topic Re: Saks Card. in Credit Cards

Saks Card.

whoknows1 — Thu, 27 Oct 2022 19:41:36 GMT

Well, it's a learning experience, but there's 2 versions of the Saks Card. Store only, and World Elite (store and everywhere else). The online application gets you the Store only version, for the World Elite version you have to apply in Saks store (nearest one is 5 hours away).

Got approved for store only (since I applied online), 780ish FICO, $5000 credit line, 300k income.

Need some advice -- I do go to that 5 hour away store sometime, if there's say, a concert in town. Called Capital One and they say the only way to switch, is to cancel the store card, and then reapply in store...

Should I cancel the store card today - it was approved today, and then just apply in store (will the hard inquiry be reversed and not count the new account) or cancel the store card the day I'm at the store and apply in person on the same day or maybe next day. Will the cancelled acconut impact my score, if so how much.

Thanks guys. Appreciate all and any thoughts.

Re: Saks Card.

cashorcharge — Thu, 27 Oct 2022 21:06:25 GMT

It's unfortunate that you didn't note the difference and the rules about applying online....if I may suggest..next time your considering a card, do some research on the Approvals page as you could have gleaned some knowledge on those accounts there. It's been mentioned before.

To your questions...closing the account now will not delete it..the INQ will not be erased or go away and the new account will then post to your CB's and then show closed so you may take a score ding for the INQ and the new Account and your aging will adjust so closing it has no advantages.

When you return to a store, as you noted, you cannot upgrade the Saks card from Store to World Elite...you'll need to apply again. However, you can hold both cards so you don't necessarily need to cancel the store card and you can apply for...and potentially get the World Elite Card and then decide if you want to close the other.

Re: Saks Card.

wasCB14 — Thu, 27 Oct 2022 21:32:20 GMT

What kind of credit limit are you hoping for, that $5k is inadequate? I'm guessing the rewards outside of the store are nothing special.

FWIW, I used to have a Brooks Brothers card and while the CL was low, I kind of liked that it was a store-only card...thus limiting the potential for fraudulent use.

Re: Saks Card.

J-F168 — Fri, 28 Oct 2022 15:23:16 GMT

Recently I closed my saks store card wigth 20k and NM with 28k bc. I applied for MC and it's in pending now.

Re: Saks Card.

SouthJamaica — Fri, 28 Oct 2022 15:27:41 GMT

@whoknows1 wrote:
Well, it's a learning experience, but there's 2 versions of the Saks Card. Store only, and World Elite (store and everywhere else). The online application gets you the Store only version, for the World Elite version you have to apply in Saks store (nearest one is 5 hours away).

Got approved for store only (since I applied online), 780ish FICO, $5000 credit line, 300k income.

Need some advice -- I do go to that 5 hour away store sometime, if there's say, a concert in town. Called Capital One and they say the only way to switch, is to cancel the store card, and then reapply in store...

Should I cancel the store card today - it was approved today, and then just apply in store (will the hard inquiry be reversed and not count the new account) or cancel the store card the day I'm at the store and apply in person on the same day or maybe next day. Will the cancelled acconut impact my score, if so how much.

Thanks guys. Appreciate all and any thoughts.

Nothing will be cancelled in your credit reports. You'll have the inquiry and new account in your credit reports no matter what you do. So my advice would be to use and enjoy the store card, and forget about the Mastercard.

Re: Saks Card.

Guyatthebeach — Sat, 29 Oct 2022 09:47:45 GMT

whoknows1,

My wife has the Mastercard version and to be honest with regards to earning rewards, both cards have the same rewards earning levels. I'd just keep the store card in my opinion. FYI you can also use it in the Saks off 5th discount stores.

Guyatthebeach

Re: Saks Card.

whoknows1 — Sat, 05 Nov 2022 23:29:42 GMT

To all thank you, I don't need more than 5000 cli. I just would like the flexibility of using the card everywhere and not just at saks.

now, I called the cs a while ago and they said I have to cancel the store card before applying for the world elite in store... as we all know they could be wrong. Any one know if you can hold the store card and apply for the world elite and then decide? It's about 2 hour drive.

thanks

Re: Saks Card.

FinStar — Wed, 09 Nov 2022 05:04:29 GMT

@whoknows1 wrote:
To all thank you, I don't need more than 5000 cli. I just would like the flexibility of using the card everywhere and not just at saks.

now, I called the cs a while ago and they said I have to cancel the store card before applying for the world elite in store... as we all know they could be wrong. Any one know if you can hold the store card and apply for the world elite and then decide? It's about 2 hour drive.

thanks

The store version needs to be cancelled first @whoknows1.

