Question about Credit cards for people with bad credit

[spurscrazed]

I have this friend who is going through a Foreclosure and he filed for bankruptcy to get away from all the creditors. His credit is already ruined by the late payments and so forth.

He lost his credit cards because of the bankruptcy.

Anyone knows if those credit card companies who say they would give you credit card with bad credit are legit or just a scam?

One example is:

American Octane Black Card Unsecured

100% Approval regardless of past credit
0% APR
Credit limits between $1000 and $10,000
Build new credit (no purchase necessary)
Reports to Major Bureaus
$99 One-time Fee

[Dulce]

What is the % rate for this?

Some are as high as 35%. That's what you have to watch out for.

[lena1102]

A friend of mine used that particular card and is in another big mess. Astronomical rates!

[spurscrazed]

Originally Posted by Dulce

What is the % rate for this?

Some are as high as 35%. That's what you have to watch out for.

Ok Thanks! I told him that! This is the major thing the % is pretty high! Not only that particular one mentioned but similar other cards. And after calling on those he found out that they only give him low balance to start and they charge fee every month and they take so long to raise the limit......lol

Originally Posted by lena1102

A friend of mine used that particular card and is in another big mess. Astronomical rates!

Thanks for the feed back! Dam those companies they make tons of highway robbery rates....Surprised some people use them....

The only reason my friend needed it was to reserve a car for rent while he is in Puerto Rico as he will go on business trips...I guess he will need to find another way to get his car reserved.