Every now and then I get a “pre-approved credit card” offer in the mail and am always amused by the rate that comes with these cards.  In most cases it’s 10% for the first 6 months, then 25%, or worse.

Today I got one in the mail that I am still in shock over.  The APR is 9.9% but jumps to 19.9% if you miss two months, but drops back to 9.9% if you pay in full or make minimum payments for 3 consecutive months.  So far, that’s not bad.  But then I got to the fees section…holy carp!!!

Account set up fee: $29 (one time fee)
Program fee: $95 (one time fee)
Annual fee: $48
Participation fee: $72

That’s $124 just to get the card, and then $120 per year to keep the card.  They have got to be kidding.  Where’s my shredder?