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Credit Cards & Finances |OT| Rewards, Cash Back, APR, & More!

H

Husker86

Member
Mortemis said:
What do you mean by when the bill is cut? Anyways as long as I always monitor it and make sure the percentage isn't too high everything should be good right?
Click to expand...
You have a statement date and a due date. The statement date balance is what will be reported. Due date is when you have to pay the statement balance by to not get hit with interest; it's usually around 3 weeks after the statement date.

Kepp in mind, you do not have to pay off any transactions made after the statement date until your next statement. So, if you have a statement balance of $300 on February 10th and then buy something for $200 on February 11th, you only have to pay $300 by your due date to not get hit with interest.
 
V

vatstep

This poster pulses with an appeal so broad the typical restraints of our societies fall by the wayside.
I applied online and was approved for a Discover It card – hooray! Figured I would be, since I get so many offers in the mail, but it still feels good to know. No word on my credit limit yet, but based on the amounts indicated in the "send alert if balance exceeds $XXXX" part of the account setup, it should be plenty for my needs. Downhome, thanks for posting that $150 cash back offer link in the OT.

Just browsing the online offers on the Shop Discover site and they're much better overall than the ones on Chase's Ultimate Rewards Mall. Does anyone know if they fluctuate? Chase's do, from day-to-day (I recently bought something at Vitacost.com at 4% cash back, and the next day it was down to 2%, for example), which is annoying.
 
M

minx

Member
I currently only have 2 credit cards, with only one that I currently put charges on. I pay in full every month. Both these cards are 7 and 5 years old so the average age of them is long which I hear helps with credit score? I am going to buying a new car soon and will be taking out a loan since my money in index funds can beat the interest rate. I will also be looking to buy a house soon.

I am looking to open a Sallie Mae credit card to get 5% cash back on groceries and gas. Will opening one right before I have to two biggest purchases of my life hurt what my interest rates could be since it would drop the average age of my cards? Or will it be minimal and not matter?
 
D

Downhome

Member
Don't do anything having to do with your credit until AFTER dealing with the car and house, period.

Sign up for credit karma, check what they say on your score, then keep it that way. Opening up any new lines of credit that you initiate will drop your score a bit, and when it comes to home and auto loans, every little bit counts.

If the car/house is six months to a year out then go ahead and open the new card.
 
I

ink4n3

Member
I know its pretty well liked on here, but I've had great luck with the Amazon Chase card. I've made $957 in statement credits since November of 2011. $1000 in my pocket for just using their card, can't beat it!
 
D

Downhome

Member
Holy crap you spend a lot at Amazon!

Oh, btw, the Sallie Mae card also gives 5% at bookstores...and that includes all items shipped and sold by Amazon as well up to $750 a month.
 
J

JustHadToJoin

Member
Is it true that certain purchases are good for your credit score and some are bad?
For example, buying necessities like gas improve it while stuff like move blu rays won't improve it.​
I remember reading that somewhere. Or, more likely, misinterpreting that somewhere.
 
I

ink4n3

Member
Downhome said:
Holy crap you spend a lot at Amazon!

Oh, btw, the Sallie Mae card also gives 5% at bookstores...and that includes all items shipped and sold by Amazon as well up to $750 a month.
Click to expand...

I try to buy whatever I can from there, but it's not a whole lot actually. I use the card for every purchase so it adds up quickly.
 
D

Downhome

Member
JustHadToJoin said:
Is it true that certain purchases are good for your credit score and some are bad?
For example, buying necessities like gas improve it while stuff like move blu rays won't improve it.​
I remember reading that somewhere. Or, more likely, misinterpreting that somewhere.
Click to expand...

No, that isn't true at all. All they care about is how you deal with your accounts.
 
S

Skunkers

Member
Ok, crap, I might need help. So I signed up for creditkarma.com per this thread. Suddenly I noticed a Sears credit card that is maxed out near the $10000 limit under my card utilization through TransUnion. Says that card was opened in 1993. I was like 11 years old in 1993. This doesn't show up for me through Equifax, I have no idea about Experian. The thing is, I'm pretty sure it's my mom's card as I do know she's struggling with debt and has a maxed Sears card. There's no way I was a cosigner on that card as I was 11, but I may have a card in my name for that account. But is in normal for that to show on my credit report? If I have her remove me from that card will that cards utilization history stay on my credit report?
 
