Discussion in 'Credit Talk' started by Michael, Jul 15, 2000.

  1. Michael

    Michael Guest

    I just ran across a new bank that I am sure we will hear a lot of in the future, UMBRELLA BANK.

    The Secured Programme will start in Aug. $500.00 Deposit, and they report BUT NOT AS "Secured".

    I also see they offer traditional accounts, and cards.
  2. Steven Z

    Steven Z Guest

    I have no doubt we'll hear more about it, the question is will we care.

    For a secured card to truly stand out it will have to offer the following attributes.

    2. No credit check
    3. No income check
    4. No employment check
    5. No Chequing or savings account required
    6. No activation fees, processing fees, participation fees, sign-up fees etc. etc.
    7. No yearly fee higher than $50
    8. No fees for credit limit increases
    9. Interest rate no higher than 19.9%
    10. Toll free number with absolutely no charges
    11. GRACE PERIOD at least 20 days
    12. Online payment
    13. No tie-in product slamming

    * Additional thoughts are most welcome

    It goes without saying that this card will report to all 3 CRA's and be reported as unsecured.
  3. bbarlow

    bbarlow Guest

    Yea, and while were in dream land they should make my payments for me!.............on time.
  4. Michael D.

    Michael D. Guest

    Goog one, BBARLOW!

    Hey I just put the message up for everyone's info. At leaset we now have another bank to choose from.
  5. Renae

    Renae Guest

    Thank you for the information Michael.

    Does everyone remember the post recently about making more positive posts on this board? Well, in addition to that, I'd like to ask people to please try to refrain from being critical of other's posts! It's very annoying. When someone is genuinely trying to give us useful information, if you don't think it's useful--I'd appreciate it if you'd use some restraint and just ignore it. It's kind of like in grade school and there were always people who were afraid to ask questions because others would laugh at them. The people who do laugh or criticize are very immature. I for one would really appreciate it if this board were left for those who are sincerely looking for information or have information to share!
  6. Steven Z

    Steven Z Guest

    A card like that isn't quite a dream and in fact was a reality until last month (Western Security Bank Card).

    It had an incredible 5.9% APR and I had never heard of anybody having their payments stolen or held until after the due date.

    About the only thing this card lacked was they did a credit check and an *absolute* guarantee of acceptance (meaning they probably refused those with recent bankruptcies, judgements and tax liens), but did guarantee approval or fee refunded and if you decided to cancel absolutely no fees or obligation.
  7. Darrell

    Darrell Guest

    The URL below answers a lot of questions. It appears as though Umbrella Bank has some decent prime offers as well.

    The highlights of the secured card appear to be a 16.9% APR, a 25-day grace period for purchases (no GP for cash advances), and a late fee of only $10.

    It appears as though Umbrella is going to use the ADB method for cumputing finance charges, as opposed to the costlier two-cycle method used by issuers such as Next Card and Discover. The annual fee is $35 for the secured card.
  8. Kathie

    Kathie Guest

    Thank you!

    Well said, but I can almost count the seconds until certain people pounce on my response to your post. Fortunately the contrarians are the minority, most people mean well and ignore the ones who just want to puff their stuff. I've learned a lot from the board and, despite certain people, give my opinions when I think I can contribute. Your thoughts are most welcome.
  9. FISH

    FISH Guest

    RE: Thank you!

    VERY WELL SAID...........This is supposed to be a board for info NOT smart remarks from those that THINK they are better than the rest. If you don't always have info Good or Bad that relates to the matter KEEP TO YOURSELF. The rest of us would like to hear good and bad about companies, not smart remarks
  10. Steven Z

    Steven Z Guest

    Ok, I've looked over the particulars of their secured card and found that

    It is somewhat of a SELECTIVE guarantee. Not the absolute of Sterling Silver Secured and Net1st.

    They exclude recent bankruptcees (my defination and theirs is the same < than 1 year..sorry Doris) and those with tax liens, but make no mention of those with judgements, so based on that I must PRESUME they will accept those.

