i just received one of those credit card offers and i applied and got accepted?

Question

but dummy me i wanted a credit card because i have bad credit. but i didnt read that they charge a one time fee of 100 dollars and a ten dollar maintenance fee monthly and if i pay the bill on internet they charge you a 7 dollar fee its just crazy, its from applied card bank, what i want to know is do i have to keep the card when i receive it in about 2 weeks or can i just throw it out before i activate it

Answer 1

I agree with Sarah, cancel the card.

If you fail to cancel it, even if you do not activate it, they will automatically place the fees on the card and expect you to pay.
If you don't pay then they will turn it over to collections.

Call them and cancel the card, then write them confirming the cancellation of it. Include your cut up card in with the letter.

Answer 2

You need to consider that once you apply and are accepted, the fees are due and payable even if you never activate the card.

Even if you cancel the card, you will still be billed for the initial fees of $110.00 and have nothing to show for it, and if you don't pay they will turn you over to collections and hurt your credit even more than it is now.

Why don't you suck it up and pay the fees, use the card for everyday purchases never exceeding 30% of you limit and pay it off in full every month being sure never to be late. This way you will avoid interest fees, late fees and raise you score.

If you do this for 8-10 months you can most likely get a good card once you have established your credit history.

Answer 3

If you don't want the card when you receive it, you have 30 days to call them and cancel the account. Assuming you have not used the card, the bank is required to reverse the origination and annual fees and close the account. This should be listed under the terms and conditions portion of the credit offer you received. If you have bad credit, I recommend you apply for a credit card with Orchard Bank. They have one of the best "Bad Credit" credit cards around. Their starting credit limit is only about $300.00. It typically has a $59.00 annual fee and approx. 16.99% apr.

Answer 4

Cancel the card altogether... although you technically can't *use* the card until it's activated, someone else could go dumpster diving and do so for you. Don't take the risk.