Kmart Mastercard

Discussion in 'Credit Talk' started by lucy, Jun 5, 2001.

  1. lucy

    lucy Well-Known Member

    Does anyone have the Kmart Mastercard from Cap One? I received an offer in the mail yesterday. A whopping $50 credit limit to start, $200 after four months and $500 after six months. Do they give other increases if you continue to pay the bill on time?

    Half is available to use anywhere, the rest must be used at Kmart. Does anyone have this card? It has no annual fee, but the interest rate is 19.8%.

    In any case, it still beats out First Premier and Cross Country, that I now have.
     
  2. Marie

    Marie Well-Known Member

    I have 3 Cap1 cards but not the Kmart MC yet. I just called about it today.

    those are odd initial terms, but I think there's no annual fee and no participation fee as long as you're on time with your payments.

    Cap1 is a great rebuilding company and if they're stating your increase terms... I'd take it. A 500 credit line in 6 months will help you and your other card is horrible.

    Once you get a Cap1 card, they'll also send you preapprovals for another card (usually a gold) at the 6 mos - 1 year mark. So you can pretty easily get 2 cards out of them in a year with decent terms.

    You'll have to work on them for line increases later. they're conservative but fair. You can also easily work your interest rate down 2-3% at a time.

    Search Cap1 here and you'll get some good stories.
    Take the Kmart card. use it. pay it on time. and your credit will get better.
     
  3. Marie

    Marie Well-Known Member

    I just looked at the cards you have again. Yuck.

    FCNB has a reasonable secured card too. The fees are minimal and within a year of good activity you'll also get a Spiegel card. Something to consider.

    You'd likely get 150% of your deposit as a credit line. If you add Cap1 and a FCNB with a bit higher limit that will help you a Lot. See if you can at least do a 500 deposit.. that should get you a 750 card. that credit limit will help you get other cards.

    Also, Cap1 doesn't report credit limits, only high credit. So make sure to use your card close to the limits but leaving room for interest to show your limits as they grow. That'll be easy with a 50 card :)
     
  4. lucy

    lucy Well-Known Member

    Well I signed up for it yesterday through their automated system. It isn't a pre-approval, it says it is guaranteed. I've never heard of a guaranteed card that doesn't require a deposit. Not to mention, my husband has a charge-off for $500.00 from Cap 1 in 1995. I am not sure if they will link us together and deny it even though I was not an authorized or joint user on the account.

    I have applied for their pre-approvals before and been denied, that's why I am skeptical, but I figured what the heck, I'll give it a try. We are trying to get away from Cross Country Bank, slowly but surely...

    Lucy
     
  5. Ron

    Ron Well-Known Member

    lucy,
    I got Kmart Mastercard pre-selected offer from Capital One last September and I got approved for the credit line of 2300. Thew APR for the card is 11.9% APR. After three months, I got a credit limit increase to $5500 without asking. It has no annual fees for the card.


    Ron.
     
  6. dogman

    dogman Well-Known Member

    $50 Credit Limit?

    That is the lowest credit limit I have heard yet.
    BUT, it will report a bankcard on your credit reports.
    AND, it sounds like Cap One computers know your score would allow those increases after a couple of payments on time etc.

    $25 to use anywhere
    $25 for Kmart

    $50 for emergencies seems like a ringer into the trash in my opinion.

    There are FCNB secured - great card
    Providian Classic would probably give you $200-500

    Cap One is very reliable - but $50 credit line could be considered insulting.

    Let us know what you decide?
    c ya dogman
     
  7. GEORGE

    GEORGE Well-Known Member

    Re: $50 Credit Limit?

    DON'T MAX IT OUT!!!

    I WAS INSULTED WHEN UNITED AIR LINES VISA (NOT FIRST USA AT THAT TIME) GAVE ME A CREDIT LINE OF $500 (LOWEST CREDIT LINE AT THAT TIME WAS $5,000)!!!!
    I told them I would spend $500 in 1 day. Then asked how do I spend anything the rest of the month??? They couldn't answer that question.
     
  8. dogman

    dogman Well-Known Member

    Re: $50 Credit Limit?

    You know that $50 limit is just a trigger for the overlimit charges - it would be hard to NOT go over a crappy $50.

    I'm sure the overlimit charges are $29. Hmmmm....
     
  9. dogman

    dogman Well-Known Member

    $25 anywhere????

    I wonder if Cap One declines you if you buy $26 worth of gas....because it could eat into the $25 for K-Mart rule.

    Is there a charge for this drastic customer penalty?
    Hmmm.....They have some creative Product Managers.
     
  10. GEORGE

    GEORGE Well-Known Member

    Re: $50 Credit Limit?

    YOU WOULD HAVE TO HAVE THE CASHIER TYPE IN $50.00 UNDER THE CREDIT CARD BUTTON...
     
  11. GEORGE

    GEORGE Well-Known Member

    Re: $50 Credit Limit?

    OOPS FORGOT TYPE IN $25.00 UNDER THE CREDIT CARD KEY...
     
  12. GEORGE

    GEORGE Well-Known Member

    Re: $50 Credit Limit?

    YOU CAN'T USE PAY AT THE PUMP...I usually get "PRE-AUTHORIZED" for $50.00...but if gas goes up much more...they will "PRE-AUTHORIZE" $100.00...
     
  13. GEORGE

    GEORGE Well-Known Member

    Re: $50 Credit Limit?

    $50.00...BACK IN THE 80'S THEY GAVE PEOPLE WITH-OUT JOBS $500.00!!!
     
  14. dogman

    dogman Well-Known Member

    $50.00

    reserve a room - ah no...
    rent a car - ah no....
    get a cheap date on the streets of san francisco -
    ah 50 dates!


    Hell - get the card,,,,, :)
     
  15. GEORGE

    GEORGE Well-Known Member

    Re: $50.00

    YEAH!!!!!!!!!!!!!!
    GET THE CARD...TAKE SOMEBODY TO LUNCH...YOU WILL HAVE TO GO "DUTCH" YOU WILL HAVE FUN DISCUSSING YOUR $25.00 CREDIT LINE...THE WAITER/WAITRESS WILL FEEL SORRY FOR YOU AND GIVE YOU DESSERT FOR FREE...
     

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