Debt and the Pampered Chef Visa: Is It Worth the Risk?

[jbachen]

So, I just applied for the PC Visa... I had hesitated to do so because I didn't want this business to get me into more debt than I already am in (this is directly opposite to the reason why I signed up!)

So, did I just make a big mistake??

I am hoping if I just use it for times when there is a great deal in the outlet that I have to have, but have just made a payment for my PWS so the account is tight, and if I pay it off every month, maybe I will be OK... Or am I justifying??

 

[redsoxgirl]

I think you're justifying

I've heard here and there on this site that the card isn't very good, but I don't know for sure.

You can always see how it works for you and cancel it later if you want!

 

[vwpamperedchef]

I have the "OLD" PC visa...which at first I only used for PC items. Then I charged this that and the other on it, mostly PC some things not, and then I didn't upkeep paying it off every month like I intended.

However, I may be in a different boat then you. We just bought a home in July and since everything has been on the back burner, ie. we've been just doing minimum payments.

I just consolidated my credit cards for 3.99% for the life of the loan and although I dont consider the amount "life threatening" I am relieved to have consolidated. I have exemplatory credit, and feel better knowing I have to make one payment a month.

so yes, I think you are just justifiying. I didnt know when I signed up that I didnt need it (I thought you needed both debit and credit) and by the time I got my credit card I realized you just needed the debit.

I am going to be canceling my OLD PC VISA soon.

HTH! (I too heard not so good things about the new PC visa)...

 

[wadesgirl]

The only time it can hurt is if you don't keep up with your payments or have too much credit out there. Some consultants on here use it to pay for their shows and pay it off every month with the show money. This way they get the rewards without actually charging personal stuff on it. It's really up to you and how you handle a credit card.

 

[Mwalker]

I pay mine off every month. ITs the only card I do. Then again, its ONLY used for PC stuff. Funds go in the seperate checking acount, funds go out of it to pay the card. Keep it seperate and you should be fine. Just dont start using it for other life stuff. Then it will add up debt.

 

[jbachen]

I pay mine off every month. ITs the only card I do. Then again, its ONLY used for PC stuff. Funds go in the seperate checking acount, funds go out of it to pay the card. Keep it seperate and you should be fine. Just dont start using it for other life stuff. Then it will add up debt.

That's kind of what I was thinking/hoping... Plus, I am hoping that when show bookings pick up (I have had a slow start, but I am finally getting out of my circle of friends, and am confident that things are looking up), I will most likely get rid of it, and just use the debit card. I figured it had an intro APR of 0% for three months, so as long as I don't go nuts and use it for non-PC stuff, hopefully
I will keep control of myself.So, I am curious, what are the bad things some of you have heard??PS Mwalker - I LOVE your icon!! I am in NJ, and I LOVE that I don't have to pump gas!! (Although I grew up in Mass., so I am capable of doing so in a pinch...)

 

[BethCooks4U]

I use it to pay for all of my shows and business expenses and then pay it off each month. The interest rate is actually better than the old PC VISA card was (I never pay any interest - so that's just an FYI) AND we get money back. I recently got an over $50 credit on my account - it was like an extra $50 commission!

I never use it for anything but PC and so I know that between deposits from my shows and my commission the balance will be covered. As long as you are careful to spend the money only once you will be okay.

 

[Mwalker]

PS Mwalker - I LOVE your icon!! I am in NJ, and I LOVE that I don't have to pump gas!! (Although I grew up in Mass., so I am capable of doing so in a pinch...)

Yep, Jersey girl here. Grew up in Cherry Hill. Moved away 14 yrs ago to DE,
PA, OH and now WV. STILL dont like pumping my own gas. Its hilarious when my family comes to visit. They stare at the pumps until someone comes over to help them. Its hilarious.

 

[susanr613]

I use it only for PC related expenses, which means that I pay for the shows, supplies, personal orders, and Outlet. In fact, it and the debit card stay in a special wallet on my desk, not in my purse. I have had the card since November and have already earned $33 back, which helps defray supply costs.

Like any credit card, you have to be in control. For me, that means keeping it out of my purse.

 

[RaggedyAunt]

You know, I like the idea of paying for parties with my PC debit card because then I know it's done, but I have been considering switching to my Visa to earn the extra rewards. But, like Susan said, it takes discipline. Plus, for me, it would be just one more bill to remember to pay each month! Although I have used it, and I do get email statements, it would be psychological for me in terms of having to pay it each month. I'm going to have to think about it. I normally keep business and personal money separate, but it doesn't take much to transfer funds online for a payment. Hmmmm....

Tammy

 

[jbachen]

Hm, I do like the idea of getting rewards back to help defray supply costs... and since I have to have the money in my PC account anyway to use the debit card, it will not be a big change to just pay for stuff with the credit card and then pay it off every month. And good idea, Susan... I will just keep in on my desk with my PC debit card, and it will never see the inside of my wallet. Thanks everyone, for your input!!And, mwalker, I am in National Park! We would have been almost neighbors if you didn't go moving all over the place!!

 

[jenm42]

Here's my take: I use the new credit card for all of my shows instead of the debit. When I get money at a show, I deposit the checks into my seperate PC checking account, and then I have that credit card bill autopay each month in full from that account. I don't have to remember to pay the bill (because I would certainly forget), and the money is always there to cover the full amount, so that I don't pay any interest. Then I get back rewards dollars. Which are nice!

I like this card better than the old PC Consultant card, because that one didn't earn any rewards. So, I hardly ever used it; I used debit for all my shows instead. But now I feel like if I don't RUSH to the bank the day I submit the show (or earlier), that I have some leeway time. So, I like it better.

 

[jbachen]

Ooh, that is exactly my plan... Now I need to figure out how to get it to autopay the full amount... Is that something you set up with the credit card or your bank account?

 

[jenm42]

Ooh, that is exactly my plan... Now I need to figure out how to get it to autopay the full amount... Is that something you set up with the credit card or your bank account?

Through the credit card website.

 

[chefmeg]

I noticed on my statement that my "rewards" were gone....does that happen if you don't pay it off in full each month?

 

[RaggedyAunt]

I've been thinking about this all day (off and on) and a thought that occurred to me with the auto pay, or even paying the current balance off on the due date, is what happens when you charge new things after the closing date? Would auto pay deduct the current entire balance? And, if not, would you then be charged interest on the pending balance? Not trying to be too technical, but I don't want to get caught in loopholes if I decide to change over to using the credit card, but I also don't want to pay interest, which would then cancel out any rewards. Make sense? Anyone know what I'm asking about?

Thanks!

Tammy

 

[jenm42]

No, anything charged after the closing date goes on the next statement, no interest is charged on the additional pending balance. No loopholes; all of my credit cards work this way. If you have it set to autopay the balance in full, then it just pays what was due in full on the current statement, minus any credits that are posted. And the rewards don't cancel, even if you don't pay in full... it's just that you only get the rewards on what is actually paid, not what is owed (not an issue if you autopay in full.) My rewards actually accrue until I redeem them, but I have heard other consultants say that theirs is set to redeem automatically each month and deduct from what is owed. I think that must be a setting you can set with the credit card company.

 

[RaggedyAunt]

Thanks, Jen. That is very helpful information!

Tammy