Nextcard approval (long)

Discussion in 'Credit Talk' started by CR, Mar 18, 2001.

  1. CR

    CR Well-Known Member

    Hi all,

    I've been reading the posts that were talking about Nextcard approvals. I decided to give it a try. I did get the "You're Approved" message for the Summit Visa. When it told me I was available for an upgrade, I clicked the Classic Card. As I read through what the card was about, I wasn't sure it was something I wanted. Here's how it's explained from their Account Agreement:
    This Agreement will be secured by a deposit account (the "Security Account") in your name at NextBank. We will make an interest free cash advance (the "Security Deposit Advance") to you to fund your Security Account. The Security Deposit Advance will be in the same amount as your initial Credit Limit, which will be printed on the card carrier in which your Visa Card will be mailed. This means that you will have no credit available when you receive your Secured Visa Card. In order to create available credit on your NextCard Secured Visa Account you must pay down this Security Deposit Advance. For example, if you are approved for a $300 Credit Limit, we will advance you $300 on an interest free basis and deposit the proceeds in an FDIC-insured NextBank account in your name. The balance of your Security Deposit Advance will be shown on your periodic statement and included in your New Balance for each Billing Cycle. As you pay down the Security Deposit Advance, and your New Balance, you will create available credit on your Card.

    What do you guys think? I think I may be regretting applying for this card. Should I talk to customer service? Will I be able to cancel it before I use it if it's not something I want? I don't want to be trapped in another secured card that will NEVER get unsecured or that will be a problem growing with me. Thanks for your advice. You guys are the best!!
  2. LKH

    LKH Well-Known Member

    Call cs. Find out exactly what they are offering. If it is not something you want, just tell them that is not what you expected and to cancel the account. There should be no problem doing this, but do it asap.
  3. Saar

    Saar Banned

    One of the worst offers I've ever seen. It's basicly the Net 1st tactic. And is this what they're offering you as an UPGRADE?! That's not sub-prime, that's an insult.

    Capital One's secured account is much better in every respect, especially their regular offer ($99 to secure a $500-limit account: it was my first American card).

  4. AnnMarie

    AnnMarie Well-Known Member

    that's what I got--same offer. My credit line offered was $700.00. I did not take the offer but have/had 3 days in which to decide. You can go back to the site, click on apply and then retrieve previous application.
    I chose not to take it.
  5. sam

    sam Well-Known Member

    Re: read this.

    I did the same thing. The upgrade to the classic card said:

    Savings: None#

    Why? The classic card is not the summit card, its the classic card. The summit card is a 100% deposit card, but they offered you a unsecured card with none# deposit :)

    Kinda like aria.
  6. Ron

    Ron Well-Known Member

    Re: read this.

    I think FCNB secured credit card account is better than NextCard.
  7. sam

    sam Well-Known Member

    Re: read this.

    I think capitalone $99 for $500 is better than all of the rest :) True to their word, cap 1 gives you $50 increases for each month, with 6 month interval. Not many others do that with secured card. I got the unsecured card, and don't want any secured cards to speak.

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