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.
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
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.
