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Desc:The Continental Finance card. After all the set-up fees, you're left with a credit limit of .00
Category:Business, Classic TV Clips
Tags:BAD IDEA, credit card, subprime, fees, do you really need a credit card
Submitted:Reefer Fez
Date:09/17/07
Views:3132
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Comment count is 21
Roachbud
-1 star for the dude having an annoying TV reporter voice
Millard
God DAMN. I'm 27 and have never had a credit card. I figure I'll need to get one eventually if I want to buy a house or something, but for now I'm content to just make all the payments on my student loans and use my debit card for all my purchases.
Cheese
Amex. It has a yearly fee, but also a pretty low minimum income threshold. Use it once a month, pay every month, you'll get credit offers out the wazoo within a year.

fuse13
I had a credit card but I always maxed it. debit card all the way. i just looked at buying a lcd hdtv and after perusing the finance deal i realised i would rather part with cash now than pay 1500 interest in 2 years. credit blows.

also, is this kind of card and the whole subprime mortgage thing just another way of the (getting rich) rich squeezing more out of the (getting poorer) poor? i watched a show the other night where they interviewed a guy who owns a company that sells defaulted houses in the usa. his company had been in "hibernation" for a few years while the market was good and you couldnt wipe the smile off his face as he discussed how business was booming... the obvious unspoken implication being that he was getting rich off a seasonal wave of human misery.

Pandatronic
Maybe. If you've shown in the past that you're not going to pay off your bills then the credit card companies aren't going to touch you unless they're getting money up-front. It's more about reducing the risk of being left high and dry than capitalizing on the misfortune of people who have mismanaged their credit.

But yeah, as for the credit card mini-LJ I got a 0 secured Visa through my credit union when i turned 18. Used the sucker for 6 months, paying for pretty much everything I could and paying the entire bill off every week via internet banking, and within 6 months I was able to get an unsecured card with no problem.

Tetsuo
Forget Amex. I got a Regal Mastercard when I was 22, still in college and working part-time. No yearly fees, but a shitty interest rate. I use it and pay it off right away to build credit and I've never been hit with interest. My brother and one of my friends got the Amazon Mastercard when they were 18. Same deal as mine, no yearly fees but a shitty interest rate. Just use it to buy stuff you'd normally buy like gas and pay it off same day online. Doesn't cost you a thing and builds your credit up.

Unmerciful Crushing Force
Okay, I'll admit. I went over my credit limit twice and just got out of being fucked up the ass with interest.

I'm deathly scared to see my credit score.
Cap'n Profan!ty
You're probably fine. They don't report to the bureau until you're over a month past due; if they did that right away, there wouldn't be any nuclear option to threaten people with. At any rate, it never hurt my creditworthiness; only the Federal Government's odd belief that I had left school did that, and I got that misunderstanding reversed.

It's all Amazon.com Visa now, whee. Not great terms, but I do at least make full use of the rewards.

Unmerciful Crushing Force
Thanks. Seriously.

Now I just need to research how credit actually works so I don't sound so retarded next time around.

threads
I got one like this from Orchard Bank years ago and forever regretted it. I still examine every credit card offer I get with a fine toothed comb before applying. I guess sometimes you really do have to learn the hard way.
Repomancer
Somebody get Casey Serin on the phone! He's looking for more credit right now -- this would be just the ticket.
Maxville
Haha, poor people are stupid. That's why they're poor.
Bebido
Lawl. Oh wait, I'm poor. =(

yoyo1
Some countries don't even have credit cards. People manage to live just fine there.
Testicles of Doom
Wow, this card is just a little bit worse than any card you get with Capital One.


Petrus
I signed up for a card with Citibank to get a free t shirt but never activated it after I got it. It sat for 4 years while I got statements for ##CONTENT## every month. When applying for my first real card, the lady on the phone was amazed at my great credit score since I had little history. I got a 00 limit card and set it to auto pay all of my bills, and set it to be automatically paid by my debit card. I also used it for groceries and clothes and other minor purchases. My credit score is around 805 and I got a great car loan because of it (paid it off anyway). I just kind of fell into this pattern but apparently it satisfies a lot of good credit criteria while taking next to no effort on my part.

I'd suggest something like that to someone going into college who isn't planning on getting a credit card... get one and let it sit for 4 years and it seems to help your rating.
RockBolt
Not carrying a balance month to month is HUGE for your credit rating, even if you never buy anything to begin with. I have had one or two cards, no annual fees or costs accociated with them, that I activated and then immediately ran through the shredder. The cards contribute to your overall credit limit and score by not ever having a balance on them. The other card I have I just treat as a debit card and never put more on it than I can pay off that month. I've tripled my credit limit in 3 years by never carrying a balance.

FABIO2
I know extremely little about the whole credit market, but isn't putting 0 down for a 0 limit just called a debit card?
fluffy
It's subtly different than that. With a 0 down credit card, not refilling your account to the full amount ends up costing you money (due to interest charges).

(i.e. a debit card is still better, yes)

spikestoyiu
I've got one credit card: a Chase Freedom card. I use it for everything -- bills included -- and I pay it off twice a month. My finance charges are slim to none and they give me cash back on everything I buy (1%-3%). My credit score rules.

It's amazing how many people fall for shit like this, but it becomes slightly less amazing when you remember that everyone is an idiot.
The Mothership
Evil, this shit is.
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