right after BofA is approved and essential turn the 0% BofA offer into cash that way. The BofA offer was specifically restricted to "initial transfers" with "16 digit account #s". However, Citi rescinded their NO FEE offer and added a 3% fee. I verified this on the phone with them. I then called BofA and tried to cancel my CITI BT request and put one in for a line of credit i have (and try to keep the intro 0% offer). However, the CSR said she's not sure she can cancel the initial transfer, and she actually reccomended that I let the original BT request go through and wait for a $9900 check/credit balance from Citi. Does anyone know if this will actually work? Or will Citi decline such a large payment onto a card with NO balance? The credit line on the Citi is $15k if that matters, with $0 balance as stated before.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Aug 18, 2006 5:42 pm Citibank doesn't mind overpayments--or at least I haven't read of any problems with Citibank about that so far. Just be sure you ask for a refund by check when the overpayment hits your account; DO NOT try to transfer it out online, since that's usually considered a cash advance. You can have the check mailed to yourself... _________________ 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: Fri Aug 18, 2006 8:52 pm AMEX "MAY" CLOSE YOUR ACCOUNT THEY THREATENED ME WITH ACCOUNT CLOSURE THEY CALL IT MONEY LAUNDERING WHY??? I HAVE NO IDEA
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Guest: spjoink Credit Expert (100+ Posts) Posted: Fri Aug 18, 2006 8:59 pm really , what happened excacly ...please explain
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Searching for Cashback or Miles Rewards Credit Card Offers
Guest: jasno999 Post subject: Searching for Cashback or Miles Rewards Credit Card Offers Posted: Wed Aug 23, 2006 11:06 am Ok I may be lazzy and I know I can do some mroe research which I will but I am hoping you all can help point me in the right direction. YOu may have been asked this question before but please I need advice. I have excellet credit. I shoudl have no issue gettign any type of credit card that I want. Also I always pay all of my credit card bills on time and never carry over a balance. RIght now I have a points card that gets me spoints for specific purchases but in the end it does little in terms of rewards. SO basically I am looking for a credit card that will give me the most in return for what I spend. I think a airline miles card would be great but I could also go for a cashback card if it is better and gives me more in return. I jsut need to knwo which credit cards are the best type of cards for this. Again I don't care about APR and all that cause I always pay it off. I just need the card that is the best value. I am willing to look at cards that have anual fees but it needs to be a card that has such good savings and return in terms of cash or miles that the anual fee is offset and makes the card worth it. Please let me know what you all think.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 11:14 am How much do you spend each year using your credit cards? There's no way I could tell you if a card is going to be worth looking at unless I know that information. I can't even tell if a card will give you a return enough to cover the membership fee (if any) if I don't know how much you'll use the card! _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: jasno999 Posted: Wed Aug 23, 2006 11:36 am Ok I would estimate my yearly credit card spending at $10,000. I have room to improve that if I start to purchase all groceries, and other items that can be paid for on a credit card with my credit card. SO at the max I might spend $15,000 a year on the card but probably closer to the $10,000 range. I do nto travel much. We take one trip a year to the carribian and typically fly US Air. Other than that I might have a work trip here and there but the only other time I woudl fly is that about every 2 years I will take a trip out to Vegas. I woudl do it more if I could use my card to earn miles or cashback to pay for these trips. But I jsut want to save as much money as possiable and use it for vacations or jsut to put back into the bank or torwards paying off future credit card bills.
