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Accept BECU CC offer?

April 18th, 2012 at 12:07 pm

Just got an email from BECU (my credit union) that says I am pre-approved for a $5,000 credit limit (current limits are $1,000 and $500) at 10.90% APR (current are 23%).

There is no annual fee for the first year, and after that it is $25/year.

I know the general idea is to avoid annual fees like the plague (which I do), but this seems like a great deal, and could help bolster my credit score. We would switch to using this card (instead of the Chase) for the first 90 days, as part of the promotion is that you get 2% back on purchases such as gas, groceries, etc. (all ones we use it for). However, the Chase card would remain our daily card, as it has cash-back at all times, rather than just the first 90 days.

What do you guys think? Despite the annual fee, get it?

10 Responses to “Accept BECU CC offer?”

  1. ceejay74 Says:

    $25 a month?? Only if you plan to cancel before that kicks in.

  2. Frgal Says:

    YEAR! Sorry! Haha. Just so used to typing /mo. Smile

  3. Alex Says:

    I wouldn't even bother getting it. Stick with cash back cards without an annual fee unless you really need the credit.

  4. ceejay74 Says:

    $25/year is much better, but I agree with Alex. Unless you feel you need the bigger credit limit now, keep an eye out for no-annual-fee cards. creditcards.com is a great source for browsing offers.

  5. Frgal Says:

    Even though it would help with the available credit ratio?

  6. creditcardfree Says:

    The thing is it will only help your credit for the very short term. Within a year, you will need to cancel because of the fee (or it I would suggest that you do). I agree with the others on looking for a no fee card. If you are not running a balance that is much more important than the rate or the credit limit, IMO.

  7. Frgal Says:

    I was thinking that since we currently have balances on our two cards (from having to move), this card would help offset that a tad just by being such a high limit. Also, I can switch it to no-annual-fee if I remove the rewards. Maybe that would be best, eh? Especially since the Chase card is our rewards card.

    Then what? Just let this card sit? I know you have to use them every so often for them to be considered good credit, but how often?

    Thanks all. Smile

  8. baselle Says:

    I'd be careful counting on the preapproved limit. I remember a lot of bait and switch going on where the bank/cu claimed you were preapproved for a limit, but the limit was much lower when you got the card. BECU I don't think will do it, but I don't have a cc with them.

    I know you have the best of intentions with another card and think it will help you, but I haven't read anything in your blog that tells me the additional card will help.

  9. Jerry Says:

    I think baselle is right, you don't have any insurance that they will not "get creative" with the credit limit afterward, unless you have previous experience with them. And even then, in this economy I have seen some companies abandon good practices to try to lead to more profits at the expense of their loyal customer base. Just be careful!
    Jerry

  10. emla Says:

    blargh?

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