Washington Mutual Line Of Credit

hello, I got a mail with a credit card offer from Washington Mutual Bank, got online and got approved for a Visa Platinum with a $500.00 credit line. From what I've read it's a good card but now I'm wondering. Would I have to pay a monthly fee even if the credit card is not being used? (Because I don't plan on using it right now, just for emergencies in the near future) Have people had problems with this credit card/bank before?
Thanks
I still haven't received the card. I just got approved today.
The reason why I ask was because I used to have a credit card from Applied Card Bank, which charged me a monthly maintance fee even if I didn't use it, an activation fee to activate the card (when all was said and done, I had $325 out of $500 because of the fees),plus some other stuff. (Plus they charged a fee for paying online or by phone) And I really don't want to go through that again.

baby call them we dont know look on the back of the card

2007-04-12 10:00:42 by beachan18

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My husband and I received an offer for a line of credit with this company. The rate is 1.99 % until Dec. 2007. So, we decided to use this money to pay off the remainder of my car loan and to use the rest for emergencies and a few things we need to take care of. Well, the amount posted to our account within 5-7 days. At that point we sent off the check to my lender for the car loan and a few other bills. Come to realize that they then went in and pulled that money BACK OUT of the account and now we are in the hole by quite a great deal! Washington Mututal said the reason was that we had made the check out for the whole credit amount which was $6,000.00. No where in the fine print did it say that we were not allowed to write the check out for the full amount.....ANYWHERE! Now, they say they send these offers along all the time and we have to wait until one comes in the mail and then write a check out for about $5975.00!! This makes no sense to me does anyone have any advise?
Now we are going to have a ton of overdraft fees. Who should be responsible for those? We asked our bank prior to doing this and they told us "it was a great deal" Shouldn't our bank have protested us some how or at least offer us no over draft fees related to this issue? I am just freaking out and I can't believe a company can just do that without thinking of the families financial dynamics involved!! It makes me sick!
In order to do this loan all we had to do was sign and deposit the check. We signed no actual forms.

When ever they try to sell a "great deal" there is usually a catch to it. And that was the one thing they did not tell you, you should request proof of this on the loan documents that you signed. Hopefully this hasn't affected you credit. I would look around for other low interest loans but you aren't going to find many. Look for balance transfer offers, my credit union will do a balance transfer anytime during the life of the loan for an interest rate of 7.9% not bad. Good luck!

2007-03-27 15:12:45 by ebusiness4us

My husband and I received an offer for a line of credit with this company. The rate is 1.99 % until Dec. 2007. So, we decided to use this money to pay off the remainder of my car loan and to use the rest for emergencies and a few things we need to take care of. Well, the amount posted to our account within 5-7 days. At that point we sent off the check to my lender for the car loan and a few other bills. Come to realize that they then went in and pulled that money BACK OUT of the account and now we are in the hole by quite a great deal! Washington Mututal said the reason was that we had made the check out for the whole credit amount which was $6,000.00. They call this a double hold? No where in the fine print did it say that we were not allowed to write the check out for the full amount.....ANYWHERE! Now, they say they send these offers along all the time and we have to wait until one comes in the mail and then write a check out for about $5975.00!! This makes no sense to me!
Now we are going to have a ton of overdraft fees. Who should be responsible for those? We asked our bank prior to doing this and they told us "it was a great deal" Shouldn't our bank have protested us some how or at least offer us no over draft fees related to this issue? Why would they make the money available and then just pull it out? I am just freaking out and I can't believe a company can just do that without thinking of the families financial dynamics involved!! It makes me sick! Once I get more information prepared I think I might just give the local news a call. Washington Mutual can't do this to people. It is unfair. I can understand putting a hold on it from the beginning,but to make the money available to use and THEN take it back seems just out right against the law. HELP
Just to make it more clear. This was made through those "blank checks" you get in the mail. I never signed anything with them. The only thing my husband signed was the back of the check. How could they just take the money out after it posts in my account?

I don't understand.

You got a line of credit through Washington Mutual.
It was placed into your checking account (with another bank).
The hold cleared after 7 days.
Washington Mutual took the money back because you used it.

Regardless of the amount that you wrote the check for, it was YOUR money to use as you pleased! How would they know what or how much you wrote the check for? Once the money hits your account and clears, they are out of it.

Unfortunately, your current bank does not have to provide protection against this. Washington Mutual is completely at fault...it's good that you read the fine print.

2007-03-28 11:03:23 by ebusiness4us

I got two preapproved credit card offers from wamu one after one each week for that i replied my first offer then they approved me credit line of $4500 and after 5 days they sent me same offer again like 0% Apr until jan 2008 again i applied this too. This time after enter all information on online finally it shows like "we can not process your platinum visa card this time we will send you in mail further information"
My question: Is this effect any thing in my credit points because i applied two times the same card in the span one week.And did they pull my credit report 2 times or only one time.Please give me suggestion next time i will be very care full.

Thanks,
Annay

Wamu has a policy that if you applied for a card with them, you cannot apply for another one for at least 30 days after the first application. From my experience, they will not hit you with another hard inquiry and will pretty much tell you so (as well as the 30 days thing) in the letter they will be sending you soon.

2008-06-04 11:56:54 by a k

Lots of talk about unfair mortgage practices, but how about "penalty" interest rates on credit cards? My highest one (Washington Mutual, also my home bank) is now at 31.4%, despite the fact I have never been late or missed a ppayment on the card. I am in a dispute with a hospital which turned a bill over to collections after I refused to pay for double-billed visits -- that is what kicked my interest rate up across the board with the four or five different cards I have.

No "It's your own damn fault", please. I took the lines of credit after finding myself stranded in Florida after 9/11 when almost all business collapsed there, including mine -- and have been paying the debt off ever since.

The question is, why are none of the Presidential candidates talking about this issue, when American Express is on the verge of a collapse just like the one at Bears-Stearn. By the way, wasn't it ironic how "Mr. Free-Enterprise" G. Bush sanctioned the bailout of B-S with government money?

I agree, they aren't talking about cr cd interest. The across the board raising of rates is anti-consumer. What it says is, pay whatever you are billed and then fight with the merchant to get your money back. Dah! Like we have more money floating around than the merchant and can better stand to wait for a refund? The candidates aren't talking about it and guess what? Don't expect them to. To control those credit card companies would be getting into bottom line profits of many boardroom shareholders who are also political contributors. Animals usually don't bite the hand that feed them .

2008-04-15 07:59:16 by titou