I was reading the pages of cardweb.com this evening and came across this interesting bit of credit journalism at http://www.cardweb.com/cardtrak/pastissues/mar02.html titled "Idiot Cards." Also, there's a bank out there bold enough to offer an interest rate of 35%. That's loan-sharking. I read this at http://www.cardweb.com/cardtrak/news/2002/march/1a.html. I hope it helps someone. CardKid
Hi CardKID! Amazing - I just no read your first CardTRAK article. I couldn't open the second URL. dog cards for sure! arrf-dogman
I think this is the article about the 35% a.p.r. CardKid is talking about http://www.cardweb.com/cardtrak/news/2002/march/1a.html
You know, what's really sad is that some "Credit Challenged" uneducated consumer who THINKS his credit is POOR, will gladly take one of these cards just to RE-BUILD his credit. It will probably be a $500 limit, $250 processing fee, $248 annual fee, and $1.00 to actually make the card. He better hurry up and spend that $1.00 that's left and Fed-Ex a payment the next day because I'm sure that the overlimit fee is at least $50 every 15 days.
If I were in that situation, I'd prefer a secured card that earns interest on the deposit. If there were an annual fee, I'd call to have it credited back. CardKd
THX Jr - oh yes - the ASPIRE VISA - I believe they have a rate over 40% is a cardholder is late - geez! arrfff - dogman
Check out Plains Bank advertised here at CreditNet. One-Time Acceptance Fee: $225 One-Time Application Processing Fee: $79 Annual Fee: $50 Monthly Participation Fee: $6 ($72 Annualized) $426 in fees...and a $300 credit limit. LOL What a joke! CardKid
I think CreditNet should drop the ad from their site. It could get unsuspecting folks into trouble. CardKid
I totally agree. Some poor smuck is going to start reading through all of these posts and think every company on this site is reputable and use one of those scam artist places.
