@racer-x wrote:So, I got an offer in the mail today for a BankAmericard Cash Rewards.
It has 0% interest for 15 months and then it goes to 14.99%
My question is, does a lower interest rate offer on a new credit card, indicate your approval chances? I'm used to 19.99% rates.
I really want/need a card with a higher limit than my $500 Cap One card.
...
Should I go for this card? Seems to be a good card to have?
The standard offer for this card appears to be 0% for 12 months and 12.99%-22.99%. You're being offered the card with an extended 0% purchase deal and (apparently) one of the better interest rates (I would never carry a balance at 14.99%, btw). I think this implies that your credit profile matches something that may have a chance at getting approved. There's a specific terminology that is used on soft pull based preapprovals versus "invitations to apply". I'm guessing that means you have some shot (no guarantees) if you bring your utilization down to something reasonable for new applications. I wouldn't know how they react to collections (paid or otherwise), though.
Is this card good to have? Yes. If you have a BoA checking (the online one is completely free if you avoid using a CSR), you get an effective 3.3% back on gas and 2.2% back on groceries. That beats out the Amex BCP and (correct me if I'm wrong) is easier to get than the 5% PenFed cards (it'll probably be around longer too). On the other hand, it tops out at $1500 in total spendinb (between both the gas and grocery purchases) every quarter. If you spend all $1500 on groceries first, you won't get the 3% back on gas.
Also, your HSBC account... they "stopped use" of the account? What does this mean? Did they close it, or is it just "frozen" until you pay off your balance?
Also, you charged a motorcycle to your credit card???
[edit] I want to reaffirm that I am in no way telling you to go apply for this card right now
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