Have Y'all Talked About This? New Pampered Chef Visa?

[Evelynt]

debt

I missed the "above $500" when I first read it. I definitely won't be getting this card. I am a Dave Ramsey follower so I don't have any credit cards. (OK, one, but it's frozen in the freezer so we won't use it except for extreme emergency. DH won't let me get rid of it completely.) I will admit I was tempted by the cash rewards, but it's just not worth it. And to go up to 28.99% for a late payment, crazy! I just don't want to play with them at all.

So tell me who is Dave Ramsey and why do you follow him? I have enormous debt and want t get out from under it.

 

[The_Kitchen_Guy]

Dave Ramsey is a syndicated radio talk show host. He's a financial expert and has written several books about you and your money. He tells it like it is, and even though he knows that the truth hurts, he'll tell you the truth. Buying a new car when you're in deep debt is stupid and he says so. He refers to automobile leases as "fleeces." His show is heard on 250 radio stations around the country. You can read more about him here at his website. His goal is to get you debt free - the exact opposite of what the credit card companies want!

 

[sfdavis918]

Yeah, what KG said!

His book, The Total Money Makeover, is in most libraries and definitely worth checking out. It definitely teaches you to "act your wage"!

 

[mypampchef]

My biggest issue is that I just signed up as a consultant in August and got the Chase card with 0% for 12 months as of September. My credit is good, however, every inquiry dings your credit just a little and it takes 2 years for them to come off.

Now if I apply for this one I am going to have another inquiry and that bothers me. If I do it it will be towards the middle of December that way I have some time between inquiries.

I do like the cash rewards and interest is not an issue as I pay off all credit cards each month. I have never paid finance charges and I never will (that is my goal).

 

[The_Kitchen_Guy]

Skip the credit card. Just get the TPC debit card, tied to your PC checking account, and submit all your shows with the debit card. There really is no reason to use a credit card to submit shows, unless you are extending credit to your customers...a bad move, I might add. Your customers are writing you checks or giving you cash, so just deposit the proceeds and submit your show with the debit card. TPC gives you a few days of "float" to allow the checks to clear your account.

 

[ljeffries]

Does anyone know, if you have a card from a company who caters to substandard creditees, is that looked upon negatively by other creditors who are looking at your credit report?

Jean

It makes no difference on your credit report who the credit card is through. Credit is credit.
What we have to realize is: not everyone is good with their money! We hear on here of hosts spending the money they have collected from guest--I am sure there are consultants also who use the money to 'float' themselves. That said, I am sure that PC has gotten complaints from consultants who could not get a card through Chase. Perhaps that is why they are going with this company. I filled out my application the other night for the card. My main reason for doing so was to see how much I was approved for.
There was a poster above that mentioned the 'dings' for inquiries. You are only dinged for an inquiry if you have applied for credit. Too many applications for credit are a red flag to credit providers. That's why they are noted on your credit report.

Personally, I have been doing just as KG said - extending credit to my hosts.
had never thought about that. What I typically do is to put the show on my Chase card, submit, deposit the checks, then immediately do a payment to Chase for the amount I deposited....however, depending on the date, I am then paying interest on that amount. Thanks KG for pointing that out. I consider myself very 'credit smart', but had never really thought of it this way.

I guess the main point I was trying to get to a long time ago is....don't be angry at PC regarding the credit card. My thought is that they are trying to satisfy the most people then can. Also, as has been said, if their costs are lower, perhaps it will help keep our costs down. Another thing to remember is that Berkshire Hathaway is a publicly traded company - every penny counts!

Sorry for the long post---just been thinking about this a lot.

 

[The_Kitchen_Guy]

Thanks - see, I'm more than just another pretty face. (Just don't let the word get out that I made a serious point in a serious thread, okay?)Actually, Lamar, what you are doing isn't really extending credit to your hosts. You're playing the float, which is what everyone in business does. First, you are submitting the show on your CC, but you have the days from the time the show posts on your card to the day it comes due. If you pay Chase at that time, there is no interest charged. You are using Chase's money for those few days.I also play the float but in a different way. I go ahead and submit the show on my debit card. I deposit the show proceeds to my cash account, which also bears interest. Granted, it's like a point and a half, but it is interest bearing. TPC does not pull the cash for several days, usually about a week or ten days, so I am using TPC's money for those few days.There are risks both ways. You run the risk of not paying for your show before interest accrues. I run the risk of a guest bouncing a check, which, if it were to happen, would likely happen after TPC has pulled the show. Someone who is running with very little petty cash can get in trouble that way. I almost always have enough petty cash in my account to cover the occasional bounced check, but not everyone understands the concept of petty cash and/or the self discipline to not use it for something else. A credit card helps those who do not have enough petty cash. There's the irony - the people who need the credit card the most are the very people who should not have a credit card. The predatory nature of the credit card companies takes advantage of those very people. I will not apply for this card - no way am I risking 29% APR on a proprietary credit card. I will offer this to those of you with credit problems who are rejoicing at a chance to get this card - DO NOT use this credit card for ANYTHING other than shows and purchases from TPC. The temptation will be great - the day you need gas but you're short twenty bucks, the day you want to stop for groceries but don't have the cash in the checking account or the day Johnny needs a new pair of glasses. DON'T DO IT. You'll provide the predator at the credit card company just the chance he needs to get into your pants and once there, as others in this thread will attest to, he is next to impossible to get rid of. If you must have this card, go ahead and get it, but (as was said earlier) keep it in the freezer so the number is in PP but you otherwise aren't tempted to use the damned thing.

