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Email this9:05 am
November 26, 2008
Offline
Ok, experts in rewards and credit hits, I have a question which requires your knowledges and opinions.
Here's my dilemma: I never use amazon.com to shop but I have to replace some parts on my road bike and the only place where it is in stock is via amzon.com. Now those 2 parts come to a total of $43.40 and when I come to checkout I got this eye appealing interesting and captivating offer that says I can save an instant $30 if I do sign up with the amazon.com Visa card and make my purchase with it!
The fine prints are all available on the amazon website: http://www.amazon.com/gp/cobra.....;place=huc
Get the Amazon.com Rewards Visa® Card and you'll automatically get $30 back after your first purchase.
Get $30 Back
Your Amazon.com Visa Card account will automatically be credited $30 within a few days of your first purchase with the card. The discount will appear as a credit on your credit card statement.
Get Instant Credit¹
Instant use of the card after approval.
No Annual Fee
So the dilemma comes to, is it worth a credit hit on my record to save $30 on an order of $43.40? I don't need the bike parts right now, it's just pure esthetics since these parts still work fine but were damged when I got my bike crash during my race 2 weeks ago.
I already have the MBNA SmartCash, the ScotiaBank Visa L'EARN and the NB Ultramar Mastercard so I'd use the amazon.com just for the $30 and then forget about it like I did with my Ultramar after I got my SmartCash.
The day you become free is the day you work for fun.
12:31 pm
December 12, 2008
Offline
Most maybe cauious about Credit card hits, but in reality one should only worry if you fall into one of the 2 categories when applying for Credit.
1) You intend to apply for a Mortgage within the next 12 months.
Reason is that having too much credit available to you is seen as a negative when applying for a Mortgage. Though they may just ask you to close some of your credit card accounts before they approve you.
2) You have a less then good Credit score (Less then 650)
Most likely you will be declined which basically means your score is now less and you wont end up any better because you wont have the account requested.
If you do not fall into any of the 2 categories, then go ahead and apply. Yes your score will drop due to the Credit Hit, but the score will recover within the next 12 months. The score will also increase once the new credit is approved as now the ratio of Total Credit used to Total Credit available will decrease taking a positive effect on the Score.
djino
11:39 am
November 26, 2008
Offline
I currently have used most of my credit available on my MBNA Smartcash and I have scheduled my full payment online 2 days before the deadline of my statement as I always do to earn the most interest possible from my HSBC account before paying my bills. Should I clear my total before asking for this card thus enhancing my chances of being accepted since I don't know my credit score?
The day you become free is the day you work for fun.
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