Hello, I just got approved for a credit card that has an annual fee. I applied for a Discover card and they said this is a sister company of Discover and that the Discover logo will still be on the credit card, HSVC bank or something like that, has anyone heard of this?
Anyway, there is a $59 annual fee that she said can be split up and paid on monthly and that if for the first year keep good repor with them they can always take the annual fee off. Is this worth it? Has anyone else had a credit card that has an annual fee? What is your opinion of these credit cards?
I have one credit card already, but we wanted to get another one to use just for emergencies.
2007-07-31 15:34:49 · 5 answers · asked by mom2abigsis 2 in Business & Finance ➔ Credit
It's HSBC (Household Bank)
Their Discover card is generally a pretty good card. Though I don't know what your terms are (interest rate, rewards etc)
If you have a limited credit history, the credit card companies would probably offer you secured cards or cards with annual fees. Actually $59 is fairly low compared to some of the really subprime lenders fees.
If you don't mind paying the fee for a year, you might consider it. If you keep your credit in good standing, they may drop the fee. If they don't, the card would have improved your credit rating where you may qualify for a non fee card. Then you could call HSBC and tell them to either drop the fee or close the account.
If you have very good credit, you could probably find a non fee card with a different company.
2007-07-31 17:44:51 · answer #1 · answered by echo 7 · 0⤊ 0⤋
Be very careful if the bank or company is HSBC. My husband and I both have had a Master Card with this bank. The interest rate was crazy. When we got the credit card the company had added all of the fees to it and took it from the balance of the Master Card. So before we could enjoy having the Master Card we had bills coming in for the Annual fees etc. I would not do business with HSBC, try getting a credit through your bank. Good Luck.
2007-08-01 09:25:39 · answer #2 · answered by Anonymous · 0⤊ 0⤋
NO! I think all credit cards company offer some form of credit card with no annual fee. They said they'll waive the fee next year but when the time come you might have a hard time getting them to do that so i wouldn't take the chance. Apply for some other cards out there and that $59 can go for better thing =)
2007-07-31 23:08:18 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I have a credit card with an annual fee and got rid of it because it was horrible. Orchard bank is NOT a credit card company I will EVER recommend!! i think they also went by hsvc bank, i would double check that
anyways, the annual fee won't be that bad if you are SURE that is what you want, my fiance has two with that and we are getting rid of one and keeping the other. One is $79 and we are getting rid of it and the other one is only $29 and we are keeping it.
Some companies after a year or more of "good' service with them (never late) they will take it off or lower you interest rate.
Just be careful not to get into trouble!!
2007-07-31 22:48:24 · answer #4 · answered by Crazy Mama 5 · 0⤊ 0⤋
try harder ... apply at the credit union you are eligible to join. it almost certainly does not charge annual fees.
in most areas, there are so many banks, thrifts, and credit unions all wanting your credit card business that you should be able to get a no fee card if your credit is even just 'average'.
GL
2007-07-31 22:42:51 · answer #5 · answered by Spock (rhp) 7 · 0⤊ 0⤋