Continental Finance VIP - What a ripp off!!

[Anonymous]

Yep. By February 2010, all new rules will be enforced making it hard for Banks to change the terms and conditions of their card and charge outrageous fees.

[GregB]

You didn't expect that the new laws would actually help, did you?

"I'm from the government and I'm here to help"

I really don't think so.

[Anonymous]

I absolutely don't think it will "help". It's just the government's way to control everything. I think some of the new "rules" that are being put into place with that are going to help with credit card companies like Continental Finance and their ridiculous fees but in the long run, it's going to cause more issues.

But I'm not politically savvy so I'll stop right there.

[Anonymous]

choose carefully!  you cannot want redemption from the CCC and not pay the price for poor credit.   Credit is still an option.  YOu messed up so  Play the game , pay the price, learn your lesson and move on from this CCC.  you are up the ladder now make partner with another enemy.  

[irodriguez7885]

Hey welcome to the sticker club, apperantly we are very very special. Not just everyone gets a $49 sticker you know.  Lol!!!!

[Anonymous]

No one is stating that we didn't mess up or wanting "redemption" for having poor credit. I'm pretty sure most of us have stated that we pretty much made our bed and we are lying in it. However, to get stupid offers in the mail that play the game of sounding great and really are a rip-off is poor business and I think it's normal for someone to be agitated by that. Had someone who had "perfect" credit gotten the same kind of offer, they would be miffed too. I think it's unfair for one to say "choose another enemy" if they haven't been in a situation like ours where we have to BUILD our credit from a previous mishap. Here's hoping it never happens to you....and if it does, then maybe you won't be so judgmental.

[Anonymous]

One of the absolute best things about these forums is the peer-to-peer information sharing, from a BTDT perspective. Without a doubt, a $49 dollar sticker is a rip-off. Believe me, though, when I say that plenty of people, at varying stages of credit awareness, would buy into such a marketing-only scheme. And that goes for prime and sub-prime credit from any lender.

Whether you need the lender at this time, or you've grown beyond them is a non-issue. What's important is that we keep on sharing this information, as the OP has, so that the next guy who comes along has something to think about before buying an overpriced sticker.

Message Edited by LilMirth on 09-22-2009 04:00 PM

[Anonymous]

Thanks so much for making this thread. I too fixed my credit bought a home and got a Cont Finance CC

to re-build my credit.

First of all I paid off the card once, I make 20 buck a month payments to them with nothing charged

on the card and my CL is still 375 dollars.

I got the GOLD VIP letter in the mail and was going to sign the paper and send it in but something told me to check

I googled cont fin VIP and found this forum!

Thank-you I will NOT be sending in the card.

I have no other lines of credit so I am stuck with Con Fin. Will I pay 20 bucks a month (when I do not use the card) forever?

If I put 20 30 buck charges on it and pay it off does this do anything on my credit report or score?

I am stuck. How do I technically close this account after they bleed me of my money?

[Anonymous]

I meant I will NOT be mailing in my signature and date card to GET the VIP sticker.

I was suspicious when the letter did not say they were raising my CL on the card.

[Anonymous]

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@Anonymous wrote:

Yep. By February 2010, all new rules will be enforced making it hard for Banks to change the terms and conditions of their card and charge outrageous fees.

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The Credit CARD Act of 2009 mainly addresses penalty fees and this is not a penalty fee. The only section of the legislation that even vaguely applies is:

SEC. 105. STANDARDS APPLICABLE TO INITIAL ISSUANCE OF SUBPRIME OR ‘FEE HARVESTER’ CARDS.

Section 127 of the Truth in Lending Act (15 U.S.C. 1637), as amended by this Act, is amended by adding at the end the following new subsection:

‘(n) Standards Applicable to Initial Issuance of Subprime or ‘Fee Harvester’ Cards-

‘(1) IN GENERAL- If the terms of a credit card account under an open end consumer credit plan require the payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) by the consumer in the first year during which the account is opened in an aggregate amount in excess of 25 percent of the total amount of credit authorized under the account when the account is opened, no payment of any fees (other than any late fee, over-the-limit fee, or fee for a payment returned for insufficient funds) may be made from the credit made available under the terms of the account.

‘(2) RULE OF CONSTRUCTION- No provision of this subsection may be construed as authorizing any imposition or payment of advance fees otherwise prohibited by any provision of law.’.

 You can read the entire text of the act here:

http://www.govtrack.us/congress/billtext.xpd?bill=h111-627