Ways to avert the credit card scams
Date: Sat, 10/22/2005 - 17:20
Ways to avert the credit card scams
The federal bureaus are taking strict actions against those deceptive credit card companies promoting through television, newspaper, and postcards. Any type of cards such as the secured credit cards, unsecured credit cards, or unspecified credit cards is promoted through the media.
These companies make their ads tempting in order to pull people in large numbers. Most of these companies offer a ‘900' number for placing the request. Once you make the call, you are caught in the trap because you will have to pay for dialing the number. It will further request you to submit your name and address for the credit card delivery. Pulling you deeper into this trap, it will further request you to make another ‘900' call for acquiring more information, at an additional charge.
Companies making deceptive advertisements do not disclose important information like:
How can you prevent yourself from such scams? Ways to recognize a possible scam are as follows:
The federal bureaus are taking strict actions against those deceptive credit card companies promoting through television, newspaper, and postcards. Any type of cards such as the secured credit cards, unsecured credit cards, or unspecified credit cards is promoted through the media.
These companies make their ads tempting in order to pull people in large numbers. Most of these companies offer a ‘900' number for placing the request. Once you make the call, you are caught in the trap because you will have to pay for dialing the number. It will further request you to submit your name and address for the credit card delivery. Pulling you deeper into this trap, it will further request you to make another ‘900' call for acquiring more information, at an additional charge.
Companies making deceptive advertisements do not disclose important information like:
- The cost of the calls which range from $2 to $50 or even more.
- Once you are caught deeper, you will be forced to pay the security deposit, application and other processing fees.
- You can't get your money back and at the same you are not eligible because of income or age factors. You are struck in the middle.
- You will not be told about the annual fee in the beginning. Also, you will come to know about the rates of interest and other hidden charges that just become unbearable.
How can you prevent yourself from such scams? Ways to recognize a possible scam are as follows:
- Such credit cards offer credit very easily without checking your credit report. A legitimate company will check your credit worthiness before extending credit to you.
- Be careful before calling a ‘900' number. You will be forced to pay for these calls and later no credit card will come at your doorstep.
- Be careful from those companies offering 'Credit Repair Packages' or companies termed as 'Credit Clinics.' These companies will offer easy removal of negative information from your credit file for a fee. Except the federal laws permit, it cannot be removed by any private company or an individual and it's a way of making easy money from you. You should always understand that timely and regular payments are the key to retain your credit worthiness and such good habits will benefit you in the long run.