Credit Card offers

[santo=dorf]

Here's my situation;

I have great credit

No bills (credit wise)

No tution payments

I mostly use my debit card linked to my checking account when ordering stuff online or making larger purchase

I only use my credit card when I know I have the money at the time to make the purchase.

I don't care about APR because I always pay on time

I don't want an annual fee.

I don't want buyer's protection

I don't care about the limit because I plan on using it only for gas unless the benefits are much better.

 

I signed up for one that offer 1% back, but when I was authorizing it, the b**** over the phone signed me up for the buy protection, which is 89 cents for every $100 you spend. That completely makes my 1% bonus worthless. I haven't used the card once, and I am ready to cancel it once I get a new one.

 

I picked up a form a my local BP and they are offering:(for the first 60 days) 10% at all BP 4% on eligible travel and dining, 2% on all other eliglbe purchases. After the two months, all those %'s are cut in half. I also get a $40 BP gift card for making a purchas within 3 omnths, and up to another $35 in gift certificates if I spend $1,000 in 3 months. No annual fees too.

 

Does anyone know of any better offers for me?

Edited July 20, 2006 by santo=dorf

[jackie hayes]

Depends what you use it for. I use the Citibank card with 5% back on gas + groceries, 1% on everything else, which is a great deal for me. I don't think there are any introductory offers, though. (Maybe an APR thing, they all offer that, but that wouldn't really help you.)

[Balta1701]

Depends what you use it for. I use the Citibank card with 5% back on gas + groceries, 1% on everything else, which is a great deal for me. I don't think there are any introductory offers, though. (Maybe an APR thing, they all offer that, but that wouldn't really help you.)

I have the same Card. Citibank Diamond Preferred Rewards card. When I signed up, I got an introductory offer of 10,000 points, which = a clean $100 for signing up, on top of those rebates you mention. They will try to offer you those credit protector programs though...every card I've used has tried to offer me them (hmm, you think they're making some money on those?)

Edited July 20, 2006 by Balta1701

[Chisoxfn]

I use the Amex Blue Cash card, but for credit sake I'd advise you have a credit card or two and just make sure you pay all the bills. Its very beneficial and important to have a couple different versions of credit, especially when you plan on applying for a mortgage on a house.

[3E8]

You can cancel the buy protection with one phone call if you still like that card.

[jackie hayes]

I have the same Card. Citibank Diamond Preferred Rewards card. When I signed up, I got an introductory offer of 10,000 points, which = a clean $100 for signing up, on top of those rebates you mention. They will try to offer you those credit protector programs though...every card I've used has tried to offer me them (hmm, you think they're making some money on those?)

No kidding? Small world. My number's 55555555555. What's yours?

 

The only problem with it is how soon it expires. Mine's done next month and I'm still waiting on the new card. When does yours expire?

[Balta1701]

No kidding? Small world. My number's 55555555555. What's yours?

 

The only problem with it is how soon it expires. Mine's done next month and I'm still waiting on the new card. When does yours expire?

I started off with a Citibank regular mastercard when I started college, they started me on the "it expires every year" program at first. Usually I'd get mine a few weeks before it expired when I was still new. After a few years they started pushing the dates back, I've had it for something like 7-8 years now, and this one doesn't expire until 08.

[jackie hayes]

I started off with a Citibank regular mastercard when I started college, they started me on the "it expires every year" program at first. Usually I'd get mine a few weeks before it expired when I was still new. After a few years they started pushing the dates back, I've had it for something like 7-8 years now, and this one doesn't expire until 08.

Umm, okay...

[santo=dorf]

QUOTE(3E8 @ Jul 19, 2006 -> 10:42 PM) <{POST_SNAPBACK}>

You can cancel the buy protection with one phone call if you still like that card.

That's another thing. I called the 888 number a dozen times, it has been busy EVERY single time.

[DonkeyKongerko]

Is there a such thing as an introductory rewards card with no annual fee? I haven't found any yet.

