While I have no tolerance of companies that operate in the manner that First National Bank of Marin does and I am not endorsing support of their business practices, I also know that while I might be lead to the water, it is up to me whether or not I take a drink.
In short, be an informed consumer when making the choice to accept these types of credit card offers. Read the material that is provided. I receive a credit card by mail from First National. After reading the enclosed disclosure, I would not activate this card if I were down to the last bean in my cupboard. My choice, which is where the accountability ultimately ends up. If I am screwed, I have given them permission to do so.
The facts are disclosed in the cardholder agreement: annual MEMBERSHIP FEE is $69.00, charged in increments of $5.75 per month. This gives you a balance every month period. A balance accrues interest and finance charges whether you use the card or not. ENROLLMENT FEE: Not to be confused with membership fee: 69.00 FINANCE FEE. Not a charge but a finance fee. Add that to the 5.75 and you a 75.00 balance, 69.00 of which is calculated for a finance fee. Late payment fee of 29.00, over limit fees of 29.00, a credit limit increase finance fee of "between $0 & $49.00, blah blah blah, blah blah blah! Interestingly, there is no disclosure what-so-ever of the annual percentage rate this card charges.
The bottom line is that these dubious credit card companies prey on those of us who, like me, have established a poor past history of credit that gives them the opportunity to offer ludicrous contracts in the disguise of helping the consumer re-establish that credit history. Do not give them the opportunity; do not give them the control. They are in the business of making money; they don't really give a hoot about me and my circumstances and will turn on me like a rabid dog if given the chance.
Take the advice of someone who has been there and has suffered because I did not go into the situation armed with an understanding of who was benefiting whom. Read the literature. If you choose to accept an offer after being informed, take the punches. You have given them your permission.
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