The Most Common Credit Card Marketing Scams - And How to Avoid Them
We have all seen the 'Anyone Can Qualify for A Major Credit Card' ads. But should we believe in all of these advertisements?
The answer is no. And in reality, while secured and unsecured credit cards may be a great choice to re-establish your credit history, they are nothing but marketing scams. The main premise on which they work is that they require you to deposit savings, and in many cases pay huge application and processing fees.
However, there are some good news. According to The Federal Trade Commission, certain legal action has been undertaken against these deceptive ads and scams with credit cards. However, it doesn't hurt for everyone to know how to spot them.
So, how can you spot the deceptive credit card ads?
First of all, you should know that every deceptive ad leaves out important information. These types of ads do not include the huge costs of the '900' calls, the required security deposits, applications, processing fees, eligibility information or annual fees. This type of information may not be included even in the footer of the ad (the asterisk section).
And how can you make sure to avoid such deceptive credit card ads?
Basically, you should look at the most fundamental signs that deceptive ads share. These often include easy credits, however you should know that no one guarantees to get you credit. Moreover, the '900 number' calls and 'credit repair'/'credit clinic' companies are both vital signs for companies that may offer to clean-up your credit history for a fee, which is obviously big and hefty.
In the end, you can always make sure to issue reports whenever you spot such deceptive advertisement. Also, if you want to build or re-establish a credit record, the best way to do it is to contact a credit bureau and see how you are standing with your credit history or consider a small loan at a local store or lending institution.