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Just got an invite to final credit card. 1% card

Established Contributor

Re: Just got an invite to final credit card. 1% card

I am with LTL on this one, why would you pay fifty bucks a year so the bank has less potential fraud costs?
For the bank it seems like a great idea, less fraud cost and the consumer pays you for it. But from the consumer side......
Scores as of5/20/16: EQ 800;TU 769; EX 793
Last CC app: 5/16.
Mortgage Refi 3/16
Valued Member

Re: Just got an invite to final credit card. 1% card

Me myself I like the AF on my cards because They don't get cancelled/closed for non use. 👍

Rebuilding as of 02/02/2016 All scores started low 500's
As of 09/27/2016 EX Fico: 700 TU Fico: 760 EQ Fico: ?

BofA Secured: 300 Sams M/C: 12000 Marvel M/C: 10000 PayPal Ex M/C: 10000 TJX M/C: 2200 Amazon Prime: 10000s Cap 1 QS 1: 2200 Credit One: 700 Lendup Visa: 300 PenFed Promise: 3000 Kohls: 400
Macy's: 500 Bealls Outlet: 300 HSN Store: 2750 Wayfair: 500 Boscov's: 1000 Buckle: 250

In the Garden till May 2017
Frequent Contributor

Re: Just got an invite to final credit card. 1% card


Louisrovella wrote:
Me myself I like the AF on my cards because They don't get cancelled/closed for non use. 👍
This is silly...you are paying money for no reason when most cards won't even be closed unless they are like 12-18 months inactive. There are much much better ways to secure your profile with more credit limits than doing this card. Literally any other card without an AF would be better for that purpose.


Total CL $123k | #TeamPIF | FICO Jul17: EQ 712 | TU 732 | EX 732 | AAoA: 11 months
Valued Member

Re: Just got an invite to final credit card. 1% card

I'm not 100% sure, but this sounds like what my Samsung Pay app does on the fly with whatever card you use.  It generates a one-time use number that goes through the merchant computer:  the merchant gets an approved signal and the money goes on your card.  However, at no point does the merchant have your number or card info.

 

Those nifty devices that attach to the swipe part or the chip readers get nothing but a one-time use number.

 

 

AMEX BCP - 8k / NFCU CLOC - 15k / Chase CSP - 15k / NFCU nRewards MC - 20k / Discover iT - 9.4k / USAA Signature Visa Cash - 24.5k / USAA Rewards Plus AMEX - 13k / AMEX Platinum - NPSL / US Bank Cash+ Signature Visa - 1k / Chase Southwest Premier - 7.5k / Chase Amazon - 2.5k / Home Depot - 20k

Total Credit Limit - 135.5k / Total Utilization - 10%

FICO 8 Scores - 780, 777, 767

Gardening until Jan 2019
Super Contributor

Re: Just got an invite to final credit card. 1% card


Winterborn wrote:

I'm not 100% sure, but this sounds like what my Samsung Pay app does on the fly with whatever card you use.  It generates a one-time use number that goes through the merchant computer:  the merchant gets an approved signal and the money goes on your card.  However, at no point does the merchant have your number or card info.

 

Those nifty devices that attach to the swipe part or the chip readers get nothing but a one-time use number.

 

 


Yes, with an "approved" card, any of Samsung, Apple or Android uses a tokenized system that doesn't give the merchant a number.  However, currently these can't be used much online whereas cards like this (and others like Citi with Virtual numbers) are only for online.  As the other payment systems expand online options, the AF on this card will be even less justified.

Valued Member

Re: Just got an invite to final credit card. 1% card

Ok update: as stated above I was approved for 5000 SL. Got the email confirmation and just logged into the site and it is active showing account and available credit. I am curious because I have no HP anywhere? I have 3 different monitors and nothing.........anyone?

Rebuilding as of 02/02/2016 All scores started low 500's
As of 09/27/2016 EX Fico: 700 TU Fico: 760 EQ Fico: ?

BofA Secured: 300 Sams M/C: 12000 Marvel M/C: 10000 PayPal Ex M/C: 10000 TJX M/C: 2200 Amazon Prime: 10000s Cap 1 QS 1: 2200 Credit One: 700 Lendup Visa: 300 PenFed Promise: 3000 Kohls: 400
Macy's: 500 Bealls Outlet: 300 HSN Store: 2750 Wayfair: 500 Boscov's: 1000 Buckle: 250

In the Garden till May 2017
Valued Member

Re: Just got an invite to final credit card. 1% card

 

Rebuilding as of 02/02/2016 All scores started low 500's
As of 09/27/2016 EX Fico: 700 TU Fico: 760 EQ Fico: ?

BofA Secured: 300 Sams M/C: 12000 Marvel M/C: 10000 PayPal Ex M/C: 10000 TJX M/C: 2200 Amazon Prime: 10000s Cap 1 QS 1: 2200 Credit One: 700 Lendup Visa: 300 PenFed Promise: 3000 Kohls: 400
Macy's: 500 Bealls Outlet: 300 HSN Store: 2750 Wayfair: 500 Boscov's: 1000 Buckle: 250

In the Garden till May 2017
Regular Contributor

Re: Just got an invite to final credit card. 1% card

While the rewards are not great, the AF is high I can see a purpose for this card. If you do a lot of shopping online it would be an extra security feature. I read Citi and BoA also has this feature, but I guess there may be extra steps to utilize it. 18% is not horrible so that is okay. Each of us has a different way we use our cards, some may find this useful, others won't. 

Valued Member

Re: Just got an invite to final credit card. 1% card

Update: just got the alert on the inquiry. It came across as an inquiry for Installment Loan. Well this should be interesting.


Rebuilding as of 02/02/2016 All scores started low 500's
As of 09/27/2016 EX Fico: 700 TU Fico: 760 EQ Fico: ?

BofA Secured: 300 Sams M/C: 12000 Marvel M/C: 10000 PayPal Ex M/C: 10000 TJX M/C: 2200 Amazon Prime: 10000s Cap 1 QS 1: 2200 Credit One: 700 Lendup Visa: 300 PenFed Promise: 3000 Kohls: 400
Macy's: 500 Bealls Outlet: 300 HSN Store: 2750 Wayfair: 500 Boscov's: 1000 Buckle: 250

In the Garden till May 2017
Established Member

Re: Just got an invite to final credit card. 1% card


Xraygirl wrote:

While the rewards are not great, the AF is high I can see a purpose for this card. If you do a lot of shopping online it would be an extra security feature. I read Citi and BoA also has this feature, but I guess there may be extra steps to utilize it. 18% is not horrible so that is okay. Each of us has a different way we use our cards, some may find this useful, others won't. 


I used to use BofA shopsafe quite religiously for online transactions, even ones from reputable vendors. Then I came to the realization fraud on the merchant's part is exceedingly rare, and in those cases I could simply dispute. It became way much more of a hassle to have to constantly be shepherding my ShopSafe numbers, keeping track in a table which ones were active, which ones were inactive, so forth.