One thing consumers may not realize is that banks are in business to make money and they rarely lose. When a client approaches a bank to borrow money, whether it's by opening a credit card account or applying for a loan with bad credit, the bank takes precautions to be sure that their investment is profitable.
Low Credit Rating Credit Card Offers
When a bank creates an account for clients with a low credit rating, their first protective measure, an application fee, generally costs the client around $40 per card. Additionally, the application itself often includes the client's checking account information, in case they need to take legal action. If they get a judgment against the client in court, they can simply pull the money from the client's checking account, without further notice.
The bank that hosts the checking account is legally bound to turn over all funds to the credit card company. Some banks charge a steep fee for this “service,” $75 is not an uncommon “legal document processing” fee.
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