High Fee Credit Card
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Posted: Wed Oct 06, 2004 1:25 pm
Post subject: High Fee Credit Card
Board Monitor - CA
Date: 1/25/2001 11:38 am CDT
To All,
Just a follow up note to the heated discussions that we had recently about the Net 1st Mastercard. I personally decided to take a "further look" at this card after Christine Baker appeared to be so adamant about how unattractive this card is for consumers. While I don't always appreciate the manner in which Christine expresses herself, I do value her opinion.
In this case, I must say that she is right on target. Christine brought up many unattractive features about this card that we have simply overlooked in the past. I think a lot of this has to do with the unique "Reservation Fee" that is associated with this card. On the surface, the 0% interest rate is very appealing. However, as Christine point outs in her OCC filing, the fine print is much less attractive. So much so, that, as of today, we have downgraded the card to a one-star rating, which is our poorest rating. You can read our updated review by visiting our "Card Reports" section and clicking on "Poor Credit".
I would like to thank Christine publically for bringing this to our attention. As always, we put the interest of consumers before the interests of our sponsors. By the way, for the record, since we began advertising this particular card earlier this month, we have not earned one red dime in commissions.
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Oct 06, 2004 1:25 pm
Post subject: High Fee Credit Card
Board Monitor - CA
Date: 1/25/2001 11:38 am CDT
To All,
Just a follow up note to the heated discussions that we had recently about the Net 1st Mastercard. I personally decided to take a "further look" at this card after Christine Baker appeared to be so adamant about how unattractive this card is for consumers. While I don't always appreciate the manner in which Christine expresses herself, I do value her opinion.
In this case, I must say that she is right on target. Christine brought up many unattractive features about this card that we have simply overlooked in the past. I think a lot of this has to do with the unique "Reservation Fee" that is associated with this card. On the surface, the 0% interest rate is very appealing. However, as Christine point outs in her OCC filing, the fine print is much less attractive. So much so, that, as of today, we have downgraded the card to a one-star rating, which is our poorest rating. You can read our updated review by visiting our "Card Reports" section and clicking on "Poor Credit".
I would like to thank Christine publically for bringing this to our attention. As always, we put the interest of consumers before the interests of our sponsors. By the way, for the record, since we began advertising this particular card earlier this month, we have not earned one red dime in commissions.
Best Regards,
Curtis Arnold
CFCCT P.R. Director
http://www.cardratings.org
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:49 PM
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