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That does sound horrible... (Reply to this comment)
by asafono
but one thing was not clear to me. The $500 "fee" - is that a non-refundable fee, or is it a deposit for a secure CC? In other words, let's say I get this card, pay off the balance in full, use it for a year and then close it. Does the bank refund the $500 it "borrowed"? If not, that it is worse than horrible.
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Aug 04 '05
8:58 am PDT
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Very Informational (Reply to this comment)
by wesmor
Exceptional review! I enjoyed this story very much. These people called me today with their incredible offer just as you wrote about. I am glad I told them where to go.
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Nov 29 '01
5:25 pm PST
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I think your being too easy on them (Reply to this comment)
by starrion
NJ mobsters would be embarrassed to charge these kinds of fees on a loan. It used to be that loansharks hung out on the corner taking advantage of those down on their luck, now we have sub-prime credit card vendors to do the same. It's still a form of abusing the poor.
Dishonor is still dishonor no matter what it cloaks itself in.
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Oct 22 '01
11:09 am PDT
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Well, I've NEVER.....! (Reply to this comment)
by HomeBizWriter
Great review as always, Kat! It's amazing what these people think they can get away with-- and I expect this kind of deal will only get more common as the economy sputters and the world fills with ever increasing numbers of former "dot-com" entrepreneurs with maxed out credit and nowhere to turn. Having been through both business and personal bankruptcy, I'm really happy with my PayPal Visa debit card, thanks... :-)
--Peter
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Aug 11 '01
1:37 pm PDT
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Re: The+Credit+War (Reply to this comment)
by netKat
Your education will be worth it! Best of luck and success! :)
Kat
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Jul 23 '01
4:44 pm PDT
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Re: Too+good+to+be+true (Reply to this comment)
by netKat
Thanks for your feedback and sharing your experiences.
Hey, you can get your name off those pre-approved credit card mailings. Just call 1-888-5-OPTOUT. This one call can get you off the lists of all three major Credit Reporting Agencies.
Kat
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Jul 23 '01
4:43 pm PDT
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Too good to be true (Reply to this comment)
by holykam
Very often, when they say it's 'too good to be true,' it isn't. Well, the same applies here. Of course, I never hesitate to signing up for 'free offers' via the internet when all I need supply is an e-mail address (just don't use your 'real information' for anti-spamming purposes).
Thanx for revealing the 'hoax.' That $99 charge and monthly fees are the real dealbreakers. And at paying ~20% APR for your own money, I can't see why the card even works for people with bad credit. Is there even any logical reason for somebody to use it?
I fell prey to one of those 'magazine sweepstakes exchanges' and although it was a hard-earned lesson, I learned there's no such thing as a free lunch. I just wish I could take my name off those credit card mailing lists. They get so annoying, especially the 'pre-approved' ones which I have to cut up in case someone picks through my trash.
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Jul 16 '01
9:52 am PDT
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The Credit War (Reply to this comment)
by MrReEvolution
I currently have about a $2700 debt over my head in credit card debt, a paltry sum when considering the amount some people can amass. The son of a friend of my father's has reportedly a credit debt of $70,000. Amazing and sad really.
This fall I am transferring to a four year school in NY State, Alfred University, and I'll have an additional $7000 per year in loans to take care (again, not so bad when considering the school is almost $30,000 including room and board). Hopefully, situations meriting me getting one of these credit redemption cards will not be needed and all of this money will be paid off soon enough. Thanks for the thorough and informative review!
John Dunphy
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Jul 07 '01
9:21 am PDT
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Although always a struggle, (Reply to this comment)
by MARIEROY
whenever I get these types of offers in the mail, I always read the fine print. The last one let me know the interest rate would go up to somewhere near 19% after the initial period of 1.5%APR was over. I threw it into the trash.
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Jun 23 '01
7:19 am PDT
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Great review as always Kat (Reply to this comment)
by Suzer
This is an excellent example of how people can be seduced by marketing promises, that are as you said, too good to be true. Thanks for explaining to those who might have been attracted.
Suzi
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Jun 17 '01
1:47 pm PDT
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The old axiom rings true . . . (Reply to this comment)
by viper1963
If it sounds too good to be true; THEN IT IS!
Currently I am looking at credit card companies who will allow me to pay off my college tuition debts without me refinancing my mortgage. Of course, APR's are important too.
As always, you are the Guru of Epinions Financial matters. Thanks for the great advice!
Steve
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Jun 17 '01
9:51 am PDT
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very very helpful... (Reply to this comment)
by CurtisEdmonds
$500 application fee! Yoinks! Thanks for the warning.
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Jun 17 '01
7:14 am PDT
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