Annual fee spaced out

[magyar123]

There are more and more cards that will not "hit" you with the full annual fee when you apply for them and get a low limit card, say $300 or $400 - but "space" it out over the year. Tribute MC for example - annual fee $120 - billed monthly at $10.

[BKTango]

For me personally, there is no way in this life I will ever have a card that has that high of an annual fee. No credit is worth that. Just waiting and letting time be your friend will get you cards with little to no annual fee.

[CindyLou]

I just bit the bullet and took the 150 hit with Aspire. But it was WELL worth and I've moved on to bigger and better. It depends on the person and how fast you are wanting to rebuild your credit. Aspire did increase my credit limit fast, which I needed for work travel. But I've cancelled it before the yearly fee was due again.

[CATCHMEIFYOUCAN]

Spaced Out

There are more and more cards that will not "hit" you with the full annual fee when you apply for them and get a low limit card, say $300 or $400 - but "space" it out over the year. Tribute MC for example - annual fee $120 - billed monthly at $10.

I think I've seen this post before, anywho:

AND to me, THATS the CATCH. Just like, when "we," were in debt, BEFORE filing. Spacing out your payments, didn't seem so bad afterall, but over time when things got out of hand, the spaces grew tighter. Just be careful what you decide to choose.

I chose to go with Millenium, I had to pay $99 for the processing fee.
The next step was keep sending them money which they put in a savings account.
Once you reach $300, they send you a credit card. Whatever amount you deposit is up to you after that, your money is your credit up to the maximum of $5000.
You have to keep the account for at least a year (and active). They will send reports to all 3 bureaus.
They do have an annual fee of $59.
You can cancel the account after a full year, and the money you put in is yours to take (as long as you don't owe through the use of the card, that is.)

Best of Luck, Catchmeifyoucan

[Brendon]

Here's the thing about spacing these payments out....common sense.

If you are late on the monthly payment of $10 what happens? They hit you with a late payment fee of $29, $39 or what have you. If you don't use the card, you are still paying the monthly fee. They hope you will miss the $10 payment... I had a card years ago that was $36 annual fee which was billed at $3 per month. I hardly used the card, but was late on the frickin' $3 payment and guess what? $29 late fee....