Shell Credit Card Line

....is just a scam? I asked this question about a month ago, to see what others thought of the 'CC Holders' Bill of Rights' increasing the fine print.

http://answers.yahoo.com/question/index; _ylt=AjDZzTlDn6st5B7cYOk6Za_ty6IX;_ylv=3 ?qid=20090430111244AAArKDA

Since then, one of my family members has received a "Notice of Change in Terms and Right to Opt Out" from Citibank, the holder of their Shell gas credit card.

Section 3 of said notice has to do with default APR. The first 2 didn't surprise me any. You will go into default if you 1) do not make the minimum payment when due; and 2) go over the credit line. This is all pretty standard in the credit card industry. Here's the one that got my attention: 3) make a payment to us that is not honored.

If I'm reading that right, and I'm sure I am, that's saying that you can send them your payment (I'm assuming it would be on time) and they can choose not to honor it, just to put you in default! Now, I understand that they can and will do this if you send them a check that bounces. That's reasonable.

And by the way, default APR equals the greater of 1) the prime rate PLUS up to 23.99% or 2) up to 29.99%

Credit Card Holders' Bill of Rights? Yeah right. They just found a way to sneak us the shaft even more.

Have you seen any evidence like this?

haven't seen any evidence but they really should have capped the interest rates. I've worked in the credit field and it's absurd. The only thing a 20%+ rate does is keep the person who defaulted (usually because they had some financial difficulty) in perpetual debt. The credit card companies have already calculated the risk of default and potential losses and spread that amongst all their other cardholders.

2009-06-09 11:21:07 by All Bama's Chumps

DV-101 NOV 03 1998 VANCOUVER FRAUD WITH CREDIT CARD AT SHELL GASTATION ON MAIN ST

I am 18 years old, and a full time student. I work hard and make my own money but sometimes I won't have the money for another couple days. So I ask myself, why don't I open a credit card. Now I know what your thinking, this young fool will go overboard and go into debt. No, I don't spend much and when I do it's for groceries, gas and maybe something small like buying a cheap jacket. So I applied several different credit cards in different time lines to see if I'll get approved. Including Shell Card, Discover Card, and many others. I even tried stuff like an Ebay Card and TJX Card, all of them got denied. My own bank even denied me and I been with them for over 4 years. How do you build credit if people won't give you credit? Please help, what do I do to build my credit and is there any cards that are easier to get?

Probably when you graduate no one will hire you because you don't have job experience. Sorry, bad joke. But it's the same situation with building credit. Banks gamble on your financial circumstances; they'll give you money (an unsecured loan, aka credit card) based on the fact that you have money (job history) and will continue to earn money.

The good news is that there are more financial resources - seminars, books, webinars - that give solid advice for what you're seeking. You university or bank may even provide them. Check out these articles from Bankrate.com, a reputable financial website: http://www.bankrate.com/search/results.a spx?q=build%20credit. If the search results don't come up, type in "build credit" in the search box on the main page.

Bankrate also provides tools to help you figure how much debt you can afford and lists financial institutions which might be willing to work with you. Proceed with caution, legislation going into effect January 1 will curtain some of the unfair practices banks will be getting away with but basically you'll still be putting your head in the lion's mouth when you obtain a credit card. Make sure you read the fine print and ask questions!

2009-11-28 11:59:53 by Nicki

I was eligible for a master card and I had applied for it. When I received it, it already had charges of $179 on it for set up fees and that stuff. I didn't like that so I canceled the credit card right away. The person helping me on the other line warned me that rapidly canceling credit cards and accounts would make my credit score go down. Is this true??
I have a debit and credit card with BofA and a Shell card, and canceled the First Premier Bank card that I applied for. Would this harm my credit?
And is there any free sites to check out my credit score free of charge?
Thanks.

First part, yes your score has taken a hit and will now be lower. This is due to 2 things, first, the hard inquiry that was placed on your credit report when you applied for the card,(this remains on your report for 2 years: read the source)

Next you are reducing your debt utalization ratio which is based on how much credit you have available to how much you have used. When you opened the account you had more credit, so depending upon how much you owed on the other accounts, your utalization may have gone down, closing the account raised this utalization to what it was before.

Next part, there is no such thing as a free credit score Some credit card companies used to provide what is called a FAKO score, one that was usually way off but most of those banks went under.

Hope this answers your question.

2009-08-28 23:18:43 by rw1213