$247 annual fee for credit card with $300 credit limit

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Mogul of Pineapples
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$247 annual fee for credit card with $300 credit limit

Postby Mogul of Pineapples » Thu Jun 05, 2008 10:44 pm

This is nuts even if you have horrendous credit there's better offers out there you can get than this!


[video]http://www.youtube.com/v/FunpS4QXcRI&hl=en[/video]
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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1bootcamp
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Postby 1bootcamp » Fri Jun 06, 2008 4:07 am

What the heck is wrong with them. There's a boatload of legit credit card issuers out there that will give people with bad credit history credit cards that are secured or have a small annual fee. When I say small I'm not talking $247 but more like $30 or $40. Feel bad for the folks that sign up for the card in this video. They probably don't realize there's other options out there.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Fri Jun 06, 2008 1:03 pm

Some people must feel that's the only way to rebuild their credit after a bankruptcy or some other problem. More people need to come to sites like this to read there is other ways to rebuild credit. :cool:
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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fffresh
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Postby fffresh » Sat Jun 07, 2008 1:40 pm

Some people feel they have no other choice after bankruptcy. When an offer comes along like the one in that video they think they have no choice to accept it probably. We just need to educate people to let them know there are options for them out there even if they've had some tough times before.

magyar1045
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Postby magyar1045 » Sat Jun 07, 2008 4:47 pm

What gets me is that as soon as you get that card you are immediately whacked with that annual fee reducing your approved limit by those fees. Note: some operate this way. others just space out the annual fee over a 12 month period.

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fffresh
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Postby fffresh » Sun Jun 08, 2008 3:12 pm

The other bad thing is if you're whacked with a $247 annual fee on a $300 CL that means you're using over 80% of your credit limit which does damage to your credit score! Since you're only suppose to never have more than 30% of your credit limit used that means that you could never put more than $80 or $90 on the card each month even if you paid it off in full at the end of the billing cycle. This card doesn't make any sense.

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Mogul of Pineapples
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Card with 69.5% APR

Postby Mogul of Pineapples » Sat Jun 14, 2008 10:09 pm

I just read that in the UK there's a credit card issued by Vanquis Bank that has 150 euro credit limit, 19 euro annual fee, and a 69.5% annual interest rate. I guess our rates here aren't that high after all! j/k
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

diego08
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Postby diego08 » Fri Jun 20, 2008 11:35 am

i think all airline credit cards have pretty high annual fees too. they charge $70 to $90 a year just to have them and all they give you back is 1% to 2% towards their flights. almost any rewards card does that you're better off taking the cash and buying a ticket yourself!



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