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Aug 23, 2006 11:51 am Figure it out. Rewards programs in general run about 1%-1.5%; airline mileage programs are roughly equivalent. On $10,000 in spending each year, you're looking at $100-$150 in benefits. Hardly worth talking about or fussing about, is it, especially if you're paying a fee. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: dolmar Posted: Wed Aug 23, 2006 1:51 pm Polonius wrote: Figure it out. Rewards programs in general run about 1%-1.5%; airline mileage programs are roughly equivalent. On $10,000 in spending each year, you're looking at $100-$150 in benefits. Hardly worth talking about or fussing about, is it, especially if you're paying a fee. I dont know. where you get your information form. Lets do some simple math for starters. Unless your a total moron and redeming your airlines miles for short haul flights you going to get much bigger bang for your buck than 1-1.5% coach domestic tickets on average cost $500+ so that is 2.5%+. And if you redem your airline miles for premium international tickets ie. First Class or Bussiness Class tickets your getting even a bigger bang for your buck closer to 10-12% return. And as far as Cash back/reward or airline miles. There are credit cards that give you between 2-5X points for Markets, Drug stores and Gas stations. For example my household spends $500-800 a month in supermarket and gas stations. On a 5% card like either Chase or Citibank you could earn a free flight in as little as $5K spent a year. Yes I know Citi discounted there 5% cashback card and it only 2% now. But ATT universial card is still 5X thank you points in every day spending. Citibank Women & Company credit card is also. Yes I know Women and Company membership is $149.99 but if you spend enough in Everyday Spending could be worthwhile paying membership to get 5X cards. So lets do the math if you spent $5K a year between gas, Supermarkets and drugs stores on an average ticket of $500 dollar say like SFC-Mia or SFC-JFK or LAX-Mia or LAX-JFK. That is like getting a 10% rebate.Btw Citibank 25K point award has $750 limit on ticket price and Chase has $650 price on ticket. So yes there are way to make it worthwhile using rewards card. And if you spend a lot in Everyday spending catagories can be very rewarding honestly. And Airline miles also can be very reading if you spend enough a year to make them worthwhile ie 30-40K a year. Reason I say Airlines card require you to spend a lot a year to make them worthwhile is they have annual fee between $65 plus so if you spend 8-10K a year would take you 3 years to get 25K miles to get a free $500 airlines ticket makes no sense as banks point program have no annual fee.
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Late Payment Interest on my Credit Card Account
Guest: mattrado Post subject: Late Payment Interest on my Credit Card AccountPosted: Wed Aug 23, 2006 2:09 pm New to the board... got my first card about a year ago... trying to build my credit steadily.... thanks in advance.... focus: I am curious about minumum payments for credit card bills. I know that if a payment is late/under the minimum, then one will get charged a HUGE interest penalty (the penalty structure varies from card to card). But my quesiton is this: Is there ANY interest charged on the REMAINING balance if a minimum payment is made ON TIME? If so, is this amount the basic APR of the card? Or is the stated APR something different? I guess I'm curious where all of the places are where I could possibly be charged interest, and I'm also curious where the basic APR is applied versus some other type of interest. If there is a link that will answer these questions in a straightforward manner, and I missed it, I apologize. Thanks in advance, Matt
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Credit Card Balance Transfer Fees
Guest: Bikshu Post subject: Credit Card Balance Transfer FeesPosted: Mon Aug 21, 2006 2:54 am Hahaha, thank you Toby. I do appreciate that very much. Unfortunately, we can't transfer people to another account manager within the same department unless there is a spectacular reason for doing so. And we are really not allowed to give out our extensions due to security reasons. To put it bluntly: for every person that I make happy, there are two that I make very unhappy. Its the nature of the job I s'pose... You can take solice, however, in knowing that almost every account manager knows the ropes... at least in my department. We have to go through two months of training and testing on policies, regulations, etc. before we are even allowed to take our first call. Additionally, there are very few "newcomers" in the MBNA transfer division as a whole since the bank is so heavily reliant on our productivity. Rookies tend to start off as regular CSRs in the customer service department. Most of us transfer division folk have backgrounds in finance, as mortgage brokers, or have come from other departments within the bank. So odds are whoever you get will be able to answer almost any question you could ever think of. I'd bet I could be fired ten times over for some of the "proprietary knowledge" I've posted on here. Whew, thank God for the few remaining shreds of anonymity on the Internet. But anyway, thanks again!
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Guest: toby Posted: Mon Aug 21, 2006 6:59 am Well Bikshu, I tried. And you certainly do sound quite knowledgable in your products and banking in general. This is WAY off topic, but as long as I have your ear may I make two suggestions for MBNA in general? 1. It would be nice if your website allowed for downloading of "current activity" like the BofA (and most any CC) site does. MBNA limits any downloads to only completed and posted statements. 2. As a consumer I would feel MUCH more at ease if MBNA would only print the last four digits of my account number on ANY correspondence and statements. MBNA is certainly not alone in this practice. My Chase cards only use the last four digits in any mailings. Just seems like an obvious (and simple) security feature in todays day and age. Thanks for listening.
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Guest: hdporter Credit Expert (100+ Posts) Posted: Mon Aug 21, 2006 8:41 am Quote: I've also had balance transfer fees charged as purchases. What I try to do is overpay my account by the amount of the balance transfer fee before doing the transfer. Then the fee is offset by the credit balance and there's no interest paid. I got you, Polonius. FWIW, I erred in my post. The transfer fee was charged as a cash advance. First time I ever had that happen ... I overlooked it in the offer because it had never occurred to me it might happen. Frankly, since the fee was small relative to the BT, I can't say that it broke the bank or made the BT that much less attractive. However, to see the fee accrue interest at 16%+ and know that there was no way of getting rid of it short of paying the account off in full was a little grinding. If I had been smart, I would have done exactly as you suggest. Of course, since the credit would be on my purchase balance, yet the fee would post to be cash advance balance, I don't know that a credit balance on the account in advance of the transfer would help. If anything, I would expect that ultimately it would be applied to the transfer balance. Given a reasonably modest purchase rate, I never sweated interest on the fee before this. You can bet I'll eagle-eye terms from now on, so at least I won't be taken off guard. - Harry
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Pay Off Credit Card Balance with Another Credit Card?
