- Discussion board

A refundable $500 Reservation Fee is payable to KFS (the "Reservation Fee") in
connection with the opening of your account. The Reservation Fee will be charged to
your credit card account and will fully utilize your initial $500 credit limit



Could someone please explain this to me some more? They ask for your checking account numbers . Does that mean , that you're getting $500 dollars taken out of your checking account? Someone please explain?

It appears that an $89.95 processing fee is charged to your checking account and the annual fee of $96 is paid in monthly installments of $8 which may also be charged to your checking account. The card basically works as a prepaid product. Say you open the account today:
The account already has this $500 "Reservation Fee" charged to your
credit card account. Your credit line is $0 Say you prepay $300 to start using the card. Your credit line is $300 You charge a MP3 music player for $200. Your credit line is $100. Now you decide to close the account. The $100 is refunded to you because you this was part of your $300 pre-payment you did not use.

You may want to go with a secured card. A secured card operates just like an unsecured product except that you are required to deposit a certain amount of money in an account as collateral if things go wrong.