Revolution Card $50 off at Buy.com Promotion

Its just a credit card. They will gladly give you $50 store credit in the hopes that you will use the card and they will eventually make money off you in interest fees. Just like the Sony Card giving you $150 or a miles rewards card.
 
lol i'm gonna sound like some slow 12 year old but i don't know much about credit cards.
the only credit card i have is my tcf debit card that doubles as a credit card. so bear with me.

are you saying i can sign up for this card use the $50 off promotion. never use this credit card again. and forget about it? there are no other fees or obligations as long as i don't use the card?
 
Do like i do. Sign up for the card right there, purchase whatever you were going to purchase. Pay the card off, cancel it. Thats what i did with my Soyo monitor. Got the officemax card, instant 10% off (40 bucks) on the monitor, when the bill comes i'll pay it off and cancel the card :)
 
Tons of credit cards have promos that include cash back or credit on your first purchase. $50 is nothing either, some cards offer up to $250 cash back after first purchase.

Getting the card, using it once for the cash back, and never using it again can lead to getting bad credit. You build credit by having a card, using it, and making payments on time. Not using a card wont allow you to build credit and Ive heard in some cases, makes your credit worse.

I wouldn't even touch the revolution card. Not yet at least. They have a list of a whole 70 stores (online, and B&M) where you can use it. It may seem like a lot, but its nothing. Visa/Mastercard are accepted EVERYWHERE.

Also, I could not find any info on the intrest rates and the like on their site anywhere. Its probably mad high.
 
Most credit cards like that give you some sort of promo.

Credit cards themselves are annoying, particularly the people who use them and let 20% interest rack up, ending up in a government bailout that saps my pocketbook which, by the way, does not contain any credit cards whatsoever.

NOT HOT.
 
Yeah having too much credit cards is not good. Say you have 3 cards and when you go for a loan they will take into account that you already owe what ever the limit is on those 3 cards. Applying for a card and cancelling is also not good
 
can anyone explain why its bad for your credit if you get a card, use these promotions, and then never use them again?

just wondering what is the logic behind this.

would my credit be better if i got the card, used the promotion, and racked up more debt?

not understanding what the justification is for lowering/hurting your credit for cashing in on these deals responsibly.
 
rafiki121 said:
Yeah having too much credit cards is not good. Say you have 3 cards and when you go for a loan they will take into account that you already owe what ever the limit is on those 3 cards. Applying for a card and cancelling is also not good
Click to expand...

Credit misinformation couldn't be any more rampant these days...

Credit companies report your current balance to the 3 major credit reporting agencies. You credit limit is NOT reported as your balance.

Visit www.myfico.com and stop spreading incorrect information. I don't care who told you. It's wrong.
 
http://soundmoneytips.com/article/23158-tips-on-consolidating-credit-card-debt
5. Cancel Old Card(s) - First off, plenty of people out there have trouble avoiding the temptation of an open credit line. Second, too many open lines of credit can affect a person's ability to qualify for a mortgage or a car loan. Lenders view any open credit lines on all unused credit cards sitting in a consumer's wallet as potential outstanding debt.
I know what im talkinig about
 
hmm i'm getting confused. so is it better to sign up for these credit cards, use the promotion, and then keep the card and never use them? or better to just cancel the card after the promotion. or is there some other option thats better than either of them.

basically whats the best way to cash in on these sign up bonuses without hurting your credit.
 
just dont sign up for them at all if you have no use for them. Signing up for one is not gonna hurt you at all. But if you open too many its not good. Also opening and canceling looks bad on you
 
right now i only have a tcf debit card that i use to buy everything. i don't think those build any credit. so i'm looking into getting my first credit card that i can use in place of the debit card for my everyday expenditures.

can anyone link me to a good credit card i can take a look at?
preferably one with a big cash signup bonus and no annual fees.

let me see if i'm clear on this. a low apr % shouldn't matter much to me if i plan on keeping the balance on the card at $0 every month right?
 
rafiki121 said:
http://soundmoneytips.com/article/23158-tips-on-consolidating-credit-card-debt
5. Cancel Old Card(s) - First off, plenty of people out there have trouble avoiding the temptation of an open credit line. Second, too many open lines of credit can affect a person's ability to qualify for a mortgage or a car loan. Lenders view any open credit lines on all unused credit cards sitting in a consumer's wallet as potential outstanding debt.
I know what im talkinig about
Click to expand...

Canceling old cards lowers your average credit age, which in turn lowers your score. Don't tell me you know what you're talking about because you found a website that backs up your line of thinking.

