Credit card questions...

[Decker]

I'm thinking of getting a new credit card. I'm with CIBC now (I have been for like 6 years) and was thinking about getting an Amex (for Costco purchases).

Basically my question is...I've heard that you can get credit cards that increase and/or double the warranty period of your purchases. Basically I'm looking to buy a Sharp Aquos 1080p TV and want to take the poor mans way out of getting a warranty by just purchasing the entire thing on my credit card.

Does CIBC or Amex offer this? From what I've read it just extends it 90 days...how do I get a double/full year extension on my purchases?

Also I have $0 owing on my CIBC Visa. What sort of wiggle room do I have when trying to negotiate with them to get something better then my 18.5% interest? My credit score is probably somewhere around just under 800 (at least it was with my last credit check).

TIA! :)

[Octavius]

I'm thinking of getting a new credit card. I'm with CIBC now (I have been for like 6 years) and was thinking about getting an Amex (for Costco purchases).

Basically my question is...I've heard that you can get credit cards that increase and/or double the warranty period of your purchases. Basically I'm looking to buy a Sharp Aquos 1080p TV and want to take the poor mans way out of getting a warranty by just purchasing the entire thing on my credit card.

Does CIBC or Amex offer this? From what I've read it just extends it 90 days...how do I get a double/full year extension on my purchases?

Also I have $0 owing on my CIBC Visa. What sort of wiggle room do I have when trying to negotiate with them to get something better then my 18.5% interest? My credit score is probably somewhere around just under 800 (at least it was with my last credit check).

TIA! :)

You have LOADS of options here...

If you're looking to buy a lot of stuff from costco, I'd suggest the Costco Platinum no-fee AMEX. It doubles the mfr warranty up to 1 additional year and you get some cash back at the end of the year for your purchases. The only catch is you need to be (and continue to be) a member of costco for the cash back if I am not mistaken.

The 90 days is for items that are STOLEN, not for extended warranty. Complimentary extended warranty protection is up to an additional year depending on the initial warranty.

The card I use for Costco is the Air Miles Amex. Same features as the above, except instead of cash back I get air miles (good in case I don't want to be a costco member one day, I can still enjoy my card's benefits). I would suggest looking on AMEX's website for more info on their cards.

With respect to your visa...there is a thread in the Hot Deals section where if you call in to cancel your CIBC visa, they will give you a free 50.00 credit onto your account to not leave them. You can use the 50.00 as a free discount on the TV =P. In terms of the interest rate...I doubt they'll be able to do much for you. If you are looking for a low interest rate, get a LOC.

And yes, many VISA's offer the same complimentary advantages as the AMEX, you just gotta look through the websites from the banks to see which gives you the best bang for the buck.

Good Luck.

[Decker]

Thanks for the advice! Didn't know that bit about the warranty.

I have a line of credit right now as well. I used it to help pay off all my debts (get it on a lower interest rate...took much less time! :P).

I suppose if I need it I can just put everything on my line of credit and continue purchasing everything with my credit card ;)

Definitely going to look into the costco cashback though...was browsing it earlier, but now the warranty thing makes sense. :)

[Whitedart]

I'm thinking of getting a new credit card. I'm with CIBC now (I have been for like 6 years) and was thinking about getting an Amex (for Costco purchases).


A detailed article here on Red Flags comparing various cards. Give it a read through.

http://www.redflagdeals.com/deals/main.php/articles/credit1/