How to Detect a Credit Card Scam

by : Barbara Camie

Various companies may offer you a pre-approved credit card of Visa or MasterCard by disguising their original identity. These offers are actually appropriate for catalogue clubs or store clubs. Usually they offer you a pre-approved credit card with a limit of up to $5,000 and you don't need to make a security deposit. Technically they make you believe through their mail that you can restore your credits and experience again the convenience of your personal credit card. But this may considered beyond reality. You will not hesitate for jumping on any credit card offer that arrives in your mail if you are frantic for your own credit card. This is why, you should necessarily read thoroughly over the mail to point out the fine prints and make a wise decision.

They will claim that your MasterCard is already pre-approved and you are able to activate your card by simply verifying your personal information. All you have to do is fill in your information, sign the offer and send it back to the address of the issuers. Once they get the required information they will rapidly send you your MasterCard. But if you have read the mail carefully you will find that this credit card is not a usual MasterCard. Your card can only be used to purchase a product from their online store or at a particular shopping mall. This credit card is nothing but a useless plastic wastage anywhere else. Usually only house ware items and off brand electronics only can be purchased using these credit cards. Moreover they will charge an extremely high rate of interest which may be up to 45%.

Throwing away would be the best way to treat with these kinds of credit card offers. If you really wish to develop your credit score, use the money that you would use to activate these fake credit cards for applying a reputed and secured card. A reputed company will report your activities to the credit bureaus which will make you start repairing your low credit. So it is very important to perform a complete read due to find the fine prints when you receive a credit card offer.