"First Review For This Card"
Newegg.com Preferred Account Review
Written by: hjm331 on 2008-05-13
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
hjm331's review: 
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.
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.
17 Comments
Comment 1 by defserv
-> 
on 2008-05-13
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.
on 2008-05-13 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 on 2008-05-13
The inquiry might show up in a few days. Did you call CS and asked if there's a reason for the denial?
on 2008-05-13 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
-) on 2008-05-13
Nah, I've actually app'd twice now, no inq... First time was awhile back and still no inq
on 2008-05-13 Nah, I've actually app'd twice now, no inq... First time was awhile back and still no inq
Comment 4 by wildrage2
Hmm... on 2008-05-13
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.
on 2008-05-13 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... on 2008-05-13
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?
on 2008-05-13 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 on 2008-05-13
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.
on 2008-05-13 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 on 2008-05-13
I have heard horrible things about CIT bank. They finance DELL. Go to epinions.com and type in Dell. You'll see.
Good luck.
on 2008-05-13 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 on 2008-05-13
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
on 2008-05-13 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 on 2008-05-13
My mom has the Dell card with a $4k limit on it and she hasn't had any problems with it.
on 2008-05-13 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 on 2008-05-13
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.
on 2008-05-13 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 on 2008-05-14
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.
on 2008-05-14 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 on 2008-05-14
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
on 2008-05-14 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 on 2008-05-14
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.
on 2008-05-14 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 on 2008-05-14
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.
on 2008-05-14 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 17 by eric
0% For 12 Months on 2008-05-15
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.
on 2008-05-15 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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Disclaimer: This content is not provided by Comenity Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Comenity Bank. Review content is powered by Finance Globe.
