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Advanta, No Way, No How!

Senior Contributor

Re: Advanta, No Way, No How!

Uniqua wrote:
ilovepizza has the best response!

 
I also got a kick out of ilovepizza's post, he is so on point!


 Uniqua wrote:
ilovepizza has the best response!

When CC companies see that you carry balances for a certain period of time, they RJ you to make more money. It doesn't matter if you pay more than the minimum. As long as you carry a balance, they can RJ you to whatever they see fit. Afterall, they are making more money off of you. And, those balance transfer offers sound really good until you realize you can't pay off the balance by the end of the introductory period. It's best to keep up with those BTs and if you must carry a balance, don't do so for an extended period of time.


while this is familiar territory to many here at the boards, to the avg. cc user a cc is by definition a revolving vehicle and that is how it is presented and marketed, "now you can pay over time, with AMEX!" 
I'm starting to think it may be helpful for ccc's to be required to list in the t&c's what revolving means to them perhaps making it a little clearer for the average cc holder to avoid AA on a revolving card. Though it will never happen, because, as you say, 'afterall they are making more money off of you' (if you don't know what parameters they use to define revolving).  Yes, it is incontestable, if you don't revolve then it doesn't matter what internal cc scoring will place you in the path of AA, in that case may as well stick with charge cards, no?


Message Edited by score_building on 09-08-2008 10:10 AM
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 11 of 20
Moderator Emerita

Re: Advanta, No Way, No How!

I posted somewhere else that I would love to see a requirement that right underneath the minimum payment line on your statement (not buried on page 5 somewhere), they would have to post how many months it would take to pay off your balance at that rate, and how much the final sum of payments would be.

They do publish the effective APR, and everyone who carries a balance should know that number by heart, from every card that they own.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 12 of 20
Epic Contributor

Re: Advanta, No Way, No How!

the one Advanta business card we have has over 6k available credit but still carrying a balance on 2.9 fixed for life. the purchase apr has been increased 2 and today sits at 34.99%. LOL
guess I will just keep cashing in my cli every 6 months and continue to work on paying it off, certainly not using it, wouldn't anyway even if rate was resonable because of bt rate.
 
Message 13 of 20
Senior Contributor

Re: Advanta, No Way, No How!



Creditaddict wrote:
the purchase apr has been increased 2 and today sits at 34.99%. LOL


we laughed Smiley Very Happy, we cried Smiley Sad
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 14 of 20
Senior Contributor

Re: Advanta, No Way, No How!

you and Liz Warren (great minds think alike) Smiley Happy


haulingthescoreup wrote:
I posted somewhere else that I would love to see a requirement that right underneath the minimum payment line on your statement (not buried on page 5 somewhere), they would have to post how many months it would take to pay off your balance at that rate, and how much the final sum of payments would be.


DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 15 of 20
Epic Contributor

Re: Advanta, No Way, No How!

What I don't get about Advanta is, if I'm such a high risk with my revolving balance, why you give me a 21k limit and increase it every 6 months more!
Message 16 of 20
Senior Contributor

Re: Advanta, No Way, No How!



Creditaddict wrote:
What I don't get about Advanta is, if I'm such a high risk with my revolving balance, why you give me a 21k limit and increase it every 6 months more!



the only thing i can think of is perhaps your 'riskiness' is only a miniscule factor or not one at all.  they know you are worthy of increases and high cl's but in the interest of making money they keep RJing in case you take the bait and revolve, huge pay off for them, if they don't lose you as a customer first.  Lets remember ccc's also rely on the percentage of people- a surprisingly high number (professionals included) that couldn't be bothered reviewing their statements closely and aren't even aware when the ax falls.
I was shocked to find that my brother who is a prominent NY attorney had been rate jacked months ago by citi but hadn't a clue until i told him after sorting some bills for him.  Even when i tried to extol the virtues of online statements i got the brush off, though not b4 saving him a few hundred dollars by calling citi and getting the apr cut in half.  ccc's LOVE people like him who with 2 young children and 80 hour work weeks simply don't find the time to manage their accounts the way they could. 
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 17 of 20
Moderator Emerita

Re: Advanta, No Way, No How!


score_building wrote:

haulingthescoreup wrote:
I posted somewhere else that I would love to see a requirement that right underneath the minimum payment line on your statement (not buried on page 5 somewhere), they would have to post how many months it would take to pay off your balance at that rate, and how much the final sum of payments would be.

you and Liz Warren (great minds think alike) Smiley Happy
Whoops, I hope I didn't plagiarize it! Smiley Surprised It certainly wouldn't have been intentional, but after I read enough, my brain does turn to goo...
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 18 of 20
Senior Contributor

Re: Advanta, No Way, No How!



haulingthescoreup wrote:

score_building wrote:

haulingthescoreup wrote:
I posted somewhere else that I would love to see a requirement that right underneath the minimum payment line on your statement (not buried on page 5 somewhere), they would have to post how many months it would take to pay off your balance at that rate, and how much the final sum of payments would be.

you and Liz Warren (great minds think alike) Smiley Happy
Whoops, I hope I didn't plagiarize it! Smiley Surprised It certainly wouldn't have been intentional, but after I read enough, my brain does turn to goo...


that's not at all what i meant to imply Smiley Surprised  I think it is a nice idea wherever it came from, which could easily be more than one place.  I am actually a big fan of you both on the topic of cc's, so i just thought it was interesting that you shared a similar idea. i hope i didn't put you off with the observation.   
DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 19 of 20
Highlighted
Moderator Emerita

Re: Advanta, No Way, No How!

No, no, not at all, but I do get alarmed at myself sometimes, wondering whether I have an original idea or something I read or heard somewhere. Partly because that's part of my job as a mod, to pass on stuff I remember reading.

Gets very disconcerting, though! Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 20 of 20