Since I got the new AMEX Blue card in the mail today (applied this past Friday), just wanted to give everyone a quick update on the terms and CL I ended up receiving: Intro APR: 0% for purchases until 04/03, 9.99% for bal. transf. Ongoing APR: 9.99% fixed for purchases, 17.74% var for bal. transf. CL: $10,000 I reviewed the benefits package, and realized you guys are right -- with the rates and rewards available, this is an unbeatable card! Now I know why the posters on CN speak so highly about it. I'm especially impressed with the ongoing APR since it's a great low fixed rate instead of variable (finally!) Many thanks again to everyone who posted advice!
George is right -- I re-checked the agreement and the 17.74% var rate is listed for cash advances, not balance transfers. But aren't balance transfers and cash advances different terms for the same thing? (Usually I try to avoid them unless given a promotional 0% rate, since I know the interest accrues on a daily basis.)
BT in MOST cases goes to another bank to pay off a current balance...CASH ADVANCES USUALLY ARE AT A BANK, BUT YOU GET CASH IN HAND AND DO WITH IT AS YOU PLEASE... You also may get HIT with a MUCH HIGHER INTEREST RATE AND A FEE OF UP TO 5% ON TOP OF THAT...
You haven't had to apply for cc's?? If 680 is a threshold what can I expect in the low to mid 600s? Anything besides prov or cap one?
Amy, With my scores in the low to mid 600s I've received the following credit cards: Creditor Original CL CL Increase Int Rate Orchard Bank (1/02) $1000 $150 after 6mo 18.9%(won't lower int rate) Household Bank (5/02) $300 none yet 18.9%(won't lower int rate) Action Bank MC(6/01) $300 $50 every 3 mo 16.9%(just lowered) Action Bank V (5/02) $550 $50 after 3 mo 21.9% Merrick Bank (7/02) $1000 none yet 21.7% I do NOT recommend applying for all of these cards as I'm trying to get rid of some of them now. As you can see there are a few things to consider before applying for a new card including credit line increases and interest rates. Also I should note that Orchard/Household bank are 1-2 months behind on updating to the CRAs. Action is not worth the $50 credit increases once every 3 months. Merrick's rates are too high. IMO, I think you should just choose one or two "bad credit" cards that you'll be happy with a year from now and then wait until your scores are higher to apply for prime card(s).