Zoe

Zoe

Member
Skunkers said:
Ok, crap, I might need help. So I signed up for creditkarma.com per this thread. Suddenly I noticed a Sears credit card that is maxed out near the $10000 limit under my card utilization through TransUnion. Says that card was opened in 1993. I was like 11 years old in 1993. This doesn't show up for me through Equifax, I have no idea about Experian. The thing is, I'm pretty sure it's my mom's card as I do know she's struggling with debt and has a maxed Sears card. There's no way I was a cosigner on that card as I was 11, but I may have a card in my name for that account. But is in normal for that to show on my credit report? If I have her remove me from that card will that cards utilization history stay on my credit report?
Click to expand...

You will need to open a dispute with Transunion (and possibly Experian) in order for it to come off.
 
D

Downhome

Member
When you were given a card in your name, was it after you were 18? Did you give your social and all of that sort of information when you got the card? If no, then yeah, you need to open a dispute ASAP and get it cleared up.
 
D

Downhome

Member
Dr.Horrible said:
What are GAFs thoughts on this Barclay Arrival card?

http://www.barclaycardarrival.com/premium-travel/?campaignId=1729&od=bcarrival&cellNumber=24

Wife and I are fond of traveling and the sign up bonus seems pretty good. I've seen lots of great reviews for it online as well so I recently got approved for one. Just curious on input before I start using the thing.
Click to expand...

I don't have the Arrival, but I now have the Sallie Mae (5% back on gas, groceries (including Walmart, Target, etc...) and bookstores (including Amazon). My wife has the Rewards MasterCard which is 2% back on utilities. I hear great things on the Arrival if you are fine with the annual fee and do lots of traveling. It's a great 2% card. I would have set that as my main card if we did more traveling, so we went with the Capital One Quicksilver for 1.5% back on everything instead.
 
T

tarby

Neo Member
J

JustHadToJoin

Member
What in your opinion would be the best additional card for someone who:

is going into consulting, so everything is reiumbursed (food, travel)
is going into consulting, so will probably eat at a lot of restaurants
is going into consulting, so will be doing a lot of flying
will do minimal car traveling on weekends
has only one credit card currently; that Capital One student Journeys card

I hope that provides enough information to help?
 
V

vatstep

This poster pulses with an appeal so broad the typical restraints of our societies fall by the wayside.
I got my Discover It in the mail on Wednesday; crazy-fast turnaround considering I applied late on Saturday night. They send it first-class in really snazzy packaging — hell, up until recently they were overnighting them to people with FedEx.

I was approved for $4,000 with a FICO score of 769, and TransUnion score of 730. I don't plan on carrying a balance unless it's an emergency, but I'm disappointed by the 19.99% APR I got saddled with. I took a chance and went with the online $150 cash back bonus promo instead of the 10.99% permanent offer that I got in the mail, thinking that I might qualify for that rate anyway — fail. I guess the free $150 might be better anyway, as long as I don't have to make any large purchases for a while. I'll call them in 3-6 months and see if I can get my rate lowered then, I guess.
 
V

vatstep

This poster pulses with an appeal so broad the typical restraints of our societies fall by the wayside.
Jazzy Network said:
You can't really lower your rate on an existing card I don't think. Pretty sure about that although I could be wrong.
Click to expand...
Nah, you can; it's pretty easy. I've done it before. It helps if you've had that account for a while, with a good history, of course. I wouldn't expect to get them to give me 10.99% anytime soon, but I'd be fine with something more like 15%.
 
D

Downhome

Member
You can always call to ask to get it lowered, if they say no just call back sometime. They absolutely can lower your rate.

I couldn't care less about the APR on most of my cards. I pay them in full, so it doesn't matter to me. I do have a few low APR cards that I would use if it was a big purchase that I HAD to put on a card.
 
H

Husker86

Member
Does anyone know if Amex updates your reward balance only based on what you've paid off so far?

