topic Re: Cerulean Discover fr. Continental Finance in Credit Cards

Cerulean Discover fr. Continental Finance

JonStur — Fri, 16 Nov 2012 11:01:57 GMT

You might as well get Credit One...

Cerulean Discover® credit card

Limited Credit
Annual Fee: $75
APR: 29.99%
Intro APR: There is no introductory rate available.

Use your Cerulean credit card at locations everywhere Discover® is accepted.
Make Low Monthly Payments on all your card purchases!
Poor Credit? No Credit? No Problem!

Rates and Fees

APR for Purchases: 29.99%

APR for Cash Advances: 29.99%

Annual Fee: $75

Additional Cardholders: $30 fee for addtl. users

Annual Fee Details: Annual Fee: $75 (billed annually).

Grace Period: 25 days

Late Payment Fee: Up to $35

Cash Advance Fee: Either $5.00 or 5% of the amount of each cash advance, whichever is greater. Transaction fees are not billed for the first 12 months.

Important Notes: *Monthly Maintenance Fee: $144 annually (billed at 12 per month). Monthly Maintenance Fee is not billed for the first 12 months your Account is opened.

Click Here to Apply

Re: Cerulean Discover fr. Continental Finance

webhopper — Fri, 16 Nov 2012 14:09:02 GMT

This is a really bad option :) Hopefully forum members will consider a secured card before they go for this one.

Re: Cerulean Discover fr. Continental Finance

Cadillac-XTS — Fri, 16 Nov 2012 14:13:47 GMT

Re: Cerulean Discover fr. Continental Finance

trumpet-205 — Fri, 16 Nov 2012 15:39:17 GMT

webhopper wrote:
This is a really bad option :) Hopefully forum members will consider a secured card before they go for this one.

You know some people will jump on these cards no matter what.

Re: Cerulean Discover fr. Continental Finance

distantarray — Fri, 16 Nov 2012 16:38:24 GMT

am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!

Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.

Re: Cerulean Discover fr. Continental Finance

armbenderc — Fri, 16 Nov 2012 17:20:10 GMT

distantarray wrote:
am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!

Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.

I agreed with distantarray. However if you do get this credit card, it's very similar to FP. AF on top of monthly fee. Not recommended.

I have been there.. I have FP for 4 years before I found this board and AXE'd it. It does built my credit since I started with nothing.

I still have CreditOne (zero balance... why do I keep it? who knows..), but they only charge AF, no monthly fee... even know AF is billed monthly. Even if you have zero balance, you will have to pay the $8 monthly annual fee. I wonder what happen if you didn't pay it?

Re: Cerulean Discover fr. Continental Finance

distantarray — Fri, 16 Nov 2012 17:26:30 GMT

armbenderc wrote:
distantarray wrote:
am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!

Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.
I agreed with distantarray. However if you do get this credit card, it's very similar to FP. AF on top of monthly fee. Not recommended.

I have been there.. I have FP for 4 years before I found this board and AXE'd it. It does built my credit since I started with nothing.

I still have CreditOne (zero balance... why do I keep it? who knows..), but they only charge AF, no monthly fee... even know AF is billed monthly. Even if you have zero balance, you will have to pay the $8 monthly annual fee. I wonder what happen if you didn't pay it?

considering the monthly fees are waived for 1 year just use it for a year and cancel it right after should be ok since you should be able to get a secured card a before the yearis over =)

Re: Cerulean Discover fr. Continental Finance

cashnocredit — Fri, 16 Nov 2012 18:55:27 GMT

distantarray wrote:
armbenderc wrote:
distantarray wrote:
am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!

Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.
I agreed with distantarray. However if you do get this credit card, it's very similar to FP. AF on top of monthly fee. Not recommended.

I have been there.. I have FP for 4 years before I found this board and AXE'd it. It does built my credit since I started with nothing.

I still have CreditOne (zero balance... why do I keep it? who knows..), but they only charge AF, no monthly fee... even know AF is billed monthly. Even if you have zero balance, you will have to pay the $8 monthly annual fee. I wonder what happen if you didn't pay it?

considering the monthly fees are waived for 1 year just use it for a year and cancel it right after should be ok since you should be able to get a secured card a before the yearis over =)

That advice is good if the card can be paid and savings accrued to start a secured card before the bigger fees cut in keeping in mind that the typical customer of these cards is likely stressed pretty badly so it takes discipline.

The $75 initial fee is the max allowed by the CARD act for the initial year. That's why there are no monthly fees initially. After that they charge close to half the CL each year because the CARD act doesn't cover that.

This kind of card is attractive because people in critical need of credit don't have the deposit required even for a small secured card.

It's marketed to the lowest tier of credit scores that can be approved for any kind of credit with an expectation that a pretty high percentage will default.

Re: Cerulean Discover fr. Continental Finance

jsucool76 — Fri, 16 Nov 2012 19:18:52 GMT

I think there is 50 threads on this and the matrix card :P

Seems like a terrible option to a lot of us, but if you're down in FP/Credit One level, it isn't a terrible option... ;P

Re: Cerulean Discover fr. Continental Finance

distantarray — Fri, 16 Nov 2012 19:24:51 GMT

jsucool76 wrote:
I think there is 50 threads on this and the matrix card :P

Seems like a terrible option to a lot of us, but if you're down in FP/Credit One level, it isn't a terrible option... ;P

lol it's the best looking out of all the cards too, i would almost mistake this for a prime card based on design =x but yea in a pinch it definately is not a bad card.

