I recently was discharged, 6/6/16. My charge off date with capital one was july 5th 2015, so I can not get a cap1 card till after 7/6/16 and following the bank-700 plan I tried successfully to prequal for credit1. Looking at the terms I came accross this.
Set-up and Maintenance Fees NOTICE: The Annual Membership Fee will be billed to your Account when it is opened and will reduce the amount of your initial available credit. If your Account is established with a credit line of $300, your initial available credit will be $75. • Annual Membership Fee $24.95
Lists my anual membership as $25 but states that if my initial credit wouuld be $300 available credit would only be $75 ?
The offer also lists 0 enrollement or over the limit fees.
Any ideas? thoughts? is this a typo in the offer? or is there a $200 fee I'm missing ?
I don't plan on keeping it longer then a year either. But even if they charged the full $75 the limit if they started me at $300 should be $225 ... Not $75. Totally stinks going from all prime lenders to this subprime nonsense. I know it's a building process and I'll be better off in the long run. Doesn't make me happy about such shady misleading offers.
Are you positive the limit will be $75 and not $225. I checked their terms and conditions, and it looks like all of their credit cards have a minimum of $300 credit line, and their annual fees range from $0 to $75.
Part of the T&C on their website: An Annual Membership Fee of between $0 and $75 will be billed to your Account when opened. It is refundable as long as you cancel your Account and have not made any transactions