Mid America Bank - "VERVE CARD" -- Preapproved - EEK!

[dallasareaguy]

My wife got a letter in the mail today... preapproved for $500 mastercard unsecured.. etc etc.

Verve card... through Mid America Bank... I have seen/heard of most... hadn't heard of them.. so digging to the application on the website:

29.99% APR - (expected due to rebuilding credit)

$125 Initial Setup Fee (goodness.)

$5/month maintenance fee (holy moly.)

$96 each additional year.

I'll pass. They didn't give you the details until just before clicking YES to approve the card. Pretty nuts. I thought Premier Bank was the worst offer out there for people.. I have officially found one worse.

[Anonymous]

Yuck, shred it!

[Anomalous]

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@Anonymous wrote:
Yuck, shred it!

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+1

[starry1]

I just got one of these and I can't believe these terms.  They're worse than 1st premier and credit one,  sheesh.

Shredder is gonna eat good today.

[juggalo9er]

put junk mail in the return envelope and mail it back

[Anonymous]

....That is incredible.

I just Googled this card.

That is truly astounding. That is the worst credit card I have EVER seen in my life. It's amazing, actually! It's like they went out of their way to design a supremely usurious credit card for people who are already in perilous financial straits and gleefully squeeze every last penny out of them, then douse them in gasoline and set them on fire, and then run them over with their car, and then back up and run over them again. 

[Anonymous]

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@Anonymous wrote:

....That is incredible.

I just Googled this card.

That is truly astounding. That is the worst credit card I have EVER seen in my life. It's amazing, actually! It's like they went out of there way to design a supremely usurious credit card for people who are already in perilous financial straits and gleefully squeeze every last penny out of them, then douse them in gasoline and set them on fire, and then run them over with their car, and then back up and run over them again. 

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I really dig your description of this card.

[Lyythine]

It looks like its a subsidiary or sister company of First Premier.  Its a Continental Finance company. STEER CLEAR!!!

[Anonymous]

I too recieved a pre approved letter. called them and was approved over the phone. said up to 30 days to recieve my card. instead, i got a letter saying i needed to deposit $50 to get the card.

Lets see, 125 for processing fee's, plus 50 deposit, then 120 for a years monthly fees. That would be 295. for 5 dollars more, and 39 a year fee, BANK OF AMERICA will give me a secured card that does the same thing they do. and in a year, at 39 a year in fees, not 120, they will make it a NON secured card.

My only questions is, how in the hell does the credit people even ALLOW this crap? thats rediculous

If you get a verve card, you are either setting them up to scam them back somehow, or your a total fool

[Anonymous]

forgot to ad that after i read these posts, i was prepared to shred and not activate the card should it had come.