Has Anyone here had any experience with a "Flex" Credit Card?

[MarianJack]

My wife and I have to do some credit repair. We've been advised by someone we trust (meaning NOT a Capitalist) that one way is to get a low limit card and use it for small purchases, like gas, that we'd use our debit card for and then pay it within a couple of days with the funds we have for that purchase on our debit.

We were searching for some not so bad credit card offers on the web and came across an offer for a "Flex" credit card. It isn't either a prepaid nor a secured card. It promises an unsecured card with an up to $10,000.00 limit with a $1,500.00 cash advance after the payment of a $69.00 set up fee. It also promised an immediate 40 to 60 point increase in our credit scores. Surprise, surprise, there didn't seem to be a downside of this on the website. Up to $10,000.00 guaranteed unsecured credit for people credit problems? Uh-huh, yeah, right.

Obviously, this seems way too good to be true. My biggest concern is that this may be a payday loan in disguise. I CERTAINLY don't want to get into bed with THOSE bastards. We're not fans of credit cards in the first place but we're looking at some credit fixes.

We have WAY too many red flags waving in my heads about this "Flex" card option. We remember the old axiom that anything that seems too good to be true probably is too good to be true. Does anyone have any info?

Thanx in advance!

PEACE!

[Ian David]

1. flex card hybrid program line of credit will report to credit bureau as traditional credit card, Int

flex card hybrid program line of credit will report to credit bureau as traditional credit card, Internet
http://www.scaminformer.com/scam-report/flex-card-hybrid-program-line-of-credit-will-report-to-c48191.html

[MarianJack]

3. Thany you...

...for the link.

PEACE!

[rfranklin]

2. They must charge a huge APR...

They are not giving you the card out of kindness.

[MarianJack]

4. Another Concern I Have Is...

...that it might be one of those programs where you can only purchase from THEIR catalogue at MASSIVELY inflated prices in addition to the high APR.

PEACE!

[MH1]

5. don't know about 'flex' credit card but

whatever you do, make sure you only charge what you are absolutely going to pay off in your next payment, and never carry a balance or make a late payment.

if you do that, it shouldn't really matter, for example, what the interest rate is on the card, because you'll never pay it.

I would try to stay away from cash advances. Normally when a card gives a cash advance there is a ridiculous fee associated, like 3% of the advance with a minimum of $10. You don't need that to do what you said you wanted to do - just put regular expenses like groceries and gas on the credit card and pay it off.

If you can, get a ho-hum run of the mill card with a high interest rate (as noted above, who cares?, if you do it right) and preferably no annual fee. I'd stay away from gimmicks and anything that you feel uncomfortable with. You don't need it.

[MarianJack]

6. Thank You, MH1

You described what we are basically going to do.

With all of the red flags going off in our heads, we're most likely going to stay away from this one.

PEACE!

[MH1]

7. you're welcome, and good!

I forgot to mention, but you probably already found out, that a 'cash advance' usually will start incurring interest charges immediately. Sure your credit won't get dinged as long as you pay the minimum on time every month, but it is a very expensive way to go. Kind of like a payday loan, as you said in your op.

[MarianJack]

11. Payday Loans...

...YUCK!

PEACE!

[w0nderer]

8. love the fineprint

if the bottom link is right it's a shop at their online store only

assuming it's flexcardprogram.com you were looking at

Flexcard Program is in no way affiliated with CardFlex, Inc.
Cards issued are prepaid cards and carry NO access to credit by themselves, that credit is given by Creditbuildingstore.com

https://flexcardprogram.com/?page_id=425



---quoted---
FlexCard Review & Rating
From: http://www.cardoffers.com/Credit-Cards/Flexcard/

The FlexCard program combines several essential credit, debit and monetary advance services into a single, reliable program. Along with a re-loadable, prepaid Visa debit card, this program also provides card members up to a $1,500 cash advance (based on income and other factors), a $10,000 unsecured line of credit with CreditBuildingStore.com, and more.

There is no annual fee associated with your new FlexCard prepaid debit card. It's safer than carrying around cash, and you'll be able to use your card anywhere Visa debit is accepted. There is absolutely NO charge for loading your card account via direct deposit, and only a small charge associated with other loading options.

You can build and improve your credit history by using your available $10,000 line of credit to shop at CreditBuildingStore.com. Your subsequent payment history and activity are reported to major credit bureaus, allowing you the opportunity to develop a good credit history with prompt, regular payments over time.

If you're looking for a prepaid credit card program that gives you more for your membership, check out the FlexCard program. It provides the opportunity to receive up to a $1,500 cash advance, $10,000 in unsecured credit you can use at CreditBuildingStore.com, and of course the convenience, safety and speed of a Visa prepaid debit card!

---/quote---

repeat: $10,000 in unsecured credit you can use at CreditBuildingStore.com,

[MarianJack]

12. Thanks to You and...

...No thanks to them!

PEACE!

[w0nderer]

9. don't forget to check CU's

some credit unions will let you secure a credit card against savings

yes, you need the savings in the account, yes they do LOCK them, and yes it's a small limit (well mine is)
500$ limit..but it pays my phone bill each month, 49 dollars (sub 10 % utilization)
and i make interest on the 500 'safety deposit'..not a lot but some
but it reports credit, and supposedly reads as unsecured because the CU
locks the 500 not visa (my credit report bears this out)

it could be worth doing a few calls
everyone has some small recurring bill that could fit on a limited card

[MarianJack]

10. Another route we're likely to go.

Thanx!