To explain:
My Chase card—my reward points are updated on the statement date based on the purchases made for the last statement, so they obviously haven't been "paid off" yet.

My Amex Blue Cash Preferred—My reward points only went up by $5 when, based on my purchases, they should have went up about $80.

I'm in the promo 0% APR window for another year so I have been carrying the balance over; the only reason I could think of is they don't give you points until you've paid the purchases off. Is this how they do it?

If so, it's understandable, and frankly I'm surprised all credit card companies don't do that, but I'm just curious.
 
D

Downhome

Member
How long have you had the card?

I've had my Blue Cash Everyday card for a month now and my first statement was cut over the last week. I noticed that my rewards weren't added at all, it's still at $0, so I called them up to ask them about it. They told me that the way they do it their rewards are a month behind. Since all of my purchases were in January, and this was the January statement, nothing would show up on this statement. Instead, all of my rewards for January will show up on my February statement, and it would be that way from this day on.

My guess is that you are just noticing this also. I may be wrong, but that's what I bet.

You don't want to carry a balance over even with the 0% unless you can't help it, for what it's worth. It's technically fine to do, you wont pay interest on it, but depending on your utilization it could ding your score.
 
H

Husker86

Member
Downhome said:
How long have you had the card?

I've had my Blue Cash Everyday card for a month now and my first statement was cut over the last week. I noticed that my rewards weren't added at all, it's still at $0, so I called them up to ask them about it. They told me that the way they do it their rewards are a month behind. Since all of my purchases were in January, and this was the January statement, nothing would show up on this statement. Instead, all of my rewards for January will show up on my February statement, and it would be that way from this day on.

My guess is that you are just noticing this also. I may be wrong, but that's what I bet.

You don't want to carry a balance over even with the 0% unless you can't help it, for what it's worth. It's technically fine to do, you wont pay interest on it, but depending on your utilization it could ding your score.
Click to expand...

That might be it, we'll see next month! I got the card in January (just got my second statement), and now that I think about it, the rewards seem to match up with my first statement spending which was pretty limited.

And yeah, I'll be safe. I'm definitely not new to credit cards, and my utilization will likely never go far above 10%. This is the first Amex I've had in a very long time though, and the one I had many years ago was before rewards were popular so there weren't any reward benefits.

I could pay it off, but I'm just getting some home gym stuff that I've wanted and figure I might as well take advantage of 0% while I have it and keep my checking account padded. Even when I utilize 0% offers, I make sure to never get into a position that I couldn't get out of immediately, if necessary.

Definitely not bad advice though, I'm sure these intro offers are what get the majority of people with credit issues into trouble.
 
Zoe

Zoe

Member
I'm pretty sure Reward Zone has a month delay as well. Probably to account for returns and stuff like that.
 
A

alejob

Member
I don't have a card that gives you a higher % on groceries. Chase Freedom used to but it's not a used category any more.


I know several people that have really high limits on their cards. Like 40K high. Mine are only like 6K. Besides asking, when do they raise your limit?
 
R

RukusProvider

Banned
JustHadToJoin said:
What in your opinion would be the best additional card for someone who:

is going into consulting, so everything is reiumbursed (food, travel)
is going into consulting, so will probably eat at a lot of restaurants
is going into consulting, so will be doing a lot of flying
will do minimal car traveling on weekends
has only one credit card currently; that Capital One student Journeys card

I hope that provides enough information to help?
Click to expand...

What's your goal? Travel or cash back?

Always work backwards from a goal.
 
P

pgtl_10

Member
I never understood why Capital One would never approve me for a credit card. I have been approved for so many cards yet no Capital One.
 
D

Downhome

Member
alejob said:
I don't have a card that gives you a higher % on groceries. Chase Freedom used to but it's not a used category any more.
Click to expand...

Get the Barclaycard Sallie Mae - it's 5% back on the first $250. After that, the Blue Cash Everyday card is 3%, but if you buy a lot of groceries the Blue Cash Preferred is 6% back but it has an annual fee.


I know several people that have really high limits on their cards. Like 40K high. Mine are only like 6K. Besides asking, when do they raise your limit?
Click to expand...

