I need some suggestions from you guys regarding a partial secured card offer I received in the mail. First National Bank of Marin, Las Vegas has a guaranteed Platinum Visa card. I would need to fill out the application and send in the application fee, which is $99. I can pay $49 toward the $99 enrollment fee and the rest will be added to the card. The company will process the application and send me the card along with the credit limit amount. The credit limit amount varies from $260- $800 depending on credit situation. Once I receive the card with my approved credit limit amount, I can have the option to send the card back and demand a full refund of my enrollment fee. As long as I send it back 30 days after the bank received the enrollment payment and as long as no charges appear on the card. They report to the Big Three that the card is partially secured. Terms and Conditions Security Deposit for FIDC Savings Account- $200 If I do not have $200 for the deposit than they will take the balance from the card. Annual Fee- $90 will be billed in monthly installments of $7.50. If the account is terminated before the full amount of the Annual Membership Fee has been paid, the bank may bill the unpaid portion to your account. Finance Charge- 19.80% Late Payment Fee- $29.00 Over the limit Fee: $29 Replacement Card Fee- $25.00 I can not get approved for unsecured card. Does this sound like a bad deal? The more I read the fine print it seems that this account has a lot of upfront fees.
ANNUAL FEE ENROLLMENT FEE APPLICATION FEE POSTAGE FEE STATEMENT MAILING FEE PAYMENT ACCEPTANCE FEE ANSWER THE PHONE FEE FEE-FEE I don't believe in paying any FEE to get a card...unless it is an ANNUAL FEE and I get mileage for it... LOOK FOR A BETTER OFFER...
You will find yourself with a credit limit of $260 and a balance of $250 owed. $200 deposit, $50 balance of fee.
I have this card, I just received it, I think if you can not get any other cards this is the idea card. In my situation I just received my Chpater & discharge, and I need to start rebuilding my credit, no I received way more than the $260 credit limit. Try it. I did.
Read all the fine print carefully... Also, you will want to check the company's BBB entries for both the LA, CA area, and the LV, NV areas.
OK, so here's the deal, minus all the verbiage. They will lend you $200.00 at 19.8% PLUS $7.50 per month. When you have paid it back you will have $250.00 in credit line plus a $200 savings account. If you are one day late in paying the cash advance you took to establish your savings account they charge you $29. If the profligation of fees pushes your balance over $250 they charge you another $29 for the insult. If this sounds like a good deal, then you should immediately check yourself into the nearest insane asylum, you are not legally competent to handle money.
You have to realize this is for people who are trying to re-establish their credit. Insanity doen't have nothing to do with it.
Re: Re: Partially Secured Bank off- Advice There are some credit offers that, no matter how despearate you are, you are better off NOT taking. IMHO this is one of them.
Re: Re: Partially Secured Bank off- Advice I just recieved another offer for a card that can only be used for the company's catalog. Maybe my credit is improving since I am getting more offers. Someone else suggested that I try first premier.
Re: Re: Re: Partially Secured Bank off- Advice This is probably an even worse deal than the first one. This card can ONLY be used to buy overpriced schlock from their catalog at exorbitant interest rates. Like I said before, no matter how desperate you are, IMHO there are some offers you are better off refusing.
Re: Re: Partially Secured Bank off- Advice Look into a Bank of America secured card also there is another bank in the Pacific Northwest area (others here know it's name) Both offer secured cards with very low balance required (300$), reasonable fee (29-39$ per year) and reasonable interest rate (12-16%) They are a lot better deal than either of the ones mentioned in the post
Re: Re: Partially Secured Bank off- Advice Right now I don't have the $300 to spare. I will just focus on paying off my two collection accounts and pay all other accounts on time. Maybe in a few months I will get better offers.
Re: Re: Partially Secured Bank off- Advice Wow! My first secured card was a Capital 1 - which Mr Cooke recently unsecured. I paid $99 deposit plus $59 for annual fee. Aren't there any secured cards with low money down?
Re: Re: Partially Secured Bank off- Advice I think there is a thread in the Hall of Fame Postings (stuck to the top of the board). There should be a link to a thread by NanaC - Credit cards after BK. Some good info there.
Re: Re: Re: Partially Secured Bank off- Advice 1*I just received another offer for a card that can only be used for the company's catalog. 3*Maybe my credit is improving since I am getting more offers. firsthomr ***************** 1*Another bad one. 3*You're not getting these offers because your credit is improving. You are getting them because these preditors are trying to make a fast buck off those with poor or bad credit.
Re: Re: Re: Partially Secured Bank off- Advice If you don't have $300 for a security account for a legitimate Secured Card, then why would you have $300 to waste on junk fees for a crap card?
