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Tuesday, October 27, 2009

Have anyone used this credit card before?

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!!



Have anyone used this credit card before?

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%26#039;ll owe them $247 in fees! If you%26#039;re like the other people I read about, you%26#039;ll get a $300 credit limit, meaning when you first get your card you%26#039;ll have $53 in available credit. That%26#039;s ridiculous.



What%26#039;s more, they charge you $4 to pay your bill online, and people who have paid by mail claim the company didn%26#039;t apply their payment until after the due date, and then added a $30 late fee.



They say they%26#039;ll increase your credit limit semi-annually... but there%26#039;s a $25 %26quot;credit limit increase fee.%26quot;



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%26#039;s before you pay any interest! And unless you make very large payments immediately, you%26#039;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%26#039;re trying to rebuild your credit, you would be better off getting a secured card from your bank.



Have anyone used this credit card before?

You need to ensure that such low interest rates are not just on transfers, or for a short, introductory period of time.



Have anyone used this credit card before?

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.

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