Guest: Bikshu Post subject: Pay Off Credit Card Balance with Another Credit Card?Posted: Sat Aug 19, 2006 1:39 am ASBrainstorm: Yes you are absolutely correct. You can certainly use that method to payoff a credit card with its own promotional rate. But it requires having that second account, having some available credit on one of the two accounts, and paying two seperate BT fees for the two seperate BTs. I was under the impression that we were discussing the possibility of using a promotional rate to payoff an existing balance using just one transfer on just that one card. I guess I misunderstood the question, my bad... As for your first question, yes the bank most certainly cares what you do with the funds once they are in your checking account. Banks are very heavily regulated, now more so than ever due to anti-terrorism and money laundering laws. A bank can actually get fined or much worse if it is discovered that proper precautions were not taken to prevent improper use of funds. Additionally, many banks have internal policies that stipulate how loan funds may or may not be used. As an example, this is why MBNA cards will be declined if you try to use one at an online gambling site. Finally, if we didn't at least attempt to discourage people from using a cash advance to payoff the existing balance, there would be no need for the "payment allocation method" in the first place. I do see cardholders that have taken a promotional cash advance on one of our accounts and then sent in a payment for that exact same amount on another account with us. Sometimes, but not always, the payment department will notice the two coinciding actions and reject that payment on the second account. We will consider it a bad check and assess all the fees that go along with that. You are right that it is rare and most people do get away with it, but some are not so lucky. This is why modifying the amount you take and then pay back is advised.
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Guest: hdporter Credit Expert (100+ Posts) Posted: Sat Aug 19, 2006 7:32 am Just a clarification: I had a bank (and I'm very sure it was BA) last year present me with a BT offer where the fee went to my standard purchase account. As sometimes happens, I didn't read the fine print carefully up front and was caught by surprise when the first billing arrived. I pitched a fit by phone and their website, making clear that I thought this non-standard process was an insult. It was to no avail. - Harry
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Sat Aug 19, 2006 10:51 am I've also had balance transfer fees charged as purchases. What I try to do is overpay my account by the amount of the balance transfer fee before doing the transfer. Then the fee is offset by the credit balance and there's no interest paid. Again, I don't understand all the fuss about such things. Assume the BT fee is capped under $100. Even if you're charged your normal purchase interest on it, you're talking about how much money? $20 at most over a year? That's not a deal-killer. In fact, by paying some interest on your account you probably make your card look more profitable to the bank than someone who doesn't do that, thus encouraging more offers and higher limits in the future. I look at it this way. I'm earning far more than that $20 from the offer--and the bank that's charging me that "finance fee" is paying for the fee itself with the interest I earn from that 0% loan for a year. _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: toby Posted: Sun Aug 20, 2006 12:20 pm Speaking from experience, MBNA simply adds the cash advance fee to the cash advance balance. I regularly do cash advances from my credit cards to my online bank account. But only when the cash advance offer is 1% or less for at least an 8 month term and will allow at least $ 10,000 in cash advance monies. These monies are then kept on deposit currently earning 4.88 % APY. You won’t get rich doing this, but it is making the money work for YOU! Some people collect stamps, I collect bank statements. *laugh* I prefer using MBNA for these transactions for several reasons: 1. In my opinion, MBNA has one of the best customer service departments in the industry. 2. MBNA has higher than average credit limits per card. Mine is currently $ 43,000. 3. MBNA allows for the entire credit limit to be used for cash advances (most cards limit cash advances to far below the cards credit limit). Bikshu: I would be happy to ask for you (or your extension) for my future cash advances from MBNA to help with your volume numbers, if you are allowed to do so. I always look to support those that take the time to contribute to these types of public forums. Toby
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Does my credit card 0% balance transfer fee acrue interest?
