Quick question about credit cards

Kimberly Nguyen said:They don't even issue them without a security deposit, proof of income, or a solid credit score, so I honestly don't get where you're coming from...

And what you ended up with is a legitimate credit card—you know, the kind with a grace period, revolving credit, and all that jazz...

Well, a deposit is just money sitting in the account, even if it isn't technically tied to anything. As for creditworthiness, they’re probably just looking at your credit report. Later on, they actually offered me a loan three times larger than my balance without needing any co-signers. It seems having a "clean slate" (or a bad record) matters a lot.

It's not a revolving line of credit; it's tied directly to that foreign currency account. So, if you pay in dollars, they pull from the dollar account. It's pretty handy for anyone traveling abroad or shopping online.

I mean, is it possible that what you actually have is an Intel debit card rather than a credit card?

Donna Wilson18 said:I mean, is it possible that what you actually have is an Intel debit card rather than a credit card?

Nope, it's a real Mastercard credit card.

I honestly don't even know where to begin with this mess. It’s just one thing after another lately, isn't it? I was sitting there this morning, staring at my bank statement, and I swear my blood pressure hit the ceiling. It feels like every time we turn around, some major institution decides to move the goalposts on us. I remember back when things were actually predictable—you knew what you were getting into. Now? It’s a total circus. You try to follow the rules, you play by the book, and then suddenly the people running the show decide to change the entire playbook without even giving us a heads-up. It’s infuriating! I’m sitting here trying to plan out my budget, looking at everything from my local credit union down to the big players like JP Morgan Chase, and nothing seems to line up anymore. It’s chaos. Pure, unadulterated chaos. And don't even get me started on how much harder it's becoming to navigate the basic stuff. It shouldn't be this difficult to just exist in a functional economy!

Charles Ramos7 I can't even begin to deal with this level of nonsense right now. Honestly, I’m sitting here staring at my screen, just absolutely floored by how ridiculous this whole situation has become. It’s one thing to have a minor disagreement, but we are talking about a complete lack of common sense here! I mean, seriously? You expect me to just sit back and nod along while everything goes sideways like this? My blood pressure is already through the roof. I remember back when things actually made sense—I was working on a project over in Chicago a few years ago, and even then, the logic was sounder than what I'm seeing today. Now? It’s just chaos. Pure, unadulterated chaos. It’s frustrating, it’s exhausting, and frankly, it’s insulting to anyone who actually pays attention to the details. We aren't talking about trivialities anymore; we're talking about fundamental principles being tossed out the window like yesterday's trash. I've spent way too much time trying to make sense of this, and quite frankly, I'm running out of patience. If we don't address this head-on, we're all just spinning our wheels in the mud. Look, let’s be clear about one thing: a deposit is just cash sitting right there in your account. It isn't tied up, it isn't collateralized, and it isn't locked away behind some ridiculous legal loophole. It’s just liquid capital. Period.

Look, I’m sorry, but I honestly have no idea what you're getting at. I'm completely lost here. 😁 How on earth can something even be considered a credit card guarantee if it isn't actually blocked? I mean, let’s use some common sense here! If the funds aren't held, where is the security? It's completely nonsensical.

I don't even know where to start with this nonsense. Honestly, I’ve had enough. It’s the same old story every single time we talk about these banking regulations and how they squeeze the life out of everyday people just to line the pockets of some suit at JP Morgan Chase or Wells Fargo. You see it happening right before your eyes, and yet everyone acts like it's perfectly normal! It drives me absolutely insane. I was sitting there the other day, looking over my own statements, thinking about how much more complicated everything has become just because some bureaucrat decided to "streamline" things. Streamline? Give me a break. It's a mess. A total, disorganized mess that only serves to make life harder for anyone who isn't part of the inner circle. And don't even get me started on the fees. Every little thing is a grab. You think you're getting a fair shake with your American Express or your Mastercard, but then—BAM—another hidden charge pops up. It's predatory, plain and simple. I remember back when things felt a bit more transparent, though maybe I'm just getting old and cynical. But no, the cynicism is earned. It’s earned through years of watching these institutions pretend to be on our side while they systematically pick us clean. It’s infuriating! Truly, deeply infuriating.

Charles Ramos7 said:Well, a deposit is just money sitting in the account, even if it isn't technically tied to anything. As for creditworthiness, they’re probably just looking at your credit report. Later on, they actually offered me a loan three times larger than my balance without needing any co-signers. It seems having a "clean slate" (or a bad record) matters a lot.

It's not a revolving line of credit; it's tied directly to that foreign currency account. So, if you pay in dollars, they pull from the dollar account. It's pretty handy for anyone traveling abroad or shopping online.

