I received an offer for this today after a decline on the unsecured Visa. They indicated the deposit will be placed in an interest earning CD which would somewhat reduce the current rate of 18.99%. I know this is a high rate and there is an annual fee of $35.00. The APR is also variable depending on the prime rate. I know this is a subprime rate but at the very least it does not hammer me with application fees etc. They indicate the account may be unsecured in as little as 6 months. Does anyone have experience with this card?
If u r going secure,go with First Consumers Nat'l Bank. They will match deposit up to 300 percent. and if in good standing u automatically will recieve their Spiegel card in 6 months which u can use at Eddie Bauers also
I got the Washington Mutual secured card that was issued through the Associates. Same terms that you mentioned. I wasn't a happy customer due to their poor customer service. My wallet was stolen over Christmas and it was downhill after that. Funny thing is after I paid and closed the account, they started reporting the trade on my reports like 9 months after I opened the account. The did send me my deposit back in a reasonable amount of time. I'm surprised that they told you that they could unsecure in a little as 6 months. When I had the card, no one could give me a straight answer as to when they would unsecure. I personally would avoid doing business w/ the Associates. Put them at the bottom of your list as a last resort.
The website claims you can be unsecured in as "little" as 18 months. I had an unsecured Associates card and they bite!!! Doubt they'd allow me to have the secured card anyhow... Steph
From the brochure Associates sent me: Qualify for unsecured credit in as little as 6 months. By making ontime payments, you could qualify for unsecured credit in as little as 6 months. + +"After 6 months, Associates National Bank, may at their sole discretion, review your credit file and determine your eligibility for unsecured credit. I'm sure it's a teaser and their determination will be based on a lot of qualifiers. I just like the low annual fee, no application fee. All the other secured offers seem to have higer fees.
Apply for the Associates Student Visa. As for the school, all you have to provide is a name and that's it (any school name would do ) It would start at $500 (unsecured), approval standards are lenient for this card (mine was instant), and they've lowered my APR on this card to 9.49% - even lower than my current Amex and Citibank rates! Customer Service has been very good ever since Citibank bought them. They charge no annual fee, and increases are automatic (every 4 months) if your account is in good standing. They do report limits and they do offer online account access for this card. http://www.studentcreditcard.com/the_card/splash.htm Saar
