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 Posted: Tue May 02, 2006 7:14 pm Subject: What should I do? |
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Hi all. Just looking for some advice here. I switched banks from WAMU to BoA. It seems with BoA for overdraft protection for your account you need to get a credit card that is only used for overdraft protection. I went ahead and put in my request for one suspecting all along that I would be denied as my credit really sucks right now. So I got a letter in the mail from BoA that said that because of my bad credit the overdraft card has been denied but if I send them a check or money order for $99 I am preapproved for a $500 credit line. To qoute the letter "to claim it,we simply need a payment to secure your new credit card account". Now I currently do now have a single credit card. On the one hand I think this would be nice to have,especially as overdraft protection. On the other hand I don't know if I really want to have a credit card. Does anyone have any advice for me?
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celticlass_4
Joined: 27 Mar 2006
Posts: 137
Debtcc Points: 2773
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| Posted: Tue May 02, 2006 7:43 pm Subject: |
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This is really interesting. I am in the process of changing from BofA to WaMu. I have been with BofA for 28 years and would you believe I have never been offered a credit card (for any price) with them. I used to have great credit and even then they didn't. Your offer does sound appealing but I would want to know more about why they need the $99. I have had many cc's and I have had none. To me they are just a big pain and just another way of getting into debt.My self-control goes out the window and I am better off without them. Anyway, that is my take on it, but check carefully about fees, apr and do you have to pay this $99 just once or every year.
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Lorri
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Joined: 27 Apr 2006
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| Posted: Tue May 02, 2006 7:57 pm Subject: |
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The letter says the $99 will serve as collateral for the credit card account. The variable apr is 18.24%. There is an annual fee of $29. Of course since my credit is so bad I have been getting credit card offers almost on a daily basis. The annual fee and APR on this card is better that any of the others I have seen. This would be helpful and I suppose I could use it to help build my credit but at the same time I don't want to cause myself any issues.
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celticlass_4
Joined: 27 Mar 2006
Posts: 137
Debtcc Points: 2773
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| Posted: Tue May 02, 2006 8:07 pm Subject: |
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Have you actually been approved (not pre-approved) for this card? If not it might just be an ad. I have horrible credit and am sent offers weekly. My daughter was sent numerous offers for a certain credit card, finally accepted and is STILL getting them from the same darned place.
The idea of overdraft protection is good, but in my case I am afraid that would just cause me to be careless. It might be better to start a savings with BofA (you can start with $100)and have that linked for overdraft protection.Plus you can have your ATM/debit card set up to round up your purchases and the difference put in your savings. I saw that on TV and thought that would be an easy way to save.
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Lorri
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