Beware Of Secured Credit Card Fraudsters

Oct. 18, 2013 - PRLog -- Credit cards are accepted by millions of merchants and consumers worldwide as a routine means of payment for all varieties of services and products.

Secured credit cards are general purpose credit cards targeted to customers with limited or poor credit histories that don't qualify for a traditional, unsecured credit card. These programs benefit consumers by helping them either reestablish or establish a satisfactory credit history. If these customers perform satisfactorily, many banks will “graduate” them to an unsecured credit card.

Secured credit cards are collateralized by cash deposits, generally a certificate of deposit or passbook savings account. Depending upon the bank’s policy, the credit limit is 50 percent to 100 percent of the deposit amount. The bank may also pay the consumer interest on the deposit account.

However, on September 25, 2013, a alert was issued by The Office of the Comptroller of the Currency (OCC) that stated a entity entitled AmTrade International Bank is involved in a scheme that involves soliciting consumers for semi-secured credit cards through the U.S. mail. Potential victims receive solicitations and program agreements, which may mention that Credit One Bank, N.A., is connected with the card agreement. Credit One Bank, N.A., has no connection to this entity. The victim is requested to submit a check payment in an amount ranging from $500 to $900 as a deposit to obtain a semi-secured credit card, with the understanding that he or she is entering into a program to rebuild poor credit. The check is cashed, but the victim never receives the anticipated credit card.

This fraudulent entity is purportedly located at 601 NE 11^th Street, Suite #418, Fort Lauderdale, Fla. Both the Web site of AmTradeInternational.com and the associated telephone number of (800) 470-1082, which are provided within the AmTrade International Bank correspondence, are no longer in service.

Because of the possibility that variations on this scheme may be used, consumers should use caution when responding to any unsolicited correspondence, especially when an entity is requesting that funds be provided.

More information on the above consumer alert issued by the The Office of the Comptroller of the Currency (OCC) can be found at http://www.occ.gov/news-issuances/alerts/2013/alert-2013-20.html

The free consumer organization "Bad Credit MD" wants to inform consumers looking for a secured credit card that they have a list of researched and reviewed secured credit card issuers located on their on-line website at http://www.badcreditmd.com/secured-credit-cards/ .

The organization also wants consumers to know that not all offers for secured credit cards are from savages or fraudsters and that a secured credit card can be a very useful tool for the consumer to use to help them repair damaged credit.

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Bad Credit MD, is a free On-line consumer information guide that helps people with credit problems in California, Arkansas, Colorado, Delaware, Connecticut, District of Columbia, Georgia, Florida, Hawaii, Illinois, Idaho, Indiana, Kansas, Iowa, Kentucky, Maine, Louisiana, Maryland, Michigan, Massachusetts, Minnesota, Missouri, Mississippi, Montana, Nevada, Nebraska, New Hampshire, New Mexico, New Jersey, North Carolina, New York, North Dakota, Oklahoma, Ohio, Oregon, Rhode Island, Pennsylvania, South Carolina, Tennessee, South Dakota, Texas, Wyoming, Vermont, Utah, Virginia, West Virginia, Washington, and Wisconsin.

Bad Credit MD has been in business helping consumers with bad credit since April of 2007 and is a subsidiary of Enticing Designs Publishing. The staff has various backgrounds in the financial and mortgage industry. Its staff has researched its information with various governments around the world to provide the most comprehensive and accurate information free of charge.  Consumers can learn more about "Bad Credit MD" by visiting http://www.badcreditmd.com.

Disclaimer: The organization "Bad Credit MD" has no affiliation with The Office of the Comptroller of the Currency.