R50/53 MINI card - who's getting it?
3rd Gear
Joined: Nov 2005
Posts: 220
Likes: 0
From: San Jose, CA
This will be my first credit card... finally going to start building some good credit history!
I actually filled out an application for a Mastercard a few days ago, but shortly after, MotoringFile wrote about how MINI plans to do this, so I cancelled the application and waited for this.
I love the idea because: It should be cool paying for things with a card that has a picture of my MINI, and second, it will remind me that I have to make car payments every month and maybe I'll go a little more easy on unnecessary spending... hopefully.
I actually filled out an application for a Mastercard a few days ago, but shortly after, MotoringFile wrote about how MINI plans to do this, so I cancelled the application and waited for this.
I love the idea because: It should be cool paying for things with a card that has a picture of my MINI, and second, it will remind me that I have to make car payments every month and maybe I'll go a little more easy on unnecessary spending... hopefully.
3rd Gear
Joined: Aug 2005
Posts: 166
Likes: 1
From: Florida, Jacksonville
Not sure about this. Sure it looks pretty but you get a measely 1-2% back, why screw with that when so many other cards give you 5% rebates on like everything, even 10% for a few months on alot of em. Any card that works a point system instead of cashback or rebate is generally garbage. The fact you can get points for purchases at Mini dealers seems the only real upside, and only if that includes service and repairs, which I suspect it doesn't.
I found this part interesting off the terms and conditions though.
29. Points can be redeemed and transferred to MINI Motoring Mates (other MINI Credit Card Accountholders who are Program participants) at your discretion.
I found this part interesting off the terms and conditions though.
29. Points can be redeemed and transferred to MINI Motoring Mates (other MINI Credit Card Accountholders who are Program participants) at your discretion.
Stuck in Reverse
Joined: Nov 2004
Posts: 1,812
Likes: 0
From: 127.0.0.1
I'm wondering if more details are available about the other benefits. Like the thing that says "Roadside dispatch" as I'm about 6000 miles away from an expired warranty (not bad for not even 2 years, eh?).
6th Gear
Joined: Jun 2002
Posts: 1,314
Likes: 0
From: Cleveland OHIO
I signed up for one this past thursday. Like alot of people i only use one credit card. But i could not help myself when i saw you can customize the pic on the card.( its a great gimic ...) I think i will just another novelty to show people, look at my card it looks just like my car
5th Gear
Joined: May 2006
Posts: 784
Likes: 3
From: SE FL (Hell Disguised as Paradise)
Originally Posted by bosfordjd
Any card that works a point system instead of cashback or rebate is generally garbage.
Nothing is for free.
6th Gear
Joined: May 2003
Posts: 1,395
Likes: 0
From: Virginia Beach, Virginia
Just got my acceptance letter in the mail 
wow free money 
>jk< 
BTW- the way I've understood the credit scoring system, from services like CreditInform, having more accounts with very low balances increases your score-
creditors want to see that you can handle credit responsibly and not max everything out.
Apart from that you also get credit points for having accounts for a very long period of time, like 10-20 years without issues like late payments or overages. It's all about character, you know lol.
I'll probably just use it for piddly stuff like gas though.. and maybe MOTD5
wow free money >jk< BTW- the way I've understood the credit scoring system, from services like CreditInform, having more accounts with very low balances increases your score-
creditors want to see that you can handle credit responsibly and not max everything out.
Apart from that you also get credit points for having accounts for a very long period of time, like 10-20 years without issues like late payments or overages. It's all about character, you know lol.
I'll probably just use it for piddly stuff like gas though.. and maybe MOTD5
5th Gear
Joined: Feb 2006
Posts: 797
Likes: 1
From: West Coast, USA
Are you kidding me? The last thing I need, is another credit card!...
Heck yeah I applied for one! I seriously don't plan to use it as I'm on a quest to pay off my (six) other cards (I didn't see a nifty "balance transfer" offer). But wont it look so schaweeeet in my wallet?!?!
