Net1st Looks like a rip-off!

Discussion in 'Credit Talk' started by Chris, Apr 10, 2001.

  1. Chris

    Chris Well-Known Member

    I read the term of service for this card. You are charged a 500 dollar fee that is applied to a 500 dollar card that you cant use. The only thing this does is put a person into debt and all they get in return is a piece of useless plastic. The bank on the otherhand reaps the profits from interests and other fees. Dont argue that this card is to repair bad credit. All credit card companys look for today is a bank account balances.
  2. sam

    sam Well-Known Member

    Re: Net1st Looks like a rip-of

    nextcard does the same thing. It's called a secured deposit card. They take your money, loan it out at 20% and loan it back to you at 20% :) Brilliant idea huh?

    Net1st just does the reverse deposit method. Which in essence can be better than a straight 100% deposit account if you don't have a few hundred bucks to lay down at once.
  3. Chris B

    Chris B Guest

    Re: Net1st Looks like a rip-of

    Are you forgetting they also have a $96 annual fee, and it looks like a $99 application fee ($20 extra if you want a card for the wife) Then all the Late Fees, Overlimit Fees . . . you would think that since it's basically a Visa Check Card on your $500 0% interest savings account that you shouldn't be zapped with all those extra charges. Visa & Mastercard get something like 4% from the retailers. I say if they're going to have a $96 annual fee, make that all inclusive, limit the account to the $500 deposit, and never actually require that they send payments unless they feel like it. I mean, if I had $200 "charged" on this card and didn't feel like paying (since they're holding my $500 hostage) I shouldn't get zapped with $25 late fee. They make money the closer your balance is to $0, and make even more each time you charge something.

    Does anyone want to go into business with me to make a competitive card to Net1st? We'll charge $300 initially to the card with a $300 limit, 0% interest, $50 annual fee (if you have the credit limit available annual fee billed to card, if not, 1 month to pay $50 fee or card is cancelled) No fees, no payment due dates except for the annual fees. Monthly billing only on active cards which have either payment or charges the past month.
  4. rachal

    rachal Member

    Re: Net1st Looks like a rip-of

    maybe i'm stupid but i have the card along with a few others. i have no complaints. my payments are posted immediately and they immediately reported postive to all three cb's showing a cl of $500. it gave me a positive trade without a lot of $$ out of my pocket. no, i am not earning interest but that was not my goal when i requested the card. they charge fees but no more than other cards and i am not paying 21-24% interest on an "unsecured card" with $200 in upfront fees. rebuilding credit is a painful process but until it is complete...

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