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Caught my coworker saying he pays $30 a month for a secured card annual fee
Honestly I was just grabbing coffee in the break room and this guy from accounting was telling someone he pays $30 a year for a secured credit card. I asked him why not just get a free one from Discover or Capital One. He said he didn't know free secured cards existed. Ngl it made me wonder how many people are still paying fees on starter cards without realizing there are better options out there. Has anyone else run into grown adults not knowing about no-fee secured cards?
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the_paul12d ago
In my experience, some of those fee-based secured cards are actually easier to get approved for if you've had a bankruptcy or charged-off accounts recently.
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And that's exactly it, I once knew a guy who paid $50 a year for a prepaid phone plan because he thought it was the only way to get service without a contract. He had no idea there were $15 options out there until I showed him. People just lock into what they know and don't question it until someone else points out the obvious.
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reese_lee912d ago
Hold on, is $30 really that bad though? I get that free secured cards exist, but some people actually prefer paying a small fee if it means getting better customer service or a smoother path to a higher limit down the line. Not everyone wants to deal with Discover or Capital One's application process, and a $30 yearly fee on a card you're using to rebuild credit is basically nothing in the grand scheme of things. Plus, if the guy didn't know about free options, it's not really his fault since banks don't exactly advertise that stuff to scared new borrowers. Are we sure this is about ignorance or just a personal choice that worked for him?
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