    But I am particularly concerned over this statement

    "Are your current credit accounts not seriously past due?"

    Obviously that excludes all those with 120 day late and more and perhaps those with 90 day late, and what about those whose accounts have been sent to collection?

    I mean they say in bold letterings Credit Problems?
    No matter what your credit history looks like, you can still qualify for a Secured VISA® Credit Card at the top of their "Do I Qualify" criteria page.

    But then counteract it with the former statement which is at the bottom of the criteria, bait and switch? so what is a person to think.

    Otherwise its the usual stuff, citizen or permanent resident (that makes 100% of all credit card companies I wonder where those mysterious majority of cc companies that insist on citizens only are, no doubt only in Kathie's "expert" imagination) and to no surprise "Not available to residents of WI", sorry Renae guess you lose out again, though you can apply for their prime cards.

    They do an income check

    No bullshit fees

    Grace period is 25 days

    Reasonable APR (16.9%) and yearly fee ($35) as well as late fee ($10), no mention is made of an over the limit fee so either there is none or it is not possible? Whatever the case, I extremely doubt this company would attempt to rob you for some ridiculous fee say like Crooks Country Bank for just the attempt.

    The card is reported as unsecured

    But as far as unsecuring the card, this company is very vague, giving a "Your account will be reviewed annually and we'll maybe, perhaps consider it, depending on we'll see"

    They basically fall under the heading of a "normal" company rather than some criminal organisation or scam outfit (CCB, DMB, FNCC) with a toll-free #, don't hold payments and I 'presume' don't lose or delay postings.

    Other than some questions, I consider it a legitimate offer from a legitimate company. But stacked head to head with Sterling and Net1st.

    Go with Sterling or better yet go with FCNB.
  11. Kathie

    Kathie Guest

    Read the above posts

    What does it take for you to be decent? Can't you just respectfully disagree and move on? If insulting others is what you are after there other boards that will welcome you.
  12. dogman

    dogman Well-Known Member

    If you like yellow- I am sure it will go over with the pastel crowds
  13. dogman

    dogman Well-Known Member

    if you like yellow
  14. Michael

    Michael Guest

    WOW! I never thought a little post like a new card would arouse such debate & controversy!

    I Posted this because I felt the bank had promise of being respectible, so as everything posted on this board choose what you feel fit's your desires/needs and avoid what doesn't!
  15. Renae

    Renae Guest

    RE: to Michael

    Michael--I was sincerely thanking your for your information. In re-reading my post, it realized that it may have sounded like I was critcizing you and slapping you on the wrist. That's not true. My post was meant for those who insist on making smart remarks and criticizing others and their choices. Those who don't seem to understand that we need to share information. Please forgive me if my post was misunderstood.
  16. dogman

    dogman Well-Known Member

    RE: to Michael

    Do you like yellow?
  17. Steven Z

    Steven Z Guest

    I just bet you must have LOVED the color on the G&L bankcard.
  18. Doris K.

    Doris K. Well-Known Member

    RE: to Michael

    Actually, some of the ribbing did bring up some interesting questions about Umbrella's secured card. Still, we'll find out soon how good a deal it is.

    By the way, that yellow card couldn't be half as butt-ugly as those Aria cards! Also, it's got to be better looking than that pea green card that First Premiere advertises. YUK!
  19. Steven Z

    Steven Z Guest

    RE: Smart Remarks

    You didn't see my 'crying' and 'wailing away' over bbarlow's barb which was directed at ME after all. Like Michael I found it amusing which I guess is rather difficult for those like FISH and Kathie who have no sense of humour.
  20. Steven Z

    Steven Z Guest

    I honestly could care less about the color of a credit card. My only concern is having it if I want it.

    Remember all those ridiculous comments last year about the G&L pink bankcard.

    As for the Umbrella secured card perhaps the discussion that ensued will bring forth a response from an official representative of the company. I can't help but notice that this is done by only the best and respected companies.

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