 

[ChefBeckyD]

Thanks - see, I'm more than just another pretty face.

(Just don't let the word get out that I made a serious point in a serious thread, okay?)

Actually, Lamar, what you are doing isn't really extending credit to your hosts. You're playing the float, which is what everyone in business does. First, you are submitting the show on your CC, but you have the days from the time the show posts on your card to the day it comes due. If you pay Chase at that time, there is no interest charged. You are using Chase's money for those few days.

I also play the float but in a different way. I go ahead and submit the show on my debit card. I deposit the show proceeds to my cash account, which also bears interest. Granted, it's like a point and a half, but it is interest bearing. TPC does not pull the cash for several days, usually about a week or ten days, so I am using TPC's money for those few days.

There are risks both ways. You run the risk of not paying for your show before interest accrues. I run the risk of a guest bouncing a check, which, if it were to happen, would likely happen after TPC has pulled the show.

Someone who is running with very little petty cash can get in trouble that way. I almost always have enough petty cash in my account to cover the occasional bounced check, but not everyone understands the concept of petty cash and/or the self discipline to not use it for something else.

A credit card helps those who do not have enough petty cash. There's the irony - the people who need the credit card the most are the very people who should not have a credit card. The predatory nature of the credit card companies takes advantage of those very people.

I will not apply for this card - no way am I risking 29% APR on a proprietary credit card. I will offer this to those of you with credit problems who are rejoicing at a chance to get this card - DO NOT use this credit card for ANYTHING other than shows and purchases from TPC.

The temptation will be great - the day you need gas but you're short twenty bucks, the day you want to stop for groceries but don't have the cash in the checking account or the day Johnny needs a new pair of glasses. DON'T DO IT. You'll provide the predator at the credit card company just the chance he needs to get into your pants and once there, as others in this thread will attest to, he is next to impossible to get rid of.

If you must have this card, go ahead and get it, but (as was said earlier) keep it in the freezer so the number is in PP but you otherwise aren't tempted to use the damned thing.

29%!!!

I just canceled my one and only CC, because the APR went from 12.99 to 16.99%! Ticked me off! I don't even usually carry a balance - but I have had that card for several years, and always paid on time and usually in full - and first, they keep raising my credit limit, and then they send me a notice saying that because of rising interest rates, everyones rates have to be raised. I called and canceled. My only concern is what do I do when I need a CC# to make a reservation, etc.????

 

[The_Kitchen_Guy]

29%!!!

I just canceled my one and only CC, because the APR went from 12.99 to 16.99%! Ticked me off! I don't even usually carry a balance - but I have had that card for several years, and always paid on time and usually in full - and first, they keep raising my credit limit, and then they send me a notice saying that because of rising interest rates, everyones rates have to be raised. I called and canceled. My only concern is what do I do when I need a CC# to make a reservation, etc.????

I just got an email for the new card. It has:
.25% cash rewards on the first $500 of purchases each month (that means you'll get $1.25 if you spend $500 in a single month)
1% cash rewards on qualified purchases above $500 each month
0% interest on balance transfers, rate good through April 2008. After that, 12.24% variable
12.24% interest on purchases
22.99% interest on cash advances
28.99% default interest rate (in effect after missing minimum payment, etc.)

Do what I do - I have a CC from a rather well known card vendor, who contrary to their cute television ads is also a predator, that stays put. I've used it to buy a few tanks of gas and paid them off right away to establish a record with these loansharks, but it never leaves its place, as they say, in my wallet. It's there if I need it, but I don't need it.

 

[pampchefrhondab]

For those who don't have credit cards, I only have this to say about banks and credit cards..... be afraid, be very afraid! I can't wait to say good bye to banks for good!

I had a credit card w/MBNA for 18 years. They just got bought out by Bank of America this year. I received a letter stating they were raising my interest by about 5 percent. I sent a registered letter to close my account right away. Now guess who I get 0% offers from almost every week - yep, BOA!!! How stupid, they would have kept me as a customer if they wouldn't have raised my rates! They are just unbelievable.

