I got this card 4 years ago to help build my credit. It seemed like a good idea at the time because I was desperate to get a lender that would trust me and build my credit. I read the offer in its entirety and didnt see anything about the numerous annual, monthly, usage and processing charges.
I received my card with a credit limit of $250, but $175 had already been racked up on the card for processing fees. I was upset, but disregarded and paid becuase I didnt have room to be picky. Every month I would look at my statement online and cringe at how much money this company was making off me. I was knowingly and submissively being financially raped! on top of that, I paid all of my bills on time except for one month. I must not have clicked all the way through the online payment, because i could have sworn i put the payment through. They reported my account being delinquent after 5 days to the credit bureau!
Now, I am doing very well financially but still am building my credit. As of August of this year, any negative reportings on my credit report will be removed, due to the 7.5 year rule.
I wanted to print out my statement for 2011 to find out how much interest and fees I paid. I am reworking my budget and am weeding out any unnecessary financial burdens. There was no way to print or even see my statements from more than 3 months ago. I pay an monthly internet access fee to be able to SEE a few months worth of data. I know they do this on purpose so we cannot go back and see exactly how much we have been ripped off.
I called in to the company to request a year-end statement. The representative told me that I would have to pay $5 per monthly statement. If I wanted them for all of 2011, it would be $60. I lost it and requested that they close my account immediately. The representative asked me why and I told her that her company has made soooo much money off of me, its ridiculous. I pay a monthly fee for internet, a monthly fee for service, monthly interest, annual fees and that should be MORE than enough to be able to request my OWN personal statements.
She proceeded to argue with me that most cards are this way and I told her that the 3 other cards that i have (that are also credit building cards) allow me to print any statement online free of charge, i dont pay a monthly fee and do not pay an internet fee.
For the last few months that i COULD view, i average monthly fees of about $30 + interest charges on purchases. I would wager to bet that this company has made over $1500 on me and I have only charged maybe $600 worth of stuff to the card. So, basically I paid $2100 for $600 worth of stuff and negative marks on my credit.
I have NO idea why this isn't yet illegal. So, until someone does something about....I will do everything in my power to make sure this company's name is blasted all over the internet forums for economic mutany and credit scams. Beware.....at all costs. need to improve your credit??? great. just make sure you are not getting raped in the process. I had this card for 4 years and it did NOTHING but negatively affect my credit and cost me over $2000. Beleive me....the $250 credit limit (that you only get $75 up front) is not worth it. I know you feel desperate right now and dont have the luxury of thinking about the future....but you wouldnt pay someone on the street $175 to borrow you $75...that you have to pay back anyway. please avoid....at all costs!