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Does anyone have one? Apparently there's a Amazon VISA Signature and Amazon VISA Platinum. I was not aware of this until I received the card...
Besides the APR, are there any major differences between the two cards?
@youngandcreditwrthy wrote:
Yeah, Chase told me the Siggy allows you the ability to go over your limit... Which seems silly anyway lol... Esp considering every card account has to report limits these days per the CARD Act
Actually, it is a nice feature if you don't have high credit limits and want the purchase protection (and points) that come with using a credit card. You just have to pay off the overage by the due date. I have used this feature twice with tuition payments.
@youngandcreditwrthy wrote:
Yeah, Chase told me the Siggy allows you the ability to go over your limit... Which seems silly anyway lol... Esp considering every card account has to report limits these days per the CARD Act
Not silly at all. It's similar to an Amex charge card except that you have a known amount you can charge (CL) before you wonder if a charge will be declined due to some nebulous limit.
Where does the CARD act require CLs to be reported?
@youngandcreditwrthy wrote:
Yeah, Chase told me the Siggy allows you the ability to go over your limit... Which seems silly anyway lol... Esp considering every card account has to report limits these days per the CARD Act
I have gone over the limit almost every billing cycle with PNC and think it is a great thing. If I did not have the feature, I would have to pay it down and wait at least until the next day to be able to charge. It does report a limit on reports, but the high credit does show that the balance has been over the limit.
Any Chase card can go over the limit without penalty. It happened to me with a billing error and they said they have no over the limit fees. It was only by $16 so I imagine that is why they let it go through.
@navigatethis12 wrote:
@youngandcreditwrthy wrote:
Yeah, Chase told me the Siggy allows you the ability to go over your limit... Which seems silly anyway lol... Esp considering every card account has to report limits these days per the CARD ActI have gone over the limit almost every billing cycle with PNC and think it is a great thing. If I did not have the feature, I would have to pay it down and wait at least until the next day to be able to charge. It does report a limit on reports, but the high credit does show that the balance has been over the limit.
Any Chase card can go over the limit without penalty. It happened to me with a billing error and they said they have no over the limit fees. It was only by $16 so I imagine that is why they let it go through.
This is one thing the CARD act did. If a bank allows the card to charge over the limit they cannot charge an OL fee without the cardholder opting in.
@cashnocredit wrote:This is one thing the CARD act did. If a bank allows the card to charge over the limit they cannot charge an OL fee without the cardholder opting in.
No opt in for me, so I guess that was it.
@youngandcreditwrthy wrote:
Okay, but wouldnt go over the limit mess up your util anyway and make you look "maxed out"
And if you qualify for a Siggy card, wouldn't you have fabulous enough credit to get a high limit anyway?
Im not exactly sure in which section, but I'm 99% sure that is a requirement now...for revolving accounts to report limits.... Look iy up. Please correct me if I am wrong.
:-)
And Idk if you've read your cardmember agreements, but with/without fees involved, tje bank reserves the right to approve/deny over the limit fees....
The card I have with PNC reports as "flexible spending" so maybe if a card reports over the limit with that in the type part, it does not do anything. The Visa Signature I have with PNC is only 5200, and FIA 5000, so not really that impressive. I really think they should move the minimum up to like 15 or 20 thousand.
@youngandcreditwrthy wrote:
Okay, but wouldnt go over the limit mess up your util anyway and make you look "maxed out"
And if you qualify for a Siggy card, wouldn't you have fabulous enough credit to get a high limit anyway?
Im not exactly sure in which section, but I'm 99% sure that is a requirement now...for revolving accounts to report limits.... Look iy up. Please correct me if I am wrong.
:-)
And Idk if you've read your cardmember agreements, but with/without fees involved, tje bank reserves the right to approve/deny over the limit fees....
Yes, mine reports a limit, but it is described as a flexible spending account. So is my world mc. I pay the bill in full as soon as it posts (I don't want that balance on the card any longer than necessary), so I'm not worried about reporting a balance greater than my limit. It does mean that my report shows a "high balance" greater than the limit, but since Amex, Discover and USAA have given me substantial amounts of new credit with my report showing that, I'm not really worried that it is hurting me.
The minimum qual for a visa signature is 5k. For those of us with decent incomes that are rebuilding, it is very easy to have individual expenses that exceed our current credit limits. Of course Chase can deny the charge, just as Amex can deny a charge on their "npsl" cards. But neither of them ever have (for me). I called each time and explained what I wanted to do. I don't know if that made a difference, but each time I was told it wouldn't be an issue.
Look, I get that this feature may not appeal to you. But when you are "oldandcreditworthy", you may realize that things can be valuable without being valuable to YOU. I've earned enough Southwest RR points on charges that exceeded my chase card limit to buy 2 roundtrip DIA-LAX tix, so definitely valuable to me.