"Purpose Of CFC MasterCard"

Continental Finance Gold MasterCard® Review
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Written by: bbknotts on 2008-04-15

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bbknotts's review: Callout Comment The purpose of this MasterCard is to assist individuals, that have demonstrated poor payment history in the past, to rebuild their credit rating. Since these individuals present a serious financial risk for CFC, fees are charged up front to recoup the cost involved in setting up and mailing the MasterCard. If these individuals have a problem with these fees, then they should have taken better care of their credit in the first place. They have only themselves to blame for the mess they are in and unfortunately, there are costs involved when correcting your mistakes. There are over one million satisfied Customers with CFC that have been cardholders for over a year and have started the rebuilding process. Within a few more months, they may be able to obtain a "prime" credit card because of the risk that CFC was willing to take with them. I can only suggest that when entering into any contract, that you thoroughly review the Terms PRIOR to entering into the agreeement. Many of the cardholders who complain about CFC are just complaining because they failed to review the Terms and are now upset that CFC is upholding these legally binding Terms. And, going to the BBB, FDIC, etc. Will not get you what you want unless there has been a legitimate error made by CFC. All of the fees associated with this card are disclosed in the T&C and cardholders have the opportunity to cancel with no financial obligation is they cancel within the first 30 days and have not activated or used the card for purchases. If cardholders have a problem with the billing of a late fee, then they should have taken greater measures to ensure they made their payemnt on time. Regardless of who you complain to, CFC will always stand by the Terms & Conditions that the cardholder has accepted. Which by the way, they are disclosed these Terms on three different occasions and must accept these Terms prior to the card even being activated! The FDIC commends companies like CFC that are willing to extend credit to those who have proven that are irresponsible with their finances because of the huge risk involved.

CFC MasterCard is a great product for those truly attempting to fix their credit and I encourage those individuals to apply for the card. The rewards can be seen as early as 6 months from the open date as long as you make your payments on time each month. A future of low interest rates and high credit limits is not far off if you truly desire to help yourself.


Comment 1 by trayce1519
WOW User Icon on 2008-04-15

Remarks I have this credit card, and you say that its for people who irresponsibily messed up there credit but what about those whose credit was stolen and jacked up?

It is not that easy to repair your credit when you have become a victim of id theft. So yes some ppl complain because they feel as though the world is against them but this site is not for someone to come in and make them feel worse. If you have this card then that means that you have jacked up credit as well.

So those that complain guess what it's their right to say what they want but if you don't want to hear it then don't read the comment. You have the choice to read it or just skip it.

I have nothing to say about this card but fyi not everyone that has this card is because they fouled up there credit. So you shouldn't judge ppl because you never know what the circumstances behind it or what caused it. You have already convicted ppl saying they didn't pay. Yeah some did and some DID NOT.
Comment 2 by wildrage2
CFC User Icon on 2008-04-15

Remarks I've had CFC for almost 6 months now... And to be honest, I've never had a problem. Most of the problems people have posted here, however, have nothing to do with the terms and conditions - but more to do with lack of customer service and customer service indifference.

Regardless of the type of card - prime, subprime, gold, platinum, uraniam, plutonium, etc (you get drife), there is no exuse for poor customer service. Both prime and subprime companies are offenders year.

Looking back at where my credit was when I applied for this card, I do regret getting it. Continental Finance does a ton of advertising, and they are the first ones that I came to. They by far have the highest fees, and have the least liberal CLI policies.

That being said, this is a CREDIT CARD REVIEW forum, and the whole point is to review credit cards. I can honestly say that out of all the cards that I currently hold, Continental Finance is definately my least favorite. I would recommend that people apply to other cards, such as Capital One, Hooters, Orchard Bank, Tribue, Macy's, etc.

I do realize that not everyone can qualify for these cards, so if you don't, Continental Finance is a viable option. Like I said, I haven't had any problems in the almost 6 montlhs I've had it... But it is my least favorite, and looking back, I regret getting it.
Comment 3 by debtor00
I Agree Wildrage... User Icon on 2008-04-16

Remarks No matter how bad your credit situation is there are definitely better options out there. Although I have never had this card even in my darkest credit days I could see this was a scam!!! If you have had credit problems (and only a few among us have not), my first recommendation is a secured card SO YOU CAN GET YOUR MONEY BACK!!! Bank of America has a good one, so does Wells Fargo I have read. If you would prefer not to get a secure card, then the best option is definitely Orchard (even though they are stingy with cli's at least they don't completely rape you with bogus fees). I had an Orchard when I was at dirt bottom and my fee was only 59 dollars. That beats the heck out of these 150 dollar whater fees on top of 6 dollar a month nothing at all fees plus wtf is this start up fees. Once you've had your Orchard for about a year you can graduate to Cap 1 with fees as low as 19 dollars (and real rewards). Continental is just a scam. No one who is sincerely trying to rebuild their credit and their life deserves to be taken advantage of like that. Everyone here in this forum is better than that.
Comment 4 by mark
Go For Bofa User Icon on 2008-04-16

Remarks I completely agree with debtor00..

go with a secured card... There's so many out there aside from Bank of America..

check your local bank.

the annual fee with this card is just highway robbery.

