Tribute Credit Card
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Just like the Imagine Credit Card, the Tribute Gold MasterCard came into some legal woes some years back regarding deceptive credit card marketing. To sum it all up, there was a settlement reached and thus the Tribute Credit Card is no more. While it's a great idea to be rid of banks that are using deceptive practices, it's still very unfortunate that there are so many people who are left out in the cold now. Now, all of the people who are now without accounts have to figure out a way to find a creditor who will help them pick up the pieces. Trying to find a banker who will consider them without reporting their inquiries to all of the credit agencies is something that is now under the category of wishful thinking for the most part. For many people who are now without accounts, they are still paying for an account that no longer exists because they fear ruined credit, or they are having ruined credit now because the Tribute Credit Card is still being charged to their name somehow.
The biggest draw to the Tribute Credit Card in the first place must have been the chance to rebuild or establish credit because the APR didn't really sound so appealing. The Tribute Credit Card even had significantly higher fees than most other subprime offerings in the market. They had month fees of 9.95 and also an annual fee and a lot of other fees as well. We just wonder how and why did anyone put up with the Tribute Credit Card at all.
Were there just perhaps a lot of desperate for credit people at the time the Tribute Credit Card was being offered or something? It just seems that nobody would have actually gone for this card with all of those fees unless there was something more worth it than just a credit score involved. Even if you were trying to rebuild your credit with this card, you would likely have a hard time. Trying to remember all of the different dates for when to pay monthly dues and credit card payment would have been enough to drive a person mad.
So that all pretty much brings us back to 2009 when the gavel came down and the Tribute Credit Card program was canceled it has been said to be because of the Credit Card Act of 2009. The act prohibits a credit card’s first year of fees from going beyond 25% of its credit limit. The subsequent cancelling of the Tribute Credit Card program lets us know for sure that the Tribute Credit Card wasn't going to be in compliance with that act. It has also been claimed that all of the many accountholders were notified when there are so many who are still trying to figure it out many years later without notice. The most unfortunate thing on the cancellation of the Tribute Credit Card is that there are still so many who are suffering from the abrupt cutoff of their accounts that their money was tied up in.