New Millenium Bank Took $49 and refuses to respond or refund my money New Brunswick New Jersey

When I was first referred to New Millenium Bank (NMB) for a credit card to improve my score, I was a bit skeptical at first, especially after reading all the reports here. But, I decided to give it a try.

The cost was 99 for one card and 129 for two. I elected to take one at 99. A security deposit in the amount of $300 is required. The security deposit is equal to your credit limit up to $5000 per card, so $10,000 if you have two cards.

There was no credit check as stated and after the company received my deposit, my card was sent via Fed-Ex and I received it in two days. The only charge was for the shipping (which I agreed to) and the annual fee (which I was made aware of). I also elected to send more money to increase my limit which generally posted the same day if I made the deposit before 1pm Pacific time.

I have not had any problems with this company. However, I understand where most of the confusion comes is when the letter is opened and a person see in big print $10,000 credit limit for a processing fee of 49 or 99 depending on which advertisment received.

However, being a realist, I know no one in their right mind will give me a $10,000 credit limit for a processing fee under a hundred dollars, especially if my credit is not up to par, and let's face it most of the people even considering NMB is because of credit issues.

It is spelled out in black and white the processing fee is nonrefundable. If you completed the application and input your banking information, then you consented to the terms and conditions of the application.

I was also required to provide proof of residence, which I did using a utility bill. I am pleased to say, I have had my card for over three months, there are no strange or unusual fees associated with the card, other than the high interest rate, but those are the prices to be paid when one does not have good credit. I have seen an increase in my score thus far and I am now considering opening a second account.

I do not know what to say about those who feel NMB has defrauded them in some type of way, but after all everything is spelled out in the application.

The savings account is will be held until I decide to cancel the card and any outstanding balance will be deducted from the savings and the rest returned to me. However, while my money is held at NMB, I am still earning interest.  I keep my balance low and this will help me increase my scores as well.

You can also call the company and ask for a detail explaination was what I did, in order to truly understand the terms and conditions. Sometimes the words can be a little confusing.

Other than that, NMB has lived up to what it proposed for me anyway.