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When considering applying for a credit card, you need to do your research. There are so many different factors that need to be considered when deciding what card to go with. This can be overwhelming. Unfortunately there are dishonest companies that look to take advantage of people unfamiliar with credit cards and how they work. There are credit card scammers everywhere that will take you for a great deal of money if you let them. Below are details of some of the most frequently occurring scams. If you can identify them, you can steer clear from them. If you have questions or comments, please contact us.

Cards that demand fees in advance
Have you ever heard the saying 'if its too good to be true....then it is!'? This is often the case with credit cards. Companies will offer you a card with really favorable terms, low interest rates and high limits. The only thing you need to do to get this deal is to pay a fee in advance. The issuer will say that the fee is required for you to be pre-approved, or for the paperwork needed to obtain the card. After you pay this fee, the thief will vanish with your hard earned cash with you never seeing or hearing from them again. The bottom line is never pay any fees up front for any matter how good it sounds!

Debt suspension offers
This type of offer is made available by all the major credit card companies. This offer protects you from having to make payments in the event that you get sick or hurt and can not work...and can not pay your bill. This is intended to give you the opportunity to get your finances under control and in order before you are obligated to re-start making your payments. No interest is going to be applied to your card. You can also continue making charges to your account. Sounds like a good deal? It is! The banks will use this offer as an extra feature for your card. Being that they are offering it themselves, no insurance company is used. The scam occurs when companies posing as insurers offer this same type of deal to card holders that are unaware that they are already protected by their credit card company. Even if they do end up buying the additional protection, the likelihood of even being to collect from a claim is very small.

Credit protection.
If your credit card is lost or stolen and used by someone without your permission, you won't have to pay. Even though Federal laws limit your liability in the case of theft to $50, there are scammers making millions of dollars every year by selling this offer to card holders that do not know their rights. Anyone who buys into this scam will be paying for something they do not need and won't even be able to use if fraudulent charges are made with their card. Learn more about what to do if you become a victim of identity theft.



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