You have seen the following ads for credit cards: here is what they really mean! * "No Credit Check": You will not get a true (unsecured) credit card without a credit check... so what this is an ad for is a debit card. "Everyone" is approved because no bank is lending you money... you are putting your own money into a bank checking account and the debit card allows you to take 80% or less that money out. So "bad credit is ok" because there is no credit involved and so therefore these are "guaranteed approval cards!" These ads have different words but mean the same thing... * "Improve Your Credit Score in 24 Hours": If it seems too good to be true, then it is. Credit scores cannot be repaired overnight. Just as claims that you can "eliminate your debt" without paying it off... and with no damage to your credit... are simply untrue. Just as "pay anonymously" means you put cash in... and it just disappears. Just as "offshore account" means good luck getting your cash out after you have put it in (a low priority for your government)! These ads have different words but mean the same thing... * "Credit Less than Perfect?": If you are a "revolver" (floating an outstanding balance), then these cards are targeting you. What they are hoping that enticing terms, like 0% Balance Transfer and 0% APR (up to 15 months) will entice you into moving your debt to them. Remember that the real money that is made in the credit card industry is made from revolvers who float large outstanding balances. These ads have different words but mean the same thing... * "Fast Debt Reduction": These are credit card "chop shops": mediators look at your situation and contact the credit card companies to make "a fast deal" to reduce your debt. This deal is not as good as it could have been... because the "chop shop" has to get it done fast or else they will lose money. Plus resorting to these services is viewed by credit card companies as pre-bankruptcy. These ads have different words but mean the same thing... * "Rewards & Rebates": If you are a "deadbeat" (paying off your balance in full each month), then these cards may be a good deal. Reward and rebates are always funded by the higher rates on these cards. Some are great (because the card company can pass on economies of scale) but others carry terms and conditions (only in the fine print) that make these deals not as great as they seem to be. These ads have different words but mean the same thing... * "For Travelers": Unless you travel frequently - weekly - then these traveller cards are not a good idea. If you do travel that often, then be sure to get the card with the carrier that you use the most. If you want "frequent flyer" miles, get a card only from airlines. If you want "hotel discounts", get a card only from a hotel chain. Plus pay close attention to the fine print... you may not be getting all you expect. These ads have different words but mean the same thing... * "Credit Card Locator": This means that you pay a fee to fill out a survey to that the locator service uses to match you up with a credit card supplier. They claim to be "on your side" but each one of them is actually a front end for one or more card companies. In other words, the locator service will recommend the same credit card company to 99% of those who apply. You are better off doing your homework and finding your own card (click here for what to look for). These ads have different words but mean the same thing... |
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