I'm currently a member and have a Home equity loan and there platinum credit card (10k /8.9 apr)
I applied for the visa signature and was declined because you need to be a member for a certian amount of time to qualify for this card don't remember if they told me 1 year or 2 years but i think it was 2 years (please correct me if i'm wrong).
they are very strict about qualifying for many of there products even the membership application was a hassle with these guys
proof of income will be required for any credit application and it is meticulously reviewed and adjusted according to their understanding of your income...
online applications get very low priority...(you must call to folllow up or risk your application go pending to infinity...)
I was interested in joining this CU for their 2% card, but your intel makes it a hard pass. In my opinion their standards are way too conservative and it appears they are way more hassle than it's worth.
@minski wrote: @heyryan Any updates on your application? Also, do you mind answering how many credit lines you had opened recently prior to the application, and how far back the representative went when reviewing your credit report?
Based on the pace of "progress" previously reported, we're probably lucky if his app is showing "Pending FINAL approval" on the website after waiting for six months!!! LOL
I have researched different credit cards I have read about or seen others mention, many from smaller regional banks or credit unions. I have had some concerns. All of this discussion just reinforces for me the importance of prompt, professional customer service in selecting financial institutions you are going to deal with regularly. For all manner of customer service issues, not to mention fraud disputes, I need to know I won't be stressed and inconvenienced trying to work out potential problems.
Also, to get most of these cards, you have to open up and maintain deposit accounts. Some institutions (per state laws) require activity on accounts to keep them open, so you may not be able to just deposit a minimal $5 and forget about it. Not to mention the posting about sometimes not being able to link external payment accounts from other banks, etc. Too much hassle!
Another big downside to secondary smaller banks and cu's is they have may not have the website interface or smart phone apps available to make your financial management easier.
I have NEVER in over 30 years of credit been given a lengthy "third degree" interrogation about why I want a card or what are my intentions. For me, this would be a HUGE red flag. That, as well as the unprofessional slow response to phone calls, emails, applications, etc. Yes, I realize they are small, but still ... This sounds more like applying for a large mortgage than a credit card.
I have gotten to the point where when I am looking up these various cards, I not only research the fine print of the card but I also look for online reviews of the financial institution as a whole, in particular customer service complaints.
I've also decided that I'm very leary about dealing with a small, local or regional bank or cu that is not local to my location.
I applied yesterday for a upgrade from my platinum card to the 2% cash back signature and got approved today... was told you need 750 Equifax
(update) i asked and got the max 25k credit line (had 11k) used the same hard pull from above no POI...
Only one credit card is allowed per member, NO more then 25k limit
on the good side....
you are allowed to go over your spending limit, up to a maximum of half your original spending limit
Intrest rate is on the low end at 8.7% its hard to beat especially when there is no cash advance fee and at the same apr as the purchase