topic Re: Store/Gas Cards vs Majors in Credit Cards

Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 17:55:40 GMT

I want to know what everone thinks on how to best set up you long term credit profile. Are you thinking 'ahead' (many of us have closed rebuilder cards and will lose that age at some point). How do we anchor our profile?

Yes Majors are good because they can be used anywhere. Personally, I like store cards (nice perks, special financing offers, no fee) - only downside is higher rate. Can be used to anchor age for your entire credit life.

My thought is 2-3 majors for me (1 used for business, 1 for personal and 1 for emergencies) and then gas/store etc for everything else (and only where I do shop)

If I have 9 Store/gas that will be there forever and then swap majors over the years for rate/promo reasons - I am still anchored with those 9 'old cards'

Message Edited by Lady_Scarlet on 01-28-2008 12:55 PM

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 17:49:30 GMT

4 majors (2 mc and 2 visas), 1 store card (macys) 1 gas card and 3 AMEX's. 1 of the AMEX's is a corporate card.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 17:50:22 GMT

The only store card that I have is Target Red Card that I have not used yet but plan to next month. I also have two mastercards, 4 visas, and one discover network card.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 18:00:10 GMT

2 Mc's...Macys Platinum( great discounts!) & Jc Penny(good deals as well). Hoping to upgrade my Macys to a visa though and want to add a Target card to the family. Probably will add one more major once I reach the 700's.

Re: Store/Gas Cards vs Majors

haulingthescoreup — Mon, 28 Jan 2008 18:02:04 GMT

For the mysterious credit mix points, you should have at least one store (or gas) card, but it can't be co-branded --it can't also say MC, Visa, Disc, or AmEx. If it does, it's counted as a major.

For those of us who like uncomplicated living, I like the idea of 2 or 3 regular majors, plus one that also serves as a gas cash back card, plus one store card. As to which ones get used where, I prefer bank cards, because their APR's are generally lower. But since I PIF anyway, it's pretty irrelevant. Kinda whatever floats your boat.

edit: Lady Scarlet, I like your idea of using and keeping store cards as "anchors," and not fretting if the majors get changed around. I missed that first time through.

Message Edited by haulingthescoreup on 01-28-2008 10:02 AM

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 18:08:21 GMT

Well in terms of anchors, my Target red card would not fall into that category per se. My anchor card is my HSBC Cash or Fly MasterCard because that it is directly linked to my checking account with them and provides great perks as well as overdraft protection. I am not getting rid of this card as long as I do primary banking with HSBC. Not only that HSBC is a true worldwide bank which allows me to take this card (and my HSBC debit card) into any branch in the world and get some one on one customer service if I need it. Message Edited by landocalrissian on 01-28-2008 10:07 AM

Message Edited by landocalrissian on 01-28-2008 10:08 AM

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 20:45:52 GMT

Scarlet, I agree with you. I love my store cards.

I have 6 store cards:
Chevron/Texaco
Victoria's Secret
Best Buy
J.C.Penny
Macy's
QVC

I could do without the QVC card. Did it on a whim, when I saw a purse I liked. Regret applying for it now.

I use the store cards rarely throughout the year, save the gas card. But all of them really get a workout during the Christmas shopping season.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 20:47:27 GMT

Hey Syl, what do think of my rationale of making my Cash or Fly MasterCard one of my anchors even though it is not a store card?

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 20:50:12 GMT

Golly lando, YOU are the one that defines what your 'anchor' cards are.

My anchor cards are the 2 or 3 bank cards that have the highest credit limit! LOL.

Seriously, I think it's a great idea.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 20:53:07 GMT

I know I am the decison maker since I should know my finances better than anyone else. Just asking for some feedback. Thanks.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 21:06:36 GMT

Sylviatob wrote:
Scarlet, I agree with you. I love my store cards.

I have 6 store cards:
Chevron/Texaco
Victoria's Secret
Best Buy
J.C.Penny
Macy's
QVC

I could do without the QVC card. Did it on a whim, when I saw a purse I liked. Regret applying for it now.

I use the store cards rarely throughout the year, save the gas card. But all of them really get a workout during the Christmas shopping season.

Sylviatob, how are the VS perks and how's the card? I've read a lot of complaints against them, but I don't know. I like their products but they're not cheap. I am on their mailing list and just took advantage of a couple of their promo codes. I don't purchase from them often, probably as often as you it sounds...

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 21:08:55 GMT

@Anonymous wrote:
I know I am the decison maker since I should know my finances better than anyone else. Just asking for some feedback. Thanks.

When I first came here, and started asking questions, I asked about getting a gas card.

