Why Do so Few Have Pampered Chef Credit Card?

[wadesgirl]

This isn't really realted, but it's a cute story and it brought back a memory for me.

I used to work in a bank and I had the sweetest (and very deaf) 81 y/o customer who had dealt in cash all of his life. He was quite wealthy. He decided one day that he wanted a CC. Well, he got turned down for lack of credit (even though he has wads of cash in several banks). He came into the bank and wanted a $50,000 loan for 30 days so he could establish a credit history. It was really cute. He was trying to get a CC with an outside company and didn't realize that our bank had cc's (he thought you had to go through VISA or MC directly). He was so distraught over not getting his CC because he didn't have any credit - he didn't want to use it, he just wanted to have one 'in case of an emergency'....did I mention how adorable he was? My branch manager had one issued to him through our bank and he was very happy.

Exactly my point. We did find a bank locally that did a secured CC. You put money into a savings account that would be your credit limit. They held onto your money for a year while you used the card to help build your credit. When the year was over and without any penalties (late payment, over draft, etc) they changed it to a unsecured CC and gave him his money back. What a screwed up system!

 

[legacypc46]

For those of you who have the PC card and use it. Has it generated any show leads or other business for you?

 

[Kim1711]

regarding PC debit cardI use the PC debit card but I have to disagree with the fact that they wait 7 days after delivery to take it out of your account! PC went to deby my account for a show that was still intransit! I hadn't made it to the bank and It cost me $20.00 I have learned my lesson always get checks deposited asap!

kim

 

[pamperedlinda]

For those of you who have the PC card and use it. Has it generated any show leads or other business for you?

Yes. I got one show and one order so far And several inquiries.

 

[dannyzmom]

I do NOT submit shows until all checks are deposited AND cleared. I am not taking any chances.

 

[The_Kitchen_Guy]

I use the PC debit card but I have to disagree with the fact that they wait 7 days after delivery to take it out of your account! PC went to deby my account for a show that was still intransit! I hadn't made it to the bank and It cost me $20.00 I have learned my lesson always get checks deposited asap!

kim

Wow - that's very rare!

 

[janetupnorth]

Wow - that's very rare!

Yes, I'm wondering if it was a show or an individual or personal order...that would make a difference.

 

[jbachen]

I just got my CC, and I must admit, I was a little surprised to get such a high interest rate. My credit is not great, but I have been working very hard to improve it over the last few years, and I get much more reasonable rate offers from other CCs...Still, my plan is to pay it off every month, and only use it to give me more time to get to the bank after shows and earn rewards. So, it shouldn't matter - it just seems that their standards are pretty high.

 

[chefann]

<snip> it just seems that their standards are pretty high.

This is my cynicism showing... I don't think their standards are high. I think the card company charges what they can get away with. They're in business to make money, not to help consumers.

 

[jbachen]

This is my cynicism showing... I don't think their standards are high. I think the card company charges what they can get away with. They're in business to make money, not to help consumers.

Nah, that's not cynicism... that's reality (or maybe I am just cynical, too). But don't worry - I had a problem with CCs long ago, and I have learned my lesson! The higher interest rate just strengthens my resolve to pay this thing off IN FULL every month... and still collect the rewards to stick it back to them. So there!

Plus, I figure it will make it easier to keep my business expenses together also, and separate them from my household expenses, which is another reason I signed up for the CC.

 

[SusanPC]

I honestly think it was a little bold to come on here and assume that we don't use the PC CC because we all have bad credit.

Was this directed at me?! I certainly didn't assume that people didn't have it because of bad credit!! Not sure how you got there. As I mentioned, there are several posts which mention not qualifying and it seems few that mention using it AND the neither of the two consultants I've spoken to have it. Since it is one of the few forms of payment allowed, I wondered why.

 

[BethCooks4U]

I just got my CC, and I must admit, I was a little surprised to get such a high interest rate. My credit is not great, but I have been working very hard to improve it over the last few years, and I get much more reasonable rate offers from other CCs...

Still, my plan is to pay it off every month, and only use it to give me more time to get to the bank after shows and earn rewards. So, it shouldn't matter - it just seems that their standards are pretty high.

I didn't think it was that bad at 9.9% - my non-PC one is only 7.9% so if I had to carry a balance... but I've seen much higher rates out there. In fact the old PC CC was 12.9%.

 

[chefann]

There are different rates offered with the new card. Not everyone qualifies for 9.9%.

