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Written by: hjm331 on 2008-05-13

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hjm331's review: Callout Comment I have had this card since last November. It is a pretty good card and I initially got approved for $2k. It's a pretty good CL in case I want to purchase a laptop for school or anything of that sort.

I haven't seen any CLI's from them and I don't know how they give CLI's, that's if they ever do.

Another thing that makes me scratch my head is that they don't report to the CRA's. I didn't think that it was possible to have a credit card without being reported to the CRA's. The upside to that is that your FICO won't decrease for high utilization when you make a large purchase on the card.

The APR that I got approved for was around 22-23% and my scores at the time of application were between 650-700 across the board.


Comment 1 by defserv
-> User Icon on 2008-05-13

Remarks Congrats on the approval! I applied for this card the other day and got some kind of denial, but there was no hard pull from CIT bank... No nothing... Really odd.
Comment 2 by hjm331
RE: Defserv User Icon on 2008-05-13

Remarks The inquiry might show up in a few days. Did you call CS and asked if there's a reason for the denial?
Comment 3 by defserv
-) User Icon on 2008-05-13

Remarks Nah, I've actually app'd twice now, no inq... First time was awhile back and still no inq
Comment 4 by wildrage2
Hmm... User Icon on 2008-05-13

Remarks Do you know if they did a soft pull? Maybe they did that first, then a hard to confirm limit. Kind of like how HSBC does preapprovals.
Comment 5 by wildrage2
Hmm... User Icon on 2008-05-13

Remarks I just tried applying to it. It happened Waaaaaayyy too quickly - there's no way they could have pulled my report that quickly. Maybe it goes by geographic region? Or maybe the bank involved doesn't lend to certain states?
Comment 6 by wildrage2
Oh User Icon on 2008-05-13

Remarks By the way... I was denied. didn't state any reason, or that they would be sending me a letter... Just 'no'... It told me to make sure my information was correct.
Comment 7 by kellbell
DELL User Icon on 2008-05-13

Remarks I have heard horrible things about CIT bank. They finance DELL. Go to epinions.com and type in Dell. You'll see.

Good luck.
Comment 8 by mark
CIT And Bill Me Later User Icon on 2008-05-13

Remarks CIT bank is the same bank that finances Bill me later and other internet cards like Macmall card.

aside from the high APR.

i would not recommend this to anyone especially when buying a laptop.

here is the strongest reason why:

1. If you purchase anything ( including laptops) with VISA or AMEX, you get an addtional 1 yr extended warranty..

so, you'll have 2 yrs of manufacturer's warranty without spending a single dollar.

with CIT bank, bill me later, macmall card etc you won't get this advantage
Comment 9 by hjm331
RE: Kellbell User Icon on 2008-05-13

Remarks My mom has the Dell card with a $4k limit on it and she hasn't had any problems with it.
Comment 10 by hjm331
RE: Mark User Icon on 2008-05-13

Remarks The best promotion that newegg offers which includes the use of the Newegg Preferred card is that when you make a purchase of $1,000 or more, you don't have to make any payments for a whole year. That's pretty good but if there's a Visa or AMEX card that offers 0% interest for a whole year, then I would go with that just because of the warranty.
Comment 11 by wildrage2
Interest User Icon on 2008-05-14

Remarks It says no payments for 12 months on their site... But nothing about 'no interest'. If you have to pay interest for those 12 months, its the biggest rip off in the world.
Comment 12 by mark
Rip Off User Icon on 2008-05-14

Remarks Read the fine print..

if you retain a balance even cents after the 12 months period..

you'll get the finance charge for the total price since day 1.

that's how they profit!

so be very careful.

0 payments for 12 months is not the same wiht 0% interest for 12 months
Comment 13 by hjm331
RE: Mark User Icon on 2008-05-14

Remarks That's how all companies work. If you don't pay off the balance within the promo period, they charge you interest since day 1. No surprise there.
Comment 14 by rivasglo
Promo User Icon on 2008-05-14

Remarks Yup it works the same way with EVERY BANK... I hate when customers say "im suppose to be on no interest for 6 months" I'm like "you are, but a monthly payment is required, because you missed 2 pymts in a row, you now accrue interest" and they wonder why they get a bill in the first place??? Idk a lot of careless people outthere... But I guess that's how they all learn.
Comment 15 by hjm331
RE: Rivasglo User Icon on 2008-05-14

Remarks You work for Newegg?! Lol
Comment 16 by rivasglo
HJM User Icon on 2008-05-14

Remarks Lol no I work for Citicards haha
Comment 17 by eric
0% For 12 Months User Icon on 2008-05-15

Remarks WhenI worked for GEMB I saw this kind of promo on the Lowes cards... No payment no interest for 12 months... I use to tell customers don't leave a CENT on the account! Because that $1 you leave can cost you an additional $100 or $200... Its great if you have a plan to pay it off in 10-12 months... But don't falter on that plan or you will owe some big bucks... Also I like Mark's points on the warranty extension you get with MC Visa AMEX.
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