Nextcard off FAQ

Discussion in 'Credit Talk' started by AnnMarie, Mar 17, 2001.

  1. AnnMarie

    AnnMarie Well-Known Member

    Is my NextCard Visa a secured card?
    Yes, but unlike traditional secured cards, you are not required to send a full security deposit up front to open an account. Instead, you only need to make the minimum payment each month to pay down the Security Deposit Advance and use your card. top

    Will merchants know it's a secured card?
    No, your NextCard Visa looks and works like a regular credit card. No one will know it's secured. top

    Can I use my credit card immediately?
    To begin using your card, you must first send in the required minimum payment by the Payment Due Date on your first billing statement. This will activate your line of credit and open your available credit for purchases by an equal amount.

    Note: Your available credit may be reduced by Finance Charges or Fees if you do not pay your entire balance in full with each billing statement. top

    If you prefer to begin using your card sooner, you can login at when your card arrives and use NextCard Click Pay to make an electronic payment. And remember, the more timely payments you make to pay down your Security Deposit Advance, the more available credit you will have on your card to make purchases. top

    What is the required minimum payment each month?
    The minimum payment for each billing cycle is the sum of (1) the greatest of (a) $15, or (b) 3% of the New Balance, (2) the amount by which your New Balance exceeds your Credit Limit, and (3) any Past Due amount. top

    Why is there a security deposit associated with my NextCard Visa?
    Consumers who do not have an established or proven credit history are frequently required to provide a full security deposit to obtain a credit card. The deposit protects your credit rating in the event that your are unable to pay back the balances due on your account. At NextCard, we will loan you the security deposit up front when your account is opened. You have the option to pay it down in comfortable payments or in full all at once. top

    Will I be charged interest on the Security Deposit Advance?
    No. The Security Deposit Advance is an interest-free loan charged to your credit card. Even if you do not pay it off in full, you will not be charged interest on this balance. top

    When will the Security Deposit Advance be refunded to me?
    You can request a full refund of your Security Deposit Advance at any time under the condition that you close your NextCard Visa account and all balances are paid in full. If the entire balance on your NextCard Visa is not paid in full and you still wish to close your account, you will be refunded the amount in your Security Account less any balance due on your credit card account at the time of closure. top

    Will I earn interest on the funds in my Security Account?
    No. However, with each payment you make, you will be building savings since the Security Deposit Advance is refundable. top

    Can I get a non-secured card?
    NextCard will review your account monthly. When your account records indicate that you have established a good payment history on your NextCard Visa, we may increase your credit limit or upgrade your account to a non-secured credit card account. top

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