Check THIS Shit Out…
I’ve got a pretty decent interest rate on my primary credit card (9.9% fixed) and there’s little chance of my wanting or getting any more credit, but I tend to sign up for free stuff on the net quite a lot and that’s gotten my name on a myriad of mailing lists which means I get anywhere from five to fifteen offers for new credit cards a week. I’m often amused (and slightly saddened) by the rates they’ll offer to those desperate for credit. I thought I’d seen the worst when one pre-approved offer carried a 27.6% interest rate but I got one offer in the mail yesterday that just boggles the mind. The APR is 9.9% fixed like my bank’s card and that caught my eye since few companies offer rates that low in mass mailings. Then I read further…and further…
Check this shit out:
Account set up fee: $29 (one-time fee)
Program fee: $95 (one-time fee)
Annual fee: $48
Participation fee: $72 annually
Additional card fee: $20 annually per card.
Now, that’s just insane and I really feel sorry for anyone who falls for this offer. If you’re approved and request an extra card for someone else in your family it will cost you TWO HUNDRED AND SIXTY FOUR DOLLARS the first year and a HUNDRED AND FORTY DOLLARS a year thereafter!
Then I read further and came across this gem in the small print:
Credit limit increase fee: Each time your account is eligible and approved for a credit limit increase, a $25 fee is imposed.
Then, deeper in the small print:
The initial credit limit will be at least $250. If you are assigned the minimum credit limit of $250 the available credit limit will be $72 ($52 if you choose the additional card option).
Holy shit…an oil change and tune up would put you over your limit. Dinner at a nice restaurant would put you over your limit. FIFTY TWO dollars?! You can’t even get two cartons of cigarettes for $52! And they charge you if you’re a good customer and deserve a credit increase!
Seriously folks, if you need a credit card, do yourself a favor and read all the small print they’re legally obliged to include in their offer. You may save yourselves some outrageous fees. This shit’s just insane!