I was contacted by a representative of Ameritrust Financial this morning. I was told that I was approved for a credit card with a limit of $1000-$2000. They would not need to do a credit check, just verify that I have a valid checking account.
Upon verification I was approved with a $2000 limit (including a $1000 cash advance) at an interest rate of 8.9%. I was told that there were no fees, but there would be a refundable $200 processing fee which could be split in two payments and deducted from my checking account.
As she placed me on hold, I went online to look up Ameritrust Financial and found out that they are a "catalog" or "merchandise" company and there was no mention of a credit card. I asked the representative about this and although she wasn't rude, she was a bit evasive. She said that I would receive a credit card in the mail in 7-10 days and although it isn't a "credit" card, " I would be able to receive a cash advance for $1000 at the 8.9% interest rate.
I told her I wasn't interested, she said okay, gave me the telephone number and her extension. Another representative from Ameritrust called back a few minutes later, I told him I wasn't interested and why. He also gave me the toll free number and his direct extension.
I called my bank this morning, closed my account (to which there was NO fraudulent activity). I learned a valuable lesson here, if it sounds too good to be true, it probably is AND never give account information over the phone when you're not the one to solicit (or apply) for information.
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