Purpose Advantage Credit Card Issued by First Bank of Deleware
Guest: mongoslade
Post subject: Purpose Advantage Credit Card Issued by First Bank of Deleware
Posted: Tue Apr 04, 2006 1:11 pm
Has anyone heard of a "Purpose Advantage Card" issued by First bank of Deleware? Seems to have a lot of fees but I was wondering would it be a good card to restablish credit? I have Orchard and New Millinium so far.
Thanks
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stilltrying
Posted: Tue Apr 04, 2006 3:44 pm
According to my reading, this is a card to stay far far away from.
http://thepurposeadvantagecard.com/terms.html
http://thepurposeadvantagecard.com/faqs.html
http://thepurposeadvantagecard.com/signup.form
Quote:
http://www.answers.com/topic/discover-card
On November 1, 2005 Discover Network and Purpose Solutions, LLC, a subsidiary of CompuCredit Corporation primarily known for issuing the Aspire Visa, announced that Purpose Solutions will issue a card on the Discover Network.
Click -->here <-- for a link to information about Compucredit. (If the link at some point does not work, then head to http://www.ripoffreport.com , scroll down the screen until you see the name "Compucredit" over in the far right-hand column, and then click on that)
Quote:
"Purpose Advantage Discover, Anyone have this card or receive their offer?"
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" gowhereuwannago Dec 26 2005, 07:10 PM
I just received an offer for the Purpose Advantage Discover card. It looks like it starts with a $50 per transaction limit, and a $2.99 per transaction fee, rather than a percentage rate. It states that they report to all 3 bureaus, but if it's only a $50 limit, that isn't so helpful.
Any feedback appreciated. The link (for the terms) is below...
Link removed by Admin."
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-->
" LKH Dec 26 2005, 07:13 PM
Do yourself a favor, if you need a new tradeline, get yourself a secured card from BofA or National City. You won't get charged per transaction and have a pathetic $50 per transaction limit."
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-->
" gowhereuwannago Dec 26 2005, 07:16 PM
I did just activate my Crown Jewelers, and my BOA secured app is in the mail as well. I am also thinking of adding a US Bank secured for the miles (WorldPerks) as well. I wonder how long it will take for these tls to improve my scores?"
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" Shawnee Dec 26 2005, 07:19 PM
What LKH said. Do not, I repeat DO NOT apply for this offer. It is a complete ripoff."
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" hegemony Dec 26 2005, 07:25 PM
affiliate []??? "
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" hurricanesfans27 Dec 26 2005, 07:25 PM
major ripoff. they not only get the fee from the merchant then turn around and stick you with a bigger fee. not even close to being worth it."
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-->
" LKH Dec 26 2005, 07:30 PM
To the OP:
I'm removing the link from your post as I don't want anyone thinking this is a good deal or a quick fix and applying for it. It's just not needed and is a complete ripoff."
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-->
" gowhereuwannago Dec 26 2005, 07:32 PM
Thanks, LKH - just posted the link so others could read the terms and provide feedback. Definitely NOT trying to advertise for anyone!"
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-->
" gowhereuwannago Dec 26 2005, 07:36 PM
Okay... found some additional info (after much searching). The scam is that this is set up like a cash advance, and there is a fee per transaction, then you pay in full for each transaction. DEFINITELY should be stayed away from!!! Thanks for everyone's feedback!"
|
-->
" hegemony Dec 26 2005, 07:38 PM
have you tried for a secured card?"
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-->
" gowhereuwannago Dec 26 2005, 07:40 PM
Yes - just ordered my BOA secured, so hopefully that will be in the mail soon. I have also just activated my Crown Jewelers."
|
-->
" tmcgill Mar 6 2006, 02:59 PM
I am shocked that the Discover card folks would lend their name for such a scam. Is this their way of "dirtying their hands" in the subprime market?
Just a quick scan of the agreement screams - run don't walk away from this card."
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" buddyo Mar 6 2006, 03:04 PM
Perhaps it is their way. Some people might have a thing for Discover. LOL. It is certainly NOT a good deal, but assuming they don't violate their pricey terms, it's not a full-fledged scam but merely a bad/pricey card. $2.99 per use.. ouch. The annual and monthly fee total a relatively (to first premier) meager $40 a year, but using it could be pretty dang expensive."
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-->
" buddyo Mar 6 2006, 03:06 PM
And, they use arbitration and other stipulations in the terms. Yikes!
It also deducts the monthly fee and charged amounts from your checking account automatically so you can't use it to carry a balance for very long.
National City and the other good guys are looking better by the day."
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-->
" buddyo Mar 9 2006, 05:05 PM
ASPIRE = PURPOSE ADVANTAGE DISCOVER.
Ain't research great?
FYI.. to give everyone an idea of who runs this thing. A person or two mentioned this card, and I think it's good for people to know whom they are sleeping with even if it is an old thread.
On November 1, 2005 Discover Network and Purpose Solutions, LLC, a subsidiary of CompuCredit Corporation primarily known for issuing the Aspire Visa, announced that Purpose Solutions will issue a card on the Discover Network.