Guest: shan Post subject: Does my credit card 0% balance transfer fee acrue interest?Posted: Fri Aug 18, 2006 4:08 pm Thank you for the helpful info, Bikshu! Can I have the number for your dept please? Last edited by shan on Sat Aug 19, 2006 12:45 am; edited 1 time in total
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Guest: Polonius SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Aug 18, 2006 5:39 pm I, too, greatly appreciate your posts, Bikshu, and hope you'll continue to enlighten us. Thanks! _________________ Polonius "Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
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Guest: ALex Posted: Fri Aug 18, 2006 7:55 pm multiplierx wrote: 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. BALANCE TRANSFER FEE IS PART OF THE 0% BALANCE, IT DOES NOT ACCRUE INTEREST.
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Fri Aug 18, 2006 8:40 pm Quote: "ALex" multiplierx wrote: 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. BALANCE TRANSFER FEE IS PART OF THE 0% BALANCE, IT DOES NOT ACCRUE INTEREST. I saw one or two BT offers that charged the fee to the CASH ADVANCE RATE So read the fine print real carefully MOST OF THE TIME IT DOES GO TO THE 0% RATE
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Questions Concerning Credit Card Fees
Guest: Bikshu Post subject: Questions Concerning Credit Card FeesPosted: Fri Aug 18, 2006 7:47 am No, you guys are only partially correct. MBNA/BOA transaction fees are billed at the promotional rate only. If its a 0% promo rate then its a 0% rate on the BT fee as well, if its a 1.99% promo rate then its 1.99% on the BT fee, etc. The fee is simply added into the Category A balance along with the transfer amount. When the promotional rate expires, then and only then will any remaining part of the BT fee reclassify to Category D at the contract rate. I do not know about policies at other banks, but I work in the transfer division of MBNA so take my word for it on this one... Additionally, it does not matter in the least what bank's checking account it is deposited into. As for your plan for the funds once they reach your checking account, that will depend on which accounts you are trying to pay off. As long as you are trying to pay off completely seperate card accounts from this 0% card, you will be able to pull it off. Just make sure you take a different amount at the 0% than you pay back on the other cards (example: take only $5,000 at the 0% but pay back $4,000 on one card and $1,500 on the other). This makes it virtually impossible for the bank to prove what you did with the funds. You will not, however, be able to take funds at the 0%, put them into your checking account, and then pay off any existing balance on this same exact 0% card. This is because of the payment allocation method: your next payments to the account will pay back the 0% funds from your checking account and not the prior existing balance. By the way, we don't have the payment allocation method to be mean. It became standard banking policy because long ago (very long ago) people were taking advantage of the banks when they did not have this policy. What was happening was people were running up huge amounts of purchases up to around 50% of their total credit line. They would then take the other 50% of the credit line as a deposit to their checking account at the promotional rate and pay off the purchases. Everyone who knew about the loophole was getting virtually a permanent 0%, 1.99%, etc. rate. There was no reason to even get a home equity line, car loan, or student loan as long as you had a sufficient credit card line. The banks were all hemorraging money, and had to come together to find a way to prevent people from taking advantage of them. So this all came about quite literally as the result of customers screwing the banks, not vice-versa. One last thing: ALWAYS call in and have a representative in my department process an ACH into your checking account rather than using an access check. Reasons: 1. We are faster. My ACH goes into your checking account within 4-6 business days at the absolute latest. The access checks are designed so that we will not honor one if it is presented for immediate cashing, and are typically held for at least seven business days to prevent fraudulant use. If your local bank offers to cash it any sooner than this, than that is their money they are fronting you... not mine. Thus, you even run the risk of having the transfer considered an ATM/Bank cash advance and paying those respective rates and fees simply because your bank broke our rules. 2. I will never ever have a worse rate than what is offered on your access checks. Almost 90% of the time I will have a better rate available though, so you never know what I'll do if you just ask nicely. I will also take the time to personally answer all of your questions and go over all of the terms and conditions with you. Remember, anything access checks can do I can do better, I can do everything better than access checks... 3. Although I am not on commission per se, my pay check is definitely affected by the volume of transfers I do each day. That stupid little access check does not recieve a paycheck and does not have any bills to pay. Please help me justify my own working existance... pretty please? 4. There are often various types of SNAFUs on your account which result in the promotional rate being removed from your account or differing from what the letter originally specified. Maybe your payment last month came through a day late and you don't even realize it yet because you haven't gotten your new statement yet. A million situations like this occur each day and then the cardholder calls me up screaming that its my fault their access check didn't work as they had planned. And you know what? I will very gladly refuse to correct the situation. How can I be so cruel you ask? Please see reason number three...
