What's the lowest amount a credit card company will set you up with?$1000 threshold?

[BrentCrude]

I got hooked on bank checking and savings bonuses and they are a partial source of money to invest in sportsbook betting.I never took out a credit card in my life but saw all these $100 first time credit card bonuses so I applied to the 4 major credit card companies.I received authorization from each that my threshold was $1000 spending limit and $200 can be cash advances.Not that I will ever borrow or run any kind of a balance before I cancel them in a few months,I thought the limit was pretty low.

My credit rating is excellent so I thought this was pretty funny.

[picantel]

I assure you if you continue doing this your credit rating will not be so excellent very much longer. 1/3 of your credit is made up of revolving credit use. 1/3 on how 'clean' it is. 1/3 on various other sundries such as age of credit.

This is what happens when you apply and receive 4 credit cards. First, you take a small hit from the hard inquiries which will stay on your credit for 2 years. When they report in 1-2 months you will have 4 new accounts which will lower the average age of your entire credit file along with the average age of all revolving credit. If a current credit holder does an account review and sees 4 new credit files(all credit cards) there is a 50/50 chance they will think you are running up credit before not paying(happens all the time) and will either cancel your current card or lower your current credit limit.
Now let's say in a few months you cancel those cards. They will immediately stop aging and become, for the next 10-13 years on average depends on the credit bureau, a barely aged revolving credit line which will affect all other credit lines.

The higher your credit score the more of a negative effect these will have. Bottom line, those $100 bonuses could end up costing you thousands in future loans so I would advise not doing it again.

[picantel]

Oh, as per your original question. Target's store charge card starts off around 200-300. Walmart's charge card(not the discover one) starts off around $100. Orchard bank and other household finance cards usually start off 300-500. Of course, you have the crappy ones like centennial and first premier bank which start you off 250-300 minus a couple hundred in fees.

Believe it or not many credit cards will start you with the average of your credit cards currently on file. If you want to receive a large card then over the years gradually raise your current credit limits. Of course, with the current financial situation in the US many are starting off much lower than normal. It will eventually even out though once the economy recovers.

[BrentCrude]

Picantel.I didn't activate them yet because it was weighing on my mind as to what you were saying.I never plan on taking out a loan because I have a sort of different lifestyle but it's always a possibility.

[picantel]

Activating may not make a difference. I applied for and received a cap1 card(my bad I know lol) and never activated it and it is still on my credit. If you want, and this is up to you, then email me at picanteL@gmail.com and let me know what is on your credit. No not the name of the credit cards just something like:

cc#1 age 19xx balance xx credit limit xx
and so on

If you never need a loan that is awesome but just in case someday you need a car loan or mortgage, ect.

[biggamer3]

CAP1 is the WORST!!!

I have 8 credit cards, 4 from Chase, and i have awesome credit

7 of them i have limits of 10K plus, on the Crap1 i have a limit of 800!

assholes upped me from 500, thats the only card i never use

[daggerkobe]

I got two cards from Capital One..... $5k and $4k limit. Plus they sent me balance transfer checks with a lifetime fixed rate of 3.9%. Very nice.

But the lowest limit I got was $300. I only applied cause it was a rewards card. Now they upped it to $800 cause I kept maxing it and paying it off every week just so I can accumulate pts.

[picantel]

Crap1, or crapital1 as credit people call them, are at least improving in one area- credit reporting. They used to refuse to report credit limits which made even a $1 balance look like your card was maxed out. They admitted in court that they do this to lower your credit score so you would not qualify for a credit card with another company. totally low class scum.

[max_asdf]

capital one is garbage
they have shit commercials.. so fcking annoying

[durito]

Many subprime type credit card lenders will issue misleading cards to people with terrible credit.

They have $300 limits, and they hide about $175 of annual fees in the fine print. So, they person will get the card, spend $200, and then when their bill comes, they owe $175 in annual fees, $200 charges, and $50 over the limit fees, and an APR of 29%.

[picantel]

Many subprime type credit card lenders will issue misleading cards to people with terrible credit.

They have $300 limits, and they hide about $175 of annual fees in the fine print. So, they person will get the card, spend $200, and then when their bill comes, they owe $175 in annual fees, $200 charges, and $50 over the limit fees, and an APR of 29%.