Source: http://www.answers.com/topic/discover-card
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stilltrying
Posted: Tue Apr 04, 2006 4:00 pm
For those that need to re-establish good credit, the advice that I've frequently seen given is to open a secured card:Quote:
Meaning that you have to deposit some funds with the lending institution, and whatever amount you deposit would be your credit limit. Starts with minimum $500, and in $100 increments over that.
They will, in return give you a Visa card. You use it for purchases just like a regular Visa card, and you will get a bill. You then pay the bill off when it is due. Note -- this amount WILL NOT be deducted from your deposit.
If you do this for about an year, on time, your credit history will improve. Which is the whole purpose of getting a secured card.
more information on secured credit cards:Quote:
bankrate.com/brm/green/cc/crdt1c3.asp
Build credit history with a secured card
If you had $100,000 in CDs, paid all your bills on time but never owned a credit card, it's possible you would have a problem getting a credit card.
Why? Because you have no credit history. It happens to thousands of people. They're worth 100 times the credit line they seek on a Visa or MasterCard, yet the bank says no.
There's a solution: A secured credit card. They are easy to get and several have highly competitive rates and fees. A secured card is one in which you open a savings account -- it could be a CD -- and agree that the card-issuing bank can use those funds to pay off your card balance if you cannot. In essence, you are guaranteeing your line of credit with the deposit.
Secured credit cards aren't the domain of deadbeats and bankrupt people, as you might suspect. And the cards look and operate no differently from the regular credit cards your friends are using.
The institutions offering secured cards are some of the best-known in the nation--Key Federal, Bank One, Household Bank, Chase Manhattan Bank USA and Citibank/South Dakota.
Look through the list of institutions and read not just the rates and fees, but the restrictions. They usually require that you be a U.S. citizen and have a Social Security or taxpayer identification number.
Beyond that, some issuers say they turn down individuals with past credit problems. But if you have never had credit at all, you're likely to be approved.
A secured credit card is just the first step. Once you have built a solid credit history over 12 months or more, you can apply for an unsecured card. Or, you can talk to the card issuer about converting from your present card to a regular card.
examples:Quote:
Bank of America:
bankofamerica.com/creditcards/?template=secured_plat_visa
U.S. Bank:
usbank.com/cgi_w/cfm/creditcards/secured/usb_secured_card.cfm
Wells Fargo:
wellsfargo.com/credit_cards/select_card/secured/
.... or open a credit card with your local credit union:Quote:
"Credit Union Access!"
creditunionaccess.com/
"CU Matchup"
howtojoinacu.org/
"National Credit Union Administration"
ncua.gov/ConsumerInformation/index.htm
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Purpose Advantage Credit Card Issued by First Bank of Deleware
Posted: Tue Apr 04, 2006 1:11 pm
Has anyone heard of a "Purpose Advantage Card" issued by First bank of Deleware? Seems to have a lot of fees but I was wondering would it be a good card to restablish credit? I have Orchard and New Millinium so far.
Thanks
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stilltrying
Posted: Tue Apr 04, 2006 3:44 pm
According to my reading, this is a card to stay far far away from.
http://thepurposeadvantagecard.com/terms.html
http://thepurposeadvantagecard.com/faqs.html
http://thepurposeadvantagecard.com/signup.form
Quote:
http://www.answers.com/topic/discover-card
On November 1, 2005 Discover Network and Purpose Solutions, LLC, a subsidiary of CompuCredit Corporation primarily known for issuing the Aspire Visa, announced that Purpose Solutions will issue a card on the Discover Network.
Click -->here <-- for a link to information about Compucredit. (If the link at some point does not work, then head to http://www.ripoffreport.com , scroll down the screen until you see the name "Compucredit" over in the far right-hand column, and then click on that)
Quote:
"Purpose Advantage Discover, Anyone have this card or receive their offer?"
|
-->
" gowhereuwannago Dec 26 2005, 07:10 PM
I just received an offer for the Purpose Advantage Discover card. It looks like it starts with a $50 per transaction limit, and a $2.99 per transaction fee, rather than a percentage rate. It states that they report to all 3 bureaus, but if it's only a $50 limit, that isn't so helpful.
Any feedback appreciated. The link (for the terms) is below...
Link removed by Admin."
|
-->
" LKH Dec 26 2005, 07:13 PM
Do yourself a favor, if you need a new tradeline, get yourself a secured card from BofA or National City. You won't get charged per transaction and have a pathetic $50 per transaction limit."
|
-->
" gowhereuwannago Dec 26 2005, 07:16 PM
I did just activate my Crown Jewelers, and my BOA secured app is in the mail as well. I am also thinking of adding a US Bank secured for the miles (WorldPerks) as well. I wonder how long it will take for these tls to improve my scores?"
|
-->
" Shawnee Dec 26 2005, 07:19 PM
What LKH said. Do not, I repeat DO NOT apply for this offer. It is a complete ripoff."
|
-->
" hegemony Dec 26 2005, 07:25 PM
affiliate []??? "
|
-->
" hurricanesfans27 Dec 26 2005, 07:25 PM
major ripoff. they not only get the fee from the merchant then turn around and stick you with a bigger fee. not even close to being worth it."
