Approved for Visa Black card...

[700orbust]

"1% my a... I have a feeling I'll be regretting this for a very long time.  CL: $510"

Ouch :-)

I guess if you don't have much luck with the AF refund, try to have fun with it for a year. See what you think of the concierge (funny that its the same company that NFCU uses), and study how its received by others (if it really seems exclusive and makes that kind of impression). It would be interesting. 

[Wolf3]

The Credit Card Act had a provision to allow for cancelling of credit cards after approval and reciving final details (like CL).  It would be as if it did not happen.      Unfortunately , that was dropped from the final bill, so no protection there.      I know many would like to cancel when they get a low CL, but it does not work that way. .       

[Anonymous]

It kind of sucks that you can't cancel.  It's not fair to be tied to a card when after all is said and done the APR they give you is different from what you thought you'd get.

[Anonymous]

and the plot thickens...

Called Barclays again and they said that if I canceled the AF would be sent to collections and reported as a charge-off on my credit report??

This can't be true. I'm going to record these conversations and call the AG's office. ughh.

[mindacid]

@Induction: Well, at least you will have $15 of available credit after the $495 AF hits your $510 CL.   You could've ended up over your limit on the first statement

But seriously, I feel like you could almost blackmail Barclays into giving you a CLI by threatening to post your story on YouTube or something.  It's the most absurd thing I've ever heard.

[Anonymous]

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@mindacid wrote:

@Anonymous: Well, at least you will have $15 of available credit after the $495 AF hits your $510 CL.   You could've ended up over your limit on the first statement

But seriously, I feel like you could almost blackmail Barclays into giving you a CLI by threatening to post your story on YouTube or something.  It's the most absurd thing I've ever heard.

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Wait a second ... you MUST be kidding.  Approved with a credit limit of $510??  For a card that has a $495 annual fee????

I'd be fighting that tooth & nail.

[Walt_K]

From Application page:

"Please read the Terms and Conditions for important information about rates, fees and other costs before applying."

From T&C.

"I understand that the use of any credit card account opened or any card issued in connection with this offer will constitute my acceptance of and will be subject to the terms and conditions of these Terms and Conditions and the Cardmember Agreement that will be sent to me."

Does that mean:

1.  I understand that (1) use of any credit card account opened in connection with this offer or (2) any card issued in connection with this offer will constitute my acceptance of ... the terms and conditions of the cardmember agreement....

or

2.  I understand that use of (1) any credit card account opened or (2) any card issued in connection with this offer will constitute my acceptance of ... the terms and conditions of the cardmember agreement....

I think the second reading is more natural, and what you would want to argue, i.e., that the T&C expressly state that use of the card or account is what constitutes acceptance of the terms, which includes the AF.  I'd argue that you haven't used the card, so you should be able to cancel without being charged the fee.

Also, as additional ammunition.  From the FAQs.

"How much is the annual fee for the Visa Black Card?

The Primary Cardholder has an annual fee of $495 billed each year on the anniversary date."

That may be a standard way of putting it, I haven't looked at my other cards with annual fees to see how they describe it.  But that seems pretty poor language to me.  Anniversary means the yearly occurance of the date of a past event.  I think you could argue that you were confused by their FAQs into thinking the AF wasn't charged until the first anniversary, i.e., one year into having the card.  Is that a rock-solid legal argument, meh.  But it might convince a senior account specialist or some higher up to cut you some slack. 

While I hope you are able to get this resolved, what in the world was the point of applying for this card?  You said you didn't want it in the first place.  So, you either get unexpectedly approved and you have to deal with this.  Or, you get declined as expected, and you take a hard inquiry for no reason. 

Good luck.

[Anonymous]

I thought the fees for a new card had to be 25% or less of the CL?

[Walt_K]

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@Anonymous wrote:
I thought the fees for a new card had to be 25% or less of the CL?

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That doesn't seem correct.  Wouldn't that put First Premier out of business.

[Anonymous]

Nope. When the new law went into effect, they lowered their fees and raised their CLs. For instance, I got a $700CL with about $150 in setup and annual fees.