In the past, when upgrades were more of the norm for customers who wanted either the standard MC or WEMC, the store associate would submit the request and then there would be 2 tradelines, if approved. However, since system enhancements were adopted a while back to integrate both the store account and the MC account, you can only have 1 or the other, not both. So, in order to qualify or be considered for the WEMC, you'd have to close the store-only version.

As others have already chimed in, closing the store account will not reverse the reporting of the account nor remove the inquiry.

Re: Saks Card.

whoknows1 — Sun, 22 Jan 2023 15:11:35 GMT

Going to Vegas tomorrow, I think they have a Saks store there, should I cancel my store card now, or is it too late?

Re: Saks Card.

Anonymous — Mon, 23 Jan 2023 18:27:52 GMT

@whoknows1 wrote:

10/27: you have to apply in Saks store (nearest one is 5 hours away).

11/05: It's about 2 hour drive.

thanks

What happened in that week! New store opened, you moved, much better car, discovered a better route?

Re: Saks Card.

coldfusion — Mon, 23 Jan 2023 20:05:10 GMT

@whoknows1 wrote:
Going to Vegas tomorrow, I think they have a Saks store there, should I cancel my store card now, or is it too late?

There is a Saks 5th Avenue in the mall on the southbound side of The Strip across the street from the Wynn, near the Venitian.

Re: Saks Card.

whoknows1 — Sun, 05 Feb 2023 00:49:21 GMT

Got approved, 790s, 10k. But got a letter from Cap One 2 weeks after needing income verification, social security card, bank statements, passport, utilities. This is nuts.

Re: Saks Card.

wasCB14 — Sun, 05 Feb 2023 02:57:49 GMT

@whoknows1 wrote:
Got approved, 790s, 10k. But got a letter from Cap One 2 weeks after needing income verification, social security card, bank statements, passport, utilities. This is nuts.

To be fair, I could see how closing one account and then opening a very similar one a week or two later would raise red flags in terms of identity theft.

*And presumably there's no big SUB to account for your behavior as a churner.

Re: Saks Card.

whoknows1 — Tue, 07 Feb 2023 06:33:31 GMT

No idea what you're saying, not sure what SUB means or churner.

I closed the Saks store card because it's required in order to apply for the Saks World Elite.

Re: Saks Card.

wasCB14 — Tue, 07 Feb 2023 07:18:21 GMT

@whoknows1 wrote:
No idea what you're saying, not sure what SUB means or churner.

I closed the Saks store card because it's required in order to apply for the Saks World Elite.

SUB = Sign up bonus = The rewards bonus you get when opening a new credit card account. This can be cash back, airline miles, a discount on a purchase at the register, etc. It's a slight misnomer in that getting the bonus generally requires a certain amount of minimum spend...and isn't often given merely for opening the account. Ex: Open a new CC account, spend $5k on it in three months, and get 100k airline miles.

Churner = Someone who applies for and receives the same card (or a similar one) multiple times as part of a bonus-chasing strategy. The first card may be closed, converted to a different rewards program, or kept open. Ex: Getting a SUB on a Chase Sapphire Preferred, later converting it to a Chase Freedom, and then applying for a Chase Sapphire Reserve and getting a bonus on that, too.

What I was saying is that when some people close one account and then apply for a similar one with a big SUB in a short period of time, banks may frown on the practice (and many have set up restrictions against people doing this) but they can at least understand what the consumer is trying to achieve.

But when there's no big SUB involved, that incentive isn't present to account for the applicant's behavior. So maybe they think there may be identity theft involved...especially when it sounds like your past spending never got close to $5k.

You have your desire to have a higher credit limit and want the ability to use the card outside of the store. But that's probably an uncommon preference. Outside of the store, most people with $300k incomes probably favor other cards with better rewards, customer service, *and protections.

Re: Saks Card.

whoknows1 — Sat, 11 Feb 2023 20:21:07 GMT

I see. Yea there wasn't any SUB for any Saks cards. I got tired of all the other cards? I guess - I have all the AMEX, Chase, Wells Fargo, and Citi cards, and BOA private bank.

Cap1 said something about making multiple payments could've triggered it, though I've never had that issue before.