 

[The_Kitchen_Guy]

I have often said to my banker, if her bank spent half as much on keeping existing customers happy as they spend on trying to attract new customers, they wouldn't have to attract new customers.Credit card companies are predators, plain and simple. Just remember that the credit card vendors and their affiliated banks are separate operations.

 

[pcmissyfee]

.25% for $500 spent in a month? That cash reward won't even buy you lunch at Taco Bell!!! :yuck: I will stick with the debit card.

 

[The_Kitchen_Guy]

The cash incentive works like this: The credit card company offers you a couple of bucks.You send the credit card company a couple of thousand bucks.Some deal, huh?

 

[sfdavis918]

What kills me is that I would never get away with lending someone money at 29% interest, I would be considered a loanshark!

 

[The_Kitchen_Guy]

You'd be better off with a loan shark. Kneecaps and bones will heal in a few weeks. Bad credit dogs you forever. Yeah, I know about the seven years but in the business world, seven years is forever and most lenders live by the philosophy that once a person is a leaker, they are forever a leaker.

 

[KimmyDarling]

.25% for $500 spent in a month? That cash reward won't even buy you lunch at Taco Bell!!!

Missy, that's exactly what I thought.

 

[jasonmva]

The 12.24% is fixed, not variable, so they can't go up on it.
I use the Chase Card for shows and all of my PC purchases, then just pay it off as I go.

Where did you read that it was fixed? I just went back to the application and this is what I pulled off from the terms & conditions:

Summary of Terms
We are offering three different Purchase APRs. When you apply for The Pampered Chef Consultant Visa Card, we will review your Application and credit history. If you are approved, we will assign you to one of the following variable APRs appropriate to your qualifications. Depending on the results of our review of your application and credit history, we will assign you to the lowest Purchase APR for which you qualify. You may cancel your Account prior to use if you are not satisfied with the terms offered.

Annual Percentage Rate (APR) for Purchases The current APRs offered are: 12.24% or 16.24% or 23.24%
0% Fixed Promotional Rate APR for all new purchases during the first three months from the date the Account is opened.

At least the Chase card gave me 12 months at 0% before they jacked my rate up to 22%! Needless to say that card will be closed before TPC no longer accepts it.

 

[PampChefJoy]

I did not receive an email but I did click through the link in the weekly bites to find the application from New Millenium Bank.... and then I googled it and found alot of complaints Ripoff Report Search Results: new millenium bank

I contacted Chase Bank and they are allowing me to change the affinity on the card from TPC to Disney (or probably any of their other affinities). I just know I will use the Disney rewards and I didn't want to cancel this card altogether because I have a good payment and credit record with Chase. I probably won't sign up for the new card -- it makes me nervous to provide them with my SS# and info... seems like I'd be giving them too much access to tap into my bank account! Anyway, I'll just have to use the debit card and make sure I've got enough buffer in there.

 

[Debala715]

I've thought very briefly about getting this card, but have decided against it. I currently have 2 credit cards, 1 of them is a secured one which I got when I first started working on cleaning up my credit. I've now got an unsecured one, which I've been paying on time, so my credit is good with them also. In a couple of months I'll be closing out the secured one and will only have the 1 credit card again. One is more than enough for me. Otherwise I use my debit card for most everything as I don't like to carry more than $20 in cash on me at any given time.So I guess I'll be sticking the my PC debit card to pay for the shows and my supplies.

 

[vwpamperedchef]

wow thanks for the feedback .... i was going to get the new credit card. i have to do some research some more, thanks for pointing out these things.

 

[finley1991]

This is interesting... Since I am procrastinating this morning I googled NMB and realized that this is a SECURED CREDIT CARD! Did anyone else realize that and did PC notify us of that? Meaning, that if we want this card, we have to pay a processing fee of around $30 and make a deposit of $300 to get the card? Am I wrong on this and just misunderstanding the info?

I won't be getting the card because I use my PC debit card for all of my transactions with HO but was just wondering what everyone else thought about having to make the initial deposit.

 

[pamperedlinda]

This is interesting... Since I am procrastinating this morning I googled NMB and realized that this is a SECURED CREDIT CARD! Did anyone else realize that and did PC notify us of that? Meaning, that if we want this card, we have to pay a processing fee of around $30 and make a deposit of $300 to get the card? Am I wrong on this and just misunderstanding the info?

I won't be getting the card because I use my PC debit card for all of my transactions with HO but was just wondering what everyone else thought about having to make the initial deposit.

I am guessing that this company probably has different types of cards for different credit levels. I find it very hard to believe that PC would subject us to something like this. I have not yet applied so I don't know what the application process is. I am concerned though that if this company primarily caters to people that have a hard time getting credit (thus the secured card and processing fees) that it will hurt my credit score. I have a very good score and I don't want creditors to view my report and wonder why I had to go with this type of company.....I hope that sounds right.

