Re: Re: What is the purpose of gas cards? BP VISA is a BANK CARD... A "GAS CARD" say like SHELL can only be used at GAS STATIONS... You can't take it to the GROCERY STORE, TARGET, PIZZA HUT, CAN'T BY A PLANE TICKET WITH IT, ETC...
The quote above is from the Choicepoint website that will give you your Auto Insurance Score. I paid for my auto score and to my surprise, my number one reason for not having a higher score was that I did NOT have a gas card. The detailed reason was the exact opposite of what's written above.
Pic- Chevron will only report in months you use it. So if you've never used it, they wont report. I got a Chevron back in June and only used it in July (on vaca, there weren't any in NH) they reported it then and haven't since. It still reports as "too new to rate" well it did til a couple of days ago. we moved to Florida and I bought some gum and a soda, shows a balance of $2 and "paid as agreed".....just a long-winded FYI Kellie
Re: Re: What is the purpose of gas cards? Every gas station I go to takes VISA/MC/AMEX/DISCOVER (2 or 3 or all 4) I don't have one because they usually give VERY LOW LIMITS... My lowest is WAL*MART store card $3,025 but if I had a gas card my lowest might be $500 or $1,000 It has an AFFECT ON FUTURE CREDIT LIMITS...
Re: Re: What is the purpose of gas cards? BEFORE I GOT VISA/MC...I did have some... STANDARD TEXACO UNION 76 SHELL
Re: purpose of gas cards As was already pointed out, the PURPOSE of gas cards is to buy gas, and for some of us to buy sodas, sandwiches, snacks, etc. as well. Another purpose is to take cash advances. My Shell, Texaco, CITGO, and BP cards all have a cash advance feature. I got the BP card for the sole purpose of taking cash advances in emergencies (which have already happened, thank you.) The rate for cash advances on my Texaco card is actually lower than the rate on my Chase card. Reasons for getting and keeping gas cards are a different question from their purpose. (1) They are easier to get than prime bank cards, so they help to build a nice multi-account credit history as soon as possible. (2) Since it is possible to get several of them relatively early in credit building, they help to form a "critical mass" that minimizes the effect on average age of accounts from any new accounts. (3) It was once commonplace on this board, before the censors and trolls took over, to note that gas cards take some of the load off of your bank cards. That is, they reduce average utilization of your bank cards. This is true whether or not the gas cards are included in the utilization figures or even reported. (4) If you already have subprime cards, gas cards may offer you lower interest rates than you currently pay. They may also be the first cards you ever get without annual fees. (5) I like having a good mix of credit for social, economic, and political reasons that have nothing to do with FICO. (I refuse to let the idiot savants at FICO control my life.) One good reason to use gas and store cards is to prevent Visa/MC from gaining a monopoly on retail transactions. That's also a good reason to use cash, when and if you have any.
Re: purpose of gas cards I like having a good mix of credit for social, economic, and political reasons that have nothing to do with FICO. ***(I refuse to let the idiot savants at FICO control my life.) RichGuy ================== ***What about paying higher insurance premiums because of gas cards, do you like that too?
Re: purpose of gas cards LBrown, It's highly speculative whether any particular insurer charges higher rates because of gas cards. I read the posts about that, and they weren't very informative. Neither was your post. Again, I refuse to let FICO scores control my life. They are arbitrary and meaningless, which you as the leading FICO complainer should know better than anyone else. But for those who do follow FICO scores closely, the positive effects of gas cards on utilization could easily outweigh any negative effects. The best way to avoid high insurance rates is to compare premiums among a variety of companies, and avoid trusting any individual insurance agent. Many of them are ignorant or unscrupulous, even those with many years of experience.
Re: purpose of gas cards 1*The best way to avoid high insurance rates is to compare premiums among a variety of companies, 2* avoid trusting any individual insurance agent. Many of them are ignorant or unscrupulous, even those with many years of experience. RichGuy ============= 1*This could get you the lowest company however it may well not be the lowest premium 2*I know this all too well. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: purpose of gas cards 1*The best way to avoid high insurance rates is to compare premiums among a variety of companies, 2* avoid trusting any individual insurance agent. Many of them are ignorant or unscrupulous, even those with many years of experience. RichGuy ============= 1*This could get you the lowest company however it may well not be the lowest premium 2*I know this all too well. THE END ** *** ** LB 59 """""""""```~~~```'"""""""""
Re: purpose of gas cards 1*The best way to avoid high insurance rates is to compare premiums among a variety of companies, RichGuy ==================== 1*And you still could end up with something like the following How heavily your insurance score will be weighed also depends on the insurance company you use. At Farmers Insurance, for example, a poor credit history could cost you 35% to 40% more in premiums.
Re: purpose of gas cards It seems self-evident that comparing auto insurance premiums shows you which premium is lowest.