Amen to that. They state oh this will help your credit but they really do not since the real credit card companies know those $300 limit cards are crap and will just ignore them. The only way they can possibly help is a non-reviewed card that goes strictly on credit score so you are gonna need that crap card for at least a couple years.

[max_asdf]

Many subprime type credit card lenders will issue misleading cards to people with terrible credit.

They have $300 limits, and they hide about $175 of annual fees in the fine print. So, they person will get the card, spend $200, and then when their bill comes, they owe $175 in annual fees, $200 charges, and $50 over the limit fees, and an APR of 29%.

o m g ?

[picantel]

Account Set-up Fee: $29.00 (one-time fee)
Program Fee: $95.00 (one-time fee)
Annual Fee: $48.00
Monthly Servicing Fee: $84.00 Annually++
Additional Card Fee: $20.00 Annually per card, (if applicable)
Monthly Account Maintenance Fee $3 per month on closed accounts with an outstanding balance of $20 or more.Credit Limit Increase Fee: Each time your Account is eligible and approved for a credit limit increase, a $25.00 fee is imposed.
Internet Access Fee: $3.95 (one-time fee)
We impose an $11.00 charge for each payment made through an autodraft service we provide.

The initial minimum credit limit will be at least $250 and the following fees will be billed to your first statement: Account Set-Up Fee of $29.00, the Program Fee of $95.00, the Annual Fee of $48.00, the Additional Card Fee of $20.00 per card (if applicable) and Monthly Servicing Fee of $7.00. These fees will reduce your available credit until they are paid. If you are assigned the minimum credit limit of $250 your initial available credit will be $71 ($51 if you select the additional card option).

[max_asdf]

does mbna do this crap?

[picantel]

MBNA technically does not exist. The most horrible credit card company in the world, bank of america, bought them out awhile back.

[daggerkobe]

Every card offer comes with a fee schedule in easy to read large block letters so if you sign up for one of those scam cards then it's your fault.

None of my cards have fees, not even annual fees.

[max_asdf]

MBNA technically does not exist. The most horrible credit card company in the world, bank of america, bought them out awhile back.

why are they still around now then????

[bmw530i]

This place was so sick. anything you wanted cardersmarket.com they busted a few in Morristown NJ...anybodys credit you wanted

[picantel]

why are they still around now then????

could still have their own name. Here is the article


Bank of America Completes $34.2 Billion MBNA Purchase
By Will Edwards, http://www.Bloomberg.com ; 01/02/06
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Bank of America Corp. became the No. 1 U.S. credit-card issuer today as it completed its $34.2 billion acquisition of MBNA Corp.

The second-biggest U.S. bank by assets, Bank of America completed the purchase after receiving approval from shareholders and regulators. The bank said in a statement that MBNA Chief Executive Officer Bruce Hammonds will run Bank of America's card division from MBNA's former headquarters in Wilmington, Delaware.

The purchase vaults Charlotte, North Carolina-based Bank of America past American Express Co. and JPMorgan Chase & Co. with a combined $140 billion in outstanding credit-card balances. Bank of America, also the top issuer of U.S. debit cards, will try to sell its products to owners of MBNA accounts and use its affinity marketing programs to retain existing customers.

``The ability to utilize those marketing programs is going to be enormous for Bank of America,'' said Richard Bove, an analyst for Punk Ziegel & Co. in Pinellas Park, Florida. ``You'll see a significant increase in the bank's credit-card activity now that they have MBNA.''

The U.S. credit-card industry is now the realm of five top companies: Bank of America, American Express, JPMorgan, Citigroup Inc., all based in New York, and McLean, Virginia-based Capital One Financial Corp. Collectively, they control about three- quarters of the $700 billion in outstanding balances on general- purpose credit cards, based on 2004 figures compiled by the Nilson Report, an industry newsletter.

MBNA holders will receive 0.5009 Bank of America share plus $4.125 cash a share, or $27.24 based on Dec. 30's $46.15 closing price for Bank of America stock. MBNA shares closed at $27.15.

