I love credit card offers. They are packaged so well.
- Slick-looking logos and card designs
- Use of flattering language like "pre-approved", "Platinum Credit Card Benefits", "Financial Benefits", and "Invitation"
- Urgency – "This is a limited-time offer!" They fail to mention that the time is only limited by Jesus' return to Earth (could be tomorrow – maybe they are right!)
- "Fixed APR"
Sounds great, right? WRONG!
Let me share some direct quotes from the same offer.
- "We reserve the right to change the account terms for any reason" In other words, "Dear Customer – You have NO rights!"
- "We allocate payments at our discretion. This means, for example, we will allocate payments to pay off your 0% introductory APR balances before higher APR balances." In other words, "Dear Customer – We are going to stick it to you!"
- Regarding "Fixed APRs", the small print states "The APRs for this offer are not guaranteed; APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs. Any changes will be in accordance with your account agreement." What? A "Fixed" APR is not fixed?!!! And regarding the fact that changes will be in accordance with the account agreement – the agreement is that the credit card company can change the account terms for any reason!
Another story of life-change was released on the podcast today! Have you listened to the Podcast from Joe? To subscribe to the podcast using iTunes, click HERE. If you do not have iTunes, you can download an mp3 by clicking HERE.