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Discussion in 'Credit Talk' started by S.D., Dec 14, 2000.
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Check out the capital one secured card too.
for the same amount roughly (Aria App fee + Yearly fee) you'll pay (cap 1 security dep + yearly fee), but the cap 1 card gives you, grace period, 19.8% interest, and your deposit back later.
It is *NOT* reported as secured, either At least not on my reports.
Both cards have their advantages! Both cost roughly the same in the end.
There's a difference between being a credit builder and being credit desperate. Persona holders belong to the second category.
The terms aren't bad. They are horrible. Mafia-rate interest, non-existent grace period, exorbitant annual fee, and the creme de la creme -- an additional $49 application fee.
Compared to those terms, Capital One's marble green secured Visa seems like the card of our dreams.
Remember: You can still undo it. Simply call to cancel the card before you use it. If you do that soon enough, you won't have to pay anything, but be prepared to deal with highly motivated retention agents.
"Both cost roughly the same in the end"?! How so?
I understand that everyone is entitled to their own opinion, but I don't think it's fair to call people "Credit desperate" just because some cards don't offer good rates. Some of us out there can't get better rates and some may not want secured cards. These companies are willing to give people a second chance. I could have started building my credit a long time ago, but I was waiting for the better rates. Guess what? Declined for even an unsecured visa from Cap1. Before I got the gold card from Providian, I tried calling them to apply for a card, and I was only offered a secured card my limit being 100% of my deposit. Don't get me wrong, I see your point. Do you think I'm going gaga over these rates? Of course not!23.99% is extremely high and it's inconvenient to not have a grace, but like I said, some of us are trying to rebuild our credit and have to start somewhere. I hope someone out there understands where I'm coming from...
It ends up costing the same to start off the accounts, but Aria may be more generous with increases. I heard that Cap1 is stingy. But then again, like Sam said, both have their advantages. BTW Sam, you had the opposite happen to you right? Cap1 worked out better for you than Aria, right? Everbody is different. I may not even like the card once I receive it, but to me, it's worth a shot.
hi, you should thank your lucky stars, here in the uk nobody is offering a secured card, rebuilding credit is almost impossible, cap1 send out literature saying they look at the individual rather than just credit score, a neat trick as they only ask for the usual information on the application form and decline by post in 3 days flat, if anybody out there knows of a secured card in the uk let me know. cheers dave
I Guess its all in what you like..
I've had my cap 1 secured for 9 months, have $800 primary credit + $300 special use (their store) plus i just got pre-approved capital one gold card. (prolly $200 limit but it will grow).
I use them too, because i pay off most of my balance every month to avoid the interest, but they don't care..
Btw Aria.com gives you 30 days to cancel the card with full return of your member fees, just an fyi. Most card companies do this too. They wont refund the app fee.
I just cant see paying no-grace period to build credit, when cap 1 gives me a slower, albeit, cheaper choice. Plus the cap 1 card isnt fugly
You're right, it is an ugly card. But I planned on using it for getting gas and things like that. But anyway... I pay my Providian Gold before the billing cycle ends and they don't seem to hit me with any large fees. I send in a payment as soon as I charge. It's been working so far. I have a 23.99% Apr and no grace on that card. I planned on doing the same w/ the Aria. I can't mess up my credit after all this crap I've been going thru w/ the bureaus. And when you're first starting off, it's not about what card you have, but how you make the payments and those important things, right?
You said they don't refund the app fee... I already charged it and $50 may not be much to others, but I don't have it to waste. I'll see how it goes with Aria... Maybe I'll give Cap1 a next month or something... BTW thanks for your input. Saar, you too =0)
I meant to say, maybe I'll give Cap1 a try next month...
I thought Providian was offering cards in the U.K.? I'm not sure how you would go about applying, but I know I've heard they offer cards there.
