I would like to know some information, if possible about a conitnental finance credit card. This interest rate is 9.75% and 3% on cash advances. If you know anything please let me know. Thanks!!
2007-09-02 05:33:48 · 3 answers · asked by SWEET_COCOA_27 1 in Business & Finance ➔ Credit
I did some research and found that many people have been unhappy with this card. It is a MasterCard for people with bad credit. It charges high fees - $99 setup fee, $89 program participation fee, $49 annual fee and $10 PER MONTH account maintenance fee. Before you even get the card, you'll owe them $247 in fees! If you're like the other people I read about, you'll get a $300 credit limit, meaning when you first get your card you'll have $53 in available credit. That's ridiculous.
What's more, they charge you $4 to pay your bill online, and people who have paid by mail claim the company didn't apply their payment until after the due date, and then added a $30 late fee.
They say they'll increase your credit limit semi-annually... but there's a $25 "credit limit increase fee."
So what will this card cost you? The first year will cost $457 in fees (set up, program participation, annual fee, and monthly account maintenance fee, and twice a year $25 credit limit increase fee). Every year after that will cost $219 (annual fee, monthly account maintenance fee, twice a year credit limit increase fee). And that's before you pay any interest! And unless you make very large payments immediately, you'll have almost no available credit anyway!
This is the worst credit card I have ever heard of, and I recommend you stay far away from it. If you're trying to rebuild your credit, you would be better off getting a secured card from your bank.
2007-09-02 07:38:03 · answer #1 · answered by likepepsi 7 · 1⤊ 0⤋
Is this a major credit card like Visa or Mastercard? Or is this one of those cards that looks like a major card but are really only for a catelog of overpriced merchandise.
Read all the fine print very, very carefully. It could be a limited offer, require a certain number of purchase per month, have a big annual fee or all sort of junk fees.
2007-09-02 14:05:46 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
You need to ensure that such low interest rates are not just on transfers, or for a short, introductory period of time.
2007-09-02 12:41:31 · answer #3 · answered by Roger 3 · 2⤊ 0⤋