A lot of the times they do it automatically after a certain period of time. You can also go to the website or call them to manually request it. You can call to ask as well. Be careful though, make sure considerable time has gone by, you may get a hart pull on an CLI. Some also have certain terms they go by. For AMEX I believe it is, after the 61st day that your account was opened you can call and request up to 3X your original balance and they usually will grant it unless you've screwed up with late payments and stuff.
 
F

faceless007

Member
Something to think about. I was talking to the owner of a small burger joint I frequent that recently stopped accepting credit and debit cards and went cash-only. He said that the reason was CC processing fees which took a big hit out of their margin, especially -- and this is the thing that surprised me -- when customers use rewards cards. When you have a rewards card and use it for one of the bonus categories, the merchant gets hit with a higher processing fee. I always just assumed it was the CC company who took the hit.
 
D

Downhome

Member
faceless007 said:
...especially -- and this is the thing that surprised me -- when customers use rewards cards. When you have a rewards card and use it for one of the bonus categories, the merchant gets hit with a higher processing fee. I always just assumed it was the CC company who took the hit.
Click to expand...

I have never heard of that before. Here where I work we have never noticed a higher fee from anyone using a rewards card or anything like that.

If you guys want a great card, look into the Barclaycard Rewards card. I got the Sallie Mae one for myself for 5% back on gas, 5% back on groceries (including Target & Walmart), and 5% back at bookstores (including Amazon) but I signed up for my wife the Barclaycard Rewards card. It is a 2x (2%) card on gas, groceries, and utilities. I got it mainly to stick all of our bills on and that was really the only reason I got it in the first place. However, since we got it, I did more research on it and I have discovered that the 2X applies for WAY more things than you would first imagine. Check out this thread...

http://ficoforums.myfico.com/t5/Cre...rd-2X-Point-List/td-p/2653909/highlight/false

It's giving 2X back at all kinds of different places, such as the following...
  • Gas Stations
  • Grocery Stores
  • AT&T Bill Payment
  • Time Warner Bill Payment
  • T-Mobile Bill Payment
  • 7-11
  • Target
  • The Coffee Bean
  • Dish Network
  • ULTA
  • Marble Slab Creamer
  • Dollar General
  • CVS
  • WalGreens
  • The Zen Shop(?)
  • Pioneer Family Pharmacy
  • Sam's Club
 
O

Ovid

Member
faceless007 said:
Something to think about. I was talking to the owner of a small burger joint I frequent that recently stopped accepting credit and debit cards and went cash-only. He said that the reason was CC processing fees which took a big hit out of their margin, especially -- and this is the thing that surprised me -- when customers use rewards cards. When you have a rewards card and use it for one of the bonus categories, the merchant gets hit with a higher processing fee. I always just assumed it was the CC company who took the hit.
Click to expand...
I'm pretty sure CC would increase his sales. Did he think about passing on those fees to the customer? It's only like 2% per transaction.
 
S

ScottSullivan

Member
I use to be in the position where I could pay off all my card in full before accuring any interest, now I have a little bit of debt going due to some circumstances around car repair and wedding expenses. Really frustrating paying interest. I know it's basicly wasted money I could really use.

I think in less then 12 months though I'll have everything paid off and I can really take advantage of these reward cards more, with an improved score.
 
H

Hex

Banned
I am still torn on this stupid GE Capital garbage card I have.
It was something I got when I needed work on my car, and it is only good for auto places and some various other places but nothing I would really use.
It is paid off now, and they just raised the limit to $2000.

On one hand, having the paid off card is good for the old credit report and balance and whatnot.
On the other hand, when things look at revolving credit I would rather have another visa/mastercard or hell even a discover in that slot that I can actually use for things if I ever need.
Or am I wrong in how it all works?
 
D

Downhome

Member
ScottSullivan said:
I use to be in the position where I could pay off all my card in full before accuring any interest, now I have a little bit of debt going due to some circumstances around car repair and wedding expenses. Really frustrating paying interest. I know it's basicly wasted money I could really use.

I think in less then 12 months though I'll have everything paid off and I can really take advantage of these reward cards more, with an improved score.
Click to expand...

