What can you tell me about a GE Money CC?

[Jazzzy]

I am a nurse, and our American Nurses' Association offers a platinum MasterCard. I looked at the application, and it would be a card from GE Money.

I don't know much about credit cards, but I'm learning by reading these forums. Would this card be considered a "prime" card, or is it no different than a store card?

For a bit of background, we pay our balances monthly, so interest rate isn't a factor for us. My largest CL on a CC right now is my Chase ($15,000). I am a former WaMu customer, and I have visions of this card getting closed. I have only one other inquiry on my CR in the past year, so I thought it might be a good time to get another card going in case the Chase is unexpectedly closed.

Any advice?

[Anonymous]

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@LynetteM wrote:

I am a nurse, and our American Nurses' Association offers a platinum MasterCard. I looked at the application, and it would be a card from GE Money.

I don't know much about credit cards, but I'm learning by reading these forums. Would this card be considered a "prime" card, or is it no different than a store card?

For a bit of background, we pay our balances monthly, so interest rate isn't a factor for us. My largest CL on a CC right now is my Chase ($15,000). I am a former WaMu customer, and I have visions of this card getting closed. I have only one other inquiry on my CR in the past year, so I thought it might be a good time to get another card going in case the Chase is unexpectedly closed.

Any advice?

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One of the factors to determine if its prime or subprime would be the terms and conditions offered.  Check the APR, AF (if any),, etc. 

GEMB, like most major money banks, has been quirky over the past year.  

If you're looking for stability in case your Chase has problems, the consensus among most members, including myself, is get a CU card

[Jazzzy]

Thanks for the advice. I've been looking for a credit union that I might qualify to join. We have a small local CU, but they don't offer cards. I live in a small town with a population of approx. 10,000.

I was hoping I would find a national CU for nurses, but I haven't found one yet. I think the Pentagon Federal Credit Union accepts American Red Cross volunteers. I've volunteered in the past. I'll have to see what documentation they may require. Neither my husband nor I (nor our children) have ever been in the armed forces....so service-related CUs are out.

I'll keep up the hunt.

[FocusOnFICO]

Lynette-----three CUs getting a log of press in the forums are Alliant, PenFed, and Addison Avenue.

You should be eligible to join any of those.  I have received good cs from each and the three have different focal points.

Alliant will give you pre-approved offers upon joining, the usuals being a credit card and/or auto loan.  PenFed offers a great rewards card.  Addison Avenue offers a great low-interest (5.24%) credit card.

There are a number of threads on each that will give you the necessary and optimal information on each.

Good luck on your research.

[Anonymous]

There is no consistency between GEMB products. Each operates independently and has its own policies. The only useful information is that coming from a person with experience dealing with the particular product you are interested in.

[marty56]

2 of my 3 CC (Chevron/Sams) are GE products.  Interest rates are high and CLs start small but will auto incrase over time.  My Chevron card is my oldest account now.  25 years old.

I love my Sams card.

[haulingthescoreup]

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LynetteM wrote:

I am a nurse, and our American Nurses' Association offers a platinum MasterCard. I looked at the application, and it would be a card from GE Money.

I don't know much about credit cards, but I'm learning by reading these forums. Would this card be considered a "prime" card, or is it no different than a store card?

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I think you've got two different questions here. There's prime-vs-sub-prime, and then there's bank-vs-store card.

This would report as a bank card, as it is a MasterCard. Whether GEMB is prime or sub-prime in the eyes of consumers is one thing, but for FICO scoring, it would count the same as CapOne, BofA, and others. The only FICO scoring distinction among bank cards is that cards from local banks and from credit unions don't carry quite as much weight as those from the banks with national presence.

I got a similar affinity card from Bank of America for my professional association (AHIMA.) It looks like a duck, it swims like a duck, and it quacks like a duck, so I figure it's a duck (a regular prime bank card.)

The one thing to keep in mind about affinity cards (has Visa, MC, etc. plus a store name or a social group name) is that they can be tough to switch out of. I tried for over a year to PC (product change) my Chase Borders Visa; no luck. Finally Chase ended its business relationship with Borders, and I'm supposed to be getting a Freedom in exchange. But I was told repeatedly that this particular affinity card couldn't be swapped. It's a decision by the store or the group that sponsors the card.

Message Edited by haulingthescoreup on 08-03-2009 04:13 PM