Build by FS Card?

[joltdude]

So its not better than Credit One... Not much of an accomplishment...

If something sounds too good to be true, than it probably is...

At least they are transparent about fees and such...

If it had a grace period it could have competed with the other bottom feeders...

but nope.. not at all..

Nothing to see here, move along...,,

[Anonymous]

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@joltdude wrote:

So its not better than Credit One... Not much of an accomplishment...

If something sounds too good to be true, than it probably is...

At least they are transparent about fees and such...

If it had a grace period it could have competed with the other bottom feeders...

but nope.. not at all..

Nothing to see here, move along...,,

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Yeah, no grace period, and the APR is 9.75% higher than my Credit One APR was. Nothing to see at all. I had my hopes up for rebuilders when I read the article, but a little more sleuthing revealed the truth.

[Anonymous]

Build Card:
$72 Annual fee

$52 "Account set up fee"

No Grace Period

29.9% APR Variable

$12 Annual Fee for Each Authorized User

What a scam.  I wonder if they offer referral rewards for inviting your friends to apply with your hard to get invite code.

[joltdude]

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@Anonymous wrote:

Build Card:
$72 Annual fee

$52 "Account set up fee"

No Grace Period

29.9% APR Variable

$12 Annual Fee for Each Authorized User

What a scam.  I wonder if they offer referral rewards for inviting your friends to apply with your hard to get invite code.

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This card had a lot of hype for being "better than all/most in the deep subprime card/predatory category... Now that the ink is dry its really not...

If it had just an AF, mid 20s APR (for this category below 30 is considered reasonable.. even though its a painful concept to swallow)., but the no Grace Period thing really does put it it right at the bottom with the predatory card issuers.. Yes you have to pay the piper but there are better options for most... that 72+52 sure buys a good size chunk on the way to a 200$ secured card... 

This is for folks who are in low score land... and seriously rebuilding from the bottom...

Not really new/no score land..

-J

[longtimelurker]

The blurb talks about this as an alternative to payday lenders. While it is certainly better than that, that's a very low threshold.
Another claim was that it is for those who don't have money to spend on a secured card. But the $75 fee is also a barrier