Sign up for a card with a 0% APR for a year (and if you look, one with no fee to do so) and stick everything on that one and pay it off and eliminate the interest. If you are sure you may be able to pay it off, do it.

Hex said:
I am still torn on this stupid GE Capital garbage card I have.
It was something I got when I needed work on my car, and it is only good for auto places and some various other places but nothing I would really use.
It is paid off now, and they just raised the limit to $2000.

On one hand, having the paid off card is good for the old credit report and balance and whatnot.
On the other hand, when things look at revolving credit I would rather have another visa/mastercard or hell even a discover in that slot that I can actually use for things if I ever need.
Or am I wrong in how it all works?
Click to expand...

Keep the card, if you don't want to use it just stick it in a drawer somewhere, and apply for the cards you truly want to have in your rotation.
 
C

CobbFC09

Member
Glad I came across this thread today as I just signed up for Credit Karma. It's telling me I have a score of 721, which I seems good. I definitely need to fix my credit card utilization as I have a "C" grade in that category. I'm in college and always use my card (Discover) for all bills, groceries, and other expenses. I always pay my bill on time and have never carried a balance.

Now the question I have is whether I should just start using my debit card more often or look into getting another credit card to lower the utilization. If I were to get another card it would be the third hard inquiry in two years, so I would definitely lose some points in that category. According to Credit Karma, this has a low impact, so I'm thinking by me fixing my utilization (high impact) it would offset a hard inquiry.
 
G

giga

Member
CobbFC09 said:
Glad I came across this thread today as I just signed up for Credit Karma. It's telling me I have a score of 721, which I seems good. I definitely need to fix my credit card utilization as I have a "C" grade in that category. I'm in college and always use my card (Discover) for all bills, groceries, and other expenses. I always pay my bill on time and have never carried a balance.

Now the question I have is whether I should just start using my debit card more often or look into getting another credit card to lower the utilization. If I were to get another card it would be the third hard inquiry in two years, so I would definitely lose some points in that category. According to Credit Karma, this has a low impact, so I'm thinking by me fixing my utilization (high impact) it would offset a hard inquiry.
Click to expand...
You could pay off your balance more often, instead of at the end of each statement period. Keep it under 30%.
 
F

flyinpiranha

Member
GhaleonEB said:
My wife and I have three:

A credit/debit card linked to our checking account, a regular credit card for large purchases, and the Amex card from Costco. The last of those is new and was actually prompted by the last thread the OP made (thanks!), as we didn't have a cash back card.

We do most daily purchases on the Amex and pay it off weekly, and use the others at places that don't take Amex.
Click to expand...

Does it actually accrue points by doing that? We have one (not a Costco one) and we have to let it cycle and just pay before it's on there for one month and we don't accrue interest.

For example, with carpeting we are having done, paid for it last week on the Amex, then after the 28th or so I think it cycles I can pay it off with cash I have for that project and get the points and no interest. Different cards may have different rules though, I was just curious as I want to pay shit off as fast as I can.
 
S

ScottSullivan

Member
Downhome said:
Sign up for a card with a 0% APR for a year (and if you look, one with no fee to do so) and stick everything on that one and pay it off and eliminate the interest. If you are sure you may be able to pay it off, do it.



Keep the card, if you don't want to use it just stick it in a drawer somewhere, and apply for the cards you truly want to have in your rotation.
Click to expand...
Not a terrible idea. I thought about trying a balance transfer loan but that seems simpler, assuming I can get approved, the debt I owe on the high interest card is sitting at a little over 2k, so hopefully I can still get approved. Is the idea you mentioned something that would be a "Balance transfer" Taking the debts accrued on one card and putting it on another? Or would the new card just treat it as a purchase
 
D

Downhome

Member
flyinpiranha said:
Does it actually accrue points by doing that? We have one (not a Costco one) and we have to let it cycle and just pay before it's on there for one month and we don't accrue interest.

For example, with carpeting we are having done, paid for it last week on the Amex, then after the 28th or so I think it cycles I can pay it off with cash I have for that project and get the points and no interest. Different cards may have different rules though, I was just curious as I want to pay shit off as fast as I can.
Click to expand...

Do you mean rewards points?

