Just got a junk email from a bank invoking the Obama bailout scam and offering, fittingly, a scam VISA card with the false hope that "if Congress is willing to bail out Corporate America to the tune of a trillion dollars, why not have our sponsor try to help you!"
Interestingly, the reality of this "help" is somewhat less compelling than the hype. If you didn't catch it, a "secured" credit card is no credit card at all. It's a debit card just like the one any bank will give you for no cost when you open an account.
It gets better. The fine print reveals a $99.95 "one time" processing fee. Dig a little more, though, and you find this:
Amazing. So, the punch line on this helpful card is that you send in your money and the bank pretty much just keeps it. For example, say you send in $300 to open an account. The value of the account is immediately $200.05. The next two fees drop you down to $106.05. Then if you are stupid enough to use the card, as soon as you swipe it you start paying 19.5% interest on your own money.