CC regrets

[creditwherecreditisdue]

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@Anonymous wrote:

I have Discover More which I don't recall its percentage.

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Not too good. If your purchase does not fall into the rotating category du jour it is:

"a full 1% unlimited Cashback Bonus on all other purchases after your total annual purchases exceed $3,000; other purchases that are part of your first $3,000 earn .25%. Warehouse purchases (those made at select warehouse clubs, discount stores and their affiliates) earn .25%. We do not include warehouse purchases or 5% Cashback Bonus program purchases (up to the dollar limit specified in each applicable program) in calculating your total annual purchases to determine your tier level. Rewards are redeemable starting at $20."

Isn't that grand? The best thing about Discover (other that their excellent service) is the shop online feature and the rewards that are available there (min. 5%). So if it doesn't fit into the rotating categories or I can't buy it on line thru ShopDiscover it doesn't go on my Discover card. I'll take the 1.25% from dollar one I can get from PenFed. Or use it as an opportunity to keep one of my other cards active. 

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@Anonymous wrote:
And the least condusive to doing anything that is not automated, even if it is a reasonable request (IMO).

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The whole point of PenFed's system is automated app's. It keeps the rates low. That 3.99% loan for a new or used auto looks pretty good. Want it? You will complete the app online. Why? Because that is part of the deal.

Need help? Call a CSR and they will answer your questions and help you complete the online forms. Don't want to fill out forms online? You could go to a Chase branch and sit with one of there highly trained and knowledgeable platform people for handholding. (I just could not resist that.)

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@Anonymous wrote:

I am not suggesting anyone not apply or cancel their card.

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I hope you don't deter anyone from app'ing. I know you won't get a sole to cancel their card. The mere suggestion of that is laughable.

[creditwherecreditisdue]

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@Anonymous wrote:

Why does everybody think the Penfed 2.9 BT for the life of the balance is a good deal? There are tons of 0% BT offers with no BT fee out there. Isn't there a fee for a BT with Penfed?

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Really? Tons? 0% APR -and- no BT fee? I don't think so.

The PenFed 2.99% BT for life is a good deal. The best part is I don't have to watch my back for having used it.

[haulingthescoreup]

OK, OK, to repeat, everyone to his own taste.

Most of us grow disenchanted with one card or another over time, while also discovering some previously-unknown good points on another.

I swear, sometimes lately the CC board reminds me of the tag line about the Secret Service wrestling someone to the ground. Lots of us are getting kind of wrestled out here!

[creditwherecreditisdue]

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@haulingthescoreup wrote:
I wonder if your geographic area routes you to a certain call center or something? Maybe they have a crabby supe there, or they have to listen to really bad music all day long.

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The call centers are located in VA, NE and OR. I usually get NE or OR. Which one of those I think it is largely dependent on the time of day that I call. I have never needed to resort to a supervisor. Same with Citi and Discover. With Chase, WaMu, Providian, BofA and HSBC I always have or had to resort to a sup. And I am talking about on every single interaction.

[creditwherecreditisdue]

De gustibus non disputandum est!

[Anonymous]

I have certainly noticed the popularity of the PenFed card around here and I briefly looked into it, but I decided against it (at least for the time being) because of the way the rewards work. If I had one I'd probably grow to love the fact that they credit your account with the cash back, but right now I think it wouldn't work for me. I kind of like the idea of working toward that fat check that I'll request and have come in the mail. I charge everything, and honestly I only buy things I need (I'm a poor grad student) so the fat check works like fun money for me - I get the money, and I can plan a mini getaway weekend or something. But that's definitely just me. And btw, the only things I really buy are in 3 categories: groceries, gas, pet supplies. Works perfectly with my Chase Freedom card (until they decide to change my rewards structure... ).

[Anonymous]

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@creditwherecreditisdue wrote:

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@Anonymous wrote:

Why does everybody think the Penfed 2.9 BT for the life of the balance is a good deal? There are tons of 0% BT offers with no BT fee out there. Isn't there a fee for a BT with Penfed?

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Really? Tons? 0% APR -and- no BT fee? I don't think so.

The PenFed 2.99% BT for life is a good deal. The best part is I don't have to watch my back for having used it.

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Carrying a balance at any interest rate more than 0% is never a good deal. There are always 0% no BT fee deals going on. If you are paying any BT fee then your effective APR is not 2.9%.

Message Edited by hobojon on 07-23-2009 10:29 PM

[creditwherecreditisdue]

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@Anonymous wrote:

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@creditwherecreditisdue wrote:

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@Anonymous wrote:

Why does everybody think the Penfed 2.9 BT for the life of the balance is a good deal? There are tons of 0% BT offers with no BT fee out there. Isn't there a fee for a BT with Penfed?

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Really? Tons? 0% APR -and- no BT fee? I don't think so.

The PenFed 2.99% BT for life is a good deal. The best part is I don't have to watch my back for having used it.

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Carrying a balance at any interest rate more than 0% is never a good deal. There are always 0% no BT fee deals going on. If you are paying any BT fee then your effective APR is not 2.9%.

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Thanks for stating the obvious. I can assure you that between my BSE in Electrical Engineering and my MBA in Finance I am quite capable of performing all the necessary computations, Back to your arbitrage.

BTW - It's not the absolute that matters - it's the relative. The previous rate was 9.9% and I am doing rather fine with the change. I still have a 0% APR intro offer in my back pocket that I am saving in case Chase acts up on me.

Don't forget to congratulate pattycake on her PenFed approval.

Message Edited by creditwherecreditisdue on 07-24-2009 02:00 AM

[Anonymous]

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creditwherecreditisdue

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 Thanks for stating the obvious. I can assure you that between my BSE in Electrical Engineering and my MBA in Finance I am quite capable of performing all the necessary computations, Back to your arbitrage.

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How ironic. Did you file for BK before or after you got your MBA in finance? Back to your rebuilding.

Message Edited by hobojon on 07-24-2009 05:54 AM

Message Edited by hobojon on 07-24-2009 11:48 PM

[haulingthescoreup]

Oh, fer...

If you two can't stay out of it, this thread will be locked.

And since the original purpose of this thread was to ask about CC regrets, this wrangling is compounded by TJ'ing.

If anyone has more comments about CC regrets, please everyone, post them. I for one find it fascinating how different people like and dislike some of the same factors. For instance, as someone who has trouble waiting through the commercials at the beginning of movies these days, it would never have occurred to me that some wouldn't like to have the immediate cash back from PenFed, but would prefer to wait and accumulate rewards.

This is the sort of comment (up above) that makes the forums interesting --not grammar correction and he-said-she-said and the endless ya-ya-ya-ing.

Please be friendly, supportive and respectful --and leave your high horse at the door!