"Mixed Info From CS Reps"

UltraVX® Visa® Card Review
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Written by: yellowd1 on 2009-04-11

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yellowd1's review: Callout Comment Before I got the card activated in 2/09, I asked to what bureaus do they report... I was told by CS that they report to all 4 bureaus... I know someone else who has this card and they said they only report to EX and TU... I'm wondering to whom do they really report, they haven't shown up on any of my CR yet...


Comment 1 by kforbes86
Not Sure But They Should Report. User Icon on 2009-04-11

Remarks Nt sure since I don't have the card, but they should be reporting if they said they would. If they are not going to report, then I would drop them and get something that does. Them not reporting is doing you no good in re-building if that is what you are trying to do. I know a lot of people around here have mixed feelings about first premier and all of theire fees, but I have one of theire cards, with them 6 months and they just gave me a second. They always report every month to all bereaus not matter what. I also have a secured card from Citi, and a secured card from wells fargo, and a store charge for buckle through wfnnb, all of which I got with scores in the low 500's and one even in the high 400's. those are all options that will always report. I would call them and ask why they are not reporting yet, and tell them if they don't you will get one that will.
Comment 2 by kforbes86
???? User Icon on 2009-04-11

Remarks The reviews that others have posted about this card do sa that it reports on theire reports. Maybe they are just slow at doing it? I have heard of HSBC / orchard being slow like that. Not sure about meta though. Do you actually get your credit card statement in the mail every month from them?
Comment 3 by colonative
Reporting User Icon on 2009-04-11

Remarks The description here states that the Cash On Demand account type does report.

Kind of strange to be honest. I could see criminals using this sort of account both to launder money but also to gain a credit rating so that they can move on to commit financial crimes...

So this appears to be a debit card in the loosest sense of the word, I did not know they could report debit products.
Comment 4 by yellowd1
What? User Icon on 2009-04-11

Remarks Ok, so I called customer service back- This is the weirdest card!! I sent in a payment but they take the funds(payment) from the card- huh? Won't that lower my available credit I asked... It's exactly like a debit card but the funds transfer from debit to credit and some other mess... It's confusing and annoying. So where does my payment go? To credit or debit? I got an even more confusing answer!! Nope, I'll be dropping this one!! I have a Crown Jeweler acct.@ 2500.00 and a FP@ 250.00- Had a Cap1 that went derogatory back in 98, do they blacklist? I have 6 inquiries combined since 3/09. I want to wait until another 6 months to apply for anything. Any suggestions?
Comment 5 by kforbes86
Suggestions??? User Icon on 2009-04-11

Remarks I know how re-building is. I have been on the re-build road since last fall. I have several open accounts and I am seeing improvements every month. Your on the right track with your open accounts right now. Fp should offer you a second account in 6 months of opening the other one. You will be able to get better accounts once the score starts going up. Wells fargo and Citi secured cards are both good, I have both. just give it time and on time payments and graduate to better accounts as your score improves. And it will. I am thinking of opening a crown jeweler account this next week, just to help with utilization. What is your experience with them?
Comment 6 by yellowd1
Beware!! Do Not Obtain This Card!!! User Icon on 2009-04-11

Remarks I called CS back to cancel the card... Guess what?? I have a 220.00 balance on a card that only had a 100.00 limit( Did that on purpose to try the card out first before putting a larger deposit ). This debit/ credit card is a true scam!! I have not received a statement nor due they put this bogus balance on your account on their website when you check your account! They said this card has 3 accounts in one- never heard of that... I was told it has 2 the secured and credit portions. I am posting this review and then contacting the FTC and BBB. I also pulled them up on rip off report- constant complaints of the same scheme... Stay away at all costs!!
Comment 7 by ohwoody
That Sucks ! User Icon on 2009-04-11

Remarks Good luck with this,Stay on the BBB,I reported a card a couple of months ago thrhough the BBB & got the balance, fees, etc zeroed out (salute Visa card). They sent a letter, one from Salute & one from the BBB stating that the account showed a zero balance & that I am good to go now. I will keep these letters for reference should something come up down the road.