Also yes it's only good if people can manage their credit and build a savings, but honestly if you can't build a savings and can NOT pay a $75 annual fee, or $8 a monthly fees the LAST thing a person should do is try to get credit cards imo. I think the better route would be asking friends or family to set them up as an AU or ACM til their scores were good enough to get a secured card which isn't hard to do, but then if you can't pay the small fees ( i know they add up) but if you can't even manage that how can you save money for a secured card let alone pay off a regular credit card?

Credit is only meant for responsible people who are financially stable. If you are not in that position you need to restructure your lifestyle before trying to get more credit , sounds harsh but it's true

Re: Cerulean Discover fr. Continental Finance

jsucool76 — Fri, 16 Nov 2012 19:27:52 GMT

distantarray wrote:
jsucool76 wrote:
I think there is 50 threads on this and the matrix card :P

Seems like a terrible option to a lot of us, but if you're down in FP/Credit One level, it isn't a terrible option... ;P
lol it's the best looking out of all the cards too, i would almost mistake this for a prime card based on design =x but yea in a pinch it definately is not a bad card.

Also yes it's only good if people can manage their credit and build a savings, but honestly if you can't build a savings and can NOT pay a $75 annual fee, or $8 a monthly fees the LAST thing a person should do is try to get credit cards imo. I think the better route would be asking friends or family to set them up as an AU or ACM til their scores were good enough to get a secured card which isn't hard to do, but then if you can't pay the small fees ( i know they add up) but if you can't even manage that how can you save money for a secured card let alone pay off a regular credit card?

Credit is only meant for responsible people who are financially stable. If you are not in that position you need to restructure your lifestyle before trying to get more credit , sounds harsh but it's true

They give their cards a cool design to lure unsusecting customers in (who don't read the T&C before applying) and by flashing the discover logo all over the place. They always try to make it look like they're a card issued by Discover and not just running on the discover network.

Also, if I am correct, when you go to the card's page to apply, if you attempt to exit it, it litters you with popups about "exclusive limited time offers" so you won't leave.

Edit: Kinda looks like something that would be issued by USAA. lol

Re: Cerulean Discover fr. Continental Finance

armbenderc — Fri, 16 Nov 2012 21:01:46 GMT

cashnocredit wrote:
distantarray wrote:
armbenderc wrote:
distantarray wrote:
am I the only person who thinks this could be good for some people? Remember most secured credit cards at credit unions require a credit score of 580 to get in, let alone get a secured credit card. I had 400's last year and got turned down for a Bank of America secured card and I banked with the for 13 years and had 50k+in my bank accounts!

Since monthly fees are waived for the first year it's not bad since it looks like they approve anyone, and this is still MUCH better than First Premier imo, atleast since this is new Amex probably won't look at you like a red headed step child.
I agreed with distantarray. However if you do get this credit card, it's very similar to FP. AF on top of monthly fee. Not recommended.

I have been there.. I have FP for 4 years before I found this board and AXE'd it. It does built my credit since I started with nothing.

I still have CreditOne (zero balance... why do I keep it? who knows..), but they only charge AF, no monthly fee... even know AF is billed monthly. Even if you have zero balance, you will have to pay the $8 monthly annual fee. I wonder what happen if you didn't pay it?

considering the monthly fees are waived for 1 year just use it for a year and cancel it right after should be ok since you should be able to get a secured card a before the yearis over =)
That advice is good if the card can be paid and savings accrued to start a secured card before the bigger fees cut in keeping in mind that the typical customer of these cards is likely stressed pretty badly so it takes discipline.

The $75 initial fee is the max allowed by the CARD act for the initial year. That's why there are no monthly fees initially. After that they charge close to half the CL each year because the CARD act doesn't cover that.

This kind of card is attractive because people in critical need of credit don't have the deposit required even for a small secured card.

It's marketed to the lowest tier of credit scores that can be approved for any kind of credit with an expectation that a pretty high percentage will default.

Very true. If you are going to get one. Get CreditOne, it's certainly better than this card and FP.

Re: Cerulean Discover fr. Continental Finance

lithium78 — Fri, 16 Nov 2012 21:22:58 GMT

I was thinking that this wasn't too bad of a rebuilder until I got to the part about the monthly maintenance fee. Ugh. That's pretty bad.

Re: Cerulean Discover fr. Continental Finance

princechristian — Fri, 16 Nov 2012 21:47:29 GMT

Whew! Sure am glad someone came along to take the heat away from my two beloved FP cards! Lol. Does have a cool name and cool design though. Lol. I wonder what limits they are issuing. What is a Cerulean anyway!? Lol

Re: Cerulean Discover fr. Continental Finance

cashnocredit — Fri, 16 Nov 2012 22:22:27 GMT

Safe bet the CL is $300. Initial fees limited to 25% of the CL by the CARD act but not fees in subsequent years. It's the subsequent fees that are really absurdly high. FP has an additional one time "$95 processing fee" that must be paid before the credit card is usable. Subsequent AF of $45 in addition to maint. fees apply after the first year. which is pretty bad.

Basically, these cards expect about half the cardholders will eventually default. The other half prvide their profit.

Re: Cerulean Discover fr. Continental Finance

lithium78 — Sat, 17 Nov 2012 00:30:10 GMT

At least it has a grace period, though. That's pretty much the only plus I can see about this card.

Re: Cerulean Discover fr. Continental Finance

injustifiiable — Sun, 18 Nov 2012 01:24:47 GMT

Look at the list of states that won't allow them to issue this...Connecticut is one of them..lol