Thursday, January 17, 2008

The Low Down on The Credit Card Offer

Since filing for Bankruptcy I have had three credit card offers (all from the same bank). Since establishing new credit is something I will be doing, I was curious to see what this offer was for an unsecured credit card.

0% APR for 12 months, then 9.9%
Cash advance fee and default fee 19.9%

Fees charged to you for getting the card (this is where it gets interesting)

Account set up fee: $29.00 (one time fee)
Program Fee: $95.00 (one time fee)
Annual Fee: $48
Monthly Servicing fee $84 (on going fee) charged $7.00 per month
Credit Line Increase$ 25(each time you want a credit line increase)
Internet Access fee: $3.95 (not sure what this is)
Autodraft fee: $11.00 for each payment

Plus from what I can read, your initial credit limit is $250 and they bill the first 4 charges to your account with the first bill. You can not request a credit increase for 6 months.

Not sure I really want to pursue this option at this time. I think I can probably get a secured credit card with the credit limit of my choice and less associated fees.


SavingDiva said...

That's a horrible card! I can't believe all of the fees associated with the card!

I'm Grace. said...

You're "not sure????"

Oh Please! If you MUST have a credit card, you will get far better offers than this one!

Toss this one in the nearest round file.

Anonymous said...

The "offer" was shredded in teh office shredder :)


Ms. M&P said...

Wow. that's a horrible card. i didn't even know they could get this bad. there must be a better one out there!