I don't agree with the thread starter at all.

let's not mislead other readers.

let's give them all the options out there
Comment 5 by yoyo11
Fees , Fees And More Fees User Icon on 2008-04-16

Remarks I have tribute and salute cards... Both with $150 annual fees and $6 monthly maintenance fees. However both cards give me CLI without asking and not fees charged to do so. My 1st premier card... Have (2) have annual fees also and monthly maintenance fees of $6... At least the APR is on 9% LOL.

You have to try somewhere... Once I get my credit together I'm keepinthe the salute and tribute... Don't know about both the 1st premiers because their credit line is sooo low... I know the the Go Cash Green card... Gives you a $625 limit but after fees you only have a $375... Not including the $10 monthly fee. With a card like that I would get a secured card.

People, try Orchard, and Hooter first before applying for the cards I've mentioned... But hey it's a double edge sword... The sub prime cards does increase your Fico score...
Comment 6 by debtor00
Hang In There Yo Yo User Icon on 2008-04-16

Remarks Yo Yo, you're coming along fast. Congrats on that. You've set fantastic goals. I think shooting for 50 point incriments is a great idea. Boy I wanted to do a backflip when I broke the 600 barrier. Now I'm probably a little stagnated from all the inquiries, but I know they'll fall off soon enough. Just remember if you're above 615, you can probably get mainstream card offers. If not, just give it a couple more months avoid the temptation for cards like the snap crackle and pop Visa offers. Just let the ones you have ride it out and before you know it, we'll all be in the 720 plus club!! I can't wait!!!
Comment 7 by robby
Go With Secured Cards User Icon on 2008-04-16

Remarks For teenagers trying to build their credit history... If you can, apply for a student card first.

for those who are not into college, or have messed up their history.

go with a secured card.

I did that.

i deposited $6500 to Bank of America. ( limit is up to $ 10,000)

got a platinum VISA with $6500 limit.

after 9 months of continued use ( going up to 3000) and no late payments. They gave me back my money... Which I just transferred back to my savings account.

there's an annual fee of 29 but that's ok compared to the hundred's that I see here.

and you can get a secured card for as low as $300.

i hope this helps
Comment 8 by bbknotts
Response To Comments User Icon on 2008-04-16

Remarks To address your statements, I never said that the ONLY purpose of this card is for people who have poor credit because of their own poor payment history. However, 90% of the cardholders are in this situation because they chose to be irresponsible. I feel badly for people like yourself who have had their identity stolen and are now paying the price. I encourage you to continue the rebuilding process.

And, I am not a cardholder of CFC, nor am I a subprime candidate since my credit score is above 800. My intention was not to belittle anyone, it was to inform people of the risk involved with extending credit to those with poor credit scores and to educate why there are such high fees associated with these types of products. After reviewing these types of forums, I have found that many people complain and label the customer service as poor just because the reps are unwilling to go against the terms & conditions of the card and give these individuals fee reversals that are unwarranted. I agree that everyone has a right to voice their opinions, however, it is considered deframation of character when people provide false information to adversely affect others opinions.

Trust me, these complaints are similar to those that are received by CFC and 9 out of 10 of those that allege poor customer service, end up being those that had called the company demanding things that are not within the guidelines of the contract of the card. I do not deny that there are times when the reps fail to complete tasks they agree to. They are only human, just like the cardholder. But just because the reps do not give in to the demands of the cardholders, does not warrant a label of poor customer service.

The owners and founders of CFC previously worked for another subprime lender who was extremely unethical in their business practices. The CFC owners vowed to do it the right way and have successfully done so, in the eyes of the FDIC and FTC, for over two years.

Everyone has a right to choose which card is right for them. I encourage everyone to think for themselves and remember that these forums are only providing one side of the story, which is usually the side of someone who is ticked off that they can't "get one over" on CFC like they have with other credit card companies.

Good luck with your quest of recovering from your ID theft. I truly hope everything works out for you and everyone else in your situtation. Just remember, if it weren't for companies like CFC who are willing to take on this risk, you and others like you, would have no options. Look at the subprime mortgage companies and their tragic end! This shows just how risky the subprime portfolio is. For every person like yourself who is trying to get their life back on track, there are three others who have charged up their CFC card and will never pay.
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