Capital Credit Alliance?!

My husband and I received a First Capital Card from Capital Credit Alliance, Las Vegas, NV. This is a "merchant" card; which after searching, I'm not even sure what a merchant card is, except for people who own businesses. We were approved for $6500. There is a one time, lifetime fee of $199.99. Which is credited back if you purchase $300 worth of merchandise after receiving the member packet. The monthly payment is automatically debited from our checking account. And there is a cash on-demand feature which is offered by Allstate Check Cashing. (Would they be affliated with Allstate insurance?) Also, there is a $99 annual fee every year, which would be offset if we made yet another purchase of $200 after receiving the member packet. (For just the first year) There is never an interest rate. No collateral/security if you pay a 30% down payment on purchases.

Okay...long I know. But has anyone else ever heard of this company? They told me they would send catalogs and give me an internet address which we could shop from. They quoted Bath & Body Works as being one of the places to shop from, but no other major stores.

We did not accept the offer, b/c we want to know if it is a scam or not?! Anyone with any info, please post !

Thanks! tv&cd

 

Re: DON'T DO IT!!!

Thanks for the info! We never thought about the "overpricing", it sounded (almost) too good to be true.

 

Re: DON'T DO IT!!!

When I called earlier this afternoon, I heard so much commotion in the background that I got a little "leery" of whether it was legitimate. Then when she asked me to use MY husband's checking account for the $199.99 and could I call him and put her on hold for the information, I told her that he was on the road and could not do that. She sounded "peeved" and said very sharply, "Well, I was under the impression ya'll were ready to do this." and hung up! Thanks so much to everyone! We're trying to begin repairing our credit...mine worse than my husband's, I just need to begin ordering the credit reports. Any suggestions from anyone who is just starting out? A banker friend ran one for me and said that if I hadn't declared bankruptcy after my first divorce, that he would suggest it now...I'm in so deep I don't sleep at night!