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Which credit cards did you instantly regret opening?

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cws-21
Established Contributor

Re: Which credit cards did you instantly regret opening?


@Beefy1212 wrote:


I pretty much didn't even finish the application before I regretted applying for the Abound gas card they are the most obnoxious credit union I have dealt with.


What have been your problems with Abound CU? I have considered their Visa Platinum to replace my Ducks Unlimited if it is ever nerfed for existing customers.

Message 31 of 41
Beefy1212
Established Contributor

Re: Which credit cards did you instantly regret opening?


@cws-21 wrote:

@Beefy1212 wrote:


I pretty much didn't even finish the application before I regretted applying for the Abound gas card they are the most obnoxious credit union I have dealt with.


What have been your problems with Abound CU? I have considered their Visa Platinum to replace my Ducks Unlimited if it is ever nerfed for existing customers.


They give very low limits, never give a cli, and the only way to get a bigger limit is submit an entire new application.

They implied because of my job the outside geo fence fee would be waived, but in truth everyone pays a fee inaddition to funding the savings account

They made me mail in a check to open my account, yes thats right in 2023 they had no way to do this completely online.

In order to setup the account required me to use a stupid encrypted o365 email.

They somehow messed up all my contact information that required me to drive into my office as a special trip (I WFH)

It took them 30 days to get my card sent to me

When I finally got the account setup, the app on my phone, linked my primary checking, I couldn't pay my card directly nor can I initiate an ach transfer directly from the app, I have to send money from the originating bank.

None of these things are gamebreakers, none of them are the end of the world, but it annoyed me so much so I didn't even want to use the card anymore 4 months later I ended up getting the Redstone Visa that had 5% gas cb anyway and frankly was a much better fit for me. It is not a terrible card and even has some nice features like a free lifelock subscription and no fee BTs (but not zero APR). Point is I could do better for a card and frankly likely can most people without all the hoops. I feel like they think I should be thankful they are begrudgingly doing me a favor rather than happy to have my business. I put a charge every few months on the card to keep it active but I do not actively try to use it.

If you need a gas card I feel like redstone or AAA travelers advantage make better 5% gas cards and if not buying gas at Costco then the Sam Club mastercard as well. 



Message 32 of 41
reluctantgarden
Frequent Contributor

Re: Which credit cards did you instantly regret opening?


@longtimelurker wrote:

@willmsbrg wrote:

 

 

Those last 2 along with (Avant $1500.00 and Mercury $1500.00 (both from 2022)) will be closed during the next year...

PayPal and GM were just spree cards that gave me nothing but a ego boost initially and nothing else...

 

 

 


Even though the limit is low, PP does have some good features, the unlimited 3% on purchases paid with Paypal.


And the GM Rewards card gives an effective 7.7% statement credit annually for $1,500 in gas/convenience store spend.

Message 33 of 41
CreditCuriosity
Moderator Emeritus

Re: Which credit cards did you instantly regret opening?


@reluctantgarden wrote:

@longtimelurker wrote:

@willmsbrg wrote:

 

 

Those last 2 along with (Avant $1500.00 and Mercury $1500.00 (both from 2022)) will be closed during the next year...

PayPal and GM were just spree cards that gave me nothing but a ego boost initially and nothing else...

 

 

 


Even though the limit is low, PP does have some good features, the unlimited 3% on purchases paid with Paypal.


And the GM Rewards card gives an effective 7.7% statement credit annually for $1,500 in gas/convenience store spend.


Only for GM credit though correct being if one wanted a GM car and not as cash back I would assume which would be very restricting for many 

Message 34 of 41
Beefy1212
Established Contributor

Re: Which credit cards did you instantly regret opening?


@CreditCuriosity wrote:

@reluctantgarden wrote:

@longtimelurker wrote:

@willmsbrg wrote:

 

 

Those last 2 along with (Avant $1500.00 and Mercury $1500.00 (both from 2022)) will be closed during the next year...

