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     | Tuesday, June 20, 2000 - 01:56 am  Future Card Visa and M/C are for the credit challenged. From their site: "IS MY SECURED FUTURE CARD® REPORTED AS A SECURED ACCOUNT IN CREDIT BUREAU REPORTS? No. Your Secured Future Card® is not reported as a secured account in credit bureau reports. For your benefit Future Card® is reported to all major credit reporting agencies." That's VERY important when you need to improve your credit rating. I'll do some research on the products and I'm definitely looking for FEEDBACK on their service as well as rates and terms.
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| | Tuesday, August 01, 2000 - 09:38 pm I've been looking for some good bad/low credit cards to get lately and checked this one out. The terms seem very bad on their unsecured card: Fees for Issuance or Availability of Credit Account Set-Up Fee: $19.00 (One-time fee) Program Fee: $79.00 (One-time fee) Annual Fee: $69.00 the first year and $50.00 every year thereafter Monthly Participation Fee: $5.00 So if my math is correct 19+79+69+5 just to get the card is $172. Even after that amount every year they will be carging $50 (annual fee) + $60 (12 months x $5 monthly fee) = $110. Those are crazy terms. Rebuild with a low annual fee secured card. I didn't check Future Cards rates for their secured card but I doubt they are wonderful. A couple secured cards that seem reasonable to me are Capital One ($39 annual fee) $49 security deposit. (Just $200-$400 worth of credit though). A link is http://apply2.capitalone.com/3757/3/index.jsp Another one that seems ok is: Sterling ($39 annual fee + $19 setup fee) Credit line is 120% of your security deposit. Their link is: http://www.sterlingbank.com/securedcard/apply/index.asp I believe both of these cards report to all three of the credit beaurus but I'm not sure if they show up as secured on not. Come to think of it don't take my word for anything because my credit stinks and although I plan to get those cards within the next 6 weeks I haven't actually had any experience with them. That said I advise you to check the terms very carefully for any credit card you apply for (especially for bad/low credit people).
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| | Wednesday, August 02, 2000 - 08:34 pm So true. From everything I've seen AmEx Optima Secured has the lowest fees. Do a search for Optima for the link.
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| | Wednesday, August 02, 2000 - 09:25 pm I found THESE disclosures at Future Card Secured Visa Disclosures I'd say for a SECURED card these terms are pretty good! Annual Percentage Rate for Purchases 19.9% Fees for Issuance or Availability of Credit: Annual Fee: $69.00; Additional Card Fee: $20.00 annually Grace Period for Repayment of Balances for Purchases: If you pay previous balance in full on or before the due date shown on your previous statement, you will have a grace period on purchases of 25 days (from the statement closing date to the payment due date)and can avoid Finance Charge on current purchases by paying the statement in full on or before the due date. Method of Computing the Balance for Purchases: Average Daily Balance (Including new Purchases) Minimum Finance Charge: $0.50 Transaction Fee for Cash Advances: Greater of $2.00 or 3% of the amount of the cash advance. $25.00 maximum per transaction. Late Payment Fee: $20.00 each time the payment is late Over Limit Fee: $20.00 each month the balance exceeds the credit limit Other Fees: Return Item Charge: $20.00; Auto Draft Charge: $5.00 per draft; Express Delivery Fee: $25 for card(s) sent express mail; Copying Fee: $3.00.
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