I too fell for these happp credit card offers. The only one that has been killing my softly is Providian. They offer you a Gold card for have good credit, which I had before they came across. First I started off with a $1000 credit limit. It seemed easy at first, because with having a full time job, that didn't seem so hard to do. After a few months of having good payment history with them, I recieved a confirmation of being able to have my limit increased another $1000.
Sounds good huh. So I took the bait. After a few more months they said that they would increase my buying power up another $1000. This time I didn't take the bait, because I finally realized that everytime I accepted it, my interest rates shot up. My interest rate went up from 10.99% to 24.99%. Even though I didn't accept the rate up to $3000.00. They automatically increased my limit up to $2,500.00. My monthly payments are $78.00 per month. When I pay this rate, my balance never goes down because of the inflatted interest rates and fees.
I missed paying on time by one day and was charged $30 late fee, including interest. This brought my monthly fee up to $118 for that month. I had other creditors and household responsibilities. I finally contacted a credit counseling service in order to take care of my problems. They will help for a very small fee. They have worked it out with me where I will have all of my debts paid off within 13 months. Whereas, when I had did the math on my computer a few weeks ago, Providian alone was going to take me until the year 2007 to payoff, and that was if I didn't make any more purchases and did ontime payments. They need to take Providian to the gas chamber for this.