Re: Cerulean Discover fr. Continenta
11-16-2012 01:01 PM
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.
2013 Approvals: 3/1/13 - Discover IT, 3/4/13 - Amex BCE, 5/4/13 - CSP, 6/12/13 - Barclay Ring, 6/27/13 - BoA Privileges,
8/06/13 - Citi TY Preferred, 11/04/13 OCCU Duck, 11/22/13 - USBank Cash+