I recieved a APPTOVED credit card in the mail. I am actually currently awaiting a new Master Card, so i initially thought this was just that. But the first thing i remember to notice was it was mailed with an actual stamp. Everthing I have ever recieved from major card companys have never been just a regular stamp.
However, I did ignore this and opened the envelope. Of course in BIG BOLD print it says, " Approved credit purchase limit: $6,500." I am a 18year old college student. The MOST I am ever approved of is about $800. But I thought okay, I'm always on time with my payments.
As I continued to read the letter talks about using the card to purchase things from the CCA Catalog (which i have never heard of.) And if you look at the card itself it is not associated with any credit company as in VISA, MASTERCARD, ect. Which I know then it could not be used in stores. It is misleading however because it says it can be used at general stores. But within very fine print it says you have been approved to spend money on their catalog.
Here is the CATCH 22: If you open it, get excited and call the number listed to simply ask for information, you are directly connected to enter your card number. And then to even cancel the activation it asks for a banking number and your ss#. Here is where it's tricky.
They end up charging you by this, saying you activated your card. And then their is a fee of activation of $200, that is only waived if you purchase $500 from the catalog which does not exsist. This is one of the most thought out scams.
I'm sure the list goes on and on of people who automatically thought, hey, i can build my credit, but in the long run.. they destroy it. So many horror stories about this so called company. And good luck getting ahold of them, it's virtually impossible. Just inform as many people as possible, so eventually they will be shut down.
DO NOT CALL THEM!
When they send you a letter they do not have any informtaion except for your name and address, possibly date of birth. With only that information they can not charge you anything. Cut and trash the letter,... or even burn it.