|
-->
" LKH Dec 26 2005, 07:30 PM
To the OP:
I'm removing the link from your post as I don't want anyone thinking this is a good deal or a quick fix and applying for it. It's just not needed and is a complete ripoff."
|
-->
" gowhereuwannago Dec 26 2005, 07:32 PM
Thanks, LKH - just posted the link so others could read the terms and provide feedback. Definitely NOT trying to advertise for anyone!"
|
-->
" gowhereuwannago Dec 26 2005, 07:36 PM
Okay... found some additional info (after much searching). The scam is that this is set up like a cash advance, and there is a fee per transaction, then you pay in full for each transaction. DEFINITELY should be stayed away from!!! Thanks for everyone's feedback!"
|
-->
" hegemony Dec 26 2005, 07:38 PM
have you tried for a secured card?"
|
-->
" gowhereuwannago Dec 26 2005, 07:40 PM
Yes - just ordered my BOA secured, so hopefully that will be in the mail soon. I have also just activated my Crown Jewelers."
|
-->
" tmcgill Mar 6 2006, 02:59 PM
I am shocked that the Discover card folks would lend their name for such a scam. Is this their way of "dirtying their hands" in the subprime market?
Just a quick scan of the agreement screams - run don't walk away from this card."
|
-->
" buddyo Mar 6 2006, 03:04 PM
Perhaps it is their way. Some people might have a thing for Discover. LOL. It is certainly NOT a good deal, but assuming they don't violate their pricey terms, it's not a full-fledged scam but merely a bad/pricey card. $2.99 per use.. ouch. The annual and monthly fee total a relatively (to first premier) meager $40 a year, but using it could be pretty dang expensive."
|
-->
" buddyo Mar 6 2006, 03:06 PM
And, they use arbitration and other stipulations in the terms. Yikes!
It also deducts the monthly fee and charged amounts from your checking account automatically so you can't use it to carry a balance for very long.
National City and the other good guys are looking better by the day."
|
-->
" buddyo Mar 9 2006, 05:05 PM
ASPIRE = PURPOSE ADVANTAGE DISCOVER.
Ain't research great?
FYI.. to give everyone an idea of who runs this thing. A person or two mentioned this card, and I think it's good for people to know whom they are sleeping with even if it is an old thread.
On November 1, 2005 Discover Network and Purpose Solutions, LLC, a subsidiary of CompuCredit Corporation primarily known for issuing the Aspire Visa, announced that Purpose Solutions will issue a card on the Discover Network.
Source: http://www.answers.com/topic/discover-card
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: stilltrying
Posted: Tue Apr 04, 2006 4:00 pm
For those that need to re-establish good credit, the advice that I've frequently seen given is to open a secured card:Quote:
Meaning that you have to deposit some funds with the lending institution, and whatever amount you deposit would be your credit limit. Starts with minimum $500, and in $100 increments over that.
They will, in return give you a Visa card. You use it for purchases just like a regular Visa card, and you will get a bill. You then pay the bill off when it is due. Note -- this amount WILL NOT be deducted from your deposit.
If you do this for about an year, on time, your credit history will improve. Which is the whole purpose of getting a secured card.
more information on secured credit cards:Quote:
bankrate.com/brm/green/cc/crdt1c3.asp
Build credit history with a secured card
If you had $100,000 in CDs, paid all your bills on time but never owned a credit card, it's possible you would have a problem getting a credit card.
Why? Because you have no credit history. It happens to thousands of people. They're worth 100 times the credit line they seek on a Visa or MasterCard, yet the bank says no.
There's a solution: A secured credit card. They are easy to get and several have highly competitive rates and fees. A secured card is one in which you open a savings account -- it could be a CD -- and agree that the card-issuing bank can use those funds to pay off your card balance if you cannot. In essence, you are guaranteeing your line of credit with the deposit.
Secured credit cards aren't the domain of deadbeats and bankrupt people, as you might suspect. And the cards look and operate no differently from the regular credit cards your friends are using.
The institutions offering secured cards are some of the best-known in the nation--Key Federal, Bank One, Household Bank, Chase Manhattan Bank USA and Citibank/South Dakota.
Look through the list of institutions and read not just the rates and fees, but the restrictions. They usually require that you be a U.S. citizen and have a Social Security or taxpayer identification number.
Beyond that, some issuers say they turn down individuals with past credit problems. But if you have never had credit at all, you're likely to be approved.
A secured credit card is just the first step. Once you have built a solid credit history over 12 months or more, you can apply for an unsecured card. Or, you can talk to the card issuer about converting from your present card to a regular card.
examples:Quote:
Bank of America:
bankofamerica.com/creditcards/?template=secured_plat_visa
U.S. Bank:
usbank.com/cgi_w/cfm/creditcards/secured/usb_secured_card.cfm
Wells Fargo:
wellsfargo.com/credit_cards/select_card/secured/
.... or open a credit card with your local credit union:Quote:
"Credit Union Access!"
creditunionaccess.com/
"CU Matchup"
howtojoinacu.org/
"National Credit Union Administration"
ncua.gov/ConsumerInformation/index.htm
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 4:19 PM
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