These gold and platinum credit card offers usually are promoted through television or newspaper advertisements, direct mail, or telephone solicitations using automatic dialing machines and recorded messages. People who live in lower income areas often are the target of these sales pitches. Beware of gold and platinum card offers that charge upfront fees, use 900 or 976 area codes, misrepresent prices and payments for merchandise, and promise to easily get you better credit.
Charge upfront fees
Some charge $50 or more for the card and may charge an additional $30 or more for the merchandise catalogs. These catalogs are the only places you can use the card.
Use 900 or 976 telephone exchanges
Ads for these cards list 900 or 976 exchanges to call for more information. You have to pay for the calls, which can be high.
Misrepresent prices and payments for merchandise
You can’t charge the total amount when you buy merchandise from the catalogs. Instead, you often pay a cash deposit on each item you charge, which is usually the amount the company paid for the product. Only after you pay the deposit, can you charge the balance.
Promise to easily get you better credit
They often claim it’s easy to get major credit cards after using their cards for a few months. The only cards you can get through them are secured. A secured card requires you to open and maintain a savings account as security for your credit limit. The amount can be lower than most credit cards such as up to $600.
How To Protect Yourself
Think twice about any offer to get easy credit. There is no easy solution to improve your credit. It takes time, which includes paying your bills on time and paying more than the minimum.
Investigate an offer before enrolling and contact your local Better Business Bureau, consumer protection agency, or state Attorney Generals office to see if any complaints have been filed against a particular promoter of gold or platinum cards.
Check out the claim that the card can be used at certain retailers.
Verify the issuing bank, which is the bank that issues the VISA or MasterCard.
Be cautious about calling 900 or 976 telephone numbers. Legitimate credit card offers include a toll free number.
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Tags: Card, Credit Card, Platinum Credit, Platinum Credit Card
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