buy.com visa

[Zap]

Anybody get the buy.com visa? It earns 1% of any purchase and 5% of any buy.com purchase as credit that can be used at buy.com. I think I've used almost $2000 over the past year at buy.com (I buy stuff for 4 friends who don't have credit cards) so I could have gotten 5% of that as credit... that's $100 credit I can use at buy.com on any future purchase there! Too bad I didn't find out about this until today- $100 lost. Oh well, at least half of my purchases were using Discover, $1000 at 1% cash back, $10. Bleh! Could have had $100. I'm gonna sign up for this (about my 5th credit card, keep getting offers almost daily- not kidding- in the mail. my credit is too good).

Anybody else use this?

 

[AndrewR]

DO NOT GET THAT VISA CARD! IT'S FROM FIRST USA WHICH IS UNDENIABLY THE WORST CREDIT CARD COMPANY IN THE U.S.

Yes, I am yelling because I cannot emphasize that enough. First USA reserves the right to raise your interest rate at ANY time WITHOUT notice despite the fact that they say your rate is "fixed". Also, First USA has more complaints against it with the government than any other credit card issuer.

Avoid them like the plague.

 

[Elian G.]

I have to agree 100%. I know this isn't the proper forum for griping but First USA is one of the worst credit cards I have. The only reason I use it is because of their 'point' program. Good luck dealing with them if your credit card info. is ever stolen.

It took them 10 months to refund me $400 they owed me. I requested a 'copy' of a check over 30 times (and was told it was on the way) and finally on the last attempt the woman told me that they don't send out copies of checks and haven't for over a year.

Horrible bank, horrible people.

 

[CrazyJake]

Plus it isn't good to have too many credit cards anyway....looks bad if you are ever going out for loans in the future....unrelated I know. sorry.....I have heard to stay away from 1st USA...Thanks for the reminder.

 

[Zap]

Aack! I've already applied for it. Oh well, I plan to use it ONLY for purchases made at buy.com. Interest rate isn't too much of an issue because I plan to pay it off every time. We'll see. Wish me luck, hehe.

 

[Elian G.]

Zap -- I bash First USA all the time but I do have a card. I've had it for 2 years now. It's a credit card so you get the credit card insurance. (ie. $50 max if your card is ever fraudulently used)

The major problem with First USA is that they (and Bank One <-- same company as First USA) decided to start giving out credit cards left and right. Their company grew WAY too fast and so their customer service suuucks because they can't keep up. If I'm right I think their the company that I keep reading about in the papers about how they keep replacing their CEOs.

Use the card but just be aware that if your number is ever stolen or the card is lost you 'might' have to argue with them 'till you're exhausted!

 

[Zap]

Thanks for all the info, guys. Yeah, I have too many cards. If I get approved for this card, and for an AT&amp;T card I want, then I'll have a grand total of 6 credit cards. Two of them I'm planning to get rid of, as soon as I get around to it. The AT&amp;T card I want was offered to me in a direct mailer with 100 free calling card minutes and 2.9 APR until April 2001. I think I'll use this until it no longer serves my purposes (within the first few months probably) and then cancel it. That will leave me with only 3 cards, Discover (1% cash back), Citibank Visa (my _first_ one, hehe) and the buy.com card. The buy.com card I'll use just for buy.com purchases. I'll probably hide the card inside my computer somewhere, hehe.

 

[randypj]

Yes, I've seen the expose' and realize they've had problems in the past. Everytime I call them, I &quot;expect&quot; the worst. So far, I haven't had any problems. I wonder if it's not because the FTC is on their butts?
--Randy

 

[spec411]

Hi all...well I guess Im a &quot;senior credit card junkie&quot; even though im onyl 25...i started getting em at 17 (put my birthday was 1 instead of 11 (nov)) hey its just a typo right?? =)

anyways ive had over 50 visas mcs discovers private issue amexs, store cards, now im down to about 30..i have NEVER had a problem with any of them..lost cards?? no problem they send you new ones free..

disputing charges for those so-called $1 trial memberships? no problem there..ive dealt with disputes with First USA, amex, discover, mbna, GE capital, citibank..no probs ever...