According to what I read on CC this card is NOT supposed to have any annual fee, I didn't see anything about a processing fee. I am planning to call my SED and see what she knows about it. I'll let ya'll know what I find out.

 

[finley1991]

Unless I am doing this totally wrong, when I log onto their website New Millennium Bank - Home, there is no other kind of card listed but the secured credit card. Am I looking at the wrong thing? Is this the company?

I found the info on Consultant's Corner where we can apply and skimmed through it... it doesn't say anything apply needing a deposit. (Although according to the things I read online, most who applied for the card weren't aware that they needed to make a deposit either.) Possibly this is a different deal with PC.

On that note, there are a few restrictions depending on what state you're living in so be sure to check it out before you apply. You can see the info here: https://www.pamperedchefconsultantcardapplication.com/terms-and-conditions.aspx

Hope that helps!

Still wondering if a deposit is needed or not...

 

[finley1991]

Nevermind... I decided to call and ask and the lady who answered the phone said that it is a regular credit card and is NOT A SECURED CARD.

Sorry to cry wolf on this before I checked it out myself! When in doubt, call right?

PS: On the conditions page, it does say that the minimum amount approved for is $500.

 

[vwpamperedchef]

Anxious to hear about anyone Who did apply for the card and IS using it. I want to know their feedback....

 

[Chocolatejunkie]

Just remember a larger available balance and smaller debt owed works in your favor on your credit rating.

If you are someone who can have a credit card and not charge on it, if you switch, don't close the other account, just put it someplace and don't use it.

--Jenny L

Actually when you go to get a loan (such as applying to refinance your mortgage) the higher your line of credit on a credit card, the worse it can be for you. Because even if you have the credit card paid to a 0 balance they count the FULL amount as if you had the card charged up anyways. They will make you close the account out or have your line of credit lowered if your debt to income ratio is too high. The reasoning behind this is even though it is paid down to a 0 balance you could easily go out and charge the entire card up the next day. The best way to build your credit is to have maybe one or two credit cards, no more; always be on time with your payments, and then other debt that is not revolving debt such as a house loan and a car loan. And yes I know what I'm talking about as I've worked for a credit card company for the past 10 years and least seven years of that was in the creit area where people are applying for the cards and I got to decide whether to approve or disapprove them and if approved how high their line of credit would be.

 

[Rebeccascabinet]

I too am a Dave Ramsey follower and even before I followed his advice I knew CC were evil. I have one secured cc and thats it. I rarely use it and if I do, I pay it off right away. I can't wait for the day when my car and house is paid off (second car already paid off yeah) and I wont' have to care about my credit score.I have a neiman marcus card I(my fave store:love: ) only because they only accept their own card or american express (they don't accept visa or mastercard) so if I want to buy something I can't use my debit card, but I pay my neiman marcus card off the following month. I agree with the persons who said that cc are for people who don't need them. Pay cash always! I always pay cash for conference, supplies, everything. If I don't have the cash I don't get it or do it! No CC rewards are worth getting into debt for. You'll just end up a slave to the CC companies.
I am stepping off my soap box now.

 

[Jean DeVries]

HeeHee. I'm too addicted to Amazon, Shutterfly, and a host of other online sale companies to give up my CC's. Also, I love to travel. I don't use my debit cards for any of these things because I don't want hackers, thieves, and other malcontents to have open access to my checking account. At least credit cards provide protection from fraud (something that came in handy when someone did a cash advance for $1500 from my credit card one early morning in Queens, NY. It took the cc company a month to investigate that. I would have been ewed-scrayed had they done that to my checking account...)

And I like it when people use their credit cards to order PC from my website

I'm of the opinion that people who are going to be irresponsible with their money are going to do it with or without a credit card. True, one can't spend money if one doesn't have it available, but I know plenty of people without credit cards who are broke too.

 

[finley1991]

I don't use my debit cards for any of these things because I don't want hackers, thieves, and other malcontents to have open access to my checking account. At least credit cards provide protection from fraud

If your debit card has the MasterCard or Visa logo on it, you are protected even if someone does get into your account.

I had someone get my debit card # and charge a bunch of stuff online. They worked for a company I had ordered from... an online store and one of the ones ironically you listed above... and bought a bunch of stuff from other websites. I went to get money out for a trip and my account was wiped clean! Since I had the Visa Logo on my card, I was protected by Credit Card Fraud.. without it, I would have been screwed. I had all of my money back in my account within 5 days. Yes it was a pain for 5 days, but I also have a savings account and used money from that in the meantime.

Debit cards work just the same as credit cards. I use mine anytime I don't pay cash... but always pay cash for everything I can, especially when I travel.

 

[Rebeccascabinet]

"If your debit card has the MasterCard or Visa logo on it, you are protected even if someone does get into your account."

Yes, I forgot about our debit cards being fraud protected with the Visa/MC logo!