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Credit Card Offers for Investments?
Guest: Board Monitor Board Monitor/ Administrator Post subject: Credit Card Offers for Investments? Posted: Mon Sep 25, 2006 3:43 pm This message posted by e-mail request from one of our visitors: I am curious that I heard some people said they can use credit card advanced cash to invest (like T-bill, or short term CD), but I don't understand how, as credit card charge so high interest rate, so how to do that? Or it's just rumor? _________________ 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: stevejk SENIOR MEMBER (Member for 2 yrs.+) Posted: Mon Oct 02, 2006 1:17 pm Although there are those lucky few who get offers for 0% APR $0 transaction fee balance transfers, I'm doing something similar. I have a new credit card that offers 12 months 0% APR on purchases. Every month, I pay the minimum balance to the credit card company and move the rest of that month's purchases to a high yield savings account earning 5%. As long as I pay the minimum on time, and pay it off in full before the 0% APR offer ends, it is an interest-free loan. Granted, I could put the money into 28-day Treasury Bills or short term CDs, but I want something more liquid in case I need to pay it off in a hurry.
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Guest: fire3000 Credit Expert (100+ Posts) Posted: Tue Oct 03, 2006 7:30 am I use my home equity line of credit as an intermediary between credit card cash and investments. First I wrire a HELOC check to make an investment (short term CD at my local bank or a municipal bond fund) and after the check clears I will BT from a credit card to the HELOC. Chase, BoA, and Citi also send me blank checks that I can write directly to myself or to my stock broker. For the past year my card debt has averaged over $100,000 and my effective interest rate including the fees has been less than 4%. I make a profit of about one and a half percent.
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Guest: Board Monitor Board Monitor/ Administrator Posted: Tue Oct 03, 2006 12:37 pm Thanks for sharing fire3000 and stevejk! Very cool. By the way, just upgraded your account status stevejk! _________________ 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: exmbnaperson Posted: Wed Oct 04, 2006 11:48 pm Does investing in this way still work- even at the 3% no cap fee?
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Oct 05, 2006 6:47 am I wouldn't do a 3% or 4% NO MAX BT even at 0.00% to pay off a 9.99% -- 19.99% APR on another credit card (but that is me)
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Discover Get More Credit Card with Cash Back Bonus
Guest: stevejk SENIOR MEMBER (Member for 2 yrs.+) Post subject: Discover Get More Credit Card with Cash Back BonusPosted: Thu Oct 05, 2006 9:29 am Discover may not be mentioned, despite being an early adopter of cash back, because they are falling behind the curve. They only pay "up to" 1%, but only 0.25% at Wal-Mart, Sams Club, Costco, BJ's, and other discount stores. They to have their Get More program where they offer 5% cash back at selected merchants or categories, but these change every three months so they can't be counted on for more than that. BTW, the Get More for October through December is 5% cash back at restaurants, movie theaters, and purchases (in-store or on-line) at Amazon.com, Barnes & Noble (bn.com), Borders, Circuit City, Crutchfield, Napster, and Waldenbooks. Note that Discover Gasoline cardholders are ineligible for this offer. Note that it is only valid on the first $1000 in combined purchases from the aforementioned merchants.
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Credit Cards with Stand Alone Rebate Programs
Guest: stevejk SENIOR MEMBER (Member for 2 yrs.+) Post subject: Credit Cards with Stand Alone Rebate ProgramsPosted: Tue Nov 30, 2004 7:57 am bodeh6 wrote: "Stand alone" means that at gas stations, purchases made in the store do not count toward the 5% rebate. You earn the normal 1% with the Dividend Platinum Select. You can only get the 5% if you use the pay at the pump. This prevents you from receiving the 5% on things like beer, convience food, and auto repairs. 5% is strictly for gas paid at pump. If you need that stuff(minus the auto repairs), go to a grocery store/pharmacy and then you will get the 5%. From my interpretation of the fine print, it indicates that the business, depending on how they code the transaction, has to be a stand-alone gas station, as opposed to the gas pumps associated with Wal-Mart. The AAA Visa, back when it was a good deal, specifically said that the rebate was for pay at the pump purchases only. The Citi card, if memory serves me correctly, only says purchases at standalone gas stations. I infer that it includes purchases made inside as well as at the pump. I also have the Chase Freedom Card (a.k.a. Chase Perfect Card). I once purchased a gasoline gift card at the gas station at the register inside and I got the 3% rebate despite it being rung up as "labor" -- they had an attached service station. I think they did it that way so that it would not be sales tax (in addition to the hidden taxes in the price of gas) as a miscellaneous purchase would. Steve
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Guest: joelmeu Posted: Wed Oct 04, 2006 1:31 am This question comes up all the time and there is no single, simple answer. The cash back reward you can earn from credit cards depends on your particular spending profile -- especially how much you spend in various categories (e.g. gas, grocery, restaurants, utilities, etc.) The free calculator tool at www.CreditCardTuneUp.com makes choosing the best cash back card (or mix of cards) pretty easy. Given your spending pattern, it calculates your expected annual rewards for each of the leading cash back credit cards and even for your best mixes of cards. You can use the tool for free at http://www.CreditCardTuneUp.com/ .
