Craziest Credit Card Offers

For just about anything you want to get off your chest about credit cards.
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Whatamuji
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Craziest Credit Card Offers

Postby Whatamuji » Sun Aug 16, 2015 7:02 pm

Well if your're like me you like opening those "pre-approved" envelopes just to see what kinda offers the lenders want to give you this time. Well this one takes the cake as the craziest offer I've ever received.

Lender: First Premier Bank
Credit Limit: $700
Annual Fee: $175
Actual Credit Limit: $525 (Credit Limit minus Annual Fee / hidden fee)
APR: 36%
Authorized Users: $19 per AU. Each card is deducted from your Credit Limit (example: $525 - $19 = $506)
Special offer: Enjoy Premier credit protection for some absurd price per "X" amount of dollars. EMV chip included

Worst of all is that I've seen a couple of these at work lately and wondered what they were all about.
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, Chase Freedom Unlimited: 3.2k, AMEX HHonors 5k


Nixon
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Re: Craziest Credit Card Offers

Postby Nixon » Sun Aug 16, 2015 8:33 pm

There is a large subset of people that have zero business dicking around with credit cards. This type of card is for them.
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Vattené
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Re: Craziest Credit Card Offers

Postby Vattené » Mon Aug 17, 2015 3:28 am

Yikes, I don't think any of my store accounts even approach an APR like 36%! I shudder to think how many people fall for that.

I've moved a couple of times in the last couple of years, but maybe now that I will be staying put (just got a mortgage) they will start rolling back in. I'm already constantly feeding the shredder with insurance & home security offers.
-Vattené
FICO-8: EX - 827 (5/17) | TU - 824 (5/17)
My Cards: Barclay Arrival+ | Discover it | Amex ED
AU:: Discover Miles | BofA BBR | Barclay Commence (SD'd)

Vermonster
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Re: Craziest Credit Card Offers

Postby Vermonster » Mon Aug 17, 2015 8:55 am

This made me go back and find an offer from Credit One that had me laughing. (also a little sad that they sent it to me)

Limit: $300
APR: 23.9%
AF: $75 first year $99 every year after

AF is deducted from your limit so the limit is actually $225/$201. There is also a "Gas Rewards" 1% cash back, but the gas station must use a certain SIC code. I could only find about 30k gas stations that use a SIC code.

The real kicker is that interest is calculated as of a charge posting. They also offer Credit Protection for $0.96 per $100 allowing you to not pay the minimum in the case of a hardship, but instead they close your account.

These terms are a joke, but as Nixon said, this card is for someone that has no business with credit.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Whatamuji
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Re: Craziest Credit Card Offers

Postby Whatamuji » Mon Aug 17, 2015 10:58 am

Vermonster wrote:This made me go back and find an offer from Credit One that had me laughing. (also a little sad that they sent it to me)

Limit: $300
APR: 23.9%
AF: $75 first year $99 every year after

AF is deducted from your limit so the limit is actually $225/$201. There is also a "Gas Rewards" 1% cash back, but the gas station must use a certain SIC code. I could only find about 30k gas stations that use a SIC code.

The real kicker is that interest is calculated as of a charge posting. They also offer Credit Protection for $0.96 per $100 allowing you to not pay the minimum in the case of a hardship, but instead they close your account.

These terms are a joke, but as Nixon said, this card is for someone that has no business with credit.


I remember I received a similar offer except mine was $1200. Almost fell for the Credit One scam (looked like at Capital One at first glance). The funniest thing I thought at the time was in the fine print it said "maximum credit limit that can be gained is $1200"
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, Chase Freedom Unlimited: 3.2k, AMEX HHonors 5k

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CarefulBuilder14
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Re: Craziest Credit Card Offers

Postby CarefulBuilder14 » Mon Aug 17, 2015 11:56 am

I never got any First Premier ads. The worst ads I got were for some variants of the Cap One Platinum cards. I don't remember if any were for secured cards, but at least one mailed offer had no rewards and a second-year AF.

It's hard to believe now, but I almost got one, thinking that any extra history would be good.

My first card was a Freedom, so I was in a position to be picky, but didn't realize it.
Warranties and sketchy merchants: Schwab Platinum
Price rewind: Costco
Travel insurance: Prestige, CSP
Perks: IHG, Hyatt
Rewards/Offers: Discover, Freedom, ED, BCE
Taxes/Misc: SPG

Limited value, might close: Arrival

Might add: First Tech, proper business card



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