Should You Get A Gold Or Platinum Credit Card
Below is a MRR and PLR article in category Finance -> subcategory Credit.
Should You Get a Gold or Platinum Credit Card?
Introduction
Gold and platinum credit cards often promise impressive benefits and improved credit ratings. However, it's essential to understand what these offers truly entail before committing.
Understanding Gold and Platinum Card Offers
While they might sound like typical credit cards, many gold or platinum cards restrict purchases to specific catalogs. These offers, usually marketed via TV, newspapers, or direct solicitations, often claim to help you acquire major credit cards like unsecured Visa or MasterCard, alongside improved credit scores and other perks.
The Reality Behind the Promises
In reality, acquiring a significant credit increase through these cards is rare. Often, the only major card available is a secured credit card, requiring a hefty security deposit. Additionally, many companies fail to report to credit bureaus as promised, making it challenging to build credit or obtain other credit lines.
Common Tactics and Pitfalls
Upfront Fees with Hidden Costs
Promoters often charge $50 or more for these cards. Subsequently, they may reveal additional fees, like a $30 charge for merchandise catalogs, which are the only places you can use the cards.
Costly Phone Calls
Advertisements might direct you to call '900' or '976' numbers for more information, leading to expensive charges?"even if you never receive a card.
Misleading Merchandise Prices
Typically, you're required to pay a cash deposit equal to the company's cost for the product before charging the balance. Catalog prices can also be significantly higher than those at discount stores.
False Credit Improvement Claims
Marketers may boast about how easy it is to secure major credit cards with their services. However, the available major cards are usually secured, requiring a savings account as collateral with a deposit ranging from a few hundred to several thousand dollars.
Protecting Yourself from Scams
Evaluate "Easy Credit" Offers
Be cautious of any offers promising "easy credit" or guarantees to improve poor credit scores, especially those based on accurate information. Only time and responsible credit habits will improve your rating.
Research Before Committing
Before enrolling, check with the Better Business Bureau, consumer protection agencies, or the state Attorney General's office for any complaints about the card promoter.
Verify Claims
If a card is claimed to be accepted at certain retail chains, verify this with the stores. Likewise, call credit bureaus to confirm whether the merchant is a member and can report your credit activity.
Avoid Costly Numbers
Be careful with '900' or '976' phone numbers, as these are not toll-free and can result in significant charges. If you accidentally call one, contact your phone company to see if the charge can be removed.
In conclusion, while the allure of gold and platinum cards can be tempting, it’s crucial to be informed and cautious about their actual benefits and potential pitfalls.
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