Anacott Financial Credit Card Review

There is a new kid on the block in “bad credit” credit card arena. Before I examined the Anacott Financial Unsecured New Wave Credit Card, I expected to see the usual fees that typically came with these cards. But to my pleasant surprise, I was surprised to find no fees at all! Is this possible? Let’s find out.

Fees and Rates – The first thing I checked out for was if there was any annual fee. The answer was NO. But I knew many cards had no annual fee but replace them with so called “monthly maintenance fees”. Once again, this card does not charge such fees. I then looked for “one-time application fee” that was very common in such cards. And yes there was a $99 one-time application fee. But the good news is that this will be credited back to you once you have made your first payment! WOW – so finally, a card with really no fees.

There is even a nice “introductory rate” of 6.99%. Thereafter, the regular APR is 13.99% (not the lowest, but pretty reasonable).

Credit Limits – While folks who have bad credit can expect a small credit limit, the Anacott Financial credit card would give you a credit limit as high as $20,000 (I suspect your credit has to be at the upper end of their range to get this amount).

3 Credit Bureau Reporting – Anacott also reports to all three credit bureaus.

Verdict – At first glance, the Anacott Financial Unsecured New Wave Credit Card is perhaps the only unsecured credit card for bad credit folks that charges no fees, has reasonable fees and potentially gives a decent credit limit in one package. Yes, there is a one-time application fee of $99, but that gets credited back after your first payment. And initially, we thought this card really had great terms and conditions and much lower fees and rates than other cards. But are things too good to be true?

After lots of comments about folks not getting their card and many complaints, we decided to investigate. And this is what we found out.

Their Office Address is just a shared rented office space – For a credit issuer, you would think that they would have a proper office space. But when you type in their address in google, you will realize that there are many other “small businesses” like attorneys! who also use this address. (see screenshot below). If you click on any of the addresses above, you will realize that many other businesses use this address.

Their UK Billing Address is also a shared rented space – Also, their “billing address” (if you have any billing questions) is in the UK. And if you simply google it, you will also realize that other businesses also use this space! (see screenshots below).

Cannot find any information about their parent – Furthermore, we also cannot find any information about their parent Deutschland Financial Services.

Best To Avoid This Card – In light of our investigations, we would recommend that you avoid this card despite the fact that the terms and conditions sound too good to be true. If you have bad credit, a card like the Orchard Bank Classic MasterCard would be a much better proposition even though there is an annual fee to be paid.