Early Retirement & Financial Independence Community

Early Retirement & Financial Independence Community (http://www.early-retirement.org/forums/)
-   FIRE and Money (http://www.early-retirement.org/forums/f28/)
-   -   Why you may want to have 2 credit cards (http://www.early-retirement.org/forums/f28/why-you-may-want-to-have-2-credit-cards-63802.html)

veremchuka 11-21-2012 03:51 PM

Why you may want to have 2 credit cards
 
I got a call yesterday afternoon from the bank that I have my cc with. Someone was making purchases out of the norm and they wanted to know if I was doing it, amazing how closely they monitor purchases! Somehow someone got my cc info and made some purchases so they closed the account immediately.

It's going to take 2-3 business days to get the new card but initially it was 5-7 business days. I use the card for everything and that wasn't going to cut it so they offered to do it in 2-3 and waive the fee to ship it so fast.

I have an additional cc I seldom ever use but now until I get the new cc this is how I can still buy stuff, no small deal really. I never thought it made sense to have 2 cc, the 2nd allowed free shipping and returns w/o s&h costs at a retailer so I got it a few years ago but seldom ever buy anything from them now. I'm glad I kept it.

KingB 11-21-2012 04:12 PM

My bank sends me an alert as soon (almost immediately) as a charge has been made on my card. Hopefully, I can catch the fraudulent use the first time it is used and prevent more from being charged.

Check that your 2nd card has not expired.

HawkeyeNFO 11-21-2012 04:13 PM

Only 2? Everytime they offer sign-up bonuses that are worthwhile, I'm applying. Traveling by air with a family of 5 could be expensive if I didn't do that.

Mulligan 11-21-2012 04:23 PM

A couple years ago, credit card companies were closing accounts on dormant ones. I have 7 or 8, but really only used one. Started rotating in a couple more so they wouldn't close them. I expected them to close the other ones, but as of now they still haven't and even send offers to use them still. I should cancel them, but too lazy to, I guess.

Rustward 11-21-2012 05:10 PM

Quote:

Originally Posted by veremchuka (Post 1250462)
... amazing how closely they monitor purchases! ...

The same computers that keep you from overcharging your account are doing fraud analysis among other things. After all, it's their money you are spending until you get billed and pay.

Spanky 11-21-2012 06:20 PM

In case one of them puts a hold on your account. Pen Fed always declines purchase whenever we travel out of town. We have to call them to re-instate it.

traineeinvestor 11-21-2012 06:21 PM

I have three. Not only do I get the security of knowing that I will not be stranded if there is a problem with one card, it can save some money when using one of them qualifies me for a discount of some kind that I wouldn't get on the others.

easysurfer 11-21-2012 07:10 PM

I have four, but only regularly use two.

If I go on a trip for a long time, I bring along a primary, and a backup, and a just in case backup #2 ;D. Otherwise I only carry two in my wallet.

scrabbler1 11-21-2012 07:21 PM

As Mulligan mentioned, CC companies began closing dormant accounts. I had two of my dormant cards closed in 2009, not that I cared. I so rarely use my CC (maybe 5 times a year) that having more than one does not seem very important. I think I have a second one open but have never used it. I consider my debit card to be a backup card, at least something plastic I can use if my CC goes down.

Disappointed 11-21-2012 07:26 PM

Just happened to me yesterday. I am in Bangkok, too lazy to notify my CC company before my trip. I was able to use my Visa card twice, the third time with the same merchant was declined. Amex is not accepted at this merchant so I paid cash. My Amex works flawlessly with merchants that accept Amex. Perhaps charging my airline ticket on Amex automatically alerting them of my trip. I try not to carry multiple CC while traveling.

Dawg52 11-21-2012 09:54 PM

I never have problems with my 2 credit cards, until today. This morning I go to a grocery store and charge to one of my cc with no problem. Later in the day I go to Dollar General and the same cc was declined saying 'invalid cc'. I tell the clerk I just used it in the morning and he tries it again, but get the same message. So I pay cash and leave pissed.