Good luck
Comment 8 by yellowd1
RE:Kforbes86 User Icon on 2009-04-11

Remarks I just activated the Crown Account, I got my daughter a14k soccer pendant for her necklace for 60 bucks, you have to purchase something for them to start reporting... I just need the utilization/limit. The down payment and shipping really covers the price of the items(i think, but ya know, you cant get something for nothing when rebuilding)...
Comment 9 by kforbes86
Thanks User Icon on 2009-04-11

Remarks Thanks for the info on crown. I have had an account with them for a while now, just never used it. I am going to activate it this next week though. Hope you have good luck with the people at meta bank.
Comment 10 by brownfox79
My Expierence W/ Ultra VX Visa User Icon on 2009-04-16

Remarks I've had this cc/debit card for 1 yr this month and never had any problems. YES, they WILL report on all bureaus. It is MUCH easier and less of a hassle than First Premier(I have that cc as well.)First Premier charges you a higher mnthly fee, a $7 online payment fee(that's why I use my credit union's free bill pay), PLUS a $48 AF. Ultra's ONLY fee is the $6.95 mnthly, NO online payment fee and NO AF! Unlike others, Do Not accept First Premier's 2nd card offer after 6 months, why in the world would you want to pay double all those fees Again!! This Ultra card is not a scam,Trust Me. Only other thing I suggest you and others do is to go to Ultra's website and read a little more about how to use their card. One last tip is to load your card using paypal. Hope this helps.
Comment 11 by mfbenderjr
Re: Mixed Info From CS Reps User Icon on 2010-10-18

Remarks What ULTRA-VX doesn't tell you is that you are paying a 100% secured rate!!!

Now this is common with most re-building cards. For example, you open a secured CC with a $200.00 deposit. Your initial credit limit will be $200.00 (Unless they take out any fees or startup costs which are also common) with these normal secured cards after a few months of good account management, they may increase your credit limit without asking for more deposit money. You will get this deposit money back when you close your account so long as you do not owe them any money.

With ULTRA-VX you pay 100%, 100% of the time. For example, you open an account and make an initial deposit of $100.00. This will increase your cash balance from $0.00 to $100.00. You make your first purchase of $20.00. This will reduce your cash balance from $100.00 to $80.00. This will also increase your secured account from $0.00 to $20.00. Your secured account balance will be equal to your credit limit. So when your secured balance reaches $20.00, your credit limit (how much credit the bank has granted you) is now $20.00. They call it "credit on demand."

To try and explain this little better, when you make a purchase, you are transferring money to secure a credit limit. They money that transfers does not actually pay for the merchandise or services you are receiving. You are securing $20.00 in credit and the bank is giving you $20.00 in credit. They dont explain this clearly enough because here is where it gets tricky. You have secured $20.00 in credit, the bank has given you $20.00 in credit, you now owe the bank that $20.00, and you also owe them the respective APR rate on that $20.00 purchase.

The minimum payment will be deducted from the cash account (referenced at the beginning) If there is no money in your cash account, they will continue to deduct the minimum payment throwing your account into the red. In a way you are paying double, because with all this money bouncing around it is rare that someone will actually close their account in good standing and get there secured deposits back. Even if you do, it is still incredibly expensive. You would be better off with a secured card even if the interest rate is 25%.

In summary, a rip-off. My "credit limit" was somewhere around $400.00 and my "total due" so to speak was a little over $600.00. I fought them in court and lost, apparently all of this information was in the card holder agreement, which sad to say I did not read closely enough (and many of us don't as well) Mind you, I was representing myself and was more worried about making a point then getting my money back. Yes it is on my credit report now, with a disputed mark, and will be there until 2013 or something like that. Sad but true... Stay away from them. Go with the traditional secured CC's. It may take you 5 years to repair 5 months of bad credit management, but that is just the world we live in now-a-days. I don't like it anymore then you do!
Comment 12 by mfbenderjr
Re: Mixed Info From CS Reps User Icon on 2010-10-18

Remarks And just a side note, ULTRA-VX is not longer accepting new applications stating that "We are currently undering updates and changes to our programs." It appears that someone (BBB, Fed or other agency) has finally gotten involved! Personally, I think it is an interesting concept, and with better management and tactics might someday pose usefull to those with poor credit!
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