Beware of secured credit card scams...

Submitted by Thorniest Rose on April 11, 2006 - 9:41am.

Hey folks,

Beware of those nice people or flyers inviting you to apply for a secured card with $5000 or more on it, in the opes youll eventually be approved for VISA or Mastercard.

First of all, they charge you for the so-called "package" which is really a substandard catalogue of items you can purchase with this card. It is not really a card you can use anywhere at all.

PLUS, they make you pay 50% of the bill right away, so how is that credit.?

Plus they invite you to join a club for $10 a month forever and they pull your money from your bank. Try getting them to refund you and they will disappear.

Please be careful.
One notorious so-called companies which do this -

American Information Media

They often operate out of Florida and use call centers in Canada. The fine print belies the telemarketer's pitch.

Be careful. Dont go for this!