After kicking stuff off of my report, I got my Exp score up to 726. I also started getting pre-approved CC apps in the mail. Since I didn't have a card, I took the best, the middle, and the worst of the deals and sent all three off. I got a letter from the middle one of the deals declining me. :-( Oddly, the next day I get my approval for the best one (no fees, 10.2x APR, no other charges, and a $7K limit for crying out loud). Today, I get the worst of the deals in the mail with a pre-activated card. Well, that makes me a bit nervous to begin with. Now, the credit card has a $300.00 limit that has charges and fees already applied to it to give me a total limit available of $122.00. It's got a better rate 9.2X% but there's a monthly fee of $6.00 and an annual fee of $45.00. Can I cancel the third one, the worst one, and not have to pay the $178.00 or do I have to keep it and fork over the money?
Did they disclose the complete terms, including the amount of credit limit you would receive, with the application?
The terms you have described are at the predatory end of the market, so you might see other predatory behavior if you try to cancel. CYI. If you cancel this card, insist on cancellation of all fees since you have not accepted the terms of their offer and activated the account, and send a follow up letter summarizing your call, requesting that they send a letter confirming your cancellation and closure of this account. Get the address to which this letter should be send when you call to cancel. Reference the name of the customer service person you spoke to, the date, and the number you called. Keep your paperwork. If they later claim the account is still open, and fees are due, you have a right to go ballistic. Dispute each and every bill, in writing. File a complaint with your state AG, sending copies of your paperwork.
Preactivated? Doesn't even require a call? Great security (not), but what do they really have to lose if most of the balance is the fees they have already slapped on.
It hardly matters. Any card with a substantial annual fee, and a monthly fee, is aimed at people who have no other choice, or don't know better. Low subprime.
yes call and tell them u want to close the account for so many fees and that u got a better card(lie if necessary) from other creditor.. If they do not try to retain u as a customer (with a no fee card). just close it . They should waive the fee and give back any deposit(or fee) and cancel the card.
Thanks all. The issuer of the card was First Premier Bank. The website on the slip it came with is http://www.mypremiercreditcard.com/
