Net First Should Be Net Worst
Written: Oct 11 '00
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Product Rating:
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Pros: none
Cons: excessive hidden charges
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| Psych3's Full Review: Net 1st National Bank Credit Card |
I'll cut right to the chase. Do not, under any circumstances, apply for the Net First credit card. As near as I can figure, they have e-mailed a come-on for their rip-off card (oops, I mean credit card) to just about everyone who has ever been online. Their ad trumpets: "No credit checks! No credit turndowns! No up front cash security deposit! Guaranteed approval online for everyone!" What their come-on ad does not say is that part of their application process requires you to give them your bank account number. They then take their non-refundable $89.95 deposit out of your account. If that isn't bad enough, their annual fee is a whopping $96 per year.
A friend of mine recently bit on this without carefully reading the sign-up agreement. She does not have particularly good credit, so this seemed like something she might use to re-build her credit. Well, as soon as she signed up the money she had saved for her 8-year old daughter's birthday party was gone, irretrievably gone. When contacted, the company would not budge. Her bank, while sympathetic, was not able to help her. Non-refundable means non-refundable.
With the intense competition of today's credit market, there are many reputable credit agencies that will extend credit to people who have less than stellar credit records. Especially with a "secured" credit card, nobody should have to pay an annual fee, much less an enrollment fee. In my area (eastern Washington state), several local businesses will extend credit for durable goods such as cars, appliances, jewelry, etc., without requiring a person to have a good credit history. Many reputable banks have different credit card plans that allow for diverse credit histories. Paying more interest, or having to secure a credit limit with a deposit is reasonable, as long as the contract is fair and up-front.
While Net First's offer is legal in that they spell out their conditions in the fine print, it shouldn't be. Many types of transactions have a "think it over" period for the buyer. Credit card contracts, in my opinion, should fall in this category. Fine print can be a killer, and when a significant amount of money can be taken from your bank account with a computer keystroke, there should be some checks and balances.
Recommended:
No
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Epinions.com ID:
Psych3
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Member: Kevin Isherwood
Reviews written: 6
Trusted by: 0 members
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