217. I got a call (or saw an ad) inviting me to call a 900 number for a "guaranteed" MasterCard or Visa. Is this a good deal?
Description
This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.
217. I got a call (or saw an ad) inviting me to call a 900 number for a "guaranteed" MasterCard or Visa. Is this a good deal?
No. These offers require you to pay up front either for a specific
secured card or (worse) for a list of banks that issue secured
cards.
Instead, if you need a secured card, apply to a bank that advertises
them. (Citibank in New York started a nationwide program of secured
cards in late summer 1991.)
Even better, ask your own bank about getting a secured card there,
or referring you. There's no charge for making the inquiry, and I
have never heard of a bank charging a fee for a direct application.
Finally, check the published lists (see section 3, "Lists of good
cards"), and apply directly to banks listed there.
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