Someone responded back to me(Timothy, I think. Forgive me Timothy if I'm wrong). He said most high achievers do not have any store cards, but use a particular bank card for a specific purchase(eg: use a visa for ONLY gas, a different card for only department store purchases, etc).

It makes sense to me to have a card dedicated to a particular purchase catagory.

I tried that back in October. Used my low limit Cap1 Visa for my restaurant purchases. My experiment failed miserably. I forgot which card to use for which type of purchase! lol

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 21:12:54 GMT

Sorry, don't mean to butt in, but I like my VS card. I use it fairly regularly, shop the sales, and PIF. I get quite a few discount cards in the mail, i.e., for my bday, $10 off purchase, free lip gloss, stuff like that, nothing big, but enough to keep me using my card. Apparently now there's also a points program, but I'm not sure how that works. I think you need 250 points to get anything and I have prolly 38.

I love my store cards, too, VS & JC Penney are the only ones I have, but I think they're great.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 21:16:19 GMT

P.G. I am ho hum on the perks. I buy stuff...they send me a $10 off card, or a card for free panties or bras if I purchase $75. Big deal. *shrug*

They have some lovely things but jimminy! They are so expensive. For the cost of 1 Apex bra, I can go to Penny's and get 3 for the same price.

As far as using the card, it's easy when you use it in a store, but a nightmare(for me at least) to try to use it online.

Believe it or not, you have to have different user names and passwords for their online shopping, AND your account page. It's so frustrating that half the time when I'm online shopping with them that I don't even use the card at all, and wind up putting it on a Visa/M.C., because the usernames/passwords thingy. uggghhhh.

Re: Store/Gas Cards vs Majors

Anonymous — Tue, 29 Jan 2008 20:00:49 GMT

I am trying to determine right now which one of my cards will be used only for travel, Syl. It looks like it will be one of my Cap1Visa cards since they give the lowest fees for international transactions. But I will be using my WAMU card on my vacation next month (since I havent used it since November) and take my Cash or Fly card for an emergency. My Cap 1 cards are marinating right now.

Message Edited by landocalrissian on 01-29-2008 12:00 PM

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 21:23:45 GMT

Hi wiwend, you're not butting in! You are contributing to the conversation! Come on in and stay awhile.

All comments are welcomed.

Glad you mentioned the points thing. I spent about $350 with them at Christmas. Just today I got my $10 "Angel Reward" card. I'll save it for the sales.

Also in the same envelope, I got a new Angel V.I.P. card, what ever that is.

I think it's just a new cc they sent me, with my new cl on it. It's simple but elegant and pretty.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 21:26:48 GMT

@Anonymous wrote:
I am trying to determine right now which one of my cards will be used only for travel Syl. It looks like it will be one of my Cap1Visa cards since they give lowest fees for international transactions. But I will be using my WAMU card on my vacation next month (since I havent used it since November) and take my Cash or Fly card for an emergency. My Cap 1 cards are marinating right now.

That sounds like a great idea lando! Definitely the Cap1 card for int'l travel because of the fee. I love my WaMu cards. Yours will serve you well.

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 22:02:14 GMT

Sylviatob, I hear you. VS is expensive, but as I get older I am finding more appreciation for what something like an Ipex bra does for me vs what I can find from my local JCP or Macy's. Good to know what it's like for online shopping since I prefer to shop that way these days (I hate going out in this weather). BTW, I did get an offer for 25% off select bras that included my preference for online purchase only. I think for now, I'll stick with a major for online VS shopping.

Thanks for the info...

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 22:12:50 GMT

I'm with you P.G.

I love their quality, and the styles they have. It's just the expense that bothers me. I've had one of their bras for 3 years now and it's still holding up well. Me too for that matter! LOL!

I got that same ad the 25% off. I'm going shopping! I get emails from them at least 2 times/week, and at LEAST 3 catalogs in the mail. I wish they'd cut back on those catalogs so they can lower their prices. HaHa!

Re: Store/Gas Cards vs Majors

Anonymous — Mon, 28 Jan 2008 22:25:59 GMT

If I said that I was wrong-

Need 1 store/gas card not only for mix, but for your insurance score.

@Anonymous wrote:

@Anonymous wrote:

I know I am the decison maker since I should know my finances better than anyone else. Just asking for some feedback. Thanks.

When I first came here, and started asking questions, I asked about getting a gas card.

Someone responded back to me(Timothy, I think. Forgive me Timothy if I'm wrong). He said most high achievers do not have any store cards, but use a particular bank card for a specific purchase(eg: use a visa for ONLY gas, a different card for only department store purchases, etc).

It makes sense to me to have a card dedicated to a particular purchase catagory.

I tried that back in October. Used my low limit Cap1 Visa for my restaurant purchases. My experiment failed miserably. I forgot which card to use for which type of purchase! lol