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Guest: Ducky95 Posted: Wed Oct 04, 2006 11:44 am It looks like Discover is not recommended here-- any specifics on why? I thought they were the cash back guys, but it sounds like others may be better? _________________ Ducky95
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Credit Card Program to Maximize College Savings
Guest: sage Post subject: Credit Card Program to Maximize College SavingsPosted: Sat Nov 13, 2004 11:01 pm As a retired couple, perhaps a 529 rewards card for grandkid's college fund should be considered. The Fidelity/MBNA pays a flat 2% on all purchases up to $1500/year reward maximum ($75,000 purchases.) No fee; 25-dy grace period. My card of choice. _________________ HELOC Resources 529 Plan - Rewards - Maximize College Savings
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Guest: Charlie Posted: Mon Nov 15, 2004 2:43 am There is a whole forum devoted to getting card rewards. Take a look at: http://www.creditcardgoodies.com/forum/ My personal favorite is the Fidelity/MBNA Mastercard. It pays 1.5% of your purchases as cashback. You must have a brokerage account at Fidelity to get it. They are a pretty good brokerage so I see it as a win/win but you have to watch out for brokerage fees.
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Guest: luvozzie Posted: Wed Nov 17, 2004 11:53 am Sorry if this question sounds crazy but what exactly does "stand alone merchants" mean?
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Guest: bodeh6 Posted: Mon Nov 29, 2004 4:00 pm "Stand alone" means that at gas stations, purchases made in the store do not count toward the 5% rebate. You earn the normal 1% with the Dividend Platinum Select. You can only get the 5% if you use the pay at the pump. This prevents you from receiving the 5% on things like beer, convience food, and auto repairs. 5% is strictly for gas paid at pump. If you need that stuff(minus the auto repairs), go to a grocery store/pharmacy and then you will get the 5%. BTW: The Citibank Dividend Platinum Select has been my new favorite card since I got it in April 2004. I am a college student that commutes and lives at home. So I put all my gas from ANY gas station on the Citi card. I also work at CVS pharmacy, so when ever I buy anything (even $0.50) I just whip out the Citi card.
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Best Cash Back Credit Card Rebate Program?
Guest: Board Monitor Board Monitor/ Administrator Post subject: Best Cash Back Credit Card Rebate Program? Posted: Tue Oct 05, 2004 12:28 pm This message posted by e-mail request from one of the visitors to our site: We are retired and use our credit cards for everything except groceries. We pay our balance off each month. We now have a Discover Platinum ( cash back bonus) 1% and a Bank of America Platinum Visa with nothing back. Do not need auto, airplane discounts etc. Which card would you suggest using for just the best CASH return, no annual charge, no points for merchandise, no tier rebates just straight cash rebate % and no max. rebate in any calendar year. Your thoughts? _________________ Regards, Curtis Arnold Board Monitor http://www.CardRatings.com 20K+ Credit Card Reviews Sign up for our free monthly e-mail newsletter!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stevejk SENIOR MEMBER (Member for 2 yrs.+) Posted: Thu Oct 14, 2004 1:13 pm Here's my $0.02 worth on non-tiered rewards cards... 1. Citi Dividend Platinum Select. 5% cash back on purchases at grocery stores, gas stations, and [stand alone] pharmacies. 1% cash back on all other purchases. Reward payable in $50 or $100 increments, or accrued reward on 31 December. Con: maximum $300 cash back reward per calendar year. 2. Chase PerfectCard. 3% cash back on gasoline purchases. 1% cash back on all other purchases. Pro: accumulated reward paid each month. Don't think it has an annual limit. Con: must make 9 purchases per year to avoid $19 annual fee. 3. Bank One Free Cash Rewards. 1% cash back on all purchases. Reward payable in $25 increments. Con: maximum $600 cash back reward per calendar year. Full Disclosure: I have no pecuniary interest in any of the companies listed. I am just a (reasonably) satisfied customer. For those of us who pay in full every month and send payments electronically (no checks lost in mail), the interest rate is of no concern to us. If this is not you, then these cards may not be for you. An honorable mention, if only because it is the only card accepted at Sam's Club, is the Discover Gasoline Rewards card. Although this is a tiered reward, the reward structure is the opposite of their regular cards. That is, the 5% gas/1% all other rebate is for the first $1500 in purchases. The second $1500 in purchases receive 3% gas/0.5% all other rebate. Over $3000 in purchases receive 1% gas/0.25% all other rebate. The cash back award payable in $20 increments.
