Does anyone know how the Net 1st card works. From my understanding, you have $500 to pay off right from the start, and you have no available credit until you pay that $500. Is this true? Franceska
You can pay any amount up to $500.00 and you can charge only the amount you pay. You can call 1-888-900-2262 and get all the information you need.
THINK TWICE ABOUT THIS CARD! Remember one thing unless you can pay them off right away, you will pay about $100.00 in finance fees to pay it off WITHOUT ever using the card. Every purchase you make WILL INCURE finance fees, since your carrying that part of the $500.00 on the card, and let's face it if the cards in your wallet you will use it right? Also they expect you to make a small $8.00 payment (or something about that) every month. I asked if I could pay off the whole amount at once and they said no! My best bet is the average net first sucker is going to pay $300.00 in finance fees over 2 years before the card ever goes unsecured. When it does go unsecured it will be given a $500.00 limit only. Also with having people pay as they go they will clean up on the over limit fees. This will happen when you pay $100.00 and then think you have that to charge. You buy a pair of Nike's for $97.85 and forget that the finance fee still has to post. 2 weeks later $17.92 in finance fees post and guess what sucker your over your credit limit, There's $25.00 over the limit fee posted to your account also being charged interest at $29.99% Remember one thing who's paying for all these banner ads you see poping up all over the internet? That's right all the Net First suckers!
RE: THINK TWICE ABOUT THIS CAR Someone is misinformed. Unlike most secured cards, the Net1st Card has a 0% APR. That's right, no interest. You pay just the annual and monthly fees, which you pay even with a zero balance. So it appears someone hasn't read up on what they are talking about above, and making unfounded criticisms. Now, who was it that was the sucker exactly?
RE: THINK TWICE ABOUT THIS CAR Michael, I had once had a Net1st card. It has 0% interest rate. I never paid any finance fees. I only paid the app fee ($89) and the annual fee ($8/monthly). I am not understanding you. Also, it's rather easy not to exceed limit. They have a toll-free number and it's available 24 hrs and 7 days per week. Any charge is added to your account immediately allowing to get your available credit via the toll-free number.
RE: THINK TWICE ABOUT THIS CAR O.K. I was wrong on the percentage rate of the finance charge, thanks for setting me straight. I however do think that there are better deals out there if you need a secured card!
RE: THINK TWICE ABOUT THIS CAR Just wamted to add, that was very mature how you handled that comment, you set a very good example. THANKS
RE: THINK TWICE ABOUT THIS CAR bgolden wrote: ------------------------------- Just wanted to add, that was very mature how you handled that comment, you set a very good example. THANKS
RE: WHEN I'M WRONG When I'm wrong, I'm wrong. There's no reason for anyone's pride to get in the way on this board. We're all here to share and learn Right?
RE: WHEN I'M WRONG well im not so sure about that. i think they are stiil pritty scamy. the people responding more than likly work for net first.
RE: WHEN I'M WRONG Sheesh Arnold. My email address is my real one, do I look like I work for them? What exactly is scammy about them? The give you a $500 unsecured card guaranteed. They place a $500 hold, you pay on the $500 with 0% interest, that $500 is held in escrow for you. You cancel your card, and the $500 minus any amount outstanding on your interest free card is refunded to you. They report on time to the CRA. Sure there annual and monthly fee are a little high. Essentially you are purchasing a positive credit reference for $88 upfront and $8/mo. It's a cheap way for people to get a first, second, or third positive credit reference without having to come up with the security deposit upfront and pay a high interest rate. I've not seen anyone who has actually USED Net1st post anything negative about them. So you said they are scammy, I'll ask you why and on what you base this? William
RE: WHEN I'M WRONG I agree William. I had their card and there was nothing scammy. Their customers service is better than many prime cards.
RE: WHEN I'M WRONG I do however object to the wording Unsecured Credit. They are defenetly a secured card, they are just willing to wait for the security. Not that there's anything wrong with that just the wording!
RE: WHEN I'M WRONG There is always something a little strange about a financial product when it is distributed, amongst others, by Pro-Link Marketing and its layered MLM distributor network. Mind you - you could earn $15 per card registration to become a distributor for them - but I suggest you look instead at Sterling Secured or First Consumer National Secured - FCNB only requires $100 deposit, no app fee, 30 days grace, CRA reporting and a credit line up to 3 times your deposit.