Just checked my cc acct but no problems are noted. Must be a screw up on DG's computer, but it is embarrassing when your in line trying to charge something and everybody is looking at you like you are trying to pull a fast one. I will just go to Walmart next time.

AWeinel 11-21-2012 10:01 PM

Quote:

Originally Posted by Disappointed (Post 1250548)
Just happened to me yesterday. I am in Bangkok, too lazy to notify my CC company before my trip. I was able to use my Visa card twice, the third time with the same merchant was declined. Amex is not accepted at this merchant so I paid cash. My Amex works flawlessly with merchants that accept Amex. Perhaps charging my airline ticket on Amex automatically alerting them of my trip. I try not to carry multiple CC while traveling.

ALWAYS call before you travel. ALWAYS

Meadbh 11-21-2012 11:31 PM

Quote:

Originally Posted by AWeinel

ALWAYS call before you travel. ALWAYS

I have had my credit card denied twice, once in Paris, France (woo hoo, unusual activity!) and once in Jeddah, Saudi Arabia. After my experience in Paris I got a second credit card. I also notified the credit card company a week before my visit to KSA, and told them where I would be staying. Yet, it was the act of registering at the hotel (a Marriott) that triggered the alert on their system. Moral of the story: always have a backup.

RetireBy90 11-22-2012 05:43 AM

I use Amex when we travel, they have been good at resolving disputes and invalid charges.

DW recently made a web purchase from a UK company, it was denied cause out of country :)

Idnar7 11-22-2012 06:55 AM

I have four cc. For a while now I have been getting "0 interest for one year" offers from them. Lately with low (0 or 1%) transaction fees. This has allowed me to pay off three cc balances (about 8k total) with no interest paid over the last couple years. Will enter 2013 with no cc debt.

donheff 11-22-2012 07:06 AM

I was in a remote part of Grand Cayman a week ago where I couldn't get a cell signal. I had forgotten to notify my CC companies of travel. The main card refused to accept charges. Luckily I had backups that worked. The main card also suspended all payments (I use it for lots of auto-pays). That part irritated me. It is easily foreseeable that card holders will forget to notify companies of travel. OK, refuse the overseas charges and any other questionable charges. But routine transactions that occur every month? You can't program your systems to distinguish and continue those?

frayne 11-22-2012 07:10 AM

One card here and I get an alert anytime more than $500 is charged to it. When traveling I carry some emergency cash in the event of a CC problem.

Dawg52 11-22-2012 07:29 AM

Quote:

Originally Posted by Spanky (Post 1250527)
In case one of them puts a hold on your account. Pen Fed always declines purchase whenever we travel out of town. We have to call them to re-instate it.

How far off are you talking about? When I have visited family within the S.E. or just a couple of states over from me, I have not experienced this with PF. I wonder how they would handle your purchases if you call them in advance?

rbmrtn 11-22-2012 07:30 AM

Quote:

Originally Posted by Dawg52 (Post 1250590)
I never have problems with my 2 credit cards, until today. This morning I go to a grocery store and charge to one of my cc with no problem. Later in the day I go to Dollar General and the same cc was declined saying 'invalid cc'. I tell the clerk I just used it in the morning and he tries it again, but get the same message. So I pay cash and leave pissed.

Just checked my cc acct but no problems are noted. Must be a screw up on DG's computer, but it is embarrassing when your in line trying to charge something and everybody is looking at you like you are trying to pull a fast one. I will just go to Walmart next time.

Had that happen at walmart once. It was their card reader. Went to CS desk and they ran it through there, no problem.

Also I found the dollar stores only take some cards. Went to DollarTree, they couldn't take MC but could take VISA.

rbmrtn 11-22-2012 07:34 AM

I have one CC I use for almost everything, it has 1.5% cash back ( had Schwabs 2% till they cancelled the program ).

Have a bunch other that I never use, Just got one from amazon because came with an instant $50 off on an order I was placing. Same with an ebay card. I just throw them in a draw and never use them.


All times are GMT -6. The time now is 07:18 AM.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.