Credit Cards

[Uniqua]

ccats704, I understand what you are saying.  Please don't take my previous comment personally.  I was not trying to offend you or direct my comments at you.  I was just shocked at the fees I saw on their website.

For me (and I'm speaking for myself), no matter what my circumstances are, I will not allow myself to be conned by a business like this.  The initial credit limit will be $50 and they still charge a monthly maintenance fee of $10.  Let's say I kept that card for 24 months.  I will have paid $240 in monthly maintenance fees.  I will have had to pay another AF of $48.  At the end of the 24th month, not including purchases and/or finance charges, I will have paid them $538 in fees ($250+$240+48) for a CC with an approximate $825-$900 CL (given 7 or 8 $75 CLIs [if they actually give one every three months as their website states]).  So essentially, at the end of the 24th month, my actual CL would be somewhere between $287 - $362. I would run fast and not look back.  If my math is a little off, forgive me but I'm sure I'm in the ball park.

I'm not familiar with the Tribute CC and you got me curious now so I'll look it up, but a secured card is probably the best way to go if a person is having a hard time getting unsecured cards.  I wouldn't pay a dime for a CLI no matter how great the APR is. 

Again, I apologize if I offended you in any way.

[ccats704]

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Uniqua wrote:

ccats704, I understand what you are saying.  Please don't take my previous comment personally.  I was not trying to offend you or direct my comments at you.  I was just shocked at the fees I saw on their website.

For me (and I'm speaking for myself), no matter what my circumstances are, I will not allow myself to be conned by a business like this.  The initial credit limit will be $50 and they still charge a monthly maintenance fee of $10.  Let's say I kept that card for 24 months.  I will have paid $240 in monthly maintenance fees.  I will have had to pay another AF of $48.  At the end of the 24th month, not including purchases and/or finance charges, I will have paid them $538 in fees ($250+$240+48) for a CC with an approximate $825-$900 CL (given 7 or 8 $75 CLIs [if they actually give one every three months as their website states]).  So essentially, at the end of the 24th month, my actual CL would be somewhere between $287 - $362. I would run fast and not look back.  If my math is a little off, forgive me but I'm sure I'm in the ball park.

I'm not familiar with the Tribute CC and you got me curious now so I'll look it up, but a secured card is probably the best way to go if a person is having a hard time getting unsecured cards.  I wouldn't pay a dime for a CLI no matter how great the APR is. 

Again, I apologize if I offended you in any way.

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I understand your point! I agree with not paying for CLI! Now that I dont understand! Why do you want me to pay you to give me $75 more dollars? It really end up being $50 if I got to pay! Rewards do not charge for their CLI! Now as far as the phone payments go, I dont know where anyone else lives but where I live Just about every place charge anywhere from $3.95- $12 to make a payment over the phone (its considered a convience fee) I pay just about everything online (only if its free though)LOL!

[voidman]

Why not consider secured card from BofA or Wells Fargo, they graduate you to unsecured after a year or so, I heard that BofA does that in 9 months itself.

[ccats704]

Ok I don't want anyone getting offended when I say this but lets put it this way some of us (me being one of the us) don't have $500- $2500 to pay up front because we have kids and bills! I don't know about anyone else but I have 2 girls and the are expensive (cloths, shoes, underwear, purses, hair stuff, famine hygiene products, nails, ect!) And by no means am I saying little boys don't cost, lets just say when it come down to it little boys are a little more money friendly! Then mot to mention almost every other week the school has a field trip that cost, the babysitter! But please trust me if I could afford to have money on hold like that i would go for it but its more of a inconvenience for me!

[voidman]

Hi Ccats, I understand what you saying, I was saying compared to this card, if you have to pay $250 as fees for a $300 limit, then its better to go for secured card for $300 and not Rewards 660, well as you know, you don't loose the money in the secured card ( I am not sure if the minimum for secured card is $500)

[edit] I just checked the Wells Fargo secured https://www.wellsfargo.com/credit_cards/secured/ you can have $300 card.

Actually I have the same card with me and I love it, plus I think this one has the least AF of $18, I could not find any other secured card with that low AF and plus great customer service.

Message Edited by voidman on 06-07-2008 11:00 PM

Message Edited by voidman on 06-07-2008 11:01 PM

[FretlessMayhem]

I have no idea if this is a viable option or not, but have you tried Capital One? They at least normally issue a $500-ish card with a AF or $19 or $29 or so.

How about Orchard or HSBC? By far superior alternatives to the fees of this card.

Like I said, I have no idea about your situation. I just figured I'd throw it out there in the case that these banks have not been previously considered.

[haulingthescoreup]

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ccats704 wrote:

Ok I don't want anyone getting offended when I say this but lets put it this way some of us (me being one of the us) don't have $500- $2500 to pay up front because we have kids and bills! I don't know about anyone else but I have 2 girls and the are expensive (cloths, shoes, underwear, purses, hair stuff, famine hygiene products, nails, ect!) And by no means am I saying little boys don't cost, lets just say when it come down to it little boys are a little more money friendly! Then mot to mention almost every other week the school has a field trip that cost, the babysitter! But please trust me if I could afford to have money on hold like that i would go for it but its more of a inconvenience for me!

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Believe me, I remember those days, and it wasn't that long ago! Our youngest moved into a college dorm two years ago, and DH and I are still a little surprised to realize that we have money at the end of the month.

After your 11 months with rebuilder cards, depending on how many baddies are on your reports that are holding you back, you might or might not be able to qualify for a good unsecured card. As an insurance policy in case you're not, you might look at putting $10-15 dollars a week in a local credit union savings account during this time. The interest will be zilch, but if you're able to qualify for a good secured or partially secured card like Bank of America, you'll have the cash ready. And if you qualify for an unsecured card, then you'll have a nice little $500+ cushion in the bank as a little insurance in making your payments! Hang in there, and good luck.

edit to add: Whoops, hit submit too soon. Additionally, by building a relationship with a hometown CU over a year, they might wind up being another source of a good next-level CC, whether secured or unsecured.

Message Edited by haulingthescoreup on 06-08-2008 05:44 AM