Avoid Credit Card Marketing Scams
What is the difference between "secured" and "unsecured" credit cards?
A secured credit card is one that requires you to open and maintain a savings account with a specific amount of money to use as security for your available line of credit. The line of credit that you are allowed is a percentage of your deposit. On the other hand an unsecured credit card does not require any bank account. While secured credit cards can be assist you in the rebuilding or building of your credit history, you must beware of the danger signs of a credit card scam.
These scams are everywhere, BEWARE. Here are some to beware of 1) 1-900 #'s. These are not a FREE calls. The chances are the only thing that they want from you is to send you a bill for the phone call you made and you may never receive a credit card like they promises, but instead you will get a bill for this call which can range from $5 to even $100. Reputable credit card companies will not use this 1-900 method. and another is 2) Misleading information. You get an ad in the mail or emailed to you that leads you to believe that by simply applying over the phone you will be instantly approved for a credit card. Not true. They can't guarantee a credit card. Once you make this call, you will find out tons of information that they left out from the ad, such as, the need for a required security deposit in order to get a line of credit. This can be thousands of dollars, also they may want application and processing fees, requirements may be needed like income or age, high interest rates and/or annual fees my be processed. If you call, don't be afraid to ask any questions you may have. Gather all the information from the credit card company that you will need to make sure that this is a legitimate company before releasing any of your personal information.
- May Cut Payments up to 70%
- Make One Low Monthly Payment
- Elimination of past-due collection calls
- Account re-aging
