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Discussion in 'Credit Talk' started by derick, Sep 16, 2000.
That is all. I just needed to vent.
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Credit card for people with bad credit to rebuild credit!
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I used to recommend this card as a 'guaranteed' means to obtain a credit card, with the requirement of a chequing account the only negative until I read this post last month on another site.
"Stay away from this scam!
There is a $500 reservation fee, which maxes out your card as soon as you get it.
Then, there are the following charges:
Annual fee: $96
Application Fee: $89.95
So, even before you receive the card, you have a balance of $685.00 owed on it. And, since it has a $500 credit limit, you're automatically assessed a $25 over the limit fee for each month that you don't pay down the balance below $500. So, you would immediately need to send in at least $225 just to keep from getting a late fee the second month. Then, you would still owe around $500, and you wouldn't even be able to charge anything on the card, because it's maxed out.
And, even though they don't check your credit for the card, you can bet that they'll report it to the bureaus when you fall behind on the payments on the card you never even got to use.
This is by far the worst credit card scam scam I've ever heard of."
Your information is incorrect!
There is a $500 reservation fee. Any amount you pay and use up as a charge is refunded when you close the account. For example, if you send in $400 and charge $300. Your first statement would look like this:
Reservation $500 (not actually charged)
Monthly Fee $8 (Annual fee is divided)
Balance Owed $0
Available Credit $92
Thats right. There is no amount owed because you didnt charge beyond what you sent in. The application fee is paid when you apply. Net 1st requires that you pay a minimal amount of at least $15 regardless of what you sent in. Therefore the statement above would also have an added $15. Once that is posted then the available credit becomes $107 because any money sent in goes toward available credit!
There is no over the limit fee the first month unless you charge more than you send in. NET 1ST DOES NOT CHAARGE AN OVER THE LIMIT FEE IF THE MONTHLY FEE CAUSES THE BALANCE TO GO OVER!!!!! This has happened to me several months and they have never charged.
If the above account closes, the reservation fee added back. Therefore any amount sent in and not used in charges gets refunded. Therefore, the person receives $107 as a refund. The reservation fee is only an account "hold". You are not being charged and there is NO INTEREST ON THIS ACCOUNT.
In reality, this is a debit card that you pay $96 per year (paid in monthly installments of $8/month) to use and pay a $89 application fee. The question becomes...are you willing to pay a high price to have this card report monthly to all 3 bureaus. Most people will answer NO! But some people must say YES!
I was one. After my divorce my credit was ruined. NO ONE WOULD GIVE ME A CARD!!! Net 1st did. After 2 months, I got an Orchard. One month later Direct Merchants sent me a pre-approved offer. I applied and was approved. Now I can cancel Net 1st or keep it going.
RE: Duuuhh! uuuuuh ooops!
Yikes! Guess CreditDefenses.com isn't the only guy with egg all over his face
When I first read that information I quoted the post seems so well done so..credible, especially considering he was passing himself off as an Equifax rep.
But thats whats so great about Credinet.bbs. site. Misinformation that freely passes around on other credit sites gets quickly shot down here.
Actually a better question is: Is there a company that will provide you with a card no matter how bad your credit is? Yes, Net 1st.
I will go back to recommending Net 1st and consider things more closesly when quoting somebody else's words.
RE: Duuuhh! uuuuuh ooops!
Steven, I would only add the wording
"as a last resort" to your phrase recomend Net 1st bank!
If someone can do better by all means take it.!