Nov 7 2016

The NetFirstPlatinum Card: Don – t Get Scammed! #get #a #credit #card #with #bad #credit

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The NetFirstPlatinum Card: Don t Get Scammed!

Published on April 26, 2011

If you got a too-good-to-be-true offer for a $500 unsecured credit line from Net First Platinum, or if you decided to sign up for a card through their site, please take a second to read the post.  You may be the victim of an all-too-common online credit card bait and switch .

When you visit their website, the first things you’ll see are the bullet points of what the Net First Platinum card offers: a $500 credit limit, no credit check, 0% intro APR, etc. These features all sound great; in fact, they’re just too good to be true. Imagine for a second that you are running a credit card company. Would you issue credit cards to anyone and everyone, without checking their credit backgrounds, and then NOT penalize them if they paid you late? By definition, you’re probably going to get a ton of applications from people with bad credit, so of course you wouldn t do that! But that’s what appears to be offering at first glance…

Is this really a credit card? Wait… is Net First even a bank ?

Maybe what Net First offers is not a credit card at all, appearances to the contrary. The card that appears on their website does not have a Visa or MasterCard logo. Instead, you see two gray smudges that look like the effects of Photoshop (see the image up top).  Moreover, the card that the girl is holding in the picture looks disproportionately large for a credit card. It really makes you wonder if that card could fit into her wallet or even her pocket.

And keep in mind that any legitimate credit card has two components: the network it’s processed on and the bank it’s issued by. The network – usually Visa, MasterCard, AmEx or Discover – is in this case an awkwardly Photoshopped blur. The issuing bank? Well you would think it’s Net First. The copyright at the bottom of the website has the bank’s name, and usually a credit card is titled “Bank Name + Card Name.” But a Google search for “Net First Bank” turns up absolutely nothing, and a close reading of the privacy policy shows that Horizon Card Services is the website’s actual proprietor. A Google search for that returns a site for the Horizon Gold card, a site that looks remarkably similar to Net First. I’m unconvinced – there are a number of red flags, and the fact that Net First/Horizon isn’t FDIC-insured doesn’t even make the top ten.

Have bad credit or no credit? Be careful

If so, these types of fake credit card deals and potential scams are targeted towards people just like you.  In fact, the scams of NetFirstPlatinum and the linke are among the largest pitfalls of having a limited credit history .

Get great rewards, minus the scary fees: Okay, so NetFirst is trying to screw you. That doesn t mean everyone who offers you rewards is out to take your money. PerkStreet Financial is an online bank that offers rewards on its debit cards meaning no credit check, no line of credit, no security deposit and almost no chance of getting denied. Plus, you won t have to pay an annual fee or even a monthly one. And unlike prepaid debit cards, the PerkStreet MasterCard doesn t have high, hidden fees for everyday occurrences like, say, paying for things with your card. Yes, prepaid debit cards actually charge you to make transactions.

The only downside of getting a debit card with rewards like PerkStreet s is that it doesn t help to build your credit score. It makes sense no line of credit, no impact on your credit history. Still, its lack of fees and its great rewards program are great recommendations.

Building credit:  If you are in need of a card to build your credit, then we recommend going with a secured credit card from a reputable bank or credit union. A secured credit card requires you to pay collateral upfront, usually equal to the credit limit (if you want a $250 credit limit, you’ll have to post $250 when you open the account). This money is just collateral – you still have to make monthly payments – and you get it back when you close the credit card account.  In the meantime, you re responsible for making monthly payments and paying interest on your purchases, just like a regular unsecured card, which helps you to build credit.

The Capital One Secured MasterCard  is one of the best, in terms of fees. And it offers you the option to upgrade to an unsecured credit card after a year or 18 months of good behavior.

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