they sent me ccs first national membercard for a maxximum 6,500.00 unsecured credit line what does it mean unsecured is it a good card. they said is for catalog purchases exclusively. if somebody have that card can u tell me about it?
2007-09-19 14:06:57 · 4 answers · asked by Anonymous in Business & Finance ➔ Credit
Unsecured means that you don't have to put money in an account to protect against your defaulting on the loan - credit cards and credit lines are essentially loans.
That it's for catalog purchases exclusively means that you can only purchase things from their catalog. I means you can't take the card and use it for hotels or to buy gas or whatever else you might use it for.
2007-09-19 14:12:01 · answer #1 · answered by Justin H 7 · 0⤊ 0⤋
Did you have to pay for membership?
If you just have a membership application, throw it in the trash. If you have the actual card, send them a letter to close the account and request written confirmation that the account is closed.
The merchandise in that catalog is way overpriced. Normally they get you to pay some kind of membership fees.
Unsecured means no collateral. Most credit cards are unsecured. Secured credit would be a car loan or a home mortgage.
2007-09-19 21:13:30 · answer #2 · answered by bdancer222 7 · 1⤊ 0⤋
I suggest you only get a credit card from a lender of your choosing, most ones sent have low starter rates and then rates that really are horrific in a few months.
Never get a card that is single purpose except for gasoline!
If you can try to live on your debt card (money in your bank account).
Best of luck!
2007-09-19 21:59:27 · answer #3 · answered by ANGEL Baby 3 · 0⤊ 0⤋
if somebody steals your card or uses your number and charges 6,500 dollars then you owe the company that much money regardless.
2007-09-19 21:11:31 · answer #4 · answered by honda man 3 · 0⤊ 0⤋