After reading the post below, I'm actually wondering if I should *consider* the Net 1st card while I'm rebuilding. One main problem with that card is that as soon as you open the account, your balance to limit ratio is already charged up 100%. Does anyone who has the card have any opinions? Or even if you don't have the card, what is everyone's opinion? (Except for anyone who's IP address is from hsacorp.net!)
FRom reading their terms I consider that card possibly the worst deal out there.I don't think it should be considered even if its the only card you could get.Try Sterling bank, at least they are reputable.
Here are the facts: 1) $89 upfront fee one time 2) $6 monthly fee 3) 0% interest! (the monthly fee is your interest, essentially) 4) $500 limit 5) They place a $500 hold on the credit limit, which you pay down to build your payment history. 6) They report QUICKLY to all 3 major CRAs, and continue to report each and every month. 7) When you close the account, they credit the $500 back to your card, and if this results in a positive balance you get that refunded. Meaning if your balance is $0 on the card, you get the full $500 back. If you have $100 owed when you cancel, you get $400 back, etc. Essentially it is a $500 secured card with 0% interest and a $6/mo fee, where you don't pay the $500 security deposit up front, but over time. It's one of the better "secured like" offers, and I've seen it benefit both myself and others who have used it when rebuilding or building credit. People complain about the fees, but when you consider that most secured places required the deposit UPFRONT, and charge not only ANNUAL fees, but 23% or higher interest rates, this offer makes most of them pale in comparison. Don't judge this thing by the word of people who have never tried it. It is an excellent offer, and it does NOT report as secured. I've used them, and I've referred people to them, and felt good about it every time.
William, I agree with you. I guess you have to remember one thing you get what you pay for in life. With this card you do pay a bit more, but it is off set by the fact that you don't have to come up with $500.00 cash right away, and they report very fast.
