• $99 Account Setup Fee replaced with Account Processing Fee of $200
• Annual Fee raised from $49 to $50
• Account maintenance fee raised from $120 to $144
• Replacement card fee of $15 added
• Credit Limit reduced from $53 to $50

Fortunately the APR has remained the same!

agb2000

Eleo

nettie

fee to send your statement by snail-mail: $3
fee for receiving your payment by snail-mail: $5
fee for opening snail-mail: $7
fee for recycling snail-mail: $3

I think I prefer Gary Coleman's CashCall loan @ 99.25% interest rate... At least this one is simple interest, you'll eventually pay it out... :)

yellowdragon

This biblical sin is at least as bad as the Xtians perceive homosexuality to be, yet I"VE NEVER HEARD ANY of their so-called moral leaders speak one peep about it.

Enjoy.

timtimes

Hell's Donut House

$247 initial fees
$425 fees to increase to $2000 ($25 per $100 increment, increase every 6 months)
$416 yearly fee (takes 8.5 years increasing every 6 months)
$1020 account maintenace fee (8.5 years again)

The total? If you don't even charge a dime on this card... to get to the $2000 limit, it would cost you:

$247 + $425 + $416 + $1020 = $2108(!)

joebednarz

likes2comment

mind

Then again, I guess since they are obviously preying on the less than financially savvy, a big flashing banner on the website saying "Don't use this card!" may not prevent people from signing up for this.

catcherintheeye

DudeAsInCool

However, I just wanted to point out that, if you pay your bill for this card online, it WILL NOT post for 2 weeks.

I paid online a week before the due date and I am expecting my first late charge less than a week after I opened the account.

I've read that some ppl are getting good results from this card but they are havingto jump thru hoops and micro manage every aspect of the card.

I applied for the card but never activated it. So they activated it for me. How nice of them. I also know that you CAN NOT cancel the card. They will tell you it's canceled, but 3 mos. later, you owe them $200 in late fees and it shows up on your credit report in collections.

I advise all to stay away from this card unless you like a chalenge.

bobjenkins

Papa Midnight

forever_knight

The Stork

fashionista

i also saw a SECURED credit card that was loaded with just as many fees.

newsflash for those who have crappy credit: there's no "quick fix" here. if you're in the 400's, it's most likely b/c you don't pay your bills. do you honestly believe taking on another one will be the magic wand that will make all those charge-offs, repos & collections go away?

mac-phisto

yoyomother

Sometimes I really wonder if those credit card companies deliberately hold up posting payments to their customers accounts just so they can charge you the late fees?

Once a person gets caught in theover your limit/ high balance/late fee snowball how do they ever manage to get themselves out of it?

They end up with credit cards like this one I guess.

SkyeBlue

dantsea

You can sign up for a lower fee deposit card (like Capital One) with a higher limit (due to the lower fees). Yes, this card discloses it's fees up front. Do they also disclose that, as a subprime borrower, you have many other options besides paying all their fees? No. But I guess that's just business.

humphrmi

humphrmi

lestat730

DojiStar

akalish

OKH

joeblevins

This card is a straight-out scam.

But yes, it's all spelled out in the contract, which many applicants clearly do not read.

I can't help but think, though, that an honest version of the contract would start out with large red headlines informing the reader of the existence of debit cards and secured credit cards, because there is close to no reason at all why anybody who knows about those alternatives would want this awful card instead.

Even if you're planning to kill yourself in a week and so don't care about fees, how much of a pre-death blowout can you have on $53?

Daniel Rutter

supra606

rmz

mantari

OKH

wring

SkyeBlue

joeblevins

Maybe I'm just arguing with the language here, but is it really preying on people if they lay their terms out pretty plainly? This card seems to be Purgatory for people who screwed up their credit.

Secondly, "Sadly cannot get a better card?" It's probably a good idea that sub-prime borrowers not get credit cards until they prove that they are good credit risks. It's almost like saying "It's designed for cancer patients who, sadly, can't get cigarettes"

OKH

warf0x0r

zibby

ncboxer

full.tang.halo

logicology

Fortunately for me, I don't have issues getting a decent card, but it seems even people with good credit get these crappy offers in the mail.

I find that one funny that is has all those fees, then a fee to pay them online. I'd hate to know what the check fee would be...

ShadowFalls

The rest sounds like it was writen by the mob and lennys loan sharking outlet.

armour

As to the credit increases, it's a $100 bump in your credit line every time you "qualify," at which point they charge you a $25 fee.

JustAGuy2

nursetim

rmz

Assuming that you got one extra authorized user, made an online payment every month, and got one credit limit increase, you would pay $435 in fees in the first year alone. For a $53-limit card. And that's not even counting the $25 fees for the "involuntary" credit limit increases. Who wants to bet that they'd up your limit by $1 and charge you $25?

SWEET.

rmz

Cowboys_fan

thwarted

I thought the $53 limit was a joke. But it's right there on their homepage.

scoobydoo