[CrimsonWeltall]

Chase Rewards has no annual fee, but your reward ain't that great.

[Balta1701]

Is there a such thing as an introductory rewards card with no annual fee? I haven't found any yet.

My card has no annual fee, gets rewards, and is probably considered an introductory card I'd guess.

[NUKE_CLEVELAND]

Here's my situation;

I have great credit

No bills (credit wise)

No tution payments

I mostly use my debit card linked to my checking account when ordering stuff online or making larger purchase

I only use my credit card when I know I have the money at the time to make the purchase.

I don't care about APR because I always pay on time

I don't want an annual fee.

I don't want buyer's protection

I don't care about the limit because I plan on using it only for gas unless the benefits are much better.

 

I signed up for one that offer 1% back, but when I was authorizing it, the b**** over the phone signed me up for the buy protection, which is 89 cents for every $100 you spend. That completely makes my 1% bonus worthless. I haven't used the card once, and I am ready to cancel it once I get a new one.

 

I picked up a form a my local BP and they are offering:(for the first 60 days) 10% at all BP 4% on eligible travel and dining, 2% on all other eliglbe purchases. After the two months, all those %'s are cut in half. I also get a $40 BP gift card for making a purchas within 3 omnths, and up to another $35 in gift certificates if I spend $1,000 in 3 months. No annual fees too.

 

Does anyone know of any better offers for me?

 

 

Whatever you do, dont cancel the card. If you cancel a credit card almost as soon as you get it it damages your credit score. Your best bet is to call the company and drop the protection so you can fully take advantage of the rewards program.

[Chisoxfn]

Whatever you do, dont cancel the card. If you cancel a credit card almost as soon as you get it it damages your credit score. Your best bet is to call the company and drop the protection so you can fully take advantage of the rewards program.

I think I mentioned that in another one of my posts but I think it deserves to be said again. Nuke is dead on on this and cancelling credit is a bad thing, especially if your planning on applying for a major piece of credit anytime soon (House or Car).

 

And remember there is no harm in having a CC and really not using it (as long as it has no yearly fee's or anything like that).

[nitetrain8601]

Anyone know of a Credit Card that will approve me right after I'm done applying? I have great credit, but I want one now because I'm trying to fly out to Boston tonight. It just came up. Anyone have any ideas?

[3 BeWareTheNewSox 5]

Is there a such thing as an introductory rewards card with no annual fee? I haven't found any yet.

 

 

I have an Amex Blue card. Had a couple cards, checking account/debit card before getting that offer though. Was nice because I was started off with some like 5,000 points, harder to earn a lot thouhg. I also have a Citi card which stows away a small % of what you spend and then you get a check when you reach $50. None of my cards have annual fees. Actually, my Amex one still has 0% and it's been a while.

[Steff]

And remember there is no harm in having a CC and really not using it (as long as it has no yearly fee's or anything like that).

 

 

 

Not true Jason. The more avaliable credit you have CAN harm you. It's seen as an opportunity that at any time you can run yourself into the ground in debt. Best bet (unstated rule I have heard from several in the mortage business) is to NOT have avaliable (unused) credit of more than 20% your yearly income.

[Chisoxfn]

Not true Jason. The more avaliable credit you have CAN harm you. It's seen as an opportunity that at any time you can run yourself into the ground in debt. Best bet (unstated rule I have heard from several in the mortage business) is to NOT have avaliable (unused) credit of more than 20% your yearly income.

Nah, its a double edge sword and its better to have the credit untied as opposed to tied. An more importantly its better to have those few things on your credit report than to not have it. I know my score is damn near perfect and one of the biggest reasons is I constantly pay off my cards.

 

I'm not saying you should never use your cards, on the contrary, but the key is to always pay off your balance (if you can) and you'll have the best possible credit rating. It keeps your balance down, yet at the same time you'll have some sort of balance anytime the credit report looks because you are using it.