When you use a rewards card you get the points for all purchases, period. You can go home that very night and as long as the charge is showing up on your account and you have the option to pay you can pay it that same night. Be aware that some cards, like my AMEX Blue Cash Everyday card apparently, limits you to how many times you may make a payment.

ScottSullivan said:
Not a terrible idea. I thought about trying a balance transfer loan but that seems simpler, assuming I can get approved, the debt I owe on the high interest card is sitting at a little over 2k, so hopefully I can still get approved. Is the idea you mentioned something that would be a "Balance transfer" Taking the debts accrued on one card and putting it on another? Or would the new card just treat it as a purchase
Click to expand...

No, balance transfers count as just that, transfers, not purchases. You will not get any rewards points or anything like that for transfering balances over.

What you want is the Chase Slate card. Go to the following link and check the first option...

http://www.mymoneyblog.com/best-pre-screened-no-fee-0-apr-balance-transfer-offers

1) Slate® from Chase - Introductory 0% APR on balance transfers and purchases for 15 months and $0 balance transfer fee! With no balance transfer fee for the first 60 days, the Slate from Chase is offering interest free payments for up to 15 months with no catch and no annual fee. The 0% intro APR is also extended on purchases for 15 months and once the intro rate has expired, the purchase APR becomes 12.99% – 22.99% variable.
Click to expand...

-Balance Transfer APR: 0% Intro APR for the first 15 billing cycles that your Account is open. After that, 12.99% to 22.99%, based on your creditworthiness. These APRs will vary with the market based on the Prime Rate.

-Transaction Fees - Balance Transfers: $0 Intro fee on transfers made within 60 days of account opening. After that: Either $5 or 3% of the amount of each transfer, whichever is greater.
 
M

mingoguaya

Member
I have a question (actually a couple of them). I currently have 4 cards (2 credit with 4750 and 2300 balance and two store cards with no interest if pay before the promotional date with balances of 1000 and 2100). I also have a loan which has 30 months left at 515. I am thinking about taking a consolidation loan to lower my monthly payments, is this a wise idea or should I stick to what I'm doing right now and finish the loan and then pay the amount of the loan to the credit cards?
 
D

Downhome

Member
mingoguaya said:
I have a question (actually a couple of them). I currently have 4 cards (2 credit with 4750 and 2300 balance and two store cards with no interest if pay before the promotional date with balances of 1000 and 2100). I also have a loan which has 30 months left at 515. I am thinking about taking a consolidation loan to lower my monthly payments, is this a wise idea or should I stick to what I'm doing right now and finish the loan and then pay the amount of the loan to the credit cards?
Click to expand...

That is a very tricky subject. If you have an on debt to income ratio it shouldn't be a problem. If you believe you could have your bank or credit union approve you for such a loan, great. If you think there would be no problem at all with you being able to pay it off then it's likely a good idea.

However, if you think it's possible it may put you in a situation where you can't make the payment then think twice. You don't want to destroy your credit, but the credit card companies can't really do anything to you in terms of getting you to pay them back...other than destroy your credit and your credit future.

If you get a loan like you are talking there are many things that can be done against you to make sure they get their money.

If you have a high APR on all of your cards, if you are CERTAIN you can pay it off, then sure go for the consolidation loan. Just have a plan in place to pay it back ASAP.

That total, around $10,000 is pretty high so it may be worth it. Mind my asking your age and how you got that far into debt in the first place?
 
F

faceless007

Member
tarius1210 said:
I'm pretty sure CC would increase his sales. Did he think about passing on those fees to the customer? It's only like 2% per transaction.
Click to expand...

Well, he took CCs up until this year. I'm assuming he'll watch his numbers to see if going cash-only causes a drop in sales greater than what he was paying in fees. As for passing them on, he said the agreement with the companies specifically disallows that.
 
M

Marty Chinn

Member
faceless007 said:
Well, he took CCs up until this year. I'm assuming he'll watch his numbers to see if going cash-only causes a drop in sales greater than what he was paying in fees. As for passing them on, he said the agreement with the companies specifically disallows that.
Click to expand...

I think if he just raises his prices up 2% in general rather than saying there's a 2% surcharge for CC use, then he is perfectly fine doing it.
 
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