Beware of Credit Card Scams
It seems that every mailbox is inundated with pre-approved credit card offers. With so many different credit cards being marketed these days, it can be difficult to determine if an offer is legitimate or not. If you have received an offer for a credit card, there are some “red flags” to look for.
Indicators for credit card scams:
- Offers of easy credit or credit without a credit check. No one can guarantee to get you credit. Legitimate credit providers carefully examine your credit before extending a credit card.
- Instructions to call a “900″ number to apply for a credit card. You pay for calls with a “900″ prefix — and you may never receive a credit card. The operators, of course, make their money from the telephone calls because it is a “toll” call.
- Advance fee loan scams – promising a credit card if you send in an application fee.
- Credit cards offered by “credit repair” companies or “credit clinics.” These businesses also may offer to clean-up your credit for a fee. However, you can correct genuine inaccuracies or outdated information yourself by contacting the credit reporting companies directly to initiate a dispute.
- Any offer that sounds too good to be true almost certainly is. When you consider a legitimate credit card offer, it is always helpful to study the card offer closely, checking the annual fee (if any), interest rate, term penalty charges, and billing methods. Make sure you agree with all the terms before investing any time in further research.
You never know when Identity Theft may happen to you. Protect yourself by scanning your credit report for fraudulent activity before it further affects your credit.
If you believe you have been a victim of a credit card scam, contact the credit reporting companies immediately and place a fraud alert.
