Anyone here have a Visa Signature card?

[GoingUp]

Just got my BP Visa upgraded to a BP Visa Signature card. Came in the mail, all of the numbers are the same, but I don't know much about the differences.

I see its a change from a credit line, to a credit access line...

What's the difference with that? Will it affect my credit score?

Benefits, drawbacks, etc. Would appreciate any info you could provide.

 

[kranky]

It *may* affect your score, if it does not report your credit line to the credit reporting agencies. The more cards you have, the less likely it will ding your score. The issue is that utilization is factored on the amount of available credit in use. If your Signature doesn't report your credit line, then it can't count towards your available credit.

Two normal cards with $5,000 credit lines each = $10K total credit. $1,000 in use = 10% utilization.

Convert one to a Signature card which doesn't report your credit line = $5K total credit. $1,000 in use is now 20% utilization.

You do get some concierge service with Signature cards but I've never used it.

 

[LS21]

just activated mine literally 5 minutes ago. chase united mileage plus visa signature.

if you have a "plain" visa the only thing i see in the benefits package is +1 year of warranty on items with <3 years default warranty.

thers a purchase protection (theft, damage, etc) for items within 90 days but the terms seems wayyy more restrictive than amex

most of these benefits seem pretty useless. i just signed up for my card for the miles

 

[Viper GTS]

kranky is dead on as usual. Typically your max reported balance is reported as the "limit" so if you spend similar amounts every month your credit report will show the card as nearly maxed out all the time.

Generally not worth it unless you can make good use of the improved rewards system or concierge services.

Viper GTS

 

[GoingUp]

So can I just call them back and ask them about the credit line and / or switch it back if I decide I don't want it?

Edit: I have $24,000 in credit across 4 other cards. The BP Visa would have added and extra $6,000 to my credit line.

Basically I'm going from $30,000 down to $24,000 in credit line. I do however use the BP card for everything. I hardly ever pay cash. All of my monthly and daily expenses that I can charge to the card, I do.

I'm a bit worried now about the whole credit score decreasing thing....

 

[LS21]

Originally posted by: Gobadgrs
So can I just call them back and ask them about the credit line and / or switch it back if I decide I don't want it?

Edit: I have $24,000 in credit across 4 other cards. The BP Visa would have added and extra $6,000 to my credit line.

Basically I'm going from $30,000 down to $24,000 in credit line. I do however use the BP card for everything. I hardly ever pay cash. All of my monthly and daily expenses that I can charge to the card, I do.

I'm a bit worried now about the whole credit score decreasing thing....

if youre not buying a house anytime soon i dont think a miniscule change in score will make any perceived difference in your life...

 

[HannibalX]

I have no idea how the card rankings work. I have a Visa Platinum card, rarely use it, I have no idea what perks it carries.

 

[kranky]

Originally posted by: Gobadgrs
So can I just call them back and ask them about the credit line and / or switch it back if I decide I don't want it?

Edit: I have $24,000 in credit across 4 other cards. The BP Visa would have added and extra $6,000 to my credit line.

Basically I'm going from $30,000 down to $24,000 in credit line. I do however use the BP card for everything. I hardly ever pay cash. All of my monthly and daily expenses that I can charge to the card, I do.

I'm a bit worried now about the whole credit score decreasing thing....

That isn't going to make a huge difference in your score since you have 4 backups with decent total credit there.

But if you want, call them and ask if it reports the credit line. If not, ask if you can keep the old card or switch it to one that does report the credit line.