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Guest: Board Monitor Board Monitor/ Administrator Posted: Fri Aug 18, 2006 7:58 am Quote: No, you guys are only partially correct. MBNA/BOA transaction fees are billed at the promotional rate only. If its a 0% promo rate then its a 0% rate on the BT fee as well, if its a 1.99% promo rate then its 1.99% on the BT fee, etc. Thanks for your feedback. It seems that someone recently posted a BofA offer that said the BT fee would accrue at the cash advance APR. Ever heard of this? _________________ 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: Bikshu Posted: Fri Aug 18, 2006 9:02 am It is entirely possible that on true BOA accounts transaction fees bill as a Category C transaction (a retail purchase.) Again, I am not 100% positive about anyone's policies other than my own. And I am all too aware that banks do try to pull some shady things. However, this is definitely not the case on MBNA accounts. Thus, even if it happens to be the case on BOA cards right now, that will change in a few months when we assume management of their card portfolio. Also, bear in mind the following excerpt of the disclosure that I have to recite approximately fifty times each day. "Balance transfers, including deposits directly into your account, are considered cash advances according to the terms of your credit card agreement." Yes, I have the entire disclosure memorized. And yes, I know that's very sad. However, there are technically five types of cash advances which are divided into two categories. Category A transactions include balance transfers that I process, checking cash advances that I process (when I do an ACH deposit into your personal bank account), and any use of an access check. Category B transactions include ATM cash withdrawls and bank cash withdrawals (when you present your physical credit card to any bank teller and they give you cash). There is an easy way to remember which type of transaction is in which category: If you can get instant cash without telling me first I'm going to make you pay dearly for it. Reason: this where a huge amount of credit card fraud originates and the bank whose ATM you are using is fronting you cash on my behalf. I don't even find out about the cash advance until the other bank notifies me of it, much as I don't know when you are shopping around for a new pair of sneakers until Foot Locker asks me for money. They (the other bank) will then turn around and charge me dearly for fronting that money, so I am forced to pass that on to you with a no-max fee and typically a 19.99%+ interest rate. However, if you call in and talk to me, I am able to do the fraud verification right on the phone with you. I also know exactly how much money you need, exactly where the money is going, and I'm the one who is actually sending the money using a standard interbank funds exchange process. Therefore, my risk is minimized and I don't have any other middle-man bank charging me outrageous rates. So I can comfortably pass along those savings to you in the form of a promotional rate and possibly a capped transaction fee. Now all fees are supposed to bill in the same category as the originating transaction. Late fees, overlimit fees, annual fees, foreign currency fees, etc. will always be considered Category C retail purchases. An ATM or bank cash withdrawl fee will always bill in Category B. And a BT fee will always bill in Category A. Thus, any and all BT fees ARE technically accruing at a cash advance APR and always must be legally disclosed accordingly. The question becomes, which cash advance APR are they accruing at? Its interesting because this entire problem only arose as a result of the credit card Flexible Minimum Payment (FMP) law change enacted by the Office of the Comptroller of the Currency (OCC) on January 1, 2006. Prior to the FMP regulation, most credit card minimum payments were calculated by adding together any fees, any finance charges, and $15 of principle. Under FMP, however, minimum payments now include only late fees, finance charges, and at least 1% of the principle. So prior to the regulation change banks included any type of fee in your minimum payment amount whether it was a late fee, overlimit fee, transaction fee, annual fee, etc. Thus all fees and finance charges were immediately paid off and could never accrue more interest. Yet you paid a very small amount of principle off each month. Now, only late fees and interest must be paid off immediately. And although you now are required to pay much more in princple off each month, it is now possible for some of these other types of fees to accrue interest when they previously could not. In my opinion, this was the one downside of the FMP regulation change. Otherwise, I love the idea of Americans being forced to pay off their debts a bit faster than in the past. It seems the OCC just left one glaringly stupid loophole in the change. The Feds goofing something up, who ever saw that coming?!
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Guest: ASBrainstorm Posted: Fri Aug 18, 2006 10:45 am Bikshu wrote: This makes it virtually impossible for the bank to prove what you did with the funds. You will not, however, be able to take funds at the 0%, put them into your checking account, and then pay off any existing balance on this same exact 0% card. This is because of the payment allocation method: your next payments to the account will pay back the 0% funds from your checking account and not the prior existing balance. Why would a bank care what you did with BT money once its transferred to your checking? Why would a bank want to 'prove' anything? It is possible to pay off the prior existing balance with a 0% offer. Lets say you have two cards with 5K balance on each and 10K limit on each. You borrow cash from one to pay the other in full then take the 0% offer to pay off the previous existing new balance in full at 0%.
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Credit Cards with Cash Advance Checks
Guest: shan Post subject: Credit Cards with Cash Advance ChecksPosted: 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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