Myfico.com is the OFFICIAL site of the company in charge of most credit scoring. Banks use it, Auto Dealers use it, Mortgage companies use it. No other site can give you more accurate information.

You shouldn't ever cancel a card unless it has an annual fee that you don't wish to pay anymore.

Creditboards.com is another good resource for credit information.
 
Heh, so for once, getting a credit card for a 0% offer then never bothering to cancel it because i'm lazy works out for me. Yay, for laziness.
 
As a general rule, I wont open a new card for less than a $100 bonus... You will get a temporary ding on score from the inquiry, and a bit more from average credit age... Also, this company only has one card, there is no easy way to merge it into an older line from the same issuer... Citibank has a $100 bonus for a card on their front page... get that instead.
 
So if you were to go for a mortgage, those that are selling will see that you closed a credit card? And even if they did, how does that look bad again?

EDIT: I see that it's confirmed that closing old credit cards does in turn lower your credit score? In addition to that, having open lines of credit also makes you look bad, because, as someone noted, it is regarded as potential outstanding debt, even if they are entirely paid off?

Therefore, I guess it's not good to open credit cards?

I think there's more to the story. Thanks for the heads up anyway, guys. Looks like I need to do alot more research.
 
It's good to have a credit. It's bad to owe too much on credit though. If you have multitude of credit cards, it's best to cancel those with highest interest rates.

It is good to have some type of credit card, even if you never use it.

If you owe a balance on too many cards, lenders look at your outgoing income compared to you incoming income. If the total you owe is $30,000 across 6 CCs, chances are, you aren't going to get a loan or even another CC.

Having a long standing credit with a bank is good because it shows a history. If that history is good (on time payments), it's good for you.

If that history is bad, best thing to do is pay it off and cancel it. If you're constantly late, then you shouldn't have it to begin with. You probably shouldn't be applying for any new cards unless you can consolidate your debt.

As to the OP, all it is is a credit card. You apply, if you qualify, you use it to purchase something, and they take $50 off. You can use, pay it off, and cancel it. Most likely, it will hurt your score, but by only a FEW POINTS. Not enough to even sweat it. 2 months time, it'll be back to where it was.

If you have any doubts, more than likely, don;t do it until you find out the facts of what you're getting into. Latest Bankruptcy laws state that even outstanding debt is no longer erased. You can thank Bank lobbyist for that one.
 
Radagast~mod said:
As a general rule, I wont open a new card for less than a $100 bonus... You will get a temporary ding on score from the inquiry, and a bit more from average credit age... Also, this company only has one card, there is no easy way to merge it into an older line from the same issuer... Citibank has a $100 bonus for a card on their front page... get that instead.
Click to expand...

thanks rada. anyone else know of any other cards that have a cash bonus of $100 or more?

and can anyone answer my question about the APR %?
 
Can we fucking ban credit card offers from [H]otDeals? I get enough offers by snailmail and email.
 
sorry sorry, didn't actually know it was a credit card when i posted. thought it was just some in house promotion at buy.com

but thanks to everyone for all the info. was very educational
 
shocksyde said:
Canceling old cards lowers your average credit age, which in turn lowers your score. Don't tell me you know what you're talking about because you found a website that backs up your line of thinking.

Myfico.com is the OFFICIAL site of the company in charge of most credit scoring. Banks use it, Auto Dealers use it, Mortgage companies use it. No other site can give you more accurate information.

You shouldn't ever cancel a card unless it has an annual fee that you don't wish to pay anymore.

Creditboards.com is another good resource for credit information.
Click to expand...

I never said anything about canceling the card. All i said was having too many credit cards will affect you when you are going for a loan and I showed a site to back it up. If your going to open a card and never use it then whats the point. Opening a card will lower your point but it wont affect it much. So my opinion is to open a card if you are going to use it. And yes closing an old account will lower your score but that will boost right back up in matter of months. So unless you can show me a sight stating that having too many credit cards wont affect your loans then for now I do know what I am talking about. Dont just go give me the link to myfico.com because it says nothing there.
 
The only possible way I can think of that signing up for this credit card will hurt you is if they perform an HARD inquiry check on your credit history. I'm guessing not since I signed up for a revolutionarymoneyexchange.com account and no such thing happened, but this afterall they're trying to compete with google checkout and paypal in that realm and it's credit so it might be different.
 
I think this is pretty hot. It's a free $50 giftcard essentially. Just pay off whatever you buy right away and never use it again. Whats the big deal?
 
rfadream said:
can anyone explain why its bad for your credit if you get a card, use these promotions, and then never use them again?

just wondering what is the logic behind this.

would my credit be better if i got the card, used the promotion, and racked up more debt?

not understanding what the justification is for lowering/hurting your credit for cashing in on these deals responsibly.
Click to expand...

