Crazy credit card terms
Like a lot of people I sometimes get those pre-approved credit card offers in the mail. I got one today that blew me away. The offer was for a credit card that had at least a $700 limit. In the terms it said there was a $49 annual fee and a $10.99 monthly fee to have the card which would be taken out of your initial credit limit. The APR was 22%. There was also a $49 fee to close your account.
Basically $11 fee each month just to have the card. I wonder how many people never read the terms, get the card then end up paying that monthly or decide that is crazy and have to pay $50 to cancel?
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