I just recieved a phone call from Dynamic Services (possibly a credit card company) that wanted to send me a card that I could use to get advances of up to $500 per day and up to $2500 per month.
Oh, the activation fee was only $296.
The caller ID said it was an Ontario call with the area code of 705.
I declined, of course. Or did I just pass up loads of free money?
Scam??
Probably a scam or at best a credit card with a ridiculously high finance charge. Most cards’ rates are pretty high for cash advances as it is. And a $296 “activation fee” is pretty hefty–I’ve never heard of one that high. Are you sure it’s not a security deposit?
No, due to my excellent credit, I have been chosen…
It did not appear to be a “secured” card offer. Not for the $ amount of withdrawls they talked about.
You want the number? I can e-mail it to you and you can call them back if you want.
Huh. Well, it’s been my experience that the card companies that go to you do so because they’re sure they can make money from you. Minimum-payment makers, those who have a history of taking out cash advances, or frequently have maxed out their cards are the sorts that get their attention, mostly.
This appears to be just a really, really lame credit offer.
You didn’t specify the repayment terms, whuckfistle, but depending on the terms this looks like either a pre-approved payday loan service or a line of credit. Probably closer to payday loans in spirit.
BTW, intitial googling of “Dynamic services” + “Credit card” on google didn’t turn up any financial services firms. I did get a bunch of XML documents, though.
Or people that dont have screwed up credit now. "Hey, heres a guy that can afford to have his credit screwed up." Flash that kind of offer in front of 50 people and you`ll get some to bite. Good credit or not.
I didnt even want the thing sent to my house. The caller wasnt clear if the $296 was automatic or not. I asked if the card had to “activated” once I got it and he said no, its activated now. Then he went on to say that the $296 wouldnt get charged unless I used it. Some doublespeak it seems.
That was about the jist of the converstation.
I wouldn’t do it if I were you. I’ve been getting several weird hang-up calls lately from a phone number in Ontario. I thought I had read somewhere that there was a scam operating out of Ontario recently. Unfortunately, I deleted the call off my caller ID, so I can’t confirm it one way or the other. Even if it is legit, it still sounds like a rather lousy offer.
I’ve been “chosen” a few times for my excellent credit history (as well as for my wonderful business sense, corporate reputation, and penis size), and I’m 17, never had a credit card in my life and couldn’t qualify if I tried (also haven’t so much as brewed coffee for any corporations, and have no penis of any size).
Of course a scammer is going to assure you that you’re special. Doesn’t mean they’re screening their targets very carefully, or even at all.
[Credit Card Fraud Analyst Hat ON]
It’s a scam.
Check the fine print. An unsecured credit card - one requiring no deposit - will not normally request a “activation fee”. A secured card - one requiring a deposit to open - will clearly state that in order to open the account, a deposit is required. (A secured card is intended for people with little or poor credit. You deposit a percentage of the credit line to ensure the bank will be reimbursed despite any changes to your financial situation)
At best, you’re getting an account with a crippling annual percentage rate. At worst, they are harvesting your personal information to use.
BTW, another popular set of scams is to call consumers to offer for around 289.00 to 369.00 either lifetime fraud protection or a fixed annual percentage rate (usually 4-6%) for the lifetime of the account.
Every bank provides fraud protection for free. We protect our assets.
No one, not even the CEO of our bank, gets a 4-6% APR. No one. APR is calculated by the prime interest rate (determined by the Federal Reserve plus certain percentage points based on your credit history.
Thanks for the info, people.
I will not be recieving anything from these people because I told them not to send anything to me. I wanted no charges or confusion regarding this matter so I told them not to send ANYthing to me.
But now I sort of wonder what their gimmick is. And who, if anyone, will take them up on their offer.
My guess is alot of people take them up on their offer, that’s how they make money, then a few months down the road the company people are on tv cause they disappeared with the people’s money…
A credit card shouldn’t cost anything to get.
The “ACTIVATION FEE” is a scam. I have seen larger. What is going on a lot of the times (not always) is this.
In a secured card you put up 100 bucks and get like 100 or 110 or 150 percent of your money. So in that case your credit is 100-150 dollars.
Some say NO DEPOSIT NEEDED. THESE cards charge an activation fee. So you DON’T put up 100.00 deposit but you need give them 100.00 to activate the card. Gee it is almost the same thing. (of course you don’t get your money back).
I had HORRIBLE credit at one time. I couldn’t even GET a secured card. I sent Wells Fargo 1000.00 and they sent it back. I was like here I am giving you my money and they STILL don’t want it.
Happily my credit is restored. It fell off after 7 years.
But there are a lot of good companies here in the USA.