Ok, here's how it works... any time you apply for something ( a loan, a credit card, mortgage etc...) the company involved will check your credit. EVERY time a company checks your credit, you lose some. You can quickly gain this back by never being late on payments, carrying a balance that you quickly pay off, and staying with the same card company for expanded periods of time.

Getting one of these cards is not a BAD idea per se, but getting alot of these cards is. I mean, it shows on your credit report when you do this, and it does not look good to people who care.
 
Bugster said:
I think this is pretty hot. It's a free $50 giftcard essentially. Just pay off whatever you buy right away and never use it again. Whats the big deal?
Click to expand...
lol go ahead then. The more credit cards you have open, the more your credit score gets hurt by the credit scoring companies, especially if they are no limit cards and you don't use them. When credit utilization calculation takes place and you have a balance of zero, it all figures into a formula that ends up lowering your credit score. When you cancel a card, that also hurts your credit score according to most credit scoring companies. When you foolishly open lines of credit, it ends up biting you in the butt in some way or another. Even if you apply for a job they sometimes look at your credit and how many credit cards you have to see if you overextend your spending habits to determine if you'd be a reliable employee. I know my work does.
 
If you ever plan on buying a home, limit yourself to one or two credit cards. When I bought my house a credit check was done and I had 6 credit cards that I had not used in so long that I did not even know I had them any more. Each card was seen by the bank as potential debt thus lowering my total credit score.
 
I have 6 credit cards, and my credit score is 760. I know because i just bought a car. Oh, and i dont carry a balance on any of my cards and im 25. I dont think the amount of cards you have really matters.

just dont cancel them.


second edit: actually, i have more than 6 credit cards. I cant even count them.
 
Bugster said:
I have 6 credit cards, and my credit score is 760. I know because i just bought a car. Oh, and i dont carry a balance on any of my cards and im 25. I dont think the amount of cards you have really matters.

just dont cancel them.


second edit: actually, i have more than 6 credit cards. I cant even count them.
Click to expand...

Interesting you go from saying you have a definite number like 6 to not even being able to count the amount you have.
 
i dont keep them all in my wallet...o_O

Besides, i was just trying to make a point. This is getting out of hand.
 
I'm 35 and my credit score is 752. I know because I own 2 investment properties and check my score regularly.

I have 10 credit cards and only 1 carries a balance because it's 0% apr until June. Before then I'll pay if off completely of course. I also have a student loan, paid regularly each month.

The card I use regularly for every day purchases like Starbucks, BB, etc., I pay off completely each month.

This is how you build positive credit. Accruing and clearing debt.

In most cases, those promo cards have a horrible interest rate and a yearly fee that's is bizarre (30-60 bucks or even 100+ for Amex Gold.) Getting one and cancelling certainly lowers your FICO score for a few months, doing it repeatedly lowers your score longer and if you're buying a house, a financing officer is just looking for a reason to ding you these days.

I agree that Credit card deals should be a nono here.
 
this card has no annual fee, which makes it a good deal. Just get and shred it. It doesnt hurt you unless you cancel it or dont pay off your monthly balance.

I use a Visa card from Amazon as my daily card for everything from lunch, to gas, to groceries. It has horrible rates, but since i pay my balance every month, i can care less about the rate. I only use it because i get bonus points towards Amazon purchases.
 
Many a time No-annual fee cards turn into Annual Fee cards.

They send you a slip of paper in the mail with ALOT of very small print. That's your notification.
 
I love credit cards that offer protection and give cash back...Just pay them off every month, use for more secure transactions and collect the cash back. :)
 
Red_Six said:
If you ever plan on buying a home, limit yourself to one or two credit cards. When I bought my house a credit check was done and I had 6 credit cards that I had not used in so long that I did not even know I had them any more. Each card was seen by the bank as potential debt thus lowering my total credit score.
Click to expand...

So I was correct. Shocksyde now I have two sources telling me this. What you have?
Now I definitely know im right. Heres a post in MYFICO.COM
http://ficoforums.myfico.com/fico/b...ralcredit&message.id=6990&query.id=2065#M6990
So if you dont know what your talking about dont go around saying that others dont!
 
I wouldnt consider forum posts to be very credible sources. And as for Red_six, you dont know what his original credit score was, for all i know he may have a really low score to start and the bank loan was just looking for more reasons to pass on him. If you have really good credit to start, it really doesnt matter TOO much.
 
Well I showed it from two diffent sites stating it does matter. Maybe I might be wrong but show me something stating it otherwise i think im right.
 
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