`Scale'

``You have to have scale in this business,'' Bove said. ``By doubling the size of their credit-card business, Bank of America will lower their cost of handling each individual account.''

Bank of America said today it expects to record $1.3 billion in ``restructuring'' costs. The bank said when the deal was announced June 30 it would cut $850 million in annual combined costs by the end of 2007, in part by slashing 6,000 jobs.

Bank of America Chief Executive Officer Kenneth Lewis, 58, said last month at a New York conference hosted by Goldman Sachs Group Inc. that the bank is ``sticking to'' its original forecasts for the merger.

The bank also predicted it would lose about 7 percent of MBNA's revenue as rival banks that worked with the issuer take business elsewhere. Wachovia Corp., the No. 4 U.S. bank, said Nov. 3 it was ending its joint-marketing agreement with MBNA, choosing instead to jump-start its own credit-card operation.

MBNA, which is retaining the Wachovia-branded loans, will pay $100 million to terminate its side of the venture.

Partners

Abbey National, a London-based bank owned by Banco Santander Central Hispano SA of Spain, may be the next to end its relationship with MBNA, Charles Peabody, an analyst at Portales Partners in New York, wrote in a research note Dec. 30.

The loss of Abbey, which contracted its card business to MBNA in 2001, could cost Bank of America $48 million in profit and as much as $170 million in revenue, he wrote. Other defections may come from AmSouth Bancorp, Merrill Lynch & Co. and Charles Schwab Corp., he said.

On Dec. 21, Bank of America said American Express had agreed to be a new credit-card partner. The bank will begin issuing American Express cards in the U.S. this year as part of a bid to attract wealthier customers. Bank of America will own the customer loans, while American Express will reap more in transaction fees paid by merchants.

``Bank of America has now become a scale player in credit cards,'' said Jeff Harte, an analyst at Sandler O'Neill & Partners LP in Chicago. ``The more accounts and balances you can spread over your essentially fixed-cost process system, the better the economics get.''

Nationwide Rival

MBNA is the second-largest in a series of deals that transformed Bank of America from a regional bank serving the southeastern U.S. into a nationwide rival to Citigroup, the largest U.S. bank, and No. 3 JPMorgan Chase. Bank of America's Lewis, who has spent more on acquisitions than any other U.S. bank CEO in the past two years, also orchestrated the $48 billion purchase of FleetBoston Financial Corp. in 2004.

Lewis said in an interview last month that he will probably focus on boosting sales internally, rather than buying more businesses, as the bank integrates the MBNA purchase.

``I just don't see anything out there that would actually enhance our platforms, so we're investing in all of our businesses to grow organically,'' Lewis said.

Limited By Regulation

Bank of America is also limited by regulations. With the MBNA purchase, its share of U.S. deposits rose to just under the 10 percent regulatory cap for U.S. financial institutions. While the bank can grow beyond that, it can't do so through mergers.

While Harte said that a new bankruptcy law restricting the ability of consumers to erase credit-card debt will boost the bank's bottom line this year, David Robertson, publisher of the Nilson Report, said competition will be fierce.

``Rewards are going to become more lucrative,'' Robertson said. ``They'll need to make their rewards beneficial and easily obtainable since they know the other guys are going to be offering the best reward package that they can muster.''

Bank of America will seek to beat its rivals in part with MBNA's affinity marketing program, a program the company created.

MBNA began as the Newark, Delaware-based credit card arm of MNC Financial Inc. Charles Cawley, who ran the card division, in 1982 persuaded his alma mater, Georgetown University, to endorse MBNA's cards in exchange for a cut of revenue generated from the school's alumni. That marked the birth of affinity marketing.

Facing mounting debt, MNC Financial hired shareholder Alfred Lerner in 1990 to orchestrate a turnaround. Lerner, who wanted to sell MBNA to raise cash for MNC, was unable to reach a deal. As a result, the company had an initial stock sale in January 1991, making it the first independent credit-card issuer.

``The affinity program was MBNA's raison d'etre,'' said Robertson. ``Now everybody knows that you have to have partners to excel.''

[BrentCrude]

I just got the Bank of America one and that's a bit higher limit probably because I'm already a customer with them through another signup bonus promotion for checking.