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Another Credit Card Thread

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Another Credit Card Thread

Postby JTWood » Mon Apr 18, 2005 6:27 pm

Just got a letter from MBNA/MasterCard today. They are raising my rate from 5.99% to 11.99% effective June 1, 2005. No reason. This is an amendment to the general cardholder agreement. I didn't do anything wrong. The only exception to this amendment is for promotional rates, and I do not have one of those.

I have the right to reject this amendment to my cardholder agreement. When I reject it (and I will be), my balance will remain on the card and my rate will be frozen, however, ANY use of the card from that date forward will signal my acceptance to the agreement. Basically, it becomes a fixed-rate loan.

So, I need to get a new credit card, which sucks because I really liked that card. 5.99% plus points = sweet...

I've never applied for a card by actively seeking one out. I've always just waited for the deals to come in the mail. Does anyone know about how to go about getting a good credit card on your own? I'm really looking for the points benefit again. I saved about $200 last year just by using my credit card like a debit card and revolving the debt frequently.
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Postby RugbyD » Mon Apr 18, 2005 10:23 pm

http://www.creditcards.com has tons of variety, i;m sure you can find something.

not to pretend i'm Suze Orman or anything, but shouldn't your rate not matter to you b/c it would never come into effect?
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Postby JTWood » Mon Apr 18, 2005 10:54 pm

No way. In a low-rate economy like this, there are more important things to put your money in to, like your home and investments.

I have been paying extra against our cars and home while letting my balance on my low rate loans - card and student loans - continue to build since paying those rates (5.99% and 1.something%) are way too cheap to pay off.

If rates start to go up, then I'll change my philosophy. Until then, I stand on my strategy.
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Postby Madison » Mon Apr 18, 2005 11:37 pm

Contact Chase Manhattan Bank and get their platinum card. 4.9% interest and free balance transfers. I pay mine off every month I use it (don't use it that much), but it's nice to know the nice low rate is there should there be an emergency or something. :-)
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Postby shpuck » Tue Apr 19, 2005 1:12 pm

Since you said you make payments on your home, I'm assuming you own it. You could take out an equity line of credit. Depending on the value of your home and how much you owe the loaner will give you up to 80% of the estimated value of your home that isn't tied up in your mortgate.

Some to look at are
Washington Mutual
Bank of America

Google for others.

The advantage of this is that the interest you pay for your equity line is tax deductible. Of course, you have to itemize deductions to get this. We got ours a year or two ago when the rates were 5%. They may have gone up, but I think they're pretty good about staying around a low value.
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Postby StlSluggers » Tue Apr 19, 2005 3:16 pm

Shpuck,

That's a great idea that I had not considered. I will definitely look in to that.

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Re: Another Credit Card Thread

Postby free » Tue Apr 19, 2005 10:16 pm

JTWood wrote:Just got a letter from MBNA/MasterCard today. They are raising my rate from 5.99% to 11.99% effective June 1, 2005. No reason. This is an amendment to the general cardholder agreement. I didn't do anything wrong. The only exception to this amendment is for promotional rates, and I do not have one of those.

I have the right to reject this amendment to my cardholder agreement. When I reject it (and I will be), my balance will remain on the card and my rate will be frozen, however, ANY use of the card from that date forward will signal my acceptance to the agreement. Basically, it becomes a fixed-rate loan.





JT, i've never heard of that :-? is that in small print somewhere? can they just change it without you missing a payment? interesting and scary at the same time :-o
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Postby eftda » Tue Apr 19, 2005 10:28 pm

shpuck wrote:Since you said you make payments on your home, I'm assuming you own it. You could take out an equity line of credit. Depending on the value of your home and how much you owe the loaner will give you up to 80% of the estimated value of your home that isn't tied up in your mortgate.

Some to look at are
Washington Mutual
Bank of America

Google for others.

The advantage of this is that the interest you pay for your equity line is tax deductible. Of course, you have to itemize deductions to get this. We got ours a year or two ago when the rates were 5%. They may have gone up, but I think they're pretty good about staying around a low value.


where did you learn all this. In college? I would love to take a class onhow to screw the gov in taxes.
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Postby free » Tue Apr 19, 2005 10:36 pm

eftda wrote:
shpuck wrote:Since you said you make payments on your home, I'm assuming you own it. You could take out an equity line of credit. Depending on the value of your home and how much you owe the loaner will give you up to 80% of the estimated value of your home that isn't tied up in your mortgate.

Some to look at are
Washington Mutual
Bank of America

Google for others.

The advantage of this is that the interest you pay for your equity line is tax deductible. Of course, you have to itemize deductions to get this. We got ours a year or two ago when the rates were 5%. They may have gone up, but I think they're pretty good about staying around a low value.


where did you learn all this. In college? I would love to take a class onhow to screw the gov in taxes.




yeah, the only disadvantage to this is that the bank has your house as collateral 8-o so usually it's not worth the risk of something bad happening IMHO.
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Postby shpuck » Tue Apr 19, 2005 11:47 pm

eftda: Not college. We got our condo when I got out and started grad school and took out the credit line a couple of years later when the rates were low. So I learned by doing and discussions with my parents. It paid off my wife's car, consolidated credit cards, etc. Right now, I'm paying about $150 on the $100 we owe each month (to work off some principal). It's great when you look at the big picture.

free: The bank basically has your home as collateral when you have a mortgage. All your really doing is putting more of your home up and getting low interest money against your home. Since the housing market is increasing so much, especially in the SB area, the value of the home is fast outpacing the amount we have in Equity and mortgaged, so even if we sold, we'd have a bunch left over after paying off the mortgage and the equity that we owe. In essence, if you can purchase a home and take out money against it, that's the way to go so you're not required to dump your money into credit card companies. Of course, it still takes fiscal responsibility to not blow your entire equity line on useless stuff.
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