@Anonymous wrote:
@Anonymous
congratulations on your approval!
I'd like to offer some friendly advice. You might already know this but I think it's always good to get outside input:
-Gold Card is awesome but it is a charge card so if you're having trouble paying down other credit balances I hope you're planning your purchases strategically. You will get fees and possibly negative reporting if you do not pay at least the 'minimum payment' indicated on your statement....and the minimum is either the full balance or all purchases below $100 plus a portion of the Pay Over Time amount. This can be tough for some folks used to carrying balances on a normal credit card. I personally would have had a hard time with this concept if I had acquired the Gold Card earlier in life when I was poor at managing spend and balances
-I see you have $5k POT limit so I guess you've already factored the $4.5k+other spend being your next payment?
-I also opted in for POT feature with the mindset that it would be for 'emergency' purchases but noticed the following:
-for me the POT feature was not immediately available. If memory serves I was approved for the card 7/4, applied for POT either the same
day or the day I received the card, which was like 7/7. I'm pointing this out because I didn't pay attention to when you said you were approved
and when you made the purchase, again you might already know this but I'd hate to see a fellow member get burned by combination of
excitement, curiousity, and fine print.
-when I was approved for POT the APR was 19.99% variable, it's currently over 20% last I checked. It's not as steep as a 25.74% Capital One or
Chase variable APR but it's still pretty high, especially when there are plenty of credit unions with 7%-12% standard APRs, loans as low as 5%,
and other cards with introductory 0% APRs on both purchases and balance transfers.
@ -$5,000 -$9000 balance for a single cycle @Anonymous% APR can destroy any value of the 9,500 Membership Rewards points(I'm guessing this wasn't
a single purchase at a US restaurant or supermarket)
-if you just simply checked your spending power then disregard everything except as cautionary evaluation, then I misread your post. and congratulations either way. I tried to check spending power for 5,000 once and was denied, was told I had to call in and explain myself in order to be approved....LOL in other the $30k POT approval is pretty much worthless unless I want to make 30 x $100 purchases and then just totally not pay my bills.
anyway, I've wasted a lot of money on interest in my life and just want to offer advice, hope you don't take this the wrong way. If I had this forum or a person to make this stuff understandable years ago I would have saved my money and my credit rating.
I hope you love your new card.
