@Anonymous wrote:
Too bad I did not see the comments before I applied. There are way too many disadvantages of using their card. $125 origination fee (deducted from available credit as soon as you activate the card), $9.95 monthly maintenance fee, $38.00 returned payment fee (they will attempt the payment a few times and charge you the fee for each one), online payment fee ($10.95 if you use debit/credit card and $6.95 if using checking account), etc. You can only contact them Mon.-Fri. 9am-6pm, which is an inconvenience when you need toget a hold of them at other times. I say run too. I am in a trap now but I closed the card.
First, buyer beware. Second, I think you have 30 days from the date of opening to close the account and get the money back. If you haven't used the account yet then I would suggest this strategy. You might be left with with the inquiry and the account on your report, but it would be better than paying all those fee!
$125 origination fee is never worth it! It would still be better for anyone to simply save a bit more and get a secured card. It might be a hassle to do so for some, but it would still be better than simply paying for something you don't get back! When I started rebuilding my credit I plunked down a $1000 to get a Merrick Bank secured card and I never looked back. They were much easier to deal with than most banks with secured cards out there. With regular use of the card it gets increases. The only drawback is that it can never become unsecure and the fee is always charged. At the four year mark with them I kept telling them that I wish they had better cards for people who had proven themselves and that the fee and security at some point should be ended. I kept it up for over a year and a half and finally had to close the card over these two issues. They were great and easy to deal with on everything else.
It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.
