I applied for a visa credit card thru Plains Commerce Bank located in Sioux Falls, SD., on line. My credit limit would be $250.00 to start off. Before I knew it, I was mailed a statement reflecting a balance due in the amount of $250.00 and a separate envelope containing the credit card. The statement was broken down as $194.00, being finance charges, $6.00, being a monthly participation fee and the final $50.00, being an Annual Fee which was assessed when I opened my "account". Which after all of these charges being applied to my first bill, left my credit limit at zero. If I decided to terminate my credit availability and avoid the annual fee, I could do so by writing that on the return portion of the bill, or on a separate sheet of paper and return it within 30 days of receipt of the Annual Fee charges and my "Account" would be closed and credited the annual fee. BUT, I was still liable for any balance due, including Finance Charges ($194) and/or any other fees, (Monthly Participation Fee $6), which would continue to accrue until the account was paid in full. Ultimately being ripped-off for $200.00 in bogus fees applied to a credit card in which I HAVE NEVER EVEN ACTIVATED, AND HAVE NEVER USED THIS CARD WHAT-SO-EVER. So, apply for a visa and get credit limit of actually zero, and owe them $200-$250 depending on weather or not you want to cancel the card after seeing the first statement and amount due and still end up with no credit card and owe them $200. I am outraged at this scam and have written the company for a full refund of charges to my bill, leaving the amount owed zero as well as cancelling my card immediately.
P.S. I was also charged $25 late fee, due to not paying a bogus bill by the due date.
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