valid card company?

Discussion in 'Credit Talk' started by Donna, Jun 14, 2000.

  1. Donna

    Donna Well-Known Member

    To Whom It May Concern:
    I rec'd an offer (for $37 membership fee) for a gold card w/ limit of $15,000 & 0% APR for 1st yr from a company called Capital Credit w/ address as: Newport Trade Center, Irvine Ave., Santa Ana Heights, CA 92707. The offer doesn't state what type of credit card (visa, MC) it is so I'm wary if this is a valid credit card company. Has anyone heard of this co. before?
  2. Alex - Cre

    Alex - Cre Guest

    RE: valid card company? I dont


    Capital Credit has come up as a topic on this board a few times, the deal seems to be that you send in your hard earned $37 BEFORE they even tell you what kind of card it is or ever disclose ANY of their terms of service, in other words, this is a scam that you should stay far away from. Be careful!


    Free Credit Repair Information!
  3. Citibank r

    Citibank r Guest

    RE: valid card company? I dont

    If you want to find out if they are legitimate try calling visa international at 1800visa911. they should be able to look and see if a company by that name issues visa cards.
  4. Doris K.

    Doris K. Well-Known Member

    RE: valid card company? I dont

    If the offer doesn't specifically state that it's either a Visa or a Mastercard, you can bet the farm that it's neither one. When a company fails to tell what brand of card they're offereing, it's most likely their own private-label card, good only for merchandise they sell.

    From the posts I've read over the past several months, you actually can build a positive credit line from such companies; however, there are some huge drawbacks. The ones I've seen are:

    1. The merchandise available for purchase on the card is cheap junk from a catalog.

    2. The cheap junk is WAY overpriced.

    3. You can only purchase the overpriced, cheap junk AFTER purchasing a catalog, which can cost up to $100.

    4. If you do decide to purchase some overpriced, cheap item from the expensive catalog, you will be required first to put down a substantial down payment, usually the amount that the company actually paid for the product.

    5. Some offer an opportunity to receive cash advances, but the maximum is normally around $20, and you must get the advance from one of those check cashing establishments located inside or close to the liquor stores, bail bonds agencies, or pawn shops that one can only find in crime-ridden neighborhoods.

    6. The interest rates and fees on the small cash advances are usually over 100% of the principal.

    7. The interest rates for all purchases are out of this world!

    If these companies had anything worth a damn to offer, they would spell out all their terms to get you all excited about it. Instead, they rely on ambiguity to deceive you into thinking you are getting a major credit card.

    If you don't mind credit cards that are good only for certain merchants and carry a high interest rate, perhaps you should look into a private-label retail card from a more reputable merchant. Some of the best ones available out there aren't that difficult to get, depending on your circumstances. These include Target, Wal-Mart, K-Mart, JCPenney, Mervyn's, Goodyear, Office Depot, the American Airlines credit card, the United Airlines Travel Card, Radio Shack, and more others than I have room to mention. Such cards are normally much easier to obtain than Visa or Mastercard.
  5. Steven Z

    Steven Z Guest

    RE: valid card company? I dont

    This is probably the best and most concise summation of these junk catalog cards I have seen to this date.

    The sleaziest are those that are involved in these "cash advance" loanshark operations, when you see the terms "limit may very from $20 to $150" you KNOW, based on typical sub-prime bullshit tactics that it WILL be the $20 minimum.

    About the only clear advantage these scum institutions have is that a goodly percentage of consumers have credit so bad they couldn't get or float a postage stamp loan so retail cards are out of the question. Same goes for those that have too many recent inquiries; something the credit industry deems criminal and punishes excessively.

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