Pay In Advance Credit Cards and Loans
Don’t fall for the pay in advance credit cards and loans scam!
If you’re thinking about applying for a credit card or loan that charges an upfront fee, you might want to rethink that decision. Many pay in advance credit cards and loans are nothing more than scams devised to take the money that you worked hard to earn. If you send in your money to one of these companies, you might as well be throwing it away.
Why Pay In Advance?
You need to ask yourself, if a company is really going to be issuing you a line of credit, why should you pay a fee in advance? Can’t they just charge the annual fee to the line of credit they’re issuing?
As a matter of fact, reputable companies do charge an annual fee to the credit challenged, but they charge it to the balance of the card, they don’t ask for the fee up front. And of course if your credit score is good, many excellent credit cards have no annual -- or other -- fees if you pay the full balance each month.
You Send In Your Money, And Then What?
So what happens when you send in your money to these pay in advance credit cards and loans offers? Usually they’ll find some reason not to approve your credit card or loan. Since the fee is nonrefundable, you’re out your money and you don’t have a credit card or loan to show for it. And there’s really nothing you can do about it.
If you want to avoid being scammed by one of these companies, ignore the credit card and loan offers that require you to pay in advance and stick with the legitimate companies who don’t require such nonsense.
To apply for credit cards that don’t require you to pay in advance, visit this credit card directory.
Comments
With the Bad Credit Market becoming more and more competitive with each passing day, the potential customer should have little problem finding very competitive rates and fees. Its just a matter or knowing your credit score and shopping around.
Posted by: Bad Credit | August 31, 2006 2:55 PM