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finding the lies beneath credit card companys

Date: Fri, 07/02/2010 - 22:24

Submitted by Skylar Zahursky
on Fri, 07/02/2010 - 22:24

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Total Replies: 6


how do i tell when a company offering credit cards to people with bad credit are trying to scam you?


Quote:

Originally Posted by Skylar Zahursky
how do i tell when a company offering credit cards to people with bad credit are trying to scam you?


As the above poster said, read the fine print. Things to look out for are a high interest rate and hidden costs and fees. Look at the agreement, and search for anything that looks suspicious on google to view other people's experiences with the same issue;


lrhall41

Submitted by Ali Go on Wed, 07/07/2010 - 05:20

( Posts: 3 | Credits: )


Well KJL said in a strange way but he is right! The companies that send you "second chance" credit cards charge you an activation fee of around 35.00. Now your 300.00 limit is down to 265.00. They charge you a monthly fee of 35.00 right off the bat! Now you are down to 220.00. They charge you for not using the card in a given period of time and if you go over your limit by 1 cent your interest jumps to an astronomical amount and you are charged another fee of around 50.00 which also makes the entire balance due at the next due date. So now you have a card with 120.00 against a 300.00 limit before your charges are added in, which has to be paid in full at the next due date! In other words, they are designed for you to fail and they are counting on it! If you see the name Orchard Bank or HSBC run for your life! Like everyone said, turn over the app and read the fine print! If you need a magnifying glass get one! But don't charge it!


lrhall41

Submitted by Frogpatch on Wed, 07/07/2010 - 17:34

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"how do i tell when a company offering credit cards to people with bad credit are trying to scam you?"

Hehe, This is like the old joke how do you know if a politician is lying?
Their lips are moving.

So to apply the logic, how do you know if they are scamming you? They sent you an application.

Seriously though, I would advise staying away from credit cards with activation fees, annual fees, excessive fees high interest rates and so on. I have personally eliminated all credit cards out of my financial life. When I did have them my highest rate was around 15% with no annual fees. My lowest rate was around 10%. I recently found out one of my friends has two cards around 4%.


lrhall41

Submitted by DOLLARSandSINCE on Wed, 07/07/2010 - 20:00

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