I like First USa b/c of their cash-back cards,,the only thing i ever got pissed at them about was i cancelled a $12,500 limit card then applied for a Southwest airlines card like a year later and they gave me $800 LIMIT!!! I asked for increase and they only raised it to $1200! oh well its not like I dont have others but I wanted to pile the charges on to fle@bay the free tickers i earned...

keep in mind:
1. most platinum cards (and i think amex and discover) give free auto rental insurance - charge your rentals on cards that cover you and decline the coverage

2. mbna platinum plus gives $3000 supplemental lost luggage insurance (i just used that and got my $3000 quick!!)- so charge your flights with mbna

3.use a gas station affiliate card (shell, exxon, amoco visas and mastercards) to buy your gas and get 3-5% off (or carclubs new card)

 

[Jaybird]

I've never had a problem with First USA except for when I forgot to pay my bills for 2 months straight and they upped the interest rate on me.

They usually offer low interest rates, no annual fees, and a decent carrying period. Try getting a BofA credit card...they give you so little time to get your check in the mail that it's obvious that they're *trying* to screw you into paying late fees.

 

[BCinSC]

I give FirstUSA, as well as Providian Bank (told them if they ever contacted me again, I'd find a way to sue), the thumbs down, too. I use Private Issue for just about everything. $500 of free cash a year for 5 years running. On the rare occasion PI isn't accepted, I have a Visa (MBNA, but only because acquired - don't like them either). Had a nice rebate program in the form of monthly checks you could use at many malls. MBNA of course canceled the program and the card has no redeeming value anymore.

 

[TheTechnique]

FirstUSA is evil. They also have a blacklist of all cardmemebers who have &quot;caused trouble&quot; or cancelled cards due to poor customer service. I complained about problems with improper fees they charged me, and after MONTHS, they refunded the fees to me. I then cancelled the card and closed my account. About 6 months later I applied for the &quot;eBay&quot; VISA, and was rejected!!! I am not going to go into my financials, but I am in the top .01% of wealth in this country with beyond perfect credit. I called FirstUSA because the reason stated on the rejection letter was &quot;Insufficient # of accounts in satisfactory standing&quot;. Every single one of my accounts is perfect standing and I have plenty of them. FirstUSA could not give me an explanation other than &quot;we reserve the right to reject anyone based on variable criteria&quot;. My lawyer hired a detective to look into their practices and he concluded that there is a database of ex-customers that they blacklist.

Now you know yet ANOTHER reason to avoid FirstUSA, the evil empire.

 

[WATERBUFFALO]

I don't believe the complaints. What's the difference what they charge for interest, just pay the bill at the end of the month and it doesn't matter. Why not take the 5% or 1% of your charges? It's a great deal. The more credit cards you have, the better for your credit rating. It shows that you are trusted for the amount of all your cards just on your signature, this is all UNSECURED credit, the highest risk.

Anytime you can get a credit card without annual fees, take it. Over the years they will continue to raise the limit. After 10 to 20 years, you will be able to walk into the bank and walk out with hundreds of thousands of dollars just on your signature. That is a good position to be in, you never know when having quick access to cash can enable you to get great deals on stuff.

 

[Unclemo]

It is untrue thinking the more credit cards the higher credit rating you will have. At first it sounds logical, but it does not work that way. I am a finance major from Notre Dame and I am completely hired to handle my father's personal finances in every aspect as a full-time job!! In the last year he has recieved multiple credit ratings indicating too much risk due to many credit cards. His credit cards are completely paid off each month and never carry a balance. Despite that financial institutions do not like it. Even a mortgage co. will look at the number of credit cards and complain to you. No matter how much money I pay each month to cover the entire balance it does not impress them. You can have too many credit cards. No ? about it.

 

[Capster]

I would hate to see the credit report of anyone who had 30-50 credit cards. People might find them convenient and almost necessary when young but you'll pay for it later when you might want that new house and can't get it.

 

[bonkers325]

yeah its true about too many credit cards
but if u are young and u need moola go for it
but when u start geting cards that give u high limits not off the crap cards
thats what i do
too bad most credit card companies only raise yoru limit every year

 

[calng]

Well, I've had 3 First USA cards for 2 years now and I think they are an excellent company. I've only had to do a dispute once because of staples overcharging my credit card. And the best thing is, when you do a dispute, you do not have to pay for the amount being disputed yet. Unlike any other credit cards I've used that make you pay off your disputed amount even if it is in dispute. And interest rates don't really bother me since I pay off my credit card every month.

