Can You Believe This Credit Card Offer?

Mock credit card

Where do I start with this crazy rant about this new credit card offer?  Well, perhaps if I begin with some interesting facts.  To begin, we don't have credit cards.  We used to, but they got us into lots of trouble with debt.  Needless to say, we don't want to have anymore debt than we already have.

This offer was presented to my husband.  The Pre-Approved Status has been confirmed for a Platinum Visa card with a possible credit line of UP TO $1,500.  There is no enrollment fee, but if you look at the back there is a $75 first year Annual Membership Fee with a subsequent Annual Fee of $99 (for the years, thereafter), billed at $8.25 monthly.  I must mention that if the initial credit limit were to turn out to really be $300, then the $75 would be deducted from it so you would only have $225 to begin with. Does that sound at all appealing? 

I do want to congratulate the Credit One Bank for spelling everything out so nicely for me to understand.  Lest you wonder what the Annual Percentage Rate is, let me clue you to that: 23.90%.  That's amazing, isn't it?!  Also, there is a Minimum Interest Charge of $1.00 for every billing cycle in which an interest charge is due.  This means that if we failed to pay off the entire balance by the next billing cycle, there would be a guaranteed extra $1.00 attached to the total due.  Isn't that just so wonderful for them?!

Will we be accepting this offer?  NO!  Even if we wanted to re-establish our credit, this kind of offer is built for the benefit of the bank that sent this application to us.  We, as consumers, must, must, must learn that this type of bank is what is called a  predatory lender.  That means that your money is prey to these money hungry entities. The fees are too high, and the consequences of more debt and headaches aren't worth it!

I write this entry to entertain, inform, and vent about this type of injustice.  Please understand that it is important to read the fine print in these credit offers.  I want my teenagers and everyone else to read this because we need to recognize the importance of reading and math in everyday life.  Please consider spreading the word about this issue.  It is important for everyone to open their eyes to the reality that as the government attempts to regulate these credit extenders, the very banks and companies are finding new ways to part you from your hard-earned money.
 

How about you, my beloved readers?  Have you been offered such ridiculous credit offers as this one?  Please consider the facts before signing on the dotted line for more credit.

Thanks so much for reading about this important issue.

Blessings of peace to you all, my family and friends.