You can't just look at a blacklisted credit report and assume you know someone's full financial picture. It’s a massive oversimplification. When it comes to actual creditworthiness, the way people handle their limits feels less like responsible management and more like blatant, sanctioned overdrafting. It's frustrating how the system is set up. 😕 But you’re telling me you don't even take my salary because it’s a foreign currency account? Seriously? I am absolutely livid right now. 😕 😕 😕

I can't believe I'm even seeing this. Seriously? This is what we're dealing with now? It’s absolutely ridiculous. Every time I think we've hit rock bottom with these discussions, someone comes along and drags us right back down into the mud. I’ve been sitting here staring at this for ten minutes, just trying to process the sheer level of incompetence on display. It’s maddening! I remember back when things actually made sense—back when you could have a logical conversation without having to fight through layers of pure nonsense. Now? It’s just a free-for-all. It’s exhausting. Honestly, I feel my blood pressure rising just thinking about how much time we waste on these circular arguments. We need to do better. We *have* to do better. If we don't start holding people accountable for these absurd takes, we might as well just pack it up and call it a day. It's infuriating!

Charles Ramos7 said:Well, a deposit is just money sitting in the account, even if it isn't technically tied to anything. As for creditworthiness, they’re probably just looking at your credit report. Later on, they actually offered me a loan three times larger than my balance without needing any co-signers. It seems having a "clean slate" (or a bad record) matters a lot.

It's not a revolving line of credit; it's tied directly to that foreign currency account. So, if you pay in dollars, they pull from the dollar account. It's pretty handy for anyone traveling abroad or shopping online.

And when exactly does that payment actually hit my account? I mean, seriously, when does the money actually leave?

Lavica2—honestly, I haven't a clue. I've used that card for a few small purchases here and there, but I'm never quite sure when the funds actually leave my account. If I can dig up the agreement, I'll see if there's any clarity in there.

I've got plenty of other cards on me, so this one is really just a backup. I figure if my checking account hits zero, this might be my only shot at getting a transaction through.

I assume the whole point of those credit bureaus is just to make getting loans a bit more straightforward.

Look, if you don't mind, could you let me know exactly when those charges hit your account? Honestly, just do it for my own peace of mind—and maybe a little bit out of curiosity, too. 😁

As for the HUB, the whole point of it is to flag people who aren't staying on top of their business; basically, it's there to provide intel on anyone running a messy operation.

Look, here’s the deal: JP Morgan Chase will approve you for a charge card based on whatever cash you’ve got sitting in your savings account. Of course, they aren't going to greenlight it the second you drop the money in there; you have to stick around for a while and prove you're actually a reliable client. And honestly, why would anyone bother locking up a CD just to act as collateral for a credit card? Does that imply you’d have to hand the card back once the term expires? It doesn't make sense. Even having a steady paycheck hitting your account isn't some ironclad guarantee. If someone keeps a decent balance in an account like that over a long period, it's pretty obvious they have enough liquidity to live on and likely have a job somewhere. Besides, there’s really no need to run a full credit check since you aren't asking for a revolving line of credit—it's just a charge card. You get billed once a month on whatever date you pick.

Thanks, George Barrett35, you hit the nail on the head!👍

Kimberly Nguyen—I’m not sure what your main goal is here, but if you share that common mindset of living on credit and just shuffling money from one empty pocket to another... then this isn't the card for you.
This card is for people like Donna Wilson18 who travel constantly and need to book flights or hotels online without lugging around a wad of cash.
When they charge me, I don't lose sleep over it because the funds are already sitting in my account; I can handle the transaction instantly.
I used to carry just a Visa with a tiny limit that was useless to me, so I picked up this Mastercard too. Nowadays, I mostly use my American Express, so I’ll probably end up returning this one.

btw—I was just checking, and with this Mastercard, I have a limit of $2667, whereas with something like Diners Club, you basically need a permanent career just to get an interview, and even then, your limit is tied directly to your salary.

Charles Ramos7 said:Thanks, George Barrett35, you hit the nail on the head!👍

Kimberly Nguyen—I’m not sure what your main goal is here, but if you share that common mindset of living on credit and just shuffling money from one empty pocket to another... then this isn't the card for you.
This card is for people like Donna Wilson18 who travel constantly and need to book flights or hotels online without lugging around a wad of cash.
When they charge me, I don't lose sleep over it because the funds are already sitting in my account; I can handle the transaction instantly.
I used to carry just a Visa with a tiny limit that was useless to me, so I picked up this Mastercard too. Nowadays, I mostly use my American Express, so I’ll probably end up returning this one.

btw—I was just checking, and with this Mastercard, I have a limit of $2667, whereas with something like Diners Club, you basically need a permanent career just to get an interview, and even then, your limit is tied directly to your salary.

