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Credit Card was discontinued
Old 09-13-2009, 01:33 PM   #1
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Credit Card was discontinued

When Obiwan signed the "credit card relief act" earlier in the year, I quickly received a letter from the issuer of my MasterCard, that the "trust" which funded the card's outstanding / unpaid debts was going to back out of it's deal with the issuer (Advanta), therefore forcing Advanta to tell all card holders (myself included), that our respective accounts were being shutdown. I lost an active $15K line of credit and around a 9%APR card. I was forced to scramble for a new card.
My current MasterCard wouldn't match the old one's line of credit but raised my request from $500 to $5000 active line of credit.
Anyone able to recommend other cards out there as I may apply for a "backup" to the current one I'm using. Links & feedback with additional info is appreciated.
Thank you.
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Old 09-13-2009, 01:58 PM   #2
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I got my Penfed card on the basis of recommendations from others on this forum. I've been very pleased with it. Had to join the military family association for the first year in order to qualify, but no big deal.

www.penfed.org
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Old 09-13-2009, 02:17 PM   #3
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All credit issuers are cutting back, especially on lines of credit and inactive cards. My USAirways card was cancelled after 10 months of non use (I usually try to use all my cards once a year). My BOA card had its limit slashed over 50%. Like Sarah said, Penfed is good. You might want to try your bank too if you are an established customer.
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Old 09-13-2009, 04:08 PM   #4
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Much appreciated. Another thing I've noticed is the fact that all those card offers don't come in as often. I'll look into PenFed
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Old 09-13-2009, 04:45 PM   #5
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Credit Cards | Best Credit Card Offers | Low APR Interest Rewards | Bad Credit Application Secured Apply Compare Report Score
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Old 09-13-2009, 06:45 PM   #6
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I like Schwab's brokerage card. 2% off all purchases get deposited directly into my brokerage account.
Cash Back Credit Card: Schwab Bank: Visa® Credit Card
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Old 09-13-2009, 07:19 PM   #7
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Zathras: Thanks....what's APR on that card? Can you request a specific credit limit? I wonder if I can use my old credit limit on pevious invoices as proof? And I wonder if the card I had, when it was cancelled on my by the card issuer, had an affect on my FICO score?
Curious
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Old 09-13-2009, 08:59 PM   #8
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I THINK it is 8.9%. However, I don't pay attention as I have never paid a finance charge (pay it off every month).
As for requesting the limit, I am sure you can request anything you want. I am also sure they will follow their own formula, just as all of them do.
And those formulas have become more stringent.
I don't think any limits you had in the past will have any affect on it, credit is much tighter now.
If a card is not canceled due to late payments/defaults by you, I would not think it would negatively affect your FICO, but not sure.
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Old 10-08-2009, 01:14 PM   #9
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Take a look at the "What Credit Card Should I Get?" thread at fatwallet.com
http://www.fatwallet.com/forums/finance/711457/
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Old 10-11-2009, 09:22 AM   #10
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My Schwab Visa interest rate is 5.15%. Almost makes me want to carry a balance!
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Old 10-11-2009, 09:37 AM   #11
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I do have near perfect credit, but I suspect most people on this forum do to (at least those that are at or near FI/ER), but it does make we wonder what exactly the rules engine is for cancelling accounts versus increasing credit limits.
To some degree, I think it depends on the solvency and quality of the accounts held by the issuing bank. If an issuer had high standards for approval and is seeing relatively low default rates, they may be well-capitalized enough to not need to cancel many accounts or cut back on credit lines.
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Old 10-14-2009, 05:13 PM   #12
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I suspect this card didn't make the best card list:

No, You're Reading That Right | NBC San Diego

79.9%, but with a low, low $75 annual fee.
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Old 10-14-2009, 07:29 PM   #13
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I suspect this card didn't make the best card list:
And if you fail to make a payment this guy will come at you:

Debt Collector On Tape: "I'm Gonna F**** You Up"

On the other hand, it is a bargain as good as this:

Best Buy: -$50 Off Camera Anti-Sale
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Old 11-26-2009, 03:14 PM   #14
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Yesterday I got a letter from CitiBank informing me that my inactive credit card will be cancelled on 12/28/09, the credit line will be reduced to $100 on December 1. Nice to know in advance on the off chance that I might want to use it on Black Friday. IIRC, when one of my other cards was cancelled, the bank informed me three weeks after the cancellation date.

Can’t blame the banks for freeing up credit for their good customers who might actually carry a balance. Most of my inactive accounts were started because of a great deal like: open an account, bank will send an iPod, $50.00 or $100 gift certificate, etc.

What are the odds that banks will go after active accounts, say of bad customers who pay the balance off every month?
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Old 11-26-2009, 05:37 PM   #15
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What are the odds that banks will go after active accounts, say of bad customers who pay the balance off every month?
You would be a transactor in credit card speak. You would still be profitable with the right volume and you are low risk. From this document
Quote:
… indeed, MasterCard's own documents confirm that its issuers earn at least a 15% return on equity with some "pure transactors" – those transacting sufficient volume.
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Old 11-26-2009, 06:12 PM   #16
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advanta dropped me about 6 or 8 months back i think...opened it for a 0% balance transfer....so it didnt bug me much
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Old 11-26-2009, 07:50 PM   #17
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PENFED called unsolicited to RAISE my credit limit. While on the phone I asked for a different card. End result I went from a single platinum card with 20k limit to two platinum cards with 50k each?? I wonder what they'll say when I ask for their new amex travel card too??
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Old 11-26-2009, 08:50 PM   #18
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Most interesting thread. I received an unsolicited and pre-approved VISA Black card mailer yesterday. (Sounds racist doesn't it?) ahem: I'm sure most of you guys didn't get one, since they stated very clearly that these exclusive mailers only went to "uniquely positioned" people consisting of only 1% of the US population. <snort> <snicker>
Anyway, just for grins and chuckles, I started reading the fine print, and lo and behold, there it was......a $495 annual fee.
Let's break down what they mean by "uniquely positioned". Uniquely means "you look stupid" Positioned means "bend over and grab your ankles"

The application went straight to file 13, in many more pieces than was originally mailed. I'm not unique, nor am I "positioned".

lol
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Old 11-26-2009, 08:59 PM   #19
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The application went straight to file 13, in many more pieces than was originally mailed. I'm not unique, nor am I "positioned".

lol
But even then it may not be safe.
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Old 11-26-2009, 09:14 PM   #20
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But even then it may not be safe.
Well I guess the only answer is vermiculture then.

Saw a YouTube gardening video where a woman was giving a tour of her organic veggie garden, chickens, beehives, etc. When she got to the worm composting bin she stated that when she needs to dispose of confidential client files, she shreds them and feeds them to the worms. The files end up as worm castings in her garden!
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