PayPal and GM were just spree cards that gave me nothing but a ego boost initially and nothing else...

 

 

 


Even though the limit is low, PP does have some good features, the unlimited 3% on purchases paid with Paypal.


And the GM Rewards card gives an effective 7.7% statement credit annually for $1,500 in gas/convenience store spend.


Only for GM credit though correct being if one wanted a GM car and not as cash back I would assume which would be very restricting for many 


The gas or electric bill 100 credit is 6.7% technically you could take your Honda or Ford or whatever to get washed and detailed or the oil changed at the Chevy dealer.


But yea running 1,500 a year in gas and completely ignoring the points is still 6.7% and pretty close to about as you are going to get on gas outside of a sub or targeted offer of some sort like AppleCards 10% cb a couple months ago.



Message 35 of 41
FalconSteve
Valued Contributor

Re: Which credit cards did you instantly regret opening?


@BuckyB wrote:

I have not one horrible credit card mistake but three and, even worse, they're recent.

 

NFCU nRewards:  I'd just opened my Navy Federal account and was chomping at the bit for one of their cards to further my "relationship" with them.  They denied me for everything but the nRewards so I put down a $500 security and opened it.  Then a week later I was approved for...

 

NFCU More Rewards:  My dumb self didn't know that Navy Federal does not combine rewards from its cards.  Nor did I know that one has to accumulate $50 in rewards to even get the rewards, so the <$50 1% rewards I got from the nRewards card are lost because at 1% I will never use it again.  A week after I was approved for the nRewards card I saw that I was pre-approved for this one, so I opened it.  $500 limit!  I already have a Savor One so this is pointless and the $50 minimum reward redemption means it will never be used.

 

Amex Cash Magnet Card: Admittedly I was drunk when I applied for this.  Even worse, I was in pop-up jail and still accepted the card!!!  $1000 limit.  Totally worthless because I already have a 2% cash back card.  The Cash Magnet card is Amex's worst card.  I will never use this card.  Lesson: don't drink and apply for credit.

 

Surely nobody can do worse than that.  I totally trashed my average age of accounts for: three new cards with a total $2000 limit, none of which I will ever use.


When I was 18, I applied for a Capital One card, they did a triple pull, I got no sign-up bonus, and no rewards. I just knew that I needed to diversify and apply for more credit (I should have applied elsewhere, it got worse... I kept that card as an emergency card, I got CLIs, it got STOLEN, I reported it, they removed fraud and told me not to worry about it. I got a letter that credits became permanent... well, it was credits for SOME of the charges, 1-2 charges weren't included, I never got any other letter. Months later when I moved, I logged on to find that the charges reposted. The card was closed and charged off, it was really quick. Evenually, a debt collected bought the debt and took it to court and lost, then they lost in arbitration, yeah PA gives debt collectors 2 shots).

Now, I regret my Truist (then BBT) cards, but at least they had decent limits so I didn't regret them right away. 

1/8/17 Discover $18300 CL- $1k SL- AU, wife
1/26/20 AmEx Cash Magnet $35k CL, wife
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $2.9k-->$4.4k-->$8.4k-->$13.4k-->$17.4k-->$19.4k-->$22.4k AU, wife
3/8/20 Wells Fargo Propel AmEx/Autograph VISA $2900-->$3200-->$5000-->$8800 CL- AU, wife
3/9/20 Truist Rewards $11k SL- AU, wife- impulse app
3/21/20 REDcard MasterCard (TD Bank) $2500-->$6000-->$6500 CL
11/24/20 AmEx Cash Magnet $10k SL-->36hr-->$20k-->$35k CL
6/10/21 SoFi World Elite MC (TBOM) $7000 SL
1/19/22 AppleCard/GS $6k-->$10k-->$11k AU, wife
8/15/22 Chase freedom flex $10.3k SL-->$12.5k-->$15k AU, wife
7/5/23 Lowes/Synchrony $4k-->$10k-->same day-->$35k CL
8/2/23 Chase freedom flex $19k --> $22.8 CL
8/2/23 Discover $8k SL
Message 36 of 41
Aim_High
Senior Contributor

Re: Which credit cards did you instantly regret opening?

