Suppose you were approved for a new credit card but when the first statement arrives you realize you already racked up more than $350 in card charges without ever using the card?  A South Dakota-based sub-prime card issuer has launched a major mailing this week for its 'ACE VISA' credit card which requires applicants to charge a $300 personal finance educational program, a $19.00 processing fee and a $49.00 annual fee in return for a "guaranteed" $400 minimum credit line. According to CardWeb's on-line marketing intelligence service CardWatch, United Credit National Bank of Sioux Falls is also promoting its 'ACE VISA' program with the pledge to send applicants $100 if they fail to qualify for the program. The $300 personal finance educational program consists of five booklets and two videotapes produced by group called "American Credit Educators". The sub-prime card program is similar to a widely promoted offer made by marketers of CO-based Best Bank's 'VISA' card. Under the Best Bank program cardholders were given a $600 credit line in exchange for charging a $500 travel club membership. The VISA program lead to the collapse of Best Bank last year as losses soared. The 'ACE VISA' carries a 19.92% APR and a $25 annual fee for any additional cards. For more information call United Credit at 800-469-5081.