I received Signature Credit Corporation's letter today. Since the terms of their credit card were "too good to be true" I decided to do a search immediately on the web. My search directed me to this website first. Too many people had my same reaction.
I was "pre-approved" (Approval Code # 371-035-013924-2011-01) for a $10,000 credit line with "no applications and no other credit checks necessary." I have a 600 FICO score (Equifax) and I have had to beg credit card companies for a card with a credit line. Most have turned me down, but 3 credit card companies did offer to extend me their credit---only $300. Why would Signature Credit offer me $10,000?
The interest rate offered is 0% until September 2006 (two years!) and only 5.9 % thereafter. My three existing cards have rates on new purchases of 19.75%, 19.83%, and 22.10% respectively. I couldn't get them any lower because of my credit score. Why would Signature Credit offer me a zero percent rate?
Finally, Signature Credit asked me for a $59 annual membership fee up front. My credit cards have annual membership fees, but the amounts, which range from $59 to $100, are billed one month after inception to the credit card. I did not have to pay a fee up front.
I am angry because I was defrauded by another rip-off companies, RX Financial who promised me a $5,000 Visa Credit Card if only I would pay them $259 up front. I made the mistake of trusting them by giving them my bank account number. Money began dissappearing from my checking account month after month in nominal amounts ($19 here, $29 there...etc.). I am not going to take this crap anymore! Count on me being there for a class action suite or a protest in front of their office building.