In forty years of credit, it's impossible not to have some regrets.  Lol Smiley Tongue  Some of those were immediate, some were slightly later, some regrets lingered but some did not. 

 

Capital One Platinum.  Opened in 2009 with a developed credit file, but I was carrying debts.  My other cards were in the $5K to $12K range at the time, I believe.  I applied for the card to get a good BT offer.  CapOne approved me for $1K.  Smiley Mad   Grrrrr.  Card was sock-drawered out of frustration since it was unusable for meaningful BT.  A few years later, the Quicksilver 1.5% card came out.  I product changed and this card became one of my main cards back when 1.5% was pretty awesome.  It began to grow and sits at a respectable $33K CL today.  Overall, I think there's a lot of good things to say about Capital One, so my regrets didn't linger on this one.

 

Target RED card.  Opened when I lived alone after a marital separation and had a lot going on in my life.  Since I traveled often, my important mail went to my PO Box for security.  Street box just got junk.  I impulsively applied in-store when the cashier pushed the card and the one-time savings that may have been worth $20 or so.  Worst investment ever. Smiley Frustrated  The application insisted on a physical address so the first bill went to the street box.  I had not set up auto-pay and the first bills were overlooked when they were mixed up in junk mail.  I had just made that ONE Target purchase and repaying it had slipped my mind, especially since I was juggling the other debts.  It was an honest mistake and I admit I was partially at fault, but I ended up with a 30-day late that they refused to Goodwill off early.  They refused to refund any of the late payment charges, interest, or remove the late report even though I paid the bill in full immediately after the 30-day late reported and begged forgiveness due to the circumstances.   It was one of my only 30-day lates ever in my 40-years and it was my last one.  It stayed on my report for the full seven years.  This is one reason I hate store cards, just one more thing to keep up with and they seem to be less forgiving than the major banks or credit unions.  The nominal savings is not worth the hassle to me. 

 

Discover IT Miles card.  Opened when I already had a $50K Discover IT card, thinking I could leverage a good limit to later combine and further boost my limits.  Wrong.  Discover doesn't always work well with this tactic.  I got a meager $1K SL.  I decided to just close the card immediately since I didn't want to try to grow it over time.  Also, DW applied and got a $9K SL, oddly enough, since she didn't have a Discover card yet.  So we did P1/P2 mode and used her card for the 3% (1.5% with first year cash match.)


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 37 of 41
Junejer
Moderator Emeritus

Re: Which credit cards did you instantly regret opening?

Citi Double Cash. Was granted a significantly smaller SL ($3K) than the rest of my cards and after two years requested a CLI and was proudly granted an increase to $3,500. Closed it shortly thereafter. I just didn't see how the card would fit into my repitoire and I didn't feel like going through the gyrations of figuring out how to get it to grow to $15K - $20K CL.

 

CapOne Platinum. I had come off of making some really stupid financial decisions, including closing a MC just because I hadn't used it in several months. I was really uninformed about how credit really worked. I was looking through the lens of a banker and made my decisions that way. I had a very thin file and some baddies when I app'd for the card. Was approved at $700 SL. It grew to $4,100 with auto CLI over the course of a couple of years and at some point I PC to Venture One. I got them to go up to it's current limit about a year later and has been stuck ever since. I am bucketed and stuck because it's my oldest card. It's SD and only comes out about every six months to buy an Arnold Palmer.

 

AmEx EveryDay. I was coming off the high of getting approved for my Chase Southwest Priority Card with a $26.7K SL and had always wanted an AmEx. That was the first card I applied for in over a decade (I was never much of a credit card guy--until now). This is the card that I was preapproved for on their website, so I jumped on it. I was approved for $15K and was very happy about that, but as it turns out, I'm not a huge fan of the MR ecosystem, so it is hugely underutilized (autopays monthly gym memberships for DW and me). I have stripped the CL from $30K to $5.9K and gave that limit to my HiltonHonors Surpass.

