Associates National Bank

Discussion in 'Credit Talk' started by Saar, Oct 26, 2000.

  1. Saar

    Saar Banned

    Hypothesis:

    This credit card company is the only one without a Retention department. (i.e. when you say "I wanna cancel", they don't transfer you to a retention agent, they say go ahead).

    Can anyone confirm / refute ?


    Saar
     
  2. miles

    miles Well-Known Member

    I think you are right. I had a secured account with Associates at one time. I had the account for quite some time. When I called to cancel the account, the rep asked me if I was sure I wanted to close it. It was weird. It was as if I had another option that he was afraid to inform me of (I think he was new). I think he would have offered to unsecure my account, but I never asked. I had the account for a long time with a good payment history. I don't think I should have to ask THEM to unsecure it. He processed my request without transferring me to anyone else. Funny thing is, they are now sending me preapproved offers in the mail for an unsecured account with a high credit line.
     
  3. Doris K.

    Doris K. Well-Known Member

    Now that they belong to Citibank, they might have improved a smidgen. Otherwise, they suck major portions of ass! It's good they don't have a retention department, so you have a chance to get the hell out of there as soon as possible!

    Supposedly, Associates is a prime lender, but their terms are about as sub-prime as they come.
     
  4. RichGuy

    RichGuy Guest

    One annoying characteristic of subprime banks is their tendency to cheat people in undisclosed ways: bogus charges, unauthorized add-ons, contrived late fees, etc. There have been complaints about Associates in that regard, and that could confirm what Doris says about them. It could also change quickly, because Citibank probably has a low tolerance for that sort of thing.

    As far as contractual terms go, my Associates Visa is one of my better subprime cards, even with its way-subprime APR of 25.5%. The reason is the absence of an annual fee, or of the deceptive multiple fees that are common among the lowest subprime banks.

    My $500 Associates card, if I maxed it out, would cost me $127 per year in interest. My $400 Capital One card, if I maxed it out, would cost me $143 per year in interest and annual fee combined. Which is a better deal?
     
  5. Saar

    Saar Banned

    Richguy wrote:
    "My $500 Associates card, if I maxed it out, would cost me $127 per year in interest. My $400 Capital One card, if I maxed it out, would cost me $143 per year in interest and annual fee combined. Which is a better deal?"


    The better deal would be to close your account, apply online for an Associates student card, get at least the same credit limit but with an APR 6.51% lower than what you currently have AND 3% cash refund each year AND have online access to your account.

    True, those are student-only benefits, but the word "student" has a very flexible definition for the Associates: http://board.creditnet.com/read.php3?num=1&id=14383&thread=14365

    Also, Capital One retention agents can lower your APR to 12.9%


    Saar
     

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