|Watch Out for Credit Card Scams
With so many different credit cards being marketed these days, it can be
difficult to determine if an offer is legitimate or not. However, there
are some indicators for credit card scams, such as:
You never know when Identity Theft may happen to you. Protect yourself by scanning your credit report for fraudulent activity before it further affects your credit.
- Offers of easy credit or credit without a credit check. No one can
guarantee to get you credit. Before deciding whether to give you a credit
card, legitimate credit providers examine your credit report.
- Instructions to call a "900" number to apply for a credit
card. You pay for calls with a "900" prefix -- and you may
never receive a credit card. The operators, of course, make their money
from the telephone calls because it is a "toll" call.
- Offers that promise a credit card if you send in an application fee.
These are "advance fee loan scams" and are illegal.
- Credit cards offered by "credit repair" companies or "credit
clinics." These businesses also may offer to clean-up your credit
for a fee. However, you can correct genuine inaccuracies or outdated
information yourself by contacting the credit reporting agencies directly
to initiate a dispute. Remember that only time and good credit habits
will restore your credit worthiness.
- Any offer that sounds too good to be true almost certainly is. When
you consider a legitimate credit card offer, it is always helpful to
study the card offer closely, checking the annual fee (if any), the
interest rate, term penalty charges, and billing methods. Make sure
you agree with all the terms before investing any time in further research.