I was called by NACS in Novemebr. They told me that I was approved for a Credit Card with a 2500 Credit limit . They then told me that I would receive a 2500 Prefered Merchant Card which could be used at any place that accepted Master Cards.
(Impression given, I would receive a Mater Card with a $2500.00 Limit)
They stated that this would be an opportunity to rebuild my credit. They said they would be entering a monthly report to the different credit agencies, so if I paid my account on time it would repair my credit rating within 6 months to a year.
They required a $200.00 dollar deposit to open the account (explaination given to me, was that since I was a high credit risk they needed to verify that I was capable of making a payment of at least $200.00), and they assured me that I would receive two $100.00 credit vouchers which I could then use to make payments on my accout whenever I wanted to including my first charge which I was told Icould be a cash withdrawl from an ATM. (They specifically told me that I could take a $200.00 cash withdrawl immediately after receiving my card and then I could use the two $100.00 credit vouchers as paymet to them for the cash withdrwal with NO service fee or interest rate charged to my account, provided I pay them within the 25 day grace period.)
I specifically asked them if there would be any monthly or annual charges for this account and I was told flat out "NO There are no monthly or annual fees for this account". Yesterday, I received a statement for $33.00 which will be withdrawn from my account in March, no it is not a monthly or annual service fee; it is instead called a "Quarterly Access Fee" ABSOLUTE FRAUD. They did not technically lie to me but they did everything they could to deceive me. If I had known that there was any fee for this account, I would NEVER have accepted this offer.
I agreed to let them take the $200.00 assuming I would be reveiving a "National Credit Card" which I could use anywhre for any purchase. I waited and waited and never received my "membership package". Five weeks after they had taken the $200.00 from my account I received the membership package.
In this package they stated that I could cancel the account only within 30 days making the first paymernt of $200.00 they purposfully made sure I did not receive the package until after this 30 day period had elapsed. So it was technically too late to cancel the account for a full refund. I would have cancelled the account immediately if I had received the membership package within that 30 day period.
As I read the catalog I discovered that with each purchase you had to send in a percentage of real cash . The 2500 limit is not equal to $2500 in real money. It a percentage. The card was good only for purchases made from the catalogs which were included in the membership package (Products on average, worth less than 1/3 (one third) the listed Catalog Price) (example a Mechanics tool kit, which sells at Wal-Mart for a retail price of $49.00 and is often sale priced at around $39.00 is priced in their catalog at $249.00). and I was required to pay a 35% cash deposit (or $87.15 + Shipping around $25.00) or about $275.00 including the Crediot Vouchers which I already paid for for this $39.00 tool kit). Since I have to Pay 35% cash for every purchase I am basically paying full price for the item plus 200% extra for every item I buy. Obviously I wont buy anything and I am sure they don't expect me too, they just wanted my $200.00 up front cash. The vouchers are worthless unless you agree to purchase an additinonal $300.00 + dollars worth of junk from their catalog.
I plan to vist my bank to see if there is any way to have my money refunded and charged back from this company I suspect that it will be difficult but I at least want to warn others not to fall prey to this scam.
I am also very interested in joining a class action law Suit if anyone is aware of one which has been filed in Florida against this compnay, please contact me so I can join them in this suit which will hopefully put them out of business.
Heber City, Utah
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