Yep- they got me!
Heck yeah I applied for one! I seriously don't plan to use it as I'm on a quest to pay off my (six) other cards (I didn't see a nifty "balance transfer" offer). But wont it look so schaweeeet in my wallet?!?!
Yep- they got me!
4th Gear
Joined: Jun 2006
Posts: 310
Likes: 2
From: MO
Originally Posted by DrDiff
That is great if you lease. But if you buy the car... And remember ALL MINIs come with warenty service etc. Not just those that are financed by MINIFinancial...
Variable APR I will pass. Besides if you don't need multiple credit cards. The card companies may make you think that you need multiples but you don't. Today everyon takes Visa and Mastercard. One card and the burden it brings is more than any one person or one family needs. Multiple cards even if paid in full will pull down your credit scores. And low scores make it difficult to get things that you want, home loan or education loan etc.
The only way I would consider taking the card is if they automatically cut the price of the car by $5k just for possessing the card not having to use the card. Trust me you will owe more than the $5K you can get off the price of a new MINI.
Reality is that everyone needs a debit card, but not everyone needs a credit card. Debit cards eliminate the problems with writing a check, One Credit card is OK to estabilish your credit worthyness and responsibly using it will give you the credit you need to purchase homes etc, but the main problem is that peoply do not responsibly use credit products.
Variable APR I will pass. Besides if you don't need multiple credit cards. The card companies may make you think that you need multiples but you don't. Today everyon takes Visa and Mastercard. One card and the burden it brings is more than any one person or one family needs. Multiple cards even if paid in full will pull down your credit scores. And low scores make it difficult to get things that you want, home loan or education loan etc.
The only way I would consider taking the card is if they automatically cut the price of the car by $5k just for possessing the card not having to use the card. Trust me you will owe more than the $5K you can get off the price of a new MINI.
Reality is that everyone needs a debit card, but not everyone needs a credit card. Debit cards eliminate the problems with writing a check, One Credit card is OK to estabilish your credit worthyness and responsibly using it will give you the credit you need to purchase homes etc, but the main problem is that peoply do not responsibly use credit products.
I have one coming for me to use on MINI only items.
Thread Starter
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4th Gear
Joined: Feb 2006
Posts: 480
Likes: 0
From: Portland, OR
Originally Posted by iriemanhq
Are you kidding me? The last thing I need, is another credit card!...
Heck yeah I applied for one! I seriously don't plan to use it as I'm on a quest to pay off my (six) other cards (I didn't see a nifty "balance transfer" offer). But wont it look so schaweeeet in my wallet?!?!
Yep- they got me!
Heck yeah I applied for one! I seriously don't plan to use it as I'm on a quest to pay off my (six) other cards (I didn't see a nifty "balance transfer" offer). But wont it look so schaweeeet in my wallet?!?!
Yep- they got me!
Mr. MOTD
Joined: Jan 2006
Posts: 2,741
Likes: 3
From: Spring Hill, Florida
Originally Posted by BartMack
BTW- the way I've understood the credit scoring system, from services like CreditInform, having more accounts with very low balances increases your score-
creditors want to see that you can handle credit responsibly and not max everything out.
creditors want to see that you can handle credit responsibly and not max everything out.
I was told that having too many brings down your score. The idea is; if you're applying for a loan or something and you 10 credit cards with a $5000.00 limit, then the day after you get the loan you could go out and ring up another $50,000.00 dollars in debt. So this makes the bank less likely to lend you the money, thus bringing down your score. This was told to me by Equifax(one of the three company that lenders turn to get your credit score) and a mortgage broker
6th Gear
Joined: Sep 2005
Posts: 12,295
Likes: 1
From: Prescott, AZ, USA
Originally Posted by 89AKurt
The only reason I would bother. Problem is, which picture?
The reason I bring this up is because I got an e-mail for this yesterday.
