Read that title again. Loan sharking operations are alive and well. They are disguised as "banks" -- credit card issuing banks. One could argue that with all the fees banks are charging, even those that don't issue cards, all banks are in loan sharking. But I refer only to credit card issuing banks, and two in particular.
I refer to these banks by name because that's who they are. And I have their terms and conditions stuff available on the web or here...and everything that is going to be said is TRUTH. They can't call it libel, they can't call it slander...because everything can be backed up!
My wife received an offer from "Credit One Bank." I read the the terms and conditions. Then I exploded. She had signed up -- I managed to get it canceled. A $250.00 credit limit. Annual fee, first year, $75.00. After that, $100/ year, billed monthly. WTF?! Add that to the stated interest rate at 34.9%. And my wife had the audacity to not read the terms and conditions?
I read about the company in complaints on the web. Charging late charges on "early" payments. Charging for cards that were never ordered. Charging for cards that were never activated. Charging for cards that were canceled. Charging interest on cards that carried a ZERO Balance.
Loan sharks live!
I thought that card was bad. Then my wife received another offer. Now, "Credit One" looks tame by comparison to "First Premier Bank." Fortunately, my wife did NOT sign up for this one! $175 first year annual fee. Then it drops to $49. BUT AT THAT TIME they start adding in a "Maintenance" charge of $174.00 a year, billed at $14.50 a month. So, your "annual fee" has actually increased by $48.00 a year. And to top it off, they charge 36% interest.
I read the complaints: Charging for cards that were never ordered. Rude individuals. Fees totaling more than the credit limit, forcing over-limit fees. Late charges on bills that were received well in advance of the due date. Interest rates all over the board. False reports to credit bureaus. $6.00, late, costing $261!
Yes, LOAN SHARKING lives. And if you try to deal with THESE companies, loan sharks hiding behind the appellation of "bank", you're begging for trouble. AVOID THEM, at ALL COSTS. That's the best thing you can do -- AS I SEE IT!