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

[KimmyDarling]

There is nothing I've heard that makes this sound like a good idea to me, personally. I don't want to open another credit account, and I just don't see why they'll prohibit us from using our old one for shows. Very frustrating.

 

[heat123]

It works the same way in PP3..you can put your numbers in and they come up

Well I have entered both debit and credit card for the three shows but I had to re enter them, as they did not automatically come up like they used to in PP? HOw do you make them as a default #?

 

[BethCooks4U]

There is nothing I've heard that makes this sound like a good idea to me, personally. I don't want to open another credit account, and I just don't see why they'll prohibit us from using our old one for shows.

Very frustrating.

They're just changing credit card companies. ...you know, like they changed prefered printers. They will prohibit us from using the old credit cards for shows because they will no longer recognize them. The debit cards won't change but if you pay by PC credit card you must change to the new company or you'll be paying by debit card.

 

[c00p]

Personally, I'm not really thrilled with the change. It's a much higher APR than Chase, but I suppose if you pay it off each month, that doesn't matter. But there are those months that it doesn't happen...

 

[The_Kitchen_Guy]

I don't think the new sheriff at TPC cares about what your APR is. I suspect the new provider takes a little smaller chunk of discount for the charges. Put yourself in TPC's position for a second...along comes a provider who offers .005 less discount than the current vendor. For each $1,000,000 in revenue, .005 gives TPC an extra $5,000 in free revenue. That's pretty tempting, but what if the vendor offers even more?

 

[pamperedlinda]

I don't think the new sheriff at TPC cares about what your APR is. I suspect the new provider takes a little smaller chunk of discount for the charges. Put yourself in TPC's position for a second...along comes a provider who offers .005 less discount than the current vendor. For each $1,000,000 in revenue, .005 gives TPC an extra $5,000 in free revenue. That's pretty tempting, but what if the vendor offers even more?

And, hopefully this is another way to pass the savings on to us and our customers.....lower costs for HO mean they don't have to pass on higher costs to us.

It's just a CC, what difference does it matter who it is issued by?

 

[kspry]

Finally, a card with rewards.

Bad for those of us with bad credit scores - APPLICATION REJECTED
good for those of us with good credit scores - POINTS!!!!

I wish they'd had this when I had my good job!

 

[ChefLoriG]

I'm excited about the new card. I will enjoy getting rewards on charging my shows (using other peoples money!!). I only use it for shows, so the money is always in the bank to pay it off every month, so doesn't matter what the APR is to me.

 

[lacychef]

I saw that email and wondered if I was getting phished. Glad all the rest of you are talking about it too, because now I'm less suspicious.

I can't find anything about it on pc.com. Can anyone independently confirm that this came from HO and not from someone who hacked our email addy's from somewhere?

(And I'm sure I'll get denied because I have many other credit cards. Only one has a balance, but I have a lot of open credit. Of course, I'll cancel the Chase one when I get this one, but they don't know that when I'm applying to the new one. Of course, if what someone else said is true, sounds like they'll give anyone credit just so they can screw them in the end.)

I hate it when people fix things that aren't broken....

Jean

yes, you should have gotten an email from HO right before you got the email from the credit card company.
I'm kinda glad about the 0% balance transfers if there's no catch; I got stupid & racked up too much on my card:blushing:
And I love Dave Ramsey's plan too; working on it!

 

[quiverfull7]

Okay... I got the email from HO but I cannot find and email from BannerDirect anywhere... not trapped in my filter or anywhere. Is that something you can forward or post the link to here or am I going to have to try and get that another way? I am interested, don't know that I'll qualify but would like to try ... help??

 

[The_Kitchen_Guy]

And, hopefully this is another way to pass the savings on to us and our customers.....lower costs for HO mean they don't have to pass on higher costs to us.

It's just a CC, what difference does it matter who it is issued by?

I'm getting more and more skeptical (cynical?) in my old age and while I still hold some idealistic ideas that large companies will pass along the savings to us, the cynic in me says there are two chances of that happening - and Slim is on a diet.

As for who issues the CC - you are right. they are all masked bandits, the only difference is the color of the card they issue.

You'd be better off borrowing money from Lennie the Loanshark. Broken legs heal in a few weeks but bad credit dogs you forever.

 

[pamperedlinda]

I'm getting more and more skeptical (cynical?) in my old age and while I still hold some idealistic ideas that large companies will pass along the savings to us, the cynic in me says there are two chances of that happening - and Slim is on a diet........

Yeah, increases are inevitable, maybe this move will delay an increase? I hope.....

 

[Chef_2_Four]

I am defintely not even going to try for one. I tried for one a year ago when I signed up but I am working on getting my credit back up. I have 2 cc nows. I don't need another. doing good on those 2! they stay in my wallet and never come out!!

 

[pamperedtraci]

I haven't gotten an email from BannerDirect either! What's up with that?

 

[britishchef]

So what CC company is it anyway?

 

[chefkristin]

I just payed off my Chase and I am closing it. I payed it off with a personal loan though.
I did apply for the new card so we shall see but it will be strictly for PC. I need to get out of the grips of the credit card monster!

 

[Jean DeVries]

So what CC company is it anyway?

It's being issued by New Millenium Bank. A simple google of that bank name will indicate that they appear to cater to/specialize in people with little, no, or bad credit. Not a bad prospect for those in that position.

However, it also appears that they take advantage of those people by requiring payment up front to issue the card, as well as a deposit to put on the card. I don't know if that's S.O.P. for credit card companies, but I just got a bad vibe about it. I sent a note off to PC with words like "dismayed", "disappointed" and many other "dis-" words. (I also mentioned that if they wanted me to have a card with benefits, they'd lift the monopoly and let me use the cards I already have with benefits that are more important to me - like FF miles).

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?

Also, how complicated is the debit card thing? And can we debit card shows, but use any ole' credit card for supplies, etc? I should know this, but since I've had the Chase card from the beginning, I don't.


Jean

 

[The_Kitchen_Guy]

Using a debit card is JUST like using a credit card.The difference is that the debit card is tied to your checking or savings account. Using it is like writing a check except the funds are pulled immediately. You might also not have certain rights of recourse that you have from writing a check (like stop payment) but you need to consult with your card provider.There are some other differences, like hotel and rental car deposits that might tie up funds for the duration of your stay/rental.When you submit a show or purchase supplies from TPC using the debit card, they don't usually submit the purchase and pull the funds until a few days later.

 

[Jean DeVries]

Using a debit card is JUST like using a credit card.

The difference is that the debit card is tied to your checking or savings account. Using it is like writing a check except the funds are pulled immediately. You might also not have certain rights of recourse that you have from writing a check (like stop payment) but you need to consult with your card provider.

There are some other differences, like hotel and rental car deposits that might tie up funds for the duration of your stay/rental.

When you submit a show or purchase supplies from TPC using the debit card, they don't usually submit the purchase and pull the funds until a few days later.

Thanks KG. I have a completely worn debit card of my own (I never carry cash) so I'm familiar with the debit card aspect of things. Can we buy anything through PP or P3 with anything besides a PC-endorsed card?

Jean

 

[The_Kitchen_Guy]

No, TPC requires all transactions on their proprietary cards.I have to admit that when debit cards first came out, I was very skeptical. Recourse had always been a big thing with me, but recourse has never been an issue with TPC.Since I've been using a debit card, I'm starting to like it a lot more. I can view my account info online and I get a monthly, detailed statement that makes it easier to track business expenses.The only vendors I've had issues with, so far, have been certain properties in the Holiday Inn chain (but not ALL of them!) and one car rental company. Hertz? Not exactly.

 

[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.