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Credit Card Companies on Social Networking Sites
By Will from Holland
How's the social networking going? Facebook and MySpace treating you well? Been bothered by your parents about “them” being unsafe lately?
Yeah sure, you know you have to be careful by now; there's plenty of stuff happening out there. Posting comments or pictures without thinking can get you in big trouble. Just posting something as innocent as your phone number or e-mail address can get you in trouble.
Here's a quick re-cap:
Do not make personal information available to the public (address, birthday, cell and home phone, class schedule etc.).
Be careful of what you put in your profile. Many companies regularly check out online profiles before hiring anyone.
Remember that everything you put on the web will be there forever. Everything can be accessed by anyone.
However, there's something new happening out there, too. Credit card companies now offer credit cards through these social networking sites.
So what? Isn't it great to get a credit card with a Facebook or MySpace logo on it?
Sure, it looks good. And you'll impress tons of your buddies. But watch out for the sucker punch!
These companies aren't there because they love you—they're there because they know we're young and we trust people. That makes us good targets for scams!
When you look at the details on many of these cards, you'll know exactly why:
• They charge high annual percentage rates.
• You pay high late fees (and they will try to make you pay late, too!).
• Your interest rates can go up easily (also because of paying late).
• They can change your payment terms when they want to.
• You pay high “over-the-credit-limit” fees.
• You get misleading reward points
Does this make you want to have a Facebook or MySpace credit card?
I didn't think so.
If you really want a credit card, learn how to avoid the sucker punches before you get hit.
Head to FoolProof Solo, watch a video and compete our module on credit cards and credit card scams called—surprise—“Sucker Punch.”
Go to the homepage and click on “FoolProof Solo”.
After completing “Sucker Punch,” check out some of Educators' credit cards designed for young people. No sucker punches there!
Good luck!
Cheers, Will.
