I got an offer in the mail for a $10,000 credit limit visa card in the mail yesterday, stating that all I had to do was send them $37 and they would send it out. Is this legit? And do they really give you that much of a limit?
2007-06-08 01:56:33 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
I was told by my Financial manager, NEVER apply for a card that asks for money upfront. It's a scam. If a card has a fee it should be deducted off of your credit limit balance and if you can, try not to apply for a card with any fee. You end up paying interest on the fee.
2007-06-08 02:01:50 · answer #1 · answered by Anonymous · 0⤊ 0⤋
If you want a credit card, go to a major site like Bank of America and apply for a card.
Don't respond to some junk mail you got asking you to send them money. You are no more likely to get a card that way, and if they want money up front they sound totally crap.
Bank of America has a massive selection of cards, especially since they now own MBNA. So you are sure to find something that will work for you. They even have online helpers you can talk to live, and a phone number to call.
The better your credit, the nicer the card you can get.
I'm sure if you read the small print on your letter it will say that the credit limit is up to $10,000 which means it can be anything from $100 to $10,000. It probably also says something about subject to credit approval. Being 'pre-approved' is a meaningless phrase. It's like me saying I am a pre-millionaire. Also, what's the interest rate? That's rather an important question. If it is over 20% it will be almost impossible to pay it back.
Just throw your junk mail in the shredder where it belongs.
2007-06-08 02:06:27 · answer #2 · answered by ZCT 7 · 0⤊ 0⤋
This is a legit practice, however you do need to read the fine print. i seriously doubt they are going to give a $10,000 limit if they are going to charge you money up front. Read everything that came with the offer. My credit is not perfect and I still get offers in the mail for credit cards with upfront fees and fees that are charged once I would get approved. I throw them away. Do some research and try to find one that will not have the fees, there are plenty out there... Good luck!!
2007-06-08 04:12:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Bethany,
I think it probably is legal but is it advisable? No. This tells me the company is catering to the needs of people with little or no credit history or bad credit. Chances are the monthly fees are very high and if you miss a payment, well, you will be poor.
However, some companies will issue a credit card if you deposit money with them. This can be a good idea.
Prepaid credit cards - the perfect way to control your spending and keep within budgets. You set the spending limits by the prepaid amount loaded on the card. This kind of credit card works well for students and teenagers too. Parents need not worry about spiraling debt that the kids may pile up.
http://www.wahmsearchengine.com
2007-06-08 02:06:49 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Unless it it through a major bank like Bank of America, Us Bank or an instution of that stature it is completely bogus. What those are callled are SECURED CREDIT CARDS. And it is like a debit card. And if that is the case just get a debit card then and go about it that way.If you have BAD credit do like I did find out who your credit issues are with and make arrangements to clear up the matter. Even if it is for only 5$ a month. Pay something. Eventually it catches up with you. And as far as those secured credit card estasblishments and businesses of that nature are concerned think of them like a used car lot like a Car Credit City that ,sure you can get a vehicle with poor credit ,you'll only have to pay 20% + intrest on your loan. Those companies prey on people like you and I. Consider it like signing a deal with the devil. DO NOT DO IT , friend. I hope this helped.Take care and best of luck.
2007-06-08 02:12:57 · answer #5 · answered by scott b 4 · 0⤊ 0⤋
10,000 is a lot for a card limit, unless your rich with excellent credit, and usually there are fees, but they are just added to the balance on your card. This offer sounds weird, you really should just rip it up and throw it out.
2007-06-08 01:59:53 · answer #6 · answered by jess v 3 · 0⤊ 1⤋
Sounds like a con, seriously. Over the years, I've taken out loans for cars, but never, not once, been asked to give money out. My advice to you: walk away right now, without giving any details. Can you specify which organisation is offering this loan?
2016-04-01 09:51:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes they are.
I work for one of these places
They are for people with very bad credit and a way to repair the problems. And if they were not legit I would not work there.
2007-06-08 02:07:03 · answer #8 · answered by Michael M 7 · 0⤊ 1⤋
your limit will not be that high....the fine print usually says "as high as."....these are usually credit repair cards and the money is usually some kind of a annual fee...
2007-06-08 02:04:02 · answer #9 · answered by becca9892003 6 · 0⤊ 0⤋
NOpe. Read the fine print. Subject to credit approval.
2007-06-08 01:59:24 · answer #10 · answered by wizjp 7 · 0⤊ 0⤋