10-21-2012 09:14 AM
They had 2 versions of that card, one with $39 fee (average credit) and one with $0 (excellent credit). .
+1 - CO's model for this product is to lure people in with the promise of cash back, then give them essentially meaningless credit lines. CO collects the AF, and I'd wager that for the bulk of their customers, their cash back will never equal to the AF. They are essentially partially refunding your AF back to you.
Which makes this a case of paying a lender to obtain a trade line on your report. That, of course, has its place, but treat this card like what it is and don't exepct too much from it.
10-22-2012 05:46 AM
Ok thanks for the replies. I called and talked to someone and was basically told "well it already posted, we can't waive it now - you pay for the year upfront its a membership fee " I then asked why I didn't have to pay an AF for the first year and a couple months of this year and he claimed I did. I then looked at my first statment online and there was no fee whatsoever only the 1 charge I made that month. I then checked my second statment and again no AF or any fee of any sorts.
Also This wasn't the start of the 12th or 13th month I've had this card....I've had 14 different statments already so really I'm going into the 15th month with this card...So again why all of a sudden would they tack it on now.
From what everyone said I'm guessing its supposed to have one and I guess I'll just consider myself lucky that I didn't pay it up to this point I did request a copy of my cardmember agreement but I'm assuming it will show it on there. I've been trying to locate mine but we've since moved and I know its probably stuck in moving limbo.
Also someone said about not letting a card report with a 0 balance - this isn't my ONLY card. For optimal Fico scoring you should have all cards except for 1 post a 0 balance and 1 posting a 9% balance. Since this card is onlyl a $300 credit limit its much easier to just pay off as stuff posts and let it post at $0 and my other card that has a $750 CL post 1 or 2 purchases for that optimal 5-9% util.
As far as the rewards, I push quite a bit through this card (gas and groceries are always 2%) and so just by paying for my wife and my gas going to and from work and then making a monthly payment for a vacation on the card we've earned far more than the $39 it cost me to have the card...I just wish I didn't have to pay it, or that they would have at least notified me that they were adding it on NOT on my anniversary date.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO