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Cross Country Bank Thread part 2
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Posted by Bry
(209.94.128.83) on May 07, 2003 at 16:56:01:
Another thing is the $100.00 account origination fee, which is a one time fee billed on the account upon opening, and the $50.00 annual fee. Those fees come right off the top whether the account has been activated or not. Once it is approved, the account is considered open. I don't think the fees should be applied to the account until it is activated because many customers don't realize that even if they don't activate, the bill will come, that they need to call in and close it to not have to pay the fees. Just watch out in the envelope, the fees are disclosed, it just isn't on the application, but on a separate piece of paper, a small piece of paper. If you apply for this card, chances are, you would get either a $250.00 limit or a $350.00 limit. The application says you can get up to $2500.00, but normally it is $250.00 or 350.00, and the $150.00 in fees are taken away from that when the account is opened. The best thing to do is to make small charges and pay them off as you go so that after 4 months you can get a credit line increase on your account then make larger charges. The only thing is that on the first credit line increase, a $100.00 processing fee is billed. If you are given a $350.00 increase, then the $100.00 is billed, you have $250.00 of it to spend. After the first increase, you can get an increase every six months after that for no fee. It is amazing though how the card can help your credit in a six month period. #2) We all know that if an account goes over its credit limit, that there are fees that will be incurred. It is like that with most credit cards if not all. That goes for late payments as well. Cross Country Bank has no grace period whatsoever. If a payment is received 1 day late, there is a possibility it will assess the fee and then there is also the chance that it won't. As for the overlimit fee, if the account is overlimit for one day, the overlimit fee is assessed, even if it goes over the limit the same day a payments posts. These fees are $30.00 a piece by the way. I don't like that there is no grace period because due to slowed mail, many payments are late and if a customer wants a fee removed, they must fax or mail in a letter to the disputes department. Customer service has not been given the ability to waive fees if the company views them as "valid."
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