Robert
Irvine,#2Consumer Comment
Wed, November 21, 2012
This like other Sub-Prime cards are cards for people that basically have screwed up their credit(for what ever reason) so much that no regular lender is willing to take a risk on them. As a result the higher your risk the more fees and higher interest rate you are going to get charged.
I was not told that my card would contain a $9.95 monthly maintenance fee. - Yes you were..when you got the application there was an entire page of fee disclosures that by law they are required to disclose. Too bad there is no law that says the account holder is required to read them.
As a result, each time I make a monthly payment of $35, only about $15 is going towards the principle balance, because of the $9.95 fee and the interest charges. You left out one very important key word in this statement "..I make a monthly minimum payment of $35...". Because there is nothing in the agreement that says you only have to pay only $35, you can pay as much as you want. The more you pay..the more your balance comes down.
Even with a Regular Credit Card if you only pay the minimum payment, you are going to take a significant amount of additional time and cost you a lot more in interest.