 

[spec411]

yes i agree the reason i cancelled about 20 of the 50 cards was b/c i was getting denied for &quot;good deal&quot; credit cards (ex $50 free when signing up) b/c I had &quot;too much outstanding credit limits&quot;

yes all my accounts have 0 balances but I have $300,000 unsecured &quot;charging power&quot; and that makes lenders itchy...so too many CAN hurt your rating..not necessarliy to the point of not being able to get a loan, as long as the repayment history is perfect...

but having a few cards, always paid on time, definitely helps build your rating...actually, carrying a balance and making timely payments on it builds your rating the MOST, but im too much of a tightwad to pay interest fees when i dont need to!!!

AND MESSAGE TO BCinSC..yeah MBNA also changed my &quot;affiliate&quot; card to one with no rebate program..i simply called them and asked to have it changed to an affiliate that earned rewards..i know they offer a RAMADA card that earns hotel points so I got that....

 

[randypj]

spec411--nice posts. I would say you have a bit more experience than I do. It sounds like you have really found how to work them to your advantage. Kudos. This can be done if you also have other investments. Yes, the cc buildup can get a bit scary, but, if you are using the money correctly, it can work for you. You can pay 9.9% and &quot;virtually&quot; use it to earn 12 ro 14%, or better. It is definitely not recommended for the faint of heart. But, it can be done.

Do you know of a cc discussion board? Maybe start an off topic RE: Credit Cards are out friends?

Jaybird--you may be in luck. This is specifically what put the FTC on their tail (someone correct me if I've got the wrong FED). If you have a decent payment history, you might try just giving them a call.
--just ask them nicely if they will waive the fees
--ask them to drop the interest rate back.
If they answer no to either, mention that a friend has a video that details the less than ethical methods First USA has used in the past, and you would like to escalate this. Someone help me here. Was it on 20/20?

I've never had a cc refuse to waive a late pay charge. But, I might only be late once every 2 years. Too much Anandtech, too little time.

If you have decent payment history, there is no way you should be paying more than 10% interest. What has worked for me: Call and tell them you have been very happy with their service, but regrettably, you can't stay with them because their rates are not competitive. &quot;How do I go about closing the account?&quot; You will probably be asked to speak to a Customer Retention Rep. Just mention 2 or 3 cards that you have that only charge you 9.9%---this is not a promo rate. From memory....Capital One, First USA, MBNA.

Anyone have any experience &quot;fighting&quot; a cc? Briefly, I had $75 balance I forgot about for two months. Tried to close out the account. Was told it had been &quot;reported&quot;. My point--if they will not remove the negative (which, YES, they can do), they will have to come after me for it, and yes, I can insert a 100 word comment in my report. I just want written assurance that the neg will be removed before I pay.
--Randy

 

[spec411]

Randy - thanks for the compliments..yeah i know about the &quot;usign your 9.9% cc to invest&quot; but i need to find a guaranteed higher rate of return b4 i do that...u know of something along that line??

as for making the CC money work for you, i am making about 4.5% on my cc &quot;avaiable money&quot; plus rewards points, thanks to my multiple credit cards (and multiple email accounts, other household members, etc) by charging, say $5000 on p@ypal, send to another of family members accounts, direct deposit into xcom, then use xcom checks to pay off the cc (or a different family members cc)...this is all permitted as long as you dont send it to yourself so that resembles a cash advance (they will catch it, they have caught ours b/c it was going to same address..had to prove it was one person to another)...

....you earn 4.5% from xcom checking for up to 55 days until the cc bill is due (if you time it right) and then do it again so your checking balance is always high, you get your cc reward points (gas, airline miles, etc), and you dont have to ever pay your bill w/your own money if you have 12 cc's and can charge a new one to pay off the previous one's balance each month...repeat the cycle every year...youre basically not using your own money at all....

...of course payp@l had to go and drop their limit to $2000, and these places will probably stop this soon or start charging fees, but with ecount and others coming on its not too difficult to do still....