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Guest: guessindigo Credit Expert (100+ Posts) Posted: Fri Oct 15, 2004 10:39 am If you have the financial resources and charge alot (7-10K), then blue cash is very tough to beat. Since your retired, you may have limited $$$$ and in that case for moderate charges throughout the year, then Citi Dividend is the card for you. I personally advise against Discover, but if it works for you, then go for it.
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Capital One Credit Card Statement
Guest: hdporter Credit Expert (100+ Posts) Post subject: Capital One Credit Card StatementPosted: Thu Oct 05, 2006 11:49 am My wife's Cap One a/c has been pretty much inactive this last year (a couple of charges, PIF, at most). A "0" balance statement arrives today with the following notice: Important Account Information Beginning October 1st, 2006, based on your account activity you may be assessed more than two late, overlimit, or returned check fees that occur during any billing period Uh ... are they saying that up til now, if I paid late, then that payment bounced, and as a consequence her account went over limit they'd let us off with one of these transgressions free?? RIGHT! Are they high? (Or am I just not interpreting this correctly?) - Harry
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Guest: Evilbunny Posted: Thu Oct 05, 2006 12:18 pm I got the same notice.. I just read my CMA from Cap1, and it never stated that they would limit it to 2 fees in one billing cycle before.. but i guess they did, and this means they can charge more than 2 fees per cycle.. i guess.. *shrug*
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How Much Time for Credit Card Application Processing?
Guest: novaboy Post subject: How Much Time for Credit Card Application Processing?Posted: Thu Oct 05, 2006 10:22 am I recently applied for Hooters Mastercard. It has been three weeks and I finally got a letter yesterday stating I need to fax over some docs. I fax the docs and called to confirmed they rec them. The credit deparment told the customer service rep it will take another three weeks for processing. Have this happen to anyone else?
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Guest: Evilbunny Posted: Thu Oct 05, 2006 12:19 pm Yep, they get another 3 weeks to verify your info before they have to make a decision.
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Want to Waive Annual Fees on Capital One Credit Card Account
Guest: Prodigy Post subject: Want to Waive Annual Fees on Capital One Credit Card AccountPosted: Fri Sep 29, 2006 6:58 pm I received a Capital One Credit Card and received an intitial credit line of 500 on March 2006. It was increased to 750 three months later, and it says it will increase alittle bit every 3 months or so. The annual fee is $39. Is there a way to get them to waive the annual fee before the anniversary arrives? If not, how should I go about this "allocation" process that I heard about? I use the card frequently and I pay off the balance in full every month. Almost every time, I get close to my limit, I pay it off online, and pay off the balance in full multiple times during every billing cycle. _________________ I am new to this forum. All this information on this board is invaluable and I have learned alot from it (I will make a great - "thank you" post, in the near future). If I ask a question that has been asked repeatedly, I apologize in advance. =)
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Guest: Alaskan Assassin Posted: Fri Sep 29, 2006 8:10 pm MY CAPITALONE CARD SAID IT HAS AN ANNUAL FEE BUT THEY NEVER CHARGE ME, I THINK ITS WEIRD I WAS SUPPOSE TO PAY $39 GUESS NOT ITS OK WITH ME _________________ Rich??
