A unsecured FCNB m/c with a 500 dollar limit Finance charges are only 20.5% with a 30 day grace period Only a 49 dollar annual fee and no processing fees required. Jim and I got a joint card to help him build up his credit. Not too bad. Plus if we want to activate the credit guard insurance, it isn't some crappy 200 dollar fee. It is only 1.08 per 100 dollars of the balance on the card, and it covers loss of a job, birth of a baby or other family leave etc. Pretty nice deal for us especially since Jim's credit is sooooooo awful I am happy and maybe this will get his score right up there sooner.
Re: Guess what else we got tod Congrats on getting the card. You might want to think twice about the credit insurance though. It is very expensive. While 1.08 per $100 may not sound like alot, remember they are talking about 1.08% per month. On an annual basis, the insurance will cost you 12.96% of your average balance. Add that to the 20.5 APR and you are looking at some very expensive credit. Study the terms carefully. Look out for provisions that say they will make only your minimum payment for a covered occurrence. This is practically useless because you will still be incurring finance charges equivalent to 67% or more of the minimum payment at an interest rate of 20.5 for the card. Some plans will cover you only for the number of months you've paid into the plan with some kind of maximum such as 12 months. So if something happens in the first month or two, you have hardly any coverage at all. You would be better off banking the cost of the insurance to cover your minimum payment in the event something really does happen than pay for this insurance. Don't get ripped off.
Re: Guess what else we got tod It was actually sent to us or Jim I should say from the card company. I think the information from his bankruptcy was sent to them and then they offered him this card after the bankruptcy discharged. They do have a link though but only for their secured cards. It is www.FCNB.com I believe. I hope that helps Subprime. Oh and thanks for the further insight Dave, we are not getting the credit guard right at this moment since this card is going to be our gas card so we will just pay it in full but I think as time goes on and maybe the limit goes up, we might consider it in the future
Re: Guess what else we got tod Great job Melissa on your recent successes. Beggers can't be choosers I guess! :-\ Skip the credit protection, it's a rip off.
Re: Guess what else we got tod Well, as an agent, I have to disagree about the credit insurance. How many people are on this board, trying to rebuild their credit because they became ill for an extended period of time, or got laid off and couldn't find a job??? Can we set up a poll on this site??? I see it every day. Usually you can get this coverage for 70 to 95 cents per hundred, but in some states where they are more strict about what the company has to pay, the rate is lightly higher. It *is* important to read the fine print, and know exavtly what is covered and what to do if one of these events occurs, because many people go out and get some low-paying, part time job when they get laid off, rather than go through the red tape of filing for unemployment. Then they are no longer "unemployed" and can't qualify for the benefit payment. As far as a rip-off, you are insuring your credit record. That's all. It is not meant to wipe out the debt, but to protect your credit. Some of you have paid humdreds of dollars to credit repair companies because you had a major illness and could not work and it ruined your credit. On top of that, you have paid huge fees and high interest simply to start over. Where can you get insurance that covers family leave and unemployment??? These ar eextremely unpredictable risks, and can be very costly to the insurer. This is the only area I know of - much maligned "credit insurance." I think you are being overly optimistic and short-sighted. You obviously have not seen the curves life can throw you - it's like being on the ocean in a rowboat. People complain about paying premiums until the day they get their check, you know. And the day you get the check, something terrible has happened which would devastate you and your family financially, and that insurance company you complained about was "waiting in the wings" to give you the money when that day came. If you discover that you are only covered for the number of months you have paid preiums, don't keep it - email me, and I will refer you to a company that pays regardless of the number of months you have been enrolled. You *can* take this kind of coverage with a different company than the one your card company offers you. If you have this coverage and don't understand it, feel free to email me at serenitybreeze@yahoo.com, and I will be happy to answer your questions. This isn't advertising. breeze, the insurance agent
George That would save a whole lot of people's credit records, George. But you know how insurance is, hehe. Never what you wanted.... the breeze
Re: George I use credit insurance on my citi card. If i get laid off, i could cash advance the full credit limit to myself, and use it (interest free, payment free) for up to XX months to live off of. It's one of the reasons i have credit cards. The dot com industry as we all know is might rough right now, the economy will not get better for at least a year. Since i don't have the cash to setup a security blanket , it comforts me. Think about how much money you spend on other insurances like "medical" $100/month for me! how many times have i used it ? None. But its a price to pay to know that you'll be safe in an emergency. To each his own.
Re: George Re: Guess what else we got tod Author: MP$40 (---.stcla1.sfba Skip the credit protection, it's a rip off. Reply To Message === rite any credit life is on any loan!
Re: George credit protection, it's a rip Author: GEORGE (---.ftclns1.co.home.com) Date: 03-22-01 21:48 off!!! NO Reply To Message ===by george you're wrong!