I was asking because I was genuinely curious...
I'm not one of those people who constantly swiping cards just because I have to; I don't need to. I use them for delaying payments if things get tight, or if I'm picking up something big and want to take advantage of an interest-free installment plan instead of writing checks.

@George Barrett35 explained how you get a charge card at JP Morgan Chase, but that's just how they operate there. When we talk about a "credit card" in its literal sense, we're talking about credit. That’s why most banks, whether they're issuing a charge card or a revolving one, require some kind of collateral or proof of creditworthiness. At its core, they are extending you credit from the moment of purchase until settlement.

If that collateral is a deposit, then the card is issued for a fixed term, and when it expires, you can negotiate whatever terms you want next... I honestly don't see anything wrong with that.
Having a good credit score isn't a guarantee, obviously, but it serves as an indicator. If it were irrelevant, banks wouldn't bother checking your creditworthiness before approving a loan, but you know as well as I do that it's basically the baseline requirement.

I remember my first attempt to get an American Express (this was about 10 years ago; I was making roughly $1.00 and had been at my job for five years) and they turned me down flat because I hadn't hit their threshold for tenure or income level.

Times have changed since then, though. Nowadays, credit card companies are practically fighting over clients, desperate to capture as much spending volume as possible.

Hey everyone, I’m not really sure who to ask here—I have a Visa credit card and want to buy something using an installment plan, but I don't exactly have the cash on hand. I have enough to cover maybe one installment, so I'm wondering if the transaction would even go through? The total is $433, and I currently have $233 available. Would it clear if I tried splitting it into two payments? I don't want to look foolish—I've never used an installment plan before, so I'm still figuring out how the whole system works.

Hold on a second, how can you have anything on a Visa? It’s either a credit card or a debit card. If it’s a credit card, you might have a set limit—which usually implies you have a steady income to cover the bill, even if you don't have the cash sitting in your account right now.
If it's a debit card, you just have whatever funds are in there to spend, and you can't go beyond that (unless you have an authorized overdraft, like with some Maestro cards). As for installment plans, those are typically available with Diners Club or American Express. You rarely see them with Mastercard or Intel, but honestly, that depends more on the specific store and their agreement with the credit issuer rather than just the card itself. And of course, those payment plans can come with interest or be interest-free.

Which bank issued the card?
Are you perhaps using that Intel debit card from Wells Fargo? If so, despite the "Visa" branding, it isn't actually a credit card, so you won't be able to use it for installments or any kind of credit.

If you're really looking to split a purchase into installments, your best bet might be asking a family member who carries an American Express to make the purchase for you. Then, you could just pay them back in two chunks. It’s generally a safer bet that an Amex will offer installment options, though, as I mentioned before, it ultimately comes down to the merchant's policy.

ironsurfer8 said:Hold on a second, how can you have anything on a Visa? It’s either a credit card or a debit card. If it’s a credit card, you might have a set limit—which usually implies you have a steady income to cover the bill, even if you don't have the cash sitting in your account right now.
If it's a debit card, you just have whatever funds are in there to spend, and you can't go beyond that (unless you have an authorized overdraft, like with some Maestro cards). As for installment plans, those are typically available with Diners Club or American Express. You rarely see them with Mastercard or Intel, but honestly, that depends more on the specific store and their agreement with the credit issuer rather than just the card itself. And of course, those payment plans can come with interest or be interest-free.

Which bank issued the card?
Are you perhaps using that Intel debit card from Wells Fargo? If so, despite the "Visa" branding, it isn't actually a credit card, so you won't be able to use it for installments or any kind of credit.

If you're really looking to split a purchase into installments, your best bet might be asking a family member who carries an American Express to make the purchase for you. Then, you could just pay them back in two chunks. It’s generally a safer bet that an Amex will offer installment options, though, as I mentioned before, it ultimately comes down to the merchant's policy.

It's a credit card from Wells Fargo; my limit is $1667 and I've got an extra $233 in overdraft. I know not everyone does this, but some places allow installments—so how does that actually work? Do you need the full amount upfront, or as long as you have enough for the first payment, you're good? (Assuming, obviously, you'll have the cash for the next one next month).

So, you’re getting pretty close to your limit, aren't you? Look, here is how it works:
Generally speaking, if that specific card allows installment plans at the retailer, you shouldn't run into any issues—provided your installment amount stays within those $233. Of course, that depends entirely on the store's policy, though in my experience, they rarely offer installments on anything other than American Express or Diners Club, so you might want to check with the merchant first.
But...
I know for a fact that things can get tricky with American Express. If someone already has several items on a payment plan, is nearing their credit limit, or has just recently opened the account, weird things happen. I've seen cases where the store calls for authorization, and American Express just denies it. It’s happened to people who have no trouble paying their bills; it’s just one of those awkward situations where the bank decides to play it safe and hedge their bets, even without a legitimate reason to deny the transaction.