3rd Gear
Joined: Apr 2006
Posts: 180
Likes: 0
From: Warshington
Originally Posted by wrx_xb9r
Actually the ratio of open credit to used credit helps your credit score. If you have say $1000 worth of cards and have $500 on them you ratio is 2/1. However if you have $10,000 worth of cards and have $500 on them your ration 20/1. Your credit score is higher with more open credit that is not used.
I have one coming for me to use on MINI only items.
I have one coming for me to use on MINI only items.
If you have $20,000 in credit but aren't using any of it, and you only make $40,000/year, in the bank's eyes you are able to run out at any minute and rack up that entire $20,000, which would make you a bad risk to them. Then they would be VERY unlikely to give you good rates on loans, or even any loan at all in some cases. BAD!
Although I feel the idea of a MINI credit card is pretty cool (hey, it's my car on the card!) I don't need another credit card in my wallet to keep track of. I will absolutely NOT get a variable rate credit card, I don't really care about MINI gear, the cash-back isn't as good as what other cards offer, and I already put my down payment for my MINI on a different card (wooo, Amazon points!
) anyway. There just isn't anything that really makes me want to get this card, especially considering my credit is pretty good right now and I don't want to mess it up.
4th Gear
Joined: Jun 2006
Posts: 310
Likes: 2
From: MO
Originally Posted by pancakex
However... if the amount of debt you have compared to the amount of money you make is too high (your debt to income ratio), your credit score goes DOWN. So yeah, having more credit cards (with no balances) can be good for your credit, but only up to a certain point.
If you have $20,000 in credit but aren't using any of it, and you only make $40,000/year, in the bank's eyes you are able to run out at any minute and rack up that entire $20,000, which would make you a bad risk to them. Then they would be VERY unlikely to give you good rates on loans, or even any loan at all in some cases. BAD!
Although I feel the idea of a MINI credit card is pretty cool (hey, it's my car on the card!) I don't need another credit card in my wallet to keep track of. I will absolutely NOT get a variable rate credit card, I don't really care about MINI gear, the cash-back isn't as good as what other cards offer, and I already put my down payment for my MINI on a different card (wooo, Amazon points!) anyway. There just isn't anything that really makes me want to get this card, especially considering my credit is pretty good right now and I don't want to mess it up.
If you have $20,000 in credit but aren't using any of it, and you only make $40,000/year, in the bank's eyes you are able to run out at any minute and rack up that entire $20,000, which would make you a bad risk to them. Then they would be VERY unlikely to give you good rates on loans, or even any loan at all in some cases. BAD!
Although I feel the idea of a MINI credit card is pretty cool (hey, it's my car on the card!) I don't need another credit card in my wallet to keep track of. I will absolutely NOT get a variable rate credit card, I don't really care about MINI gear, the cash-back isn't as good as what other cards offer, and I already put my down payment for my MINI on a different card (wooo, Amazon points!
) anyway. There just isn't anything that really makes me want to get this card, especially considering my credit is pretty good right now and I don't want to mess it up.
5th Gear
Joined: Dec 2005
Posts: 797
Likes: 0
From: Littleton,Colorado
If anyone is attending MINIS in the Mountains (Copper Mnt,Colorado) I'll have info and applications handy if anyone wants to wait & sign up for the cards!!! Can't wait!!!! ONE MONTH until the event!!! 
6th Gear
Joined: May 2006
Posts: 1,310
Likes: 0
From: New York City
Originally Posted by elbum0
This will be my first credit card... finally going to start building some good credit history!
Former Vendor
Joined: Sep 2003
Posts: 2,130
Likes: 0
From: Lakeside, CA
I got my MCS put on my checks
look here: http://www.carouselchecks.com/addite...CUS-05-600.jpg
may have to cut and paste.
Earl
look here: http://www.carouselchecks.com/addite...CUS-05-600.jpg
may have to cut and paste.
Earl