Regarding the dispute with the credit card about placing the comment, im sure if you tell them they will get their money if they will remove the mark they'll agree..them tell them u need to get it in writing of course, dont go by what anyone tells you on the phone..ask for a letter...Once I had a disputed car repair charged to a Firestone credit card..they reported me delinquent when it was a disputed charge and I had proof, I was turned down for new CC applications, they sent me $150 to &quot;go away&quot; after about 4 letters and 2 conversations with their legal counsel about how they violated all Fair Credit Billing Act provisions...they CANNOT attempt to collect any amount in dispute or report you as delinquent if you notify them in writing of the dispute...

It amazes me how credit cards can be soo good or soo evil depending on how you manage them....they are the best way to ever purchase anything b/c of all the protections and benefits they offer, but so many people abuse them and fall into debt that many are better off without them...its all about someones ability to manage their money...
for some reason i bet a lot of us here are REALLY GOOD at managing money.... =)

 

[CyberSax]

The 5% that you get back from buy.com will just encourage you to spend - or perhaps waste - more of your money. In the end, you won't be saving at all.

Rather, get yourself an American Express Blue, or some kind of &quot;smart card&quot;, that doesn't have any cash back promotions.

 

[AndrewR]

I second the recommendation for American Express Blue. Of all customer service departments that I have dealt with over the years (First USA, First Union, Citibank, Chase, AT&amp;T Universal), AMEX has the best. The Blue interest rate is 9.9%, and you can trust them to not screw you with a higher one at a whim (my First USA rate went from 9.9% to 28% when I missed a payment by a couple days -- I cancelled within a month).

First Union has also been a good bank to deal with. AT&amp;T Universal was a good card, but when they sold out to whomever has it now, they started to suck badly. There was noticeable decrease in service after that. Right now I have AMEX Blue and a First Union Visa. I wanted to replace my now cancelled Mastercard for a nice trio, but with $14K in credit, I have more than enough and don't need any more liabilities on my credit record with massive law school debt already on there.

 

[randypj]

spec411--Not a guaranteed rate of return, but, two companies that you will know. I've gone with both of them in a pretty big way. BTW, if you are interested, check out the investing 101 threads in OT...we've kinda let 'em lapse. Email me and I will tell you how I determined them, and who they are. Hey, FWIW. I won't be checking my email until maybe Thurs. or Fri.

Yeah, thanks for the info on the cc problem. I escalated it by phone, and finally got someone to admit they could remove it, but wouldn't. I think the proper cert. letter will do it. First time I've ever had a problem with a cc. I will have to see something in writing that any slow pay, negs, etc. will be removed within 60 days from all 3 agencies, if I pay. If not, they can come get it. I'll definitely point out the two lies I was told and that while it might not meet the letter of the law in Truth in Lending....yada.

I also had Firestone muck me. Even went to the regional sales mgr. No luck. Called their customer service line, explained it to them and that I would dispute it. No prob. They sent me to a better shop, did a few things gratis, and I was satisfied.

A buddy of mine does a lot of what you do. Since we all only have a limited amount of time, I prefer to watch my stocks and rebates. Any more and my brain sorta locks.
Thanks for the info. Consider a thread in OT similar to investing 101?
--Randy

 

[emanon]

I've used several First USA cards over the years, and never had a problem with them. In fact, the First USA-issued eCard is my primary card used for online purchases. In the event that a card I have ever goes above 9.9% interest, it's cancelled. Usually, if you tell the issuer that you're cancelling due to a higher rate, they'll either lower the rate or offer another incentive to keep the account.

The only issuers I've had problems with that were pains in the butt to resolve were Discover (credited a $900 payment to someone else's account; spent several monts disputing this before they admitted the error) and Associates (now three months and running disputing a ~$800 fraudulent charge made through insight.com - their fraud division seems to specialize in neglecting to send out the necessary forms to file a fraud claim)...

 

[crzyc]

i just put my money in a liquid fund account with my bank earning 6% interest, although its not fdic insured, the fact that i can go to the atm and take money from/deposit more into the account is great, and 6% is great for keeping a percentage of your assets within arms reach, way better then the 2-3% in my savings account.

you could even get more interest in a datek online brokerage account, they pay you pretty well for money &quot;on the sideline&quot;