Credit Criminals..ohh I mean Credit Cards
In an earlier post I mention some of the dirty techniques that credit card companies play to take your hard earned money. Well, here is proof that they really do practice unfair lending practices with this example from Continental Finance.
Please visit this post by the consumerist: World’s worst credit card (Continental Finance).
Wow, $53 card limit to start, 19% interest, $25 fee for each credit increase, $4 transaction for internet purchases, $99 account fee, $10 per month account fee, $49 one time fee, $15 lost card fee, $30 over the limit fee, $30 late fee.
A few things the consumerist does not mention:
The $25 credit increase fee is automatic unless you call and tell them you don’t want to be in the program. Any time they increase your credit limit, $25 straight to your card.
You can dispute fees if they are over $50. Kind of funny given the fact that the credit limit is $53 at the start.
If that is not bad enough here is the advertising:
Low rates to 9%, free online access, great tools to manage finances, MasterCard accepted at millions of locations, Gold Card.
Don’t believe it, give them a call and ask lots of questions: 1-800-518-6141 (or tell them how excited you are to apply).
Lesson here, read everything before you apply for any card. They are in the business of lending you money at the highest possible rates with out violating your rights. That can be stretched pretty far.