I'm not looking for a new credit card, but received this outrageous offer (?) for an unsecured credit card this week. It's so outrageous, I felt the need to send in this information about the promotion.
The promo information looks nice (9.9%); but when you read the disclosure form it indicates this is a very bad offer. Even if someone made the mistake of signing up for this card in haste, they would owe a lot of money to this company.
Note the conditions of the offer:
Minimum Initial Credit Limit: $250.00
Program Fee -95.00
Account Set Up Fee -29.00
Annual Fee -48.00
Monthly Servicing Fee -7.00
Available credit on first statement $71.00
IF ACCOUNT IS CLOSED WITH A BALANCE OF $20 or more, $3.00 month additional fee until paid in full.
Charge of $11.00 for autodraft service.
We all know about annual fees, but fees on top of that? A program fee? And a monthly servicing fee? An account set up fee? And a fee to pay your bill?
Just a reminder, always be careful and read the disclosure notices.
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