[My Dixie Normus]

I have a United Airlines Chase Visa. I pay my mortgage with it every month and have the balance paid off via schedule payments from my checking. Annually, I have enough miles to fly my family of five to our vaction spot for nada. I am not sure what more you want from a card than free vacations but it is enough for me.

[Steff]

Nah, its a double edge sword and its better to have the credit untied as opposed to tied. An more importantly its better to have those few things on your credit report than to not have it. I know my score is damn near perfect and one of the biggest reasons is I constantly pay off my cards.

 

I'm not saying you should never use your cards, on the contrary, but the key is to always pay off your balance (if you can) and you'll have the best possible credit rating. It keeps your balance down, yet at the same time you'll have some sort of balance anytime the credit report looks because you are using it.

 

 

I wasn't referring to not using your cards. I was referring to having all that credit. If you have 50K in avaliable credit, yet only make 80k a year.. you might have a nice credit score, but lenders are going to be cautious of giving you more credit because at any given time you can put yourself 50k in the hole.

[jasonxctf]

I wasn't referring to not using your cards. I was referring to having all that credit. If you have 50K in avaliable credit, yet only make 80k a year.. you might have a nice credit score, but lenders are going to be cautious of giving you more credit because at any given time you can put yourself 50k in the hole.

 

 

dont believe your friend here Steff. Nothing could be further from the truth. i do corporate and personal lending and you are far better off to have more available lines of credit with $0 balances then fewer available lines of credit with a $0 balance.

 

So basically if you have a $75k a year salary and have $100,000 in available credit lines (with a $0 balance) your score and lending rate will be lower than if you have only $50,000 in available credit lines.

[Steff]

dont believe your friend here Steff. Nothing could be further from the truth. i do corporate and personal lending and you are far better off to have more available lines of credit with $0 balances then fewer available lines of credit with a $0 balance.

 

So basically if you have a $75k a year salary and have $100,000 in available credit lines (with a $0 balance) your score and lending rate will be lower than if you have only $50,000 in available credit lines.

 

 

 

Using some common sense here.. if you have 100K in unsecured avaliable credit, and only make 75k.. thus meaning that if you max your credit you will NEVER be able to pay it back, lose your house, car, etc... you will have a better score and get a better rate...

 

That just makes no sense to me.

[kapkomet]

Using some common sense here.. if you have 100K in unsecured avaliable credit, and only make 75k.. thus meaning that if you max your credit you will NEVER be able to pay it back, lose your house, car, etc... you will have a better score and get a better rate...

 

That just makes no sense to me.

The key is the debt to equity ratio and how that factors in your credit score. For most average households, what Steff says is true - but for anyone who makes over 125K - the reverse starts to happen, because you make enough to borrow more, so your credit score goes up. But you have to have had sustained earnings for a good while for that to happen.

 

That's my understanding of it, so you're both right in a sense.

[Steff]

The key is the debt to equity ratio and how that factors in your credit score. For most average households, what Steff says is true - but for anyone who makes over 125K - the reverse starts to happen, because you make enough to borrow more, so your credit score goes up. But you have to have had sustained earnings for a good while for that to happen.

 

That's my understanding of it, so you're both right in a sense.

 

 

OK. I definitely don't know lending laws . Thanks Kap.

[Chisoxfn]

The backend and front end ratio's are really the only two ratio's that look at your income (from the lender's perspective). The only other thing you obviously need (depending on the loan) is the funds for the down payment (if you aren't doing a 100% loan) or enough funds in the bank to show you can make the payment for a couple months.

 

The credit card fico score has zero to do with your income and is better when you have your credit balances down and obviously there are tons of factors in that. So whatever you can do to improve the credit score (usually one of those things is having a few larger credit cards, not balances, rather credit limits and one other source of major credit). Obviously you need to be paying everything on time consistently.

 

And credit card balances (if you have a few near the max) can really hurt the credit score and one of the wisest things someone could do is take out a 2nd or get a home equity line to pay down there CC's because the interest they pay on those is usually a hell of a lot higher than what you pay on the loans (plus the loans you have the interest as tax deductible).