Match Your Card and Lifestyle: Beware the Scams

People who are having bad credit can be trapped by the shady credit card deals.

Some of them are downright dishonest, and such products are being offered by some of them that really don’t stand up when you put a spotlight on them.

credit card fraud

And if you have decided to sign up, than you should make sure that the company offering the deal is the right one i.e., have they come directly from the card issuer? And if they don’t, then you should immediately contact the card company to ensure that the cards are authorized.

Offers of "Debt suspension"

How does it works:

This can be offered by the Banks without having to use insurance companies. It is commonly offered with your card as an extra, and generally it is sold as a way to keep your head above water if you would be unable to make monthly payments due to a job loss or disability.

But if you take such insurance then it does not means that you don’t have to pay your bills while you can’t, what it simply do is that it puts your bills on hold. During the period when you are out of work, you will not be able to use your card, and although interest is not being applied, the total balance is lurking in wait for the time when you will again get back to work.

Pay fees in advance

How does it works:

 

Some scammers would promise credit cards that have such terms that really sounds good. The is just one catch in it and that is the only way by which you can get that card is through a fees that is paid in advance, and they justify this by saying that this is to help with the paperwork or "to get you pre-approved" or some other lines of this kind.

morecash

Once that a fees is paid by, you won’t hear from them or you will not be able to find them again. A person who is desperate for a card with great rates and terms are the main target of such advance -fee scammers.

Buy credit protection you don’t need

How does it works:

Many people have been duped into buying protection for preventing them from any risk in case their card is stolen and the thief runs up a big bill. But card users are already protected by the federal law. Consumer liability is capped at $50, and if you have promptly reported the card missing or stolen then it is rare case if a credit card company even ask for that money.

You might also like

Credit card scammers ask you for 3-digit security code It is not a new thing to read about a credit card scams, but here’s a new twist on them. In this case,...
Bad Credit? Don’t Get Taken for a Ride Bad credit can make a person to duffer from depression. It doesn’t let you to get good rates on loans...
McAfee warn people to be aware of Christmas scams The top fraud risks that credit card holders are expected to face this festive season has been identified...
Match Your Card and Lifestyle: Key Questions to Ask Before you Sign Up Whether you are apply for a credit card, you should ask a phone representative to send you information...
Why My Credit Card Application Was Denied Almost all of us get literally hundreds of credit card applications in the mail and each and every one...
Debt Consolidation Companies

People who liked this Post also read

  • 0% Credit Card: Purchase vs Balance Transfer Cards
    There is a slight difference between a 0% Balance Transfer Credit Card and 0% Purchase Credit Card (Store Card). You should choose one according to your specific needs and requirements to save money on interest rate charges....
  • Costs and Fees: When is a ‘Fixed’ Rate not Fixed?
    Each card agreement is different from the other, so here I will answer your questions in a more general way. A card issuer has got the right to change the interest rate of your credit card account by giving a notice in writing to the cardholder. Being a c...
  • Bad Credit Home Loans
    Getting a home loan with a bad credit statement is a tough task, but if proper homework is done you can go through the procedure very easily. You will need help in this regard from an expert; you will have to satisfy the lender that you will pay back the ...
  • Mortgage Options for the Self-Employed
    Getting a good mortgage plan is quite difficult for a self-employed person. There are many hurdles and lenders are generally vary of providing loans to self-employed people. However there are a few options that can provide good enough mortgage plans. They...
  • Pre-paid Credit Cards And Secured Credit Cards
    Customers having bad credit score often seek to take out prepaid or secured credit cards. There are certain important facts about these two credit cards that customers should understand before applying for any of these cards....


is an experienced IT Consultant turned Blogger, Interested in Technology, Personal Finance, Humans and Life...You and discover more about him by following RMak on twitter.

Leave a Reply

© 2011 Loan Mortgage Credit!. All rights reserved.