I must admit I was a bit hesitant to apply for this card after reading all of the negative posts I came accross about it. Over and over again this card showed up on scam alerts but I remembered having this card almost ten years ago (before my credit went south) and didn’t remember having a negative experience with them. Since I was trying to find a way to rebuild my credit and knew this was a card designed for people like me, I went ahead with the application.
I found their site online and went through the application process in the normal manner. Question after question, I got closer to the end and I got more and more nervous that what I read would wind up being true, or I would get denied. Neither of which was an outcome I desired. The end of the application finally came and instead of getting an instant answer, I got a notice saying more information would need to be obtained and I would hear a reply in 7 to 10 days (which in most cases means I am going to be denied for the card).
Well, a few days later while I was at work, they called. After they verified my employment with my boss I felt a bit better about my answer from them. Sure enough about 10 days after that, my letter came. Before I evened opened it, I could feel the shape of the card inside. My heart almost jumped out of my chest! This was the first time in ten years that I have had a credit card. For me, it means the closing of a poor credit history and the chance to start a positive one.
My boyfriend looked over the paperwork and was immediately telling me that the card was a scam. “How could they send you a card that is almost maxed out?” he says. Well, I knew what I was getting in to before I accepted the card, so, I was fully aware of all the charges (which someone claimed they never knew in one of those negative posts I read). I answered by telling him that it might be a scam for someone with good credit but for someone like me that is at the bottom of the credit score barrel, it wasn’t such a bad deal. Yes there are A LOT of charges that come on the card but for me, it is a price I am willing to pay in order to gain some positive credit again.
For anyone that doesn’t know what charges accompany the card, I will lay them out for you. Now you can’t say you weren’t aware of the fact that there are charges associated with it. First off, there is a program fee of $95.00. As with most any card, there is an account set-up fee. For this card it is $29.00. There is also a monthly fee of $7.00. Finally, they charge the annual fee on the first bill which is $48.00 (but this will get you through to the following year). Now the program fee and the account set-up fee will not re-occur as these are one time fees. The annual fee of course will come around again the following year and the monthly fee will show up on each bill. You must be aware of the monthly fee so that you do not go over your limit. I can also tell you that my personal APR is lower than I have had on any other card but I’m sure this changes from person to person.
This card also gives you the ability to monitor your account online. Once you register (and pay your one time fee of $3.00 that is charged to your card) you are given 24/7 access to your account. Charges usually show up on the same day as you use your card so your balance and available credit limit is typically accurate when you view them. Once you have online access you are also able to make payments whenever you like (although payment by phone and mail of course, is also accepted).
I have had this card for a little while now and have not run into any problems. So, I can say that I have not run into any of the issues that I read about. Just like any other credit card, you will not run into problems unless you use your card carelessly. Just be aware that the fees are steep. If you have good credit and can get a better card, by all means do. However, if this is a “last chance” card, this may be your best offer.
