Icredit card

Discussion in 'Credit Talk' started by Lisa, Apr 28, 2000.

  1. Lisa

    Lisa Guest

    What is with this icreditcard that they advertise on here for people with damaged credit? Maybe I'm just a little slow tonight, but I really don't get it. They say you don't
    have to send in any cash deposits or upfront fees or anything, but they do say they place a refundable hold of $500 on the card which you pay off in monthly installments. So in other words, is this the biggest rip-off yet? Or am I missing the point completely? Maybe someone could explain this in layman's terms please? Thanks.
  2. Christine

    Christine Guest

    It took me a while to figure it out. You get a $500 credit line, but they place a $500 hold on it. So as you make the monthly payments, you slowly accumulate available credit.

    Of course you could just send a $500 payment (like a deposit) and then you'll have $500 credit available.

    I just really don't care for the deception. Did you notice the FEES?

    However, it's not quite as bad as THIS scam by National Consumers Benefit Club http://www.bayhouse.com/discus/messages/527/529.html?956885073
  3. Doris K.

    Doris K. Well-Known Member

    I agree with you, Christine. However, as someone on this board put it to me the last time I ripped this card apart, it can be quite helpful for those who have recent bankruptcies in re-establishing credit.

    Personally, if I had $500 to get a credit card, I'd still look at some of the available secured cards out there. AT least with a secured card, the $500 is still technically yours. Without a bankruptcy on my record, I wouldn't touch this sort of offer with a ten-foot pole.

Share This Page