Fortiva mailing OMG

[W261w261]

=An employee of mine showed me this offer from our friends at the Bank of Missouri.  We really ought to start a rogue's gallery for offers like this.

* Pre-approved, $700 limit.  So far so good, at least they stated the CL. You're going to need a good chunk of that of course.

* APR  36%.  Why bother with a penalty interest rate?  Just make it over the moon right away.

* Annual Fee:  $175 1st year, only $49 after that

* Account Maintenance Fee:  $150.00 per year, billed monthly

       - And my personal favorite-

**  "After 9 months of consistent on-time payments, you may be eligible to receive a credit increase  in the form of an offer for....

       AN ADDITIONAL ACCOUNT." !! 

Has anyone seen anything worse than this?

[SoCalGardener]

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@W261w261 wrote:

An employee of mine showed me this offer from our friends at the Bank of Missouri.  We really ought to start a rogue's gallery for offers like this.

* Pre-approved, $700 limit.  So far so good, at least they stated the CL. Your're going to need a good chunk of that of course.

* APR  36%.  Why bother with a penalty interest rate?  Just make it over the moon right away.

* Annual Fee:  $175 1st year, only $49 after that

* Account Maintenance Fee:  $150.00 per year, billed monthly

       - And my personal favorite-

**  "After 9 months of consistent on-time payments, you may be eligible to receive a credit increase  in the form of an offer for....

       AN ADDITIONAL ACCOUNT." !! 

Has anyone seen anything worse than this?

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Other than ads for payday loans, no!

What an awful offer. I understand they're targeting a certain demographic, but gee whiz...  When I was at my absolute worst in terms of credit (bankruptcy), I wouldn't have accepted an offer like this. Predatory? That's far too mild a term...

[K-in-Boston]

I was going to link to numerous Continental Finance cards that are essentially the same, then realized that they are the servicer for these Bank of Missouri fee harvester cards among others.  These have been around for a while and Are just this side of compliant with the CARD Act.

Good news is that Credit Karma sometimes tells me I have fair approval odds for them.  One day I'll get up to good or very good!

[itslovefield]

Holy moses! I'm in the rebuild phase of things... and, was offered one of these buggers. Unfortunately, I did not read the fine print. SO I scheduled a payment and will be closing this account ASAP. 

Thanks for this! 

[W261w261]

Try to get in with a credit union like Naval Federal Credit Union. In those places, the fine print is more about helping you rather than the other way around. Good luck while you put these gonifs in your rear view mirror. 

[SUPERSQUID]

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@W261w261 wrote:

=An employee of mine showed me this offer from our friends at the Bank of Missouri.  We really ought to start a rogue's gallery for offers like this.

* Pre-approved, $700 limit.  So far so good, at least they stated the CL. You're going to need a good chunk of that of course.

* APR  36%.  Why bother with a penalty interest rate?  Just make it over the moon right away.

* Annual Fee:  $175 1st year, only $49 after that

* Account Maintenance Fee:  $150.00 per year, billed monthly

       - And my personal favorite-

**  "After 9 months of consistent on-time payments, you may be eligible to receive a credit increase  in the form of an offer for....

       AN ADDITIONAL ACCOUNT." !! 

Has anyone seen anything worse than this?

Unfortuneatly i started out rebuilding with a couple of these beauties. I closed them at month 11 before the crazy monthly fees kicked in. i remember the sl was 300 and from that i think they took a 95 app fee and then immediately deducted a 75 annual fee. one had a 36 pct int rate and the other 2 a 29.99

I have to say on the flip side they did a nice job getting me from bk to the next tier which was high interest small or no fee cards.

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[CreditCrusader]

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@W261w261 wrote:

=An employee of mine showed me this offer from our friends at the Bank of Missouri.  We really ought to start a rogue's gallery for offers like this.

* Pre-approved, $700 limit.  So far so good, at least they stated the CL. You're going to need a good chunk of that of course.

* APR  36%.  Why bother with a penalty interest rate?  Just make it over the moon right away.

* Annual Fee:  $175 1st year, only $49 after that

* Account Maintenance Fee:  $150.00 per year, billed monthly

       - And my personal favorite-

**  "After 9 months of consistent on-time payments, you may be eligible to receive a credit increase  in the form of an offer for....

       AN ADDITIONAL ACCOUNT." !! 

Has anyone seen anything worse than this?

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Sheesh...even Credit One doesn't milk desperate credit seekers like that.

[Aim_High]

Actually .... I did get a worse offer one time.    

Your offer ranks right up there with that one. 

[Steveo777]

All I can say is wow, just wow!

I thought it was bad back when I accepted a First Premier Card. All I can say is that today I'm much wiser. After my last BK7, I was able to avoid all cards that charge AFs or monthly account service fees, with the exception of my Capital One QS1. Other than that card, none of the cards in my profile have any fees, unless I were to be late, overlimit, etc.

[coreyb80]

Fortiva is a true fee harvester.  I had them for 3 years and just closed the card a couple of months ago.  Started with $500, if I remember correctly, and was only at $1011 when I closed it.  I would never recommend them for a rebuild unless you truly have no other options.