Interesting Article on Fee-harvesting credit cards

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Replied by KMoney on topic Re: Interesting Article on Fee-harvesting credit cards

These are awesome articles. Now I hope all of the people who have these cards will finally get their restitution! That is why I never applied for any of those cards because afer reading about all of the fees, I just said no I can definitely do with out that.
11 years 1 month ago #1

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Replied by rwmtd on topic Re: Interesting Article on Fee-harvesting credit cards

yoyo11, I read the suite too (I also have a salute and tribute card) I was reading another article where the feds may be seeking as much as 200 million dollars in restitution for those affected which according to this article number in the hundreds of thousands http://www.creditcards.com/credit-card-news/fdic-ftc-compucredit-200-million-1282.php .

I knew what I was getting as well but what about those who didn't; these creditors need to be regulated and hopefully they will be soon. :upset:

rwtmd
11 years 1 month ago #2

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Replied by yoyo11 on topic Re: Interesting Article on Fee-harvesting credit cards

I've read the full lawsuit, very informative. I have a Tribute, and Salute visa card. The lawsuit states other services that Compucredit offers ...giving people that have a charge-off on one of their cards, giving them a new card and transfering the old balance to the new card without reporting the old card as (paid)on Credit reports. Most of what I've read was misleading informtion on CL and Marketing practies. I have to agree..when you see in bold lettering (Pre-qualify, no down payment , credit limits up to $2,000) you will apply and not read all the fees involved. I knew the fees I was getting into because I got the (First premier) cards first. At least with Tribute you do get CLI. After all said and done you'll have $170 of ava/credit of the $300 cl, after you give them the $20 1st payment. With First Premium after it's all said and done you might have a CL of $50. Well it appears that this lawsuit is going on...Fingerhut is mentioned also..waiting to see the outcome on this one. LOL!!
11 years 1 month ago #3

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Replied by hjm331 on topic Re: Interesting Article on Fee-harvesting credit cards

My sister is over here right now saying she is about to make her last payment and close the account. She only had it for six months.


That's what it's all about.
11 years 1 month ago #4

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Replied by Meya on topic Re: Interesting Article on Fee-harvesting credit cards

My sister is over here right now saying she is about to make her last payment and close the account. She only had it for six months.
11 years 1 month ago #5

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Replied by hjm331 on topic Re: Interesting Article on Fee-harvesting credit cards

Let's hope so. My mother received an offer from First Premier trying to trick her into accepting the offer but I got the letter and threw it right into the shredder because she doesn't need any cards like that.
11 years 1 month ago #6

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Replied by Meya on topic Re: Interesting Article on Fee-harvesting credit cards

That's probably what will happen!
11 years 1 month ago #7

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Replied by hjm331 on topic Re: Interesting Article on Fee-harvesting credit cards

They might waive the monthly fee and fee for making payments.
11 years 1 month ago #8

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Replied by keys on topic Re: Interesting Article on Fee-harvesting credit cards

Thanks for the info rwmtd and Meya. I wonder how this will effect those of us that have CompuCredit cards (Tribute)? Maybe they'll be more inclined to give better cli's or waive their high AF's, guess we'll just have to wait and see.
11 years 1 month ago #9

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Replied by hjm331 on topic Re: Interesting Article on Fee-harvesting credit cards

Cards that charge up to $250 worth of up-front fees should be sued. I don't know why everyone is surprised, they had this coming to them.
11 years 1 month ago #10

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Replied by Meya on topic Re: Interesting Article on Fee-harvesting credit cards

No problem buddie
11 years 1 month ago #11

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Replied by mrrob on topic Re: Interesting Article on Fee-harvesting credit cards

That was a great article, thanks for alerting us. It really opened my eyes
mrrob
11 years 1 month ago #12

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Replied by rwmtd on topic Re: Interesting Article on Fee-harvesting credit cards

Hi All, Ash wanted to post this article to the board, but is having some type of technical difficulties, but anyway, i think it is a great artcle and relates to the same thing that has been started here]http ://www.ftc.gov/opa/2008/06/compucredit.shtm[/URL]

2. [URL]http: //columbus-ga.bbb.org/WWWRoot/Report.aspx?site=79&bbb=0493&firm=18000276[/URL]
:white-flag: :white-flag:
Way to go on the articles your two!


Thanks Meya :cheesing:
11 years 1 month ago #13

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Replied by Meya on topic Re: Interesting Article on Fee-harvesting credit cards

Hi All, Ash wanted to post this article to the board, but is having some type of technical difficulties, but anyway, i think it is a great artcle and relates to the same thing that has been started here :

1. [URL]http: //www.ftc.gov/opa/2008/06/compucredit.shtm[/URL]

2. [URL]http ://columbus-ga.bbb.org/WWWRoot/Report.aspx?site=79&bbb=0493&firm=18000276[/URL]
: white-flag :: white-flag:
Way to go on the articles your two!
11 years 1 month ago #14

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Replied by rwmtd on topic Re: Interesting Article on Fee-harvesting credit cards

What a great article, thanks for sharing.
mrrob


mrrob you're welcome. I just wanted to start contributing since you all have provided me with so much info. :cheesing:
11 years 1 month ago #15

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