Aria must give different terms to different people. My Persona is 23.99 APR, $59 annual fee, no grace, but no deposit or any other charges. I started out with a $1000 limit last month. I haven't used it yet, and so far they haven't charged me the annual fee.
Providian approved me for their Gold Card with a $300.00 limit and the Aria Card with a $500.00 limit.
I applied for Aria card(got Persona---$500.00 limit---23.99% APR---$89.00 annual fee),& have been w/them for 3 months.Meanwhile, approved for Citibank AAdvantage Silver w/$5,000 limit(say what???)& called Providian I-M-M-E-D-I-A-T-E-L-Y to cancel this card(well,they were TOO KIND to remove my annual fee & change to 15.9 APR....I accepted).I gather the impression that they are hearing more & more from everyone that are getting approved for the Citibank deal,& that is a factor that has changed things w/negotiating Persona(they gain NOTHING letting you cancel,because they will LET you accept whatever they offer,but they do rely on YOU for their profit).
ALWAYS ASK---BECAUSE IT IS EITHER YES OR NO.
How's your credit? Citibank w/ $5000 limit is not bad at all... congrats! BTW, I was just approved for the same Persona deal as you. Maybe in a few months, I'll call them to drop the APR and to waive the annual fee. Seems like they're threatened by this Citibank deal!
RE: Sister Girl
I can't complain at all;my largest creditor is Bank One for $10K unsecured line of credit since March 1995(no lates,no over,no returned items). My oldest account is my Mervyn's(opened 2/90).I have just been BLESSED when asking for what I needed(or wanted).However,it was not always a good struggle coming from my divorce(whereas my financial future was on it's way to ruin).I'm not here to put my brother man down,but I contacted each creditor that my ex & I had together to explain that "we were no longer together & if they wanted to see the account paid in full...they would have to remove him & leave me solely responsible for the account,because he will NOT pay you".At the time,we co-owned Sears & Mervyns only,but they went right along w/me & it has been UPWARD from there.My point really is this:when you are negotiating w/creditors,if you stick to your word(because it is "liquid gold"),you will come out so much ahead of yourself that it will SCARE you.I have seen times when I paid accounts w/my last dime to keep my promise...but yet,I survived & another door opened up for me.
My parents always taught us that your word is your bond & if you don't mean what you say,then you are nothing(not putting anyone down,just telling you how it was presented to me).
Everyone is entitled to their opinion & you certainly are no exception,but berating one's acceptance of this card is simply "LOW".It is true,that some do not have an option,but MOST credtors will budge on options(because YOU are the basis of their business).That is the credit world & how things flow; you never know if you can get to the top of the mountain,unless you try.
Personally,I resent your statement that we are "credit desperate",mostly because the statement could be no further from fiction.
I think that statement has proven true.
I too applied for the Aria, and I too had my doubts before clicking the "No thnanks" button, soon after it said I was approved for the Persona.
No one here can say my credit situation at the time was any better than his/hers. But I don't think the argument that this only serves credit building purposes is valid. This mostly serves inner feelings of those who are "ashamed" to go with a secured card (Cap 1, to name one) that is much much easier to afford, and helps building one's credit, offering terms that are far better than Providian's. It's not even listed as "secured" by the CRA's.
Yes,I can agree w/some of what you said...
But,the flip side of it is that I shelled out no money for the Persona(non-secured card),will ride for 1 yr no annual fee,make small purchases....gas fill up once a week/lunch or dinner out once a week,etc...so you see,Aria/Providian makes little interest & I'm the actualy winner here(but I will cancel it prior to renewal(unless that offer still stands).
Meanwhile,I'm not the authority on anyone's credit situation(but I can tell you where I came from & where I stand,& I do a lot of research on credit matters outside of this board(have been of Debt Creditors of America over 5 yrs & I have learned greatly from them)& E-D-U-C-A-T-I-O-N is power !!!!
But again,this is America & everyone is entitled to thier opinion(REGARDLESS to how anybody else thinks).