 







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Message 38 of 41
FormerCollegeDJ
Frequent Contributor

Re: Which credit cards did you instantly regret opening?

I've had credit cards for almost 30 years now (and have been playing the credit card rewards game for coming up on 4 years), and honestly there have been no cards that I instantly regretted opening and very few I even regretted opening in retrospect.  Most of the cards I have, including what I call my "legacy" cards (i.e. the cards I already had before I started playing the rewards game), still have a use purpose of some sort, even if it is fairly limited in some cases.  The cards I do somewhat regret opening probably are:

 

*The GM Card: got this one back in the mid-1990s at the beginning of my credit card journey (probably applied for the card when I was in college; card issuers would show up on campuses and have easy card sign-ups) and I wasn't focused on what benefits they provided (mind you, back then very few cards offered cash back or travel rewards benefits) beyond "does this card have no annual fee?" and "what kind of credit limit can I get?"  (I've always been good with paying cards off in full every month, so I've never paid close attention to APRs.  There have only been a couple times when I wasn't able to pay off a non-0% APR statement balance in full in a month, and in those cases I paid off the cards in full the next month.)  It was unlikely, both then and now, that I'd ever buy a new GM car.  At least it had a decent credit limit by my standards at that time.  Whoever the issuer was canceled the card on me probably 20+ years ago.

 

*PNC Visa: another card from my "applying for no annual fee credit cards in college" days, the big negative with this one was the $500 credit limit.  The other "new" cards I got at the time (probably about 3-4 other cards) had credit limits ranging from $1000 to $2000.  Even at that time, a $500 limit was pretty low and I really only used the PNC card occasionally to keep it active.  Like the GM card, the issuer (PNC) canceled my card long ago, probably by the very early 2000s.

 

*Furniture store cards: not a major regret here as they allowed me to buy some needed furniture on an introductory 0% APR card (which was paid off in full long before the introductory rate ended), but I'd definitely handle things differently now and get some sort of rewards card with a 12-15 month introductory 0% APR before buying furniture now so I'd at least get some rewards for my purchase.  The stores/issuers eventually canceled my cards a couple years after I paid off the furniture (and never used the cards again after that).

 

*Citi Sears Mastercard (now Citi Sears ThankYou Rewards Mastercard): the only card I still have that I semi-regret getting soon after getting it, I got this one in my pre-rewards game days (2009) to get a discount on some clothes (or something else) at Sears.  Its low credit limit and tie to a store I patronized maybe once every couple of years really limited its value as a card.  I get some decent offers on the card now but pass on most of them because I don't want to worry about meeting the (in most cases category-related) spend thresholds.  (Ironically, those offers would have been more appealing to me in my pre-credit card rewards game playing days.)  Most of the time when I (infrequently) use this card it is to keep it active.

Playing the credit card rewards game since early May 2020.

Current credit cards:
American Express: Hilton Honors
Bank of America: Customized Cash Rewards Visa
Capital One: SavorOne MC
Chase: Amazon Visa, Freedom Unlimited Visa, Freedom Flex MC
Citi: Sears/ThankYou Rewards MC, My Best Buy Visa, Custom Cash MC
Comenity: AAA Travel Advantage Visa
Discover: Cash It
Elan: S&T Bank Max Cash Preferred Visa
FNBO: Amtrak Guest Rewards Platinum MC
PSECU: Founder's Visa
U.S. Bank: Cash+ Visa
Wells Fargo: Autograph Visa
Store cards: Kohl's

Next target credit cards: Wells Fargo Bilt Mastercard (probably), Truist Enjoy Travel Visa (maybe)
Message 39 of 41
Im-back
New Contributor

Re: Which credit cards did you instantly regret opening?

Discover. So much so that I'm closing it tonight. 

Message 40 of 41
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