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Guest: jlrdc909 Credit Expert (100+ Posts) Posted: Wed Oct 04, 2006 1:31 pm being Cap One is not a issuer to "Prime" issuer, dont be expecting much cooperation in them stopping an annual fee or raising a credit limit. Other banks would be more willing to work with you, Cap 1 is NOT one to expect a lot of help from
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Guest: mouse SENIOR MEMBER (Member for 2 yrs.+) Posted: Wed Oct 04, 2006 5:10 pm jlrdc909 wrote: being Cap One is not a issuer to "Prime" issuer, dont be expecting much cooperation in them stopping an annual fee or raising a credit limit. Other banks would be more willing to work with you, Cap 1 is NOT one to expect a lot of help from CAPITAL ONE "CAN" BE PRIME $20,000+ 5.90% NO FEE BT or PURCHASES NO ANNUAL FEE
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Guest: jlrdc909 Credit Expert (100+ Posts) Posted: Thu Oct 05, 2006 1:08 pm Mouse: True, sometimes Capital One can be prime (on rare occasions), which happens about as much as snow in Florida
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Chase Waived Late Fees on my Credit Card Account
Guest: ajulius Post subject: Chase Waived Late Fees on my Credit Card AccountPosted: Wed Oct 04, 2006 6:24 pm ajulius wrote: I had a 0% balance transfer with Chase. They doubled the minimum payment requirement out of the blue. Interest rate is the same. No changes in credit score. I did 2 things: Changed my billing due date and took another 0% offering for 6 months from chase on another card but I only took half the line. This teaches me a lesson: NEVER LOCK IN A CD RATE because you never know how much they will raise the minimum payments. The best bets are high rate MMA accounts that are fully liquid. It went from 2% to 4%. I checked my statement and it turns out there were more issues. They claimed I was late on a payment on my last bill of which I wasn't and I paid it on time on the previous bill. I made them aware of this, and they said they are waiving all fees and that the minimum payment is staying the same. There are no fees on a 0% no balance transfer fee offer. I had changed the payment due date which I believe was the culprit although the representative from Chase had no idea why this occured. Weird.
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Guest: maddybeagle Credit Expert (100+ Posts) Posted: Wed Oct 04, 2006 6:35 pm Quote: This teaches me a lesson: NEVER LOCK IN A CD RATE because you never know how much they will raise the minimum payments. The best bets are high rate MMA accounts that are fully liquid. yeah, that and dont change your billing date during a bt...
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Guest: ajulius Posted: Wed Oct 04, 2006 7:04 pm maddybeagle wrote: Quote: This teaches me a lesson: NEVER LOCK IN A CD RATE because you never know how much they will raise the minimum payments. The best bets are high rate MMA accounts that are fully liquid. yeah, that and dont change your billing date during a bt... LOL, they didn't say this was the cause of the problem and they fully waived all fees, so I would still go ahead and do it.
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Guest: ajulius Posted: Thu Oct 05, 2006 1:09 pm ajulius wrote: maddybeagle wrote: Quote: This teaches me a lesson: NEVER LOCK IN A CD RATE because you never know how much they will raise the minimum payments. The best bets are high rate MMA accounts that are fully liquid. yeah, that and dont change your billing date during a bt... LOL, they didn't say this was the cause of the problem and they fully waived all fees, so I would still go ahead and do it. Update: Chase fixed the problem on the website. Wondering if this was a unique case or if it happened to others who changed their billing cycle during a balance transfer? Scared me there for a bit. All is well now.
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Chase Credit Card Minimum Monthly Payment Doubled
Guest: ajulius Post subject: Chase Credit Card Minimum Monthly Payment DoubledPosted: Wed Oct 04, 2006 5:30 pm I had a 0% balance transfer with Chase. They doubled the minimum payment requirement out of the blue. Interest rate is the same. No changes in credit score. I did 2 things: Changed my billing due date and took another 0% offering for 6 months from chase on another card but I only took half the line. This teaches me a lesson: NEVER LOCK IN A CD RATE because you never know how much they will raise the minimum payments. The best bets are high rate MMA accounts that are fully liquid.
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Guest: hdporter Credit Expert (100+ Posts) Posted: Wed Oct 04, 2006 5:55 pm So, did your min pmt go from 1% of the bal to 2%? - H.
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Guest: Evilbunny Posted: Wed Oct 04, 2006 6:00 pm its usually 2% of the balance or $10 minimum, OR 1% + fees and Finance Charges.. whichever is greater.
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