New Credit Card Act Goes Into Effect On Monday…

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Getting a new credit card may get tougher come Monday when the new CARD act goes into effect.

If you are under 21 you may need a co-signer or be able to prove your income to get approved for a new card.

If you are thinking of getting a new card you may want to apply today just in case things get crazy come Monday…

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17 Comments On "New Credit Card Act Goes Into Effect On Monday…"

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itch

does this mean the end of dansdeals?

moshke

Plz explain!!

Mark

Dont tell me those are all your cards

Anonymous

does this effect people 21+?

eli

I see your numerous AMEX SPG cards. If I closed mine several months ago is a churn possible??

Dan/Ctownbochur

The picture of the cards was from last year, I’ve churned quite a few more since then: http://www.dansdeals.com/archives/5195

@Anonymous:
It might, we’ll just have to wait and see.

@eli:
It can be, see dansdeals.com/forums for extensive discussion.

help

what is the best credit card to apply for if you have no credit history or a low credit history?

Steve Weisz

This question is for Dan. I had two amex cards 1)Blue personal card and 1)spg business amex card, about a year and a half ago they asked me to provde financials and i was unable to do so. So they shut me down, do you think i can apply for a new spg card.

Thanks

I just applied for a card.

anon

i see 2 gold charge cards and 5 plat. is that because they’re churnable?

shmuel

I see they started charging for the 1st year on the aadvantage master card any way of getting around this?

@shmuel

Make sure to spend the 750 before the first bill comes you. So that you should get the 25k on the first statement. Then call up and tell them you want to switch to the bronze which has no fee and they will refund you the fee.(bronze only earns 1 point for every 2$ spent but you will have your 25k without paying the fee) the law is that if you cancel a card within 30 days of receiving the statement that has the fee they have to refund you. Changing the card to a no fee card has the same affect. By the way this worked for me on almost all cards including the chase continental and the british. The only one that won’t work is us airways bec. They make you pay the fee before giving you the bonus miles. Hope this was helpful.

Emily

Continental doesn’t work because they don’t give you the miles within 30 days…

mendel

@Emily:

Continental gives the miles on the first statement after you make the first purchase from my experience. Also look around and check your mail they sometimes still offer the AA card fee free the first year. I just got such an offer myself.

J

Dan-

While I’ve followed your site closely and applaud you for all of your deals and pointers, I have to warn you and everyone about the act of opening and closing multiple credit cards.

I’m not sure if you are aware but doing so severely hurts your credit score long term. The more open lines of credit you open, the more your score goes down. The same applies for the length of time between opening and then closing your accounts. If you open 20 cards and then close most within the first year, your credit score will be impacted. For all of you who follow these deals, they are great. However, the credit card deals, while tempting and rewarding, will in fact harm your credit score.

I love you Dan, but I felt I should inform everyone about that.

Dan/Ctownbochur

I’ve opened and closed hundreds of credit cards over the past few years and made millions upon millions of miles off doing so.

I have massive credit limits with every credit card company and have an excellent (upper 700’s) credit score.

Just sayin…

ben

@J:
The only negative about opening cards is the hard inquiries on your report. However this is only a fraction od your score. The most it will affect you is about 20 points I have about 20 inquiries on my report and a score in the 770’s I did a credit analysis with experian and came out that with not one inquiry at all my score would go up about 20 points and with up to 4 it would go up 9 points. So for those with mediocre scores because of other factors like high balances and late payments etc. You might care about those 10 points but for those with good credit history low debt to credit ratio etc. The difference is not that big a deal its like a 770 with a bunch of inquiries or 780 with 3 or 4 so in reality the inquiries lower your score only a little and I would say the value of all the points I have earned in the last 2 years from opening cards is more than 10 thousand so I would say its worth it.

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