- Joined
- Sep 10, 2006
- Messages
- 4,113
Hmmmm...received a notice that my cc has been "upgraded", with additional benefits like points for purchases, etc., at no cost to reward me for being a "valued customer". However, the small print reveals:
"as a result of this upgrade, your account will have a revolving line, rather than a preset limit. This does not mean that all transactions will be approved. We will consider transactions for approval on an individual basis, including transactions in excess of the revolving line....Your revolving line, which may also be referred to as a credit limit, will be disclosed to you when you receive your card, and generally, on each monthly statement. We may change your revolving line from time to time."
We only use this card for a few hundred bucks (if that) every month, and always pay it (and our other major cc) off in full every month. I read that with a revolving line, they report my highest balance to the credit report agencies. So if we hold a low or $0 balance, that is reported, and it will negatively affect our credit score.
I have the option of not participating in this upgrade, but I have to call to opt out. What a pain. I plan to opt out...unless someone here tells me the info above is incorrect and/or it is better to have a revolving line of credit than a preset spending limit. Feedback?
"as a result of this upgrade, your account will have a revolving line, rather than a preset limit. This does not mean that all transactions will be approved. We will consider transactions for approval on an individual basis, including transactions in excess of the revolving line....Your revolving line, which may also be referred to as a credit limit, will be disclosed to you when you receive your card, and generally, on each monthly statement. We may change your revolving line from time to time."
We only use this card for a few hundred bucks (if that) every month, and always pay it (and our other major cc) off in full every month. I read that with a revolving line, they report my highest balance to the credit report agencies. So if we hold a low or $0 balance, that is reported, and it will negatively affect our credit score.
I have the option of not participating in this upgrade, but I have to call to opt out. What a pain. I plan to opt out...unless someone here tells me the info above is incorrect and/or it is better to have a revolving line of credit than a preset spending limit. Feedback?