 

[sfdavis918]

I had the old PC credit card and I have the new one. The new one has a 2 1/2 percent lower interest rate than the old one did AND I get cash back. I just got a $60 credit on my bill last month and have another $20 in the account to be credited. I don't understand how it is percieved that the conditions of this card is so bad.

I use it only for payment of my shows and PC expenses and always pay the full amount every month (so the rate is a moot thing anyway). The advantage I see (besides getting extra money every once in a while) is that I don't have to worry that a customer's check hasn't cleared or that they checks are even in the bank before submitting a show - the checks have to be in my possession though.

Isn't this a false sense of security? Either way, you are still out the money.

Also, there have been studies done that say that when you pay with a cc that you spend 12-18% more than you would if you used cash. It's a little more real to put out the cash than to swipe your card.

I'm just curious, for those of you that pay it off in full each month, do you have an emergency fund? Like, what would happen one month if your car died and needed repair. Would you have the cash to pay for the repairs and pay off your card that month?

 

[sfdavis918]

If you can't control your urge to spend money you don't have...don't get any credit card.

I completely agree with this!

 

[Christ Follower]

I have the card, and I use it to pay for shows. Works out great for me, just this month I got a rebate of $58, that was applied to the account, so for me they just gave me free money! I pay it off every month.

This is exactly why I have my card too. It has been great. I just have to have self-control and ONLY use it to submit shows and I don't get into any trouble. Since having it and paying it off everytime, they have already raised my limit and lowered my interest rate. It really doesn't matter since I pay it off every month anyway.

I have a few repeat hosts that don't always get me thier checks the day we close. I know it's a no-no, but the CC allows me to submit the show that day anyway and I get the check a day or two later.

 

[chefann]

I'm just curious, for those of you that pay it off in full each month, do you have an emergency fund? Like, what would happen one month if your car died and needed repair. Would you have the cash to pay for the repairs and pay off your card that month?

I think a lot of the people who use and pay off the card each month are using it specifically for PC shows, so there are no additional charges on it, other than maybe supply orders. I'm trying to develop that kind of discipline with my money, which is why I have stopped using the PC Visa at all. It's too easy then for me to say, "Well, it's samples. I'll just put them on the card." If I know it's being debited then I'll be more careful about overspending for supplies and samples.

 

[BethCooks4U]

Isn't this a false sense of security? Either way, you are still out the money.

Also, there have been studies done that say that when you pay with a cc that you spend 12-18% more than you would if you used cash. It's a little more real to put out the cash than to swipe your card.

I'm just curious, for those of you that pay it off in full each month, do you have an emergency fund? Like, what would happen one month if your car died and needed repair. Would you have the cash to pay for the repairs and pay off your card that month?

If the check didn't clear I would have time to collect the payment from the guest or return the products at no charge to me so I feel it's very secure - and for me better than if I used the debit card - some checks take WEEKS to clear. I have never had anyone not pay me for a bounced check (well, once... but I had the product).

I am sure that the studies are correct but I do not use it for anything but things I need to for my business and keep track of what I got this month so I can cover it all. As far as an emergency fund - I keep my PC finances separate from the household finances and I pay particular things with the money I earn with PC (my car payment, all vacations, things like that). The household account would take care any emergencies.

It all goes back to the individual's way of handling their money. How I do it is very different from how someone else does. It doesn't make me right, or them right. It's what works for you.

 

[Christ Follower]

I think a lot of the people who use and pay off the card each month are using it specifically for PC shows, so there are no additional charges on it, other than maybe supply orders. I'm trying to develop that kind of discipline with my money, which is why I have stopped using the PC Visa at all. It's too easy then for me to say, "Well, it's samples. I'll just put them on the card." If I know it's being debited then I'll be more careful about overspending for supplies and samples.

That's what I did with my OLD PC card. I am almost done paying that one off. I have been EXTREEMLY disciplined with the new one since. It's definately a temptation thing.

We have a separate card for personal use (emergencies, etc).

 

[jbachen]

There are different rates offered with the new card. Not everyone qualifies for 9.9%.

I sure didn't. I got 20.99%. :blushing: But I get offers for 8.9 from other CC companies, so I thought my credit was improving...

 

[dannyzmom]

I'm just curious, for those of you that pay it off in full each month, do you have an emergency fund? Like, what would happen one month if your car died and needed repair. Would you have the cash to pay for the repairs and pay off your card that month?

