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Senior Contributor
john398
Posts: 3,517
Registered: ‎01-19-2009
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Chevron/Texaco gas card Pre Qualified letter

Came home to a pre qualify chevron/Texas gas card letter, the interest rate is real high(26.99% and cash advance 29.99% how you get cash advance on a gas card is beyond me) but I figure no annual fee and to use in an emergency would be good  and help my util as  long as I keep a low balance, the only other GE Card I have is Wal-Mart

 

Would anyone know if this is considered a sub-prime card? I assume so with that rate or does the same card have different tiers? I have no idea on credit limits will wait and see

 

I applied just now and got

Thank you for responding to this offer.



    Congratulations! You will receive your card in 7-10 business days. If you do not receive it, please
    call 1-866-447-0166.


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CreditCrusader
Posts: 799
Registered: ‎09-27-2011
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Re: Chevron/Texaco gas card Pre Qualified letter


john398 wrote:

Came home to a pre qualify chevron/Texas gas card letter, the interest rate is real high(26.99% and cash advance 29.99% how you get cash advance on a gas card is beyond me) but I figure no annual fee and to use in an emergency would be good  and help my util as  long as I keep a low balance, the only other GE Card I have is Wal-Mart

 

Would anyone know if this is considered a sub-prime card? I assume so with that rate or does the same card have different tiers? I have no idea on credit limits will wait and see

 

I applied just now and got

Thank you for responding to this offer.



    Congratulations! You will receive your card in 7-10 business days. If you do not receive it, please
    call 1-866-447-0166.



Congrats! What is your limit (if you don't mind me asking)?

I'm Spartacus!

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Contributor
tbolt2
Posts: 84
Registered: ‎03-11-2011
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Re: Chevron/Texaco gas card Pre Qualified letter

I've heard of at least two versions of the card - one with a cash advance option. One without.

 

The cash advance is simple - go to an ATM, withdraw cash. Never do this with this card  - 3.00 atm fee, 10.00 cash advance fee, and interest accrues immediately. A 20.00 withdrawal cost me 33.14 - the statement cut two days after the withdrawal.

 

The only reason I did this - Wife and I got the card recently. I could have sworn that we had at least one Chevron in the area....turns out there's none anywhere near St Louis. So, we essentially have a useless card - good for keepin the utilization down, but we would not have app'd if I had been paying attention to  this. As much as I hate to do it, I'll keep the card and might use the cash advance once a year just to keep the card active.


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jausanka
Posts: 483
Registered: ‎05-06-2009
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Re: Chevron/Texaco gas card Pre Qualified letter


john398 wrote:

 

Would anyone know if this is considered a sub-prime card?

 


John, YOU decide if a card is sub-prime or not depending on your own needs and outlook.  Personally, I would consider it sub-prime because of the interest rate, the very low usability, high cash advance fees, etc... Would not be useful to me.  However, for your situation, it might be just what you need/want, and you may consider it a prime card for your use.

 

That same argument expands to all credit and store cards... Your mileage may vary greatly compared to others.  I consider Citi sub-prime because of their service and terms based on my history with them, but a lot of people love them.  I hate BoA with a passion, but I can't complain whatsoever about the multiple CC's I have with them.  My HSBC rebuilder cards (Household, BBRZ, Orchard) are considered sub-prime to most, but mine had no annual fee, good customer service in my experience, they grew with me, and had good online pay features, etc, and they helped me re-build my credit when I needed it most.  They served my needs well, and were "prime" for what I was looking for!

 

 

Best of luck with the new card!

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CreditCrusader
Posts: 799
Registered: ‎09-27-2011
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Re: Chevron/Texaco gas card Pre Qualified letter

[ Edited ]

jausanka wrote:

john398 wrote:

 

Would anyone know if this is considered a sub-prime card?

 


John, YOU decide if a card is sub-prime or not depending on your own needs and outlook.  Personally, I would consider it sub-prime because of the interest rate, the very low usability, high cash advance fees, etc... Would not be useful to me.  However, for your situation, it might be just what you need/want, and you may consider it a prime card for your use.

 

That same argument expands to all credit and store cards... Your mileage may vary greatly compared to others.  I consider Citi sub-prime because of their service and terms based on my history with them, but a lot of people love them.  I hate BoA with a passion, but I can't complain whatsoever about the multiple CC's I have with them.  My HSBC rebuilder cards (Household, BBRZ, Orchard) are considered sub-prime to most, but mine had no annual fee, good customer service in my experience, they grew with me, and had good online pay features, etc, and they helped me re-build my credit when I needed it most.  They served my needs well, and were "prime" for what I was looking for!

