Banks and pre-approved credit cards

[Occhidiangela]

30 seconds after being put on hold, the bank guy says I will be getting my new credit card within 7-10 days.  He also says that my initial credit limit will be $10,000  :wacko:

I was pre-approved for a credit card with a really high limit of $6,200, and I ended up getting a credit limit of $10,000 after telling him I only make $15,000 per year.  Is this is as insane as I think it is?
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I suggest you keep the high limit. You and your wife know how to handle money, so do it.

If you use the card now and again, and always pay it off before the balance is due, one of two things will tend to happen. They will either lower you credit limit, or other credit card companies will start sending you offers for reward miles/reward something, credit cards.

My mother in law has not paid a cent for air travel in seven years. She and my father in law use a miles reweard credit card for nearly all mandatory expenses: groceries, gas, electric bill, and always pay off the balance.

They have used the miles to travel to places they wanted to go. It takes a frugal and disciplined person to do this, but it works, since so many folks aren't as disciplined.

Occhi