Separate names with a comma.
Discussion in 'Credit Talk' started by amy, Jun 1, 2001.
Barclaycard Ring™ Mastercard®
No annual fee, No balance transfer fees, No foreign transaction fees, Low interest!
CREDIT CARD WITH NO ANNUAL FEEBarclaycard Ring™ Mastercard®
Credit One Unsecured Visa®for Rebuilding Credit
Credit card for people with bad credit to rebuild credit!
BAD CREDIT CREDIT CARDCredit One Bank® Rebuild Credit
First Access VISA® Credit Card
Access to credit even with bad or limited credit! Reports to 3 major credit bureaus and accepted wherever you see the Visa® sign. Get application response in 60 seconds.
CREDIT CARD FOR BAD CREDITFirst Access VISA®
Green Dot primor® Visa®Classic Secured Credit Card
Credit lines available up to $5,000! Reports to three national credit bureaus; perfect card for reestablishing credit. Guaranteed approval*!
SECURED CARD FOR REBUILDING CREDITprimor Secured Visa Classic
Credit One Bank® Unsecured Visa® with Cash Back Rewards
Get cash back on every purchase. Unsecured credit card with monthly monitoring for credit line increases. Improve your credit history with responsible use.
CASH BACK UNSECURED VISACredit One Bank
I do not have any first hand knowledge of this company. But, when I was a regulator with a state agency a few years back, we had a lot of problems with this type of company.
First, the ads always showed the Mastercard or Visa logo plus said something like gold card. The implication was that you would get a Visa or Mastercard but it never really said that. If you read it very carefully, you might be able to figure out it was a private issue card (but probably not). They did not issue Mastercard or Visa and therefore should not have used the logos in the ads to mislead people.
In the Creditcorp ads, did they use these logos?
Second, the cards were good only for overpriced mechandise from their catalog that no reasonable person would buy. For example, you can buy a 19" brand name color TV set at numerous places for under $200. In their catalog, they charged $600 and required a $200 downpayment, with the remaining $400 paid over time. To me, that is a rip off.
Have you actually bought anything from their catalog? Is it fairly priced?
My experience is that the literature leads people to believe they are getting a major credit card. They don't, and that is misleading. What they do get, the right to purchase merchandise from an overpriced catalog, is useless.
Of course CrediCorp is a fraud. it's official:
What kind of company won't let you know the account terms until you pay them $30 ?!
In the interest of "research," I explored CrediCorp's on-line catalog. While it may not be fraud to charge $299 for a 4-head Zenith VCR (that my local mom and pop TV store is selling for $149 and I am sure that both Circuit City or Best Buy are selling for even less), the tactics are exploitative and predatory. It is particularly egregious because CrediCorp preys on those who can least afford to overpay for goods.
I've seen CrediCorp's mailers. They are misleading. No, not to you, perhaps. And certainly not to anyone who is reasonably sophisticated in credit matters, but I would be willing to bet that description doesn't fit most of the recipients of the mailers. The hype says that you have been pre-approved for a $10,000 gold card which you can use to buy fabulous merchandise -- apparel, appliances, electronics!!! The notation that you have to buy it from CrediCorp comes much later in the pitch. And they fail to note that CrediCorp will charge you more for the merchandise than just about anyone else.
Sure, CrediCorp may be following the letter of the law (and I'm giving them a huge benefit of the doubt). But the ethics of their business practices leave a lot to be desired.
However, if you are truly a happy and informed customer, that's great. I'm pleased it's been a good experience for you. However, I will observe that you have written the only positive testimonial I've read about CrediCorp save for those on their website.