FTC Action Halts Telemarketers Who Sold Bogus Credit Cards
Allegedly Charged Illegal Up-Front Fee, Took Consumers' Money Without Their ConsentWASHINGTON, Feb. 3, 2012 /PRNewswire-USNewswire/ -- At the request of the Federal Trade Commission, a federal judge has temporarily halted a telemarketing operation that allegedly sold bogus credit cards and took money from consumers' bank accounts without their consent. The court ordered the defendants' assets frozen and appointed a receiver to control the business, pending resolution of the case. As part of the FTC's ongoing crackdown on schemes that prey on financially strapped consumers , the agency seeks to permanently stop the illegal practices and make the defendants pay refunds to consumers.
According to the FTC's complaint and pleadings, the defendants have taken in at least $4.82 million in less than three years, including more than 10,000 sales during a recent two-month period. Doing business as Platinum Trust Card and Express Platinum Card, they operate in the Philadelphia area, but they engage in a variety of ruses to create the false appearance that they are based in Utah and Nevada. The defendants call consumers who recently applied online for a payday loan and offer them a purported general-purpose credit card with a credit limit of up to $9,500, in exchange for an advance fee of up to $99 and a monthly $19 fee. They falsely claim their cards can be used anywhere that accepts Visa, MasterCard, or American Express, and that the cards will help rebuild consumers' credit ratings because the defendants report to the major credit bureaus. But according to the FTC, the defendants do not report to credit bureaus, and their "credit cards" only access an online store the defendants operate, which offers a variety of off-brand, outrageously overpriced products, most of which can be purchased only in bulk quantities. Examples of items for sale in the defendants' store include a case of 3,240 "dolphin shaped craft embellishments" for $356.40, a case of 432 shower caps for $430.56, and a case of 144 "play flutes" for $573.12.
Payday Advance Sacramento - News
Payday loans – also called cash advance loans or check advance loans – are common, and the average annual percentage rate on a typical short-term loan can be steep, Heath said. According to the Center for Responsible Lending, payday loans are usually
The defendants call consumers who recently applied online for a payday loan and offer them a purported general-purpose credit card with a credit limit of up to $9500, in exchange for an advance fee of up to $99 and a monthly $19 fee.
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