I do - I have money in the bank for emergencies and what nots. I only ever put on a CC what I KNOW I have in teh back to cover it and still leave me plenty in the back for emergencies.

 

[dannyzmom]

If the check didn't clear I would have time to collect the payment from the guest or return the products at no charge to me so I feel it's very secure - and for me better than if I used the debit card - some checks take WEEKS to clear. I have never had anyone not pay me for a bounced check (well, once... but I had the product).

I am sure that the studies are correct but I do not use it for anything but things I need to for my business and keep track of what I got this month so I can cover it all. As far as an emergency fund - I keep my PC finances separate from the household finances and I pay particular things with the money I earn with PC (my car payment, all vacations, things like that). The household account would take care any emergencies.

It all goes back to the individual's way of handling their money. How I do it is very different from how someone else does. It doesn't make me right, or them right. It's what works for you.

I thin kyou & I have VERY similar money management styles, Beth.

 

[BethCooks4U]

I just want to apologize to anyone I may have insulted by assuming that the interest rate is the same for all. I didn't realize that it was not a universal rate. duh! In fact now that I think about it, it may have been slightly higher at first for me too - as I said, it didn't really matter since I pay it off every month and never pay any interest.

I hope I didn't make anyone feel bad or uncomfortable with my postings.

 

[jbachen]

I just want to apologize to anyone I may have insulted by assuming that the interest rate is the same for all. I didn't realize that it was not a universal rate. duh! In fact now that I think about it, it may have been slightly higher at first for me too - as I said, it didn't really matter since I pay it off every month and never pay any interest.

I hope I didn't make anyone feel bad or uncomfortable with my postings.

I didn't feel bad - if I had I wouldn't have posted that I got the crappy rate! (Actually when I looked it up on Consultant's Corner it did list 3 possible rates, so I knew I might not qualify for the best one - and I just figured everyone knew that since it was out on the site. I forgot some of you may have signed up a long time ago and forgotten that detail.) Anyway, I freely admit I had credit problems before, and joined a debt management program to get out of trouble and not have to declare bankruptcy. The program taught me to only spend what I had money in the bank to cover, and since I finished it I have been very careful to not get into trouble again. I don't mind talking about it because if anyone else is in the position I was in, I want them to know about what worked for me and that I don't mind talking about it.

Now, the PC CC will be a further test of my new resolve - I just need to be very strict in not using it for non-PC purchases, and paying it off every month!

 

[BethCooks4U]

I didn't feel bad - if I had I wouldn't have posted that I got the crappy rate! (Actually when I looked it up on Consultant's Corner it did list 3 possible rates, so I knew I might not qualify for the best one - and I just figured everyone knew that since it was out on the site. I forgot some of you may have signed up a long time ago and forgotten that detail.) Anyway, I freely admit I had credit problems before, and joined a debt management program to get out of trouble and not have to declare bankruptcy. The program taught me to only spend what I had money in the bank to cover, and since I finished it I have been very careful to not get into trouble again. I don't mind talking about it because if anyone else is in the position I was in, I want them to know about what worked for me and that I don't mind talking about it.

Now, the PC CC will be a further test of my new resolve - I just need to be very strict in not using it for non-PC purchases, and paying it off every month!

Good for you! We all make mistakes or errors in judgement and it's a great feeling to be able to say "I overcame that". You are a good example for us all!

 

[crystalscookingnow]

I don't qualify for it or any other cc at the moment. My ex left me with a beautiful black mark on my credit report. Bankruptcy b/c he had a spending problem & didn't want to pay it off. I had already been talking with a credit counseling place to pay off 1/2. I've only got 3-5 more years before it comes off.

 

[Rebeccascabinet]

I pay cash for everything. I don't care about my credit score. I personally hate cc's. There are not enough rewards in the world to get me to have a cc. I don't like being enslaved to a cc company and thats how I feel when I've used cc's in the past. I love the feeling of knowing I own "it" and not having a bill come later. For example, my dishwasher broke and I had to wait and save to buy a new one. I finally did and it felt great to pay cash! No bill at the end of the month.On the other hand, if you are disciplined enough to have cc's paid off every month I say more power to you! Thats great.

 

[etteluap70PC]

Holy Cow!!! I just got this card for ease with Business transactions adn was curious about my rate 20%!!! Holy CR*P! My credit is not pristine but I have done a ton of rebuilding over the last 15 years and I would not say my credit is bad by any means. I will definetly be paying off this baby every month (was planning to anyway)!!!