topic Visa Signature cards in Credit Cards

Visa Signature cards

Anonymous — Thu, 02 Aug 2012 04:55:43 GMT

Hi all, can someone explain to me what this means exactly? I'm finally in "primeville" and trying to understand this better. Any tips would be stellar. Thanks

Re: Visa Signature cards

trumpet-205 — Thu, 02 Aug 2012 05:12:46 GMT

Visa Signature is NPSL (no pre-set spending limit), which means on case by case basis you can go over your credit limit without being penalized. It also adds some benefits like travel perks, better extended warranty, personal concierge, etc.

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 07:06:02 GMT

VISA attempt to had a new level of prestige card. Minimum CL of 5k. Flexible spending limit (ie NPSL) but really up to issuing financial institution to decide what this means which in some cases means nothing. Banks have to pay a bit more to VISA to issue this card. VISA has some VISA supplied benefits open to all Visa Sig holders such as concierge, promotional discounts, events, etc. Issuing bank may also package more and redundant stuff on top of that. For example, as Chase Palladium card holder, I could use either the Visa Sig concierge or the Palladium concierge.

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 14:42:08 GMT

Are they harder to get even with good credit? I'm going to be applying after I secure a mortgage and close on a house in the next few months and my credit will be somewhere in the mid 700's(Had 45% util that I just paid completely down to 0). I'm looking at applying for either the Us Bank Cash+/Travelperks cards and also a Chase Sapphire card. I hear someone say they look at current CL in the factor, and the highest card I have is 1100 from Juniper. I've been in rebuilding mode so I have like 5 or 6 cars sub 1000.

Re: Visa Signature cards

trumpet-205 — Thu, 02 Aug 2012 15:33:45 GMT

Visa Signature is definitely harder to get than Platinum Visa. Most lender won't issue Visa Signature when you don't have experience handling card of $5K.

Re: Visa Signature cards

iMacDrew — Thu, 02 Aug 2012 15:42:55 GMT

It is harder to get especially if you do not have a regular Visa with at least a 5k limit.car signature card to get is the chase sapphire because there is no AF.

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 15:49:14 GMT

So with 750ish credit, no baddies, 4 years AAOA and 55k income but highest card which is a mastercard and discover of 1k I'm likely going to get denied?

Re: Visa Signature cards

trumpet-205 — Thu, 02 Aug 2012 16:23:43 GMT

@Anonymous wrote:
So with 750ish credit, no baddies, 4 years AAOA and 55k income but highest card which is a mastercard and discover of 1k I'm likely going to get denied?

It can go either way. My suggestion is to get some CLI on MC and Discover first.

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 16:34:19 GMT

Approvals are all done by issuers. Obviously credit scores matter, but all visa sigs have to be at least 5k. So if issuer is unwilling to give you 5k, you are going to get rejected or downgraded for visa sig product. In the case of CSP, no way you are going to get approved for CSP given Chase's history around CLs. So even someone with 800 score will get rejected is all they have is a couple of 1k limit cards.

Re: Visa Signature cards

OhioCPA — Thu, 02 Aug 2012 20:43:21 GMT

I am not sure how, but my son's Freedom is a Visa Signature with a CL of $4,900.

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 21:20:41 GMT

I have a coworker who has a Freedom Signature with a $2800 limit. Clearly, $5K is not a requirement.

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 21:47:45 GMT

@Anonymous wrote:
I have a coworker who has a Freedom Signature with a $2800 limit. Clearly, $5K is not a requirement.

actually you are right. 5k used to be requirement. Now it is up to card issuer. But they have to be willing to pay the extra fee to visa. 5k still is magic number for a lot of cards however.

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 21:59:13 GMT

I wasn't aware freedom was a signature card. Visa states the sapphire is but it didn't list the freedom

Re: Visa Signature cards

Anonymous — Thu, 02 Aug 2012 22:16:03 GMT

@Anonymous wrote:
I wasn't aware freedom was a signature card. Visa states the sapphire is but it didn't list the freedom

freedom isn't. I can be however.

Re: Visa Signature cards

afbar1114 — Thu, 02 Aug 2012 23:56:27 GMT

Freedom can be a visa sig card i see them all the time

Re: Visa Signature cards

CreditScholar — Fri, 03 Aug 2012 04:02:20 GMT

Visa Signatures aren't all that hard to get, with all honesty. Given the amount of flexiblity and leeway that lenders have, the requirements can be very watered-down. If you have decent credit and income, it's not that difficult to get approved.

Re: Visa Signature cards

Anonymous — Fri, 03 Aug 2012 04:23:53 GMT

Signature is merely Visa's top tier. I think they have classic, gold, platinum and signature in the US. Over the years they would introduce a new top tier and eventually it would be watered down to the normal and Visa would introduce a new tier with new perks, signature is just the latest one. Platinum is basically now the "standard" Visa with signature being above it, but signature is becoming more common. In a way it is good because more people can have more perks with their cards, and it does come with some nice benefits, like extended warranties and concierge and stuff, but it comes at a cost. Even for signature cards without annual fees, merchants pay higher swipe fees for signature cards, which has to necessarily increase retail prices, in general.

Re: Visa Signature cards

CreditScholar — Fri, 03 Aug 2012 04:29:23 GMT

@Anonymous wrote:
Signature is merely Visa's top tier. I think they have classic, gold, platinum and signature in the US. Over the years they would introduce a new top tier and eventually it would be watered down to the normal and Visa would introduce a new tier with new perks, signature is just the latest one. Platinum is basically now the "standard" Visa with signature being above it, but signature is becoming more common. In a way it is good because more people can have more perks with their cards, and it does come with some nice benefits, like extended warranties and concierge and stuff, but it comes at a cost. Even for signature cards without annual fees, merchants pay higher swipe fees for signature cards, which has to necessarily increase retail prices, in general.

+1. I wish they'd come out with Visa Infinites in the US, but given that the market would be so limited I don't see this happening anytime in the near future. WEMC is the closest thing.