 

 

Best of luck with the new card!


This is probably the best post I have read in my short time at Fico Forums...

 

"Prime" is a matter of perspective, IMO. Take the Barclay Apple VISA card I and a few others were recently approved for. Now, this card doesn't have the best APR in the world (mine is 22.9%), but it DOES offer some periodic terrific financing options for what are arguably the best electronics products on the market and no AF. For those who use and pay off cards, this would have to be considered a prime card because not everyone qualifies for it (you have to justify your recon approval..take it from one who knows) and they are known to toss around some pretty nice CLs - both at the time of approval and after recon - when compared to some other prime lenders like Discover.

 

While we're on the topic, I have read some pretty unsettling posts here from disgruntled members who have said what is tantamount to "Well gee, people with xxx credit scores are getting approved for xxxx card and it annoys me that I have a credit score of xxx and can't get the card and they can...". Here's my response to those people:

 

If you have earned credit scores in the 700+ range, you are most likely sitting on AMEX, BOA, Citi, Discover, NFCU, USAA, etc. cards with some outstanding limits. The fact that Barclay looks at a credit profile of someone who is not quite yet where you are and sees the opportunity to give that person a chance and not you (for whatever reason) is not a reason to scorn those who have been approved. Look at it this way...I will likely NEVER even sniff AMEX because no matter how high I build my credit score, my BK7 will shut the door before it even opens (straight from the mouths of AMEX CS reps). Would you rather be in my position or yours? You, the typical prime applicant, can pretty much hop on a computer and snag any card. I, on the other hand, sweat bullets every time I hit the "submit" button because I'm in the credit middle-land...just above sub-prime, not in the prime world.

 

Also, keep in mind that these credit lenders are a squirrely bunch...the methods behind their madness are unknown to nearly every person on the planet (just look at Cap1...enough said). Be gracious to those who have a foot in the door and thankful that you are sitting atop the credit world through your hard work instead of begrudging the successes of others because you see yourself as deserving what others have prayed to have sitting in their wallets. Remember, we're all in this together...

 

OK...rant over :smileyhappy:

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Senior Contributor
john398
Posts: 3,517
Registered: ‎01-19-2009
0

Re: Chevron/Texaco gas card Pre Qualified letter


CreditCrusader wrote:

john398 wrote:

Came home to a pre qualify chevron/Texas gas card letter, the interest rate is real high(26.99% and cash advance 29.99% how you get cash advance on a gas card is beyond me) but I figure no annual fee and to use in an emergency would be good  and help my util as  long as I keep a low balance, the only other GE Card I have is Wal-Mart

 

Would anyone know if this is considered a sub-prime card? I assume so with that rate or does the same card have different tiers? I have no idea on credit limits will wait and see

 

I applied just now and got

Thank you for responding to this offer.



    Congratulations! You will receive your card in 7-10 business days. If you do not receive it, please
    call 1-866-447-0166.



Congrats! What is your limit (if you don't mind me asking)?



I do not know, they did not tell me however I will update when I get the card

 

As far only me knowing if it was sub prime or not I always thought they some companies such as AmeEx if they see a CreditOne account or First Primere theey look at you as having a subprime card, is that not the case?

Senior Contributor
john398
Posts: 3,517
Registered: ‎01-19-2009
0

Re: Chevron/Texaco gas card Pre Qualified letter

PS I live in Texas and we have a lot of Cheveron/Texaco stations all over the place

Senior Contributor
john398
Posts: 3,517
Registered: ‎01-19-2009
0

Re: Chevron/Texaco gas card Pre Qualified letter

[ Edited ]

CreditCrusader wrote:

john398 wrote:

Came home to a pre qualify chevron/Texas gas card letter, the interest rate is real high(26.99% and cash advance 29.99% how you get cash advance on a gas card is beyond me) but I figure no annual fee and to use in an emergency would be good  and help my util as  long as I keep a low balance, the only other GE Card I have is Wal-Mart

 

Would anyone know if this is considered a sub-prime card? I assume so with that rate or does the same card have different tiers? I have no idea on credit limits will wait and see

 

I applied just now and got

Thank you for responding to this offer.



    Congratulations! You will receive your card in 7-10 business days. If you do not receive it, please
    call 1-866-447-0166.



Congrats! What is your limit (if you don't mind me asking)?


It just showed up on my CR, its $500


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