I received an e-mail for a credit line of $5000. I was very close to be ripped-off by NEW MILLENNIUM BANK. After doing some research in web about NEW MILLENNIUM BANK and thus getting a lot of bad reports here is what I want to mention that may help some innocent people.
The webpage says - GET A REAL MASTERCARD OF $5000 secured line of credit. What it really mean is that IT IS A SECURED CREDIT CARD although did not exactly said so.
Some people do NOT understand what is a SECURED CREDIT CARD? It is a prepaid credit card. Usually this type of card you get gives you same amount of credit line that you will pay them. So if you pay them $300 you will get a credit card of $300 credit line. Likewise if you pay them $5000 you will get a credit card of $5000 credit line. This credit card will also charge you for annual fees, interest, late fees etc.
So what is the real purpose of such a card? Some people who do not have a credit card or debit card at all can have a plastic card like this and can use it every place where a credit card can be used. This card also sends reports to major credit bureaus. So if a person has completely ruined his/her credit or no credit at all this card starts establishing a history of credit.
Some people do NOT understand this as a SECURED CREDIT CARD and think it as a REGULAR CREDIT CARD and this is where the problem starts. First they will take $99.95 from your CHECKING ACCOUNT/DEBIT CARD as processing fees. Then you will get a reply that your credit card was approved and after that you will be instructed to send a minimum of $300 to a maximum of $5000. Once you send that amount you will get a $300 to $5000 credit card. Usually it will be same amount that you sent. If you send $300 then you will get a $300 credit card. Likewise if you send $5000 then you will get a $5000 credit card. As long as you use this card your money will be kept by the company to secure the same credit amount they offered you.
People who did not understand that this is a SECURED CREDIT CARD and thought it like a REGULAR CREDIT CARD and also did not read TERMS AND CONDITIONS that tells about $99.95 processing fees were frustrated about $99.95 removed from their account. They were again outraged when they did not get a credit card but instead got a letter in mail to send a minimum of $300 to start getting a card. People who sent that money also quickly learned that they got a credit card of exactly the same amount they sent. A perfect way to be outraged all the way!!!
Always there will be some innocent people who still have not learned "what is a SECURED CREDIT CARD?" However bank like NEW MILLENNIUM BANK will continue to trick these innocent people and create an illusion of giving a REGULAR CREDIT CARD. If you close the application page a chart session automatically appear and if you continue with chart they mention that there is no processing fees, it is completely free, also they mention it as a line of credit (meaning REGULAR CREDIT CARD and not SECURED CREDIT CARD) and all those information are completely wrong.in this chart session the bank violates all the facts and therefore should be prosecuted.
After so many complain against NEW MILLENNIUM BANK it seems that appropriate steps to be taken to include a mandatory information on their website that it is a SECURED CREDIT CARD clearly and also what a SECURED CREDIT CARD is? IF SUCH STEP ARE NOT TAKEN EITHER BY GOVERNMENT OR BY OTHER APPROPRIATE AUTHORITY THIS PROBLEM WILL CONTINUE. Unfortunately always there will be some innocent people in society and bank like this will continue to prey on innocent people. They should be ashamed of themselves.
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