Posts by Daniel Gonzalez4

So, I went back and double-checked everything. My overdraft limit is sitting at roughly 1.7 times my monthly salary, while the limit for installment purchases is only about 0.23 times what I make. It’s not like I’m some deadbeat—I maintain my account perfectly, I have maximum credit innovation, and I actually use a whole bunch of their different services. Honestly, the only explanation I can see for this is that they’ve capped me just because I don't actively use those specific features.

George Barrett35, I wasn't saying the service itself is useless—I was saying that with a limit this low, it’s practically useless.

George Barrett35 said:Generally speaking, your limit is pegged to your approved overdraft, which starts at a minimum of one and a half times your monthly salary.
If you’re seeing a lower limit than expected, it simply means you have uncashed checks sitting there, and each one effectively eats away at the total amount available for $333 (you can't really max out both your check availability and your installment plan limit simultaneously, since the whole point of the service is to act as a substitute for those checks)
You can always return any checks that haven't been issued yet, and once you do, your limit will bump right back up.

I don't have any checks. I've never had them in my life, nor do I even know how they work 🙂
But I do have an Amex that I regularly use to spread out payments. Honestly, I don't really need this Visa Installments option at all. It’s probably like Kevin Lee12 said—my limit is so small because I’ve just never used it. But I don't get why they don't just scrap the service entirely for me. With a limit this low, the service is basically useless.

I find these credit limits they approve to be a bit bizarre, honestly. For instance, I have a limit that’s only about four or five times my monthly salary—which doesn't sound like much when you think about it. The idea of breaking up such a small amount into installments just feels kind of ridiculous to me.

wiredlynx28 said:Visa Prepaid Card accounts are being updated, and the Prepaid gift card is intended for one-time payments
My banker told me that if I don't plan on using the Refresh card anymore, I should just close the account entirely. Since the Refresh card is tied directly to my identity, it isn't transferable.
With the gift card, you just pay something like $167 and you instantly get a card that can be handed off to anyone since it isn't registered to a specific name. Just keep in mind you have to spend the balance within 6 months, otherwise they'll shut down the account after that window closes.

And what if I just don't bother unregistering it? What if I simply cut it up and toss it in the trash? That shouldn't cost me anything, and honestly, it sounds a lot easier than the whole formal process you just described. 🙂

wiredlynx28 said:He was asking about the Visa Prepaid Card, not the Visa Prepaid gift card.

I mean, sure—but both of them fall under the prepaid umbrella. I don't really see the point in "canceling" something that's prepaid; you just stop adding funds to it and move on. Besides, I highly doubt Hypo Alpe Adria is hitting you with some kind of monthly maintenance fee for a prepaid card, right?

wiredlynx28 said:That card is a total waste of time.
I only grabbed it just to see what it was like.
Sure, you can use it at grocery stores and stuff, but
I went in today to close it out and it was a complete nightmare.
The balance on the account has to be under $33 for them to actually close it, and I think they charge some kind of fee $3.25 to payout whatever leftover balance is left on the account.
But here’s the kicker: when you go to open an account, the people behind the counter don't have a clue. They don't know the fees, they barely know anything. She practically had to run to ask a coworker what the service charges were, and even then, she wasn't sure how to process the closing. Her colleague had to step in and help her finish it.
Absolute chaos.

I really don't get why anyone would bother going into a bank just to cancel a Prepaid card. If you stop adding money to it, that's it. Any change left on there will eventually just get spent.

To me, that sounds like walking into T-Mobile or Verizon and asking them to shut off a prepaid line and refund all the credit I topped up but didn't use. 🙂

Donna Thompson2 said:Well, you can actually get a lower rate if the person you're sending money to already has an active account at that specific bank.

That seems a bit questionable to me.
A few years back—while I was out working somewhere in the Caribbean—my cards all got stolen. My only way to get my hands on my cash from my Chase account was to have someone send it via Western Union, or try to wire it myself through online banking to a local account in that country (which I had set up since I was working there and getting paid locally).

As it turned out, that second option ended up being way more expensive than using Western Union, mostly because the local bank charged a massive fee just to process incoming international transfers.

So, on top of the transfer fee you pay at one of your American banks, there's a real chance the receiving bank will take their own cut of the funds too. In those cases, even a pricey Western Union transaction can actually turn out to be the cheaper route.

Another big plus with Western Union is that you can grab your cash almost immediately after the transfer goes through—plus, their network is absolutely massive. Even in my tiny little town in the Caribbean, I managed to find three different locations without any trouble at all.

Jose Gonzalez7 said:So, I picked up an Amex Green Card today. Honestly? Total letdown. The installment options for the consumer credit on this thing are practically non-existent. $333 🤷

Is there actually a credit card out there that offers decent installment plans even for smaller amounts?

Jose, you can actually get interest-free installments on much smaller amounts. Usually, we're talking around $500, but it really just comes down to the specific agreement between American Express and the retailer.
Consumer credit is a different beast entirely—you can typically stretch those payments out over a much longer period, but you'll be hit with interest and extra fees, so it isn't exactly a great deal.

If you're staying within the States, I’d definitely go with American Express. Their installment plans are honestly fantastic—you can split up payments without getting hit by interest. It's a huge plus compared to Diners Club, since they don't tack on those extra fees for doing the same thing.

Now, if you're planning on heading out of the country, though—forget about American Express or Diners. Just grab a Visa or a Mastercard instead. I've traveled quite a bit through Europe and Latin America, and I can tell you from experience that Visa and Mastercard are accepted practically everywhere. I've even used my Visa at a local market in Brazil. With American Express or Diners, you might get lucky at some big-name retailers or the occasional high-end hotel, but that's about it.

Here is finally a concrete answer to the question asked at the beginning of this thread. 🙂

So, I was actually looking into the same thing recently—how to get the largest and most affordable overdraft? It turns out Hypo Bank turned out to be the best solution. They offer an 11% interest rate, and you can get approved right after your first paycheck hits, provided it's at least three times your usual salary. There isn't any difference whether you're on a contract basis or permanent staff. You really have to hand it to them—they make the process the least complicated and they’re relatively affordable. The downside? Not enough ATMs around Washington, D.C.

The second option is Chase. They offer the best interest rate at 7.98% (if you maximize your direct deposit settings, which is fairly easy to set up). After that first deposit, they only approve you for one and a half salaries, though that eventually scales up to three. However, they make things way more difficult than any other bank I've dealt with. Honestly, I think they might be the only bank in America that won't approve an overdraft for people on temporary contracts. It seems like a pretty strange decision, considering most young professionals work on a contract basis for at least a year after college—you know, like an internship. Chase basically scares them off to another bank right from the start. It’s almost as if young, highly educated people aren't the type of clients they want.

On the flip side, being in the red isn't always such a bad thing. I actually maxed out my overdraft during the season when AT&T stocks were surging, and it turned out to be a very smart move—I made a nice little profit on those shares.