So I got the spam solicitation for a credit card that I knew would come eventually and I reviewed it, ready to apply. I decided to use the online application process. You know, instant grat and all that.
The web address; www.60seconddecision.com
The surprisingly plain English terms of aggreement;
Our card is designed and geared to help people who have had credit problems in the past.
In addition we offer you a low 9.9% APR on all of your purchases as long as your account remains current. This will save you money if you carry a balance as compared to carrying a balance on cards with a higher APR.
You will have an Annual Percentage Rate on purchases of 9.9%. The cash advance and penalty APR is 19.9%. The minimum finance charge on an account with a balance will be fifty cents."
In addition, you will have a grace period on purchases of 25 days. The method for computing the balance for purchases is the average daily balance, including new purchases."
You will have at least a minimum credit line of $250 and based upon our final decision that credit line could be higher.
If it applies there will be a $25 late fee and a $25 over the credit limit fee. Also if you choose today to add an additional user to your account, there will be an additional card fee of $20 billed annually.
First PREMIER Bank will bill the following fees to your first statement which will reduce your available credit until they are paid. There is a one-time program fee of $95 and a one-time set up fee of $29. There is an annual fee of $48, and it is not billed again until your anniversary date. There is also a monthly participation fee of $6.00. Keep in mind your minimum monthly payment is only $20 or 3% of the balance, whichever is greater.
If you are assigned the minimum credit limit of $250, your initial available credit will be $72.00 ($52 if you choose the additional card option). Do you understand and agree to these fees being billed to your first statement and what the minimum available credit will be?"
So if I have this right, this credit card will be given to me with an "initial" credit limit of $72.00? And for this privilege, they will charge me a $124 "one-time/set-up" fee, and then $48 a year thereafter, plus another $72 per year, billed as a $6 mothly "participation" fee (which is still $120 every subsequent year, no matter how you slice it)?
So its $244 for the first year and $120 every year after that, for $72 worth of credit?!!!!!
How does America let things like this legally exist within its' borders, and talk about how wrong other nations' politics are?
Meanwhile, I. Pass.