Just to be safe, you could give Intel or the Federal Reserve a call and let them know about the upcoming purchase. That way, they won't flag it as suspicious. At least, that’s what worked when I dealt with American Express.

There are actually quite a few moving parts here that could go wrong.

Oh, one more thing: is this a standard credit card or a revolving line of credit? If it’s a revolving account with a total limit of $5,000, you won't be able to exceed those $233 because your available credit is calculated based on everything currently outstanding on the card. Though, I assume it isn't revolving, otherwise the installment option would be automatic and you probably wouldn't be asking.

It’s just mediocre. Honestly, I might as well hold off on buying anything until next month👎 — wouldn't want to look like an idiot.
Since nobody seems to take checks anymore, I probably need to close my Intel account ASAP and try to snag a Diners Club card instead. Though, God knows what the requirements are for that one.

You might want to dig into the fine print online for those various cards. From what I recall when I was looking into this about six months ago, American Express offered the best deal—lowest interest rates on installments and the smallest annual fee. They actually had a promotion running where you could secure an American Express through JP Morgan Chase with just a single phone call. It caused quite a bit of chaos for them for a few months because they weren't even entirely sure who they had issued all those cards to.

I'm not trying to play advocate for any specific credit provider—I wouldn't want anyone getting the wrong idea, especially since I've stuck solely to Mastercard after giving up on the others. I’m simply suggesting you compare the terms of different cards. Remember, you don't necessarily need a card from the same bank where you hold your checking account.

Also, if I remember correctly, the Federal Reserve-affiliated institutions offer relatively decent revolving credit options if you already have a checking account with them. It’s worth looking into, as a revolving line gives you the freedom to pay in installments without the retailer ever being involved. You pay the merchant upfront, then settle the balance with the bank in increments that suit your budget. Granted, the interest rates tend to be higher than what you'd find with American Express, but it offers flexibility. Wells Fargo has a similar setup with their Go card.

There are so many options out there these days. Since you have internet access, why not do a little digging into the various banks and their offerings?

"Everything is out there now—since you clearly have internet access, just Google some banks and credit cards yourself."

I'll get right on that, thanks for the tip. By the way—any chance you could tell me how to put that little profile picture next to your "name"?

When it comes to the merchant and your credit card, they honestly couldn't care less—not really. If the transaction clears the first time, they’ve done their part and will collect whatever they're owed from the bank. It’s the bank that’ll come knocking on your door later if the payment doesn't actually land.

Robin Allen8 said:It’s just mediocre. Honestly, I might as well hold off on buying anything until next month👎 — wouldn't want to look like an idiot.
Since nobody seems to take checks anymore, I probably need to close my Intel account ASAP and try to snag a Diners Club card instead. Though, God knows what the requirements are for that one.

Wait, where *don't* they accept checks? 😲 Everyone should be able to take them! 😠

I was actually just about to suggest that very thing—pay the first installment right away, then write a check for the second one without any funds behind it... though, obviously, only if you're absolutely certain your deposit will hit before that second check actually clears... ☕

Why on earth should everyone be getting a check?

Robin Allen8 said:Hey everyone, I’m not really sure who to ask here—I have a Visa credit card and want to buy something using an installment plan, but I don't exactly have the cash on hand. I have enough to cover maybe one installment, so I'm wondering if the transaction would even go through? The total is $433, and I currently have $233 available. Would it clear if I tried splitting it into two payments? I don't want to look foolish—I've never used an installment plan before, so I'm still figuring out how the whole system works.

If you're trying to use a charge card (where you get about 30 days to pay the full balance) to pay in installments, the issuing bank (which would be the Federal Reserve in this case, if I'm reading this right) has to have a specific agreement with the retailer for that to work (and I'm not even sure they do).
So, you might just have to wait a bit before making that purchase...

Usually, when people want to buy things in installments, they end up using a revolving credit card. Those are easily the most expensive way to borrow money, and once you start sliding down that slippery slope... oh boy, it's a mess. 🙄

Jason Chavez32 said:When it comes to the merchant and your credit card, they honestly couldn't care less—not really. If the transaction clears the first time, they’ve done their part and will collect whatever they're owed from the bank. It’s the bank that’ll come knocking on your door later if the payment doesn't actually land.

Wait, where *don't* they accept checks? 😲 Everyone should be able to take them! 😠

I was actually just about to suggest that very thing—pay the first installment right away, then write a check for the second one without any funds behind it... though, obviously, only if you're absolutely certain your deposit will hit before that second check actually clears... ☕

Nah, they don't have to 🙂

Try pulling up to a gas station to fill up and paying with a check, say... from JPMorgan Chase 🙂