I'm glad somebody asked. (1) Banks get to charge Visa/MC merchant fees instead of ATM card merchant fees, which are lower and more reasonable. (2) You can't dispute check card charges the way you would credit card charges. (3) If someone finds or steals your card, they can use it almost without hindrance. They don't need the PIN, and only 1 in 10 cashiers will check the signature.
My check card has the VISA logo on it so yes it does count. No pin needed so if it's stolen then bye bye money in my account. I can't dispute it like a credit card but my disclosure does state if I notify them within 2 business days of it being lost then I will be refunded all the fraudulant charges BUT it can take up to 10 business days to get it back! YIKES I like it though for it's convenience so I keep it. I can't use it like an ATM card at Walmart cause my CU doesn't allow that! I can use it in the ATM machine though with my PIN.
Why do some many people have so many cards? Isn't 10 or 11 cards excessive? I have a Citibank Platinum Mastercard, Discover Platinum, CU Visa, CU check card and a GE Platimun Corporate Mastercard. I carry the CU Visa, CU check card and the Citibank Mastercard. CU Visa is for daily purchases and the Mastercard is really only used when travelling. I don't really use the Discover card
I think people have so many cards because the cards they have aren't good enough: (1) They have some target for the total amount of available credit they want, and they have to add a lot of cards together to meet that target; (2) They want to have a few cards with high CL's and low APR's, but they don't know which cards will end up like that. So they get a lot of cards, spreading their bets around, so to speak, and hope that a few of them will turn out well.
"IF" you only have 2 or 3 cards and they all JACK YOU...YOU HAVE NO PLACE TO GO... "THEY" don't even have to have a LEGITIMATE reason other than YOU WERE PICKED FOR "JACKAGE" "IF" you have SOME BACK UP cards...you have places to go...
If you pay your balance off every month - who cares what the rate is? I have not revolved in over two years now and I am getting my wallet from 11 cards to two. I only want to have what I use: Citi Dividend Platinum = $20K Amex Platinum Charge. Regards, ChesterR
Re: Re: how many cards in your wallet This may work fine for you and some others, but everybody don't carry no balance. For them one or two cards with nowhere to revolve and high interest is a disaster PS. Another point The same utilization on 2 cards VS 10 cards can result in a higher percentage of utilization thus causing you to get jacked on insurance premiums and interest rates for not only credit cards but also. home ,auto , installment loans ETC. Since Fico is so heavily reliant on credit cards in determining your score I would hate to depend on just 2 credit card lines to maintain a suitable score. THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
I thought that I had PLENTY of credit a couple of years ago and would never apply for more. But then I began to focus more and more on rewards. So-- I decided to get the Amex Delta Skymiles card, and then the Amex Starwood. I also decided that it was a waste to not get miles when I used MC, so I obtained a Citi Aadvantage card. Why didn't I cancel any of my old cards? We all know the answer (which I learned the hard way when I cancelled my very oldest dept store cards before I discovered CNet)-- it kills your score to cancel old cards-- and (anyways) I really like a lot of my old cards. I'm sure that other people have had similar experiences. Plus -- George is absolutely right. It seems as if I am always getting a wonderful offer from someone. I feel more in control having many options.
Why do some many people have so many cards? Isn't 10 or 11 cards excessive? madison =============== Nope THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
A * Why do some many people have so many cards? B* Isn't 10 or 11 cards excessive? madison xxxxxxxxxxxxxxxxxxxxxxxxxx A * 1*To prevent getting trapped with jacked 25 to 30 % Interest rates with no where to go for funds to pay it off 2*To reduce high utilization that cause interest and insurance gouging. 3*to establish more positive TLs. B * Not at all ! """"```--~~~~~~~~~--```'""''' < < THE END ** *** ** LB 59 >> """"```--~~~~~~~~~--```'""'''
