Bogus Gold Cards
The Federal Trade Commission said it has reached a settlement with CA-based Salyon, Inc., d/b/a First Liberty Financial, Salyon National Credit, Shop Salyon, Quicklinks.com, in regard to the marketing of bogus “Gold” cards.
Gold Card Shut Down
A U. S. District Court, at the request of the Federal Trade Commission, has frozen the assets of and closed down a marketer of gold catalog cards. The FTC complaint alleges that Salyon, Inc., d/b/a First Liberty Financial, Salyon National Credit, Shop Salyon, Quicklinks.com, targeted consumers with negative credit histories, using pitches like, “You can re-establish your good credit!” and “Account Status: APPROVED GOLD CARD.” For fees ranging from $49 to $64, the defendants offered “pre-approved” credit cards with $15,000 credit limits, and zero percent interest rates for the first year. Instead, the merchant card they provided only allowed users to purchase items from the defendants’ Web sites or catalogs. They also claimed that consumers who maintained a favorable payment record would be issued a MasterCard with a lifetime zero percentage rate.