help im confused?

Question

i got no clue what all this means.i want a credit card but not sure if i should apply.these r the fees what they mean??

Account Set-up Fee: $29.00 (one-time fee)
Program Fee: $95.00 (one-time fee)
Annual Fee: $48.00
Monthly Servicing Fee: $84.00 Annually++
Additional Card Fee: $20.00 Annually per card, (if applicable)

Answer 1

It means that card is a very bad rip off. Run (not walk) away.

If you have no credit get a secured card through a local bank or credit union.

Answer 2

This is a starter/bad credit card. Basically what it says is that to just get the card they are going to charge you $29+$95+$48+$7 = $179

The $7 comes from the Monthly servicing fee. The ++ points to some disclosure in the agreement that says it will be billed at $7 a month.

They will probably open you up with a $250 credit limit, so even before you get the card you will only have $71 left on the card. These are fees that they are going to charge you and you will not get them back. You would actually be better off getting together about $300 and opening up a secured card with a company like Orchard Bank. Here after about a year, if you keep your card in good standing they will convert it to an unsecured card and you can get the $300 dollars back.

Answer 3

these are fees to a credit card that you are basically purchasing. They give you a 200 or 300 limit and charge the above to your limit, you start making payments toward the balance until you have open credit. Once you have paid them in full, generally they may increase your credit slowly provided payments have been timely - you may want to add five or ten dollars to your monthly payment to show good faith.

The above terms are a little steep. You may consider Orchard bank or First premier bank - whos fees are less than that - these cards are to help you build your credit and have a higher interest rate - which you start somewhere, once you receive other cards with no fees and less interest rates, you can put the "fee card" to bed, but don't close it right away because the positive continues to report on your credit file building your score

Answer 4

You should not apply for this card.
There are a lot of card which cost nothing to set up and no annual fee to boot. Major bank credit cards do not have annual fee. Try to apply there, hope this helps.

Answer 5

Classic trap of a predatory lender....You'll get a card with a credit limit of around $250...by the time you have all these fees added you have about $50 or so in actual credit....One purchase of $51 and boom.....$85 over the limit fees....But it won't stop there....the billing statement will arrive three days before the due date....You mail your check and boom....$45 late fee.....It's an endless cycle until you end up with $600 in fees in just three months.

Answer 6

these are all fees they tack on that they tell you will be charged to the account but what they dont tell you is you have to pay interest on these as well as any purchases
BIG RIP OFF DONT FALL FOR IT!!!!!!