|
|
Topic type of credit card
|
|
By kev323
On 06/30/01
|
|
|
I was offered a pay as you go credit card. What exactly does that mean? How long do you have, before debt has to be payed back in full?
|
|
By The_Insider
On 07/03/01
|
|
|
A pay as you go card is not a very good deal for consumers.
On this type of card, your credit line is immediately maxed out by various charges which you then must pay back in order to earn your credit line. It's like a secured card, but more ominous. You will actually be paying fees to borrow back your own money.
You will be responsible for minimum monthly payments. I'm sure the creditor will allow you to carry a balance for as long as you'd like... after all, you're basically allowing them to utilize your money at no cost to them.
I would not recommend pay as you go cards.
The_Insider
|
|
your questions are answered by the gromco team and card users like you
|
|
- Discussion board
