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Credit Card Offers / Read the Fine Print
By Laney Overland
Why do credit card companies often use fine print to explain their terms? Because they don't want anyone to read the fine print. Unsolicited offers of pre-approved credit cards are mailed by well-known credit card companies even to people who are virtually homeless, jobless, pennyless and on verge of bankrupcy as long as there is a mailing address on file. These loan offers are unsecured by any valuable property. The offers are beautifully formatted, with lots of spaces and large bold-faced print on the front of the page. They sometimes offer "bonus features" such as monthly access to one's credit score and many choices of credit card designs. Anyone with access to the mailbox could easily activate the offer by phone, Internet or return mail. Scary. An example of a recent offer was for a $1,500 credit card limit, available at an enrollment cost of $69. The annual fee charge is almost $6 monthly and the interest rate is is $23.9%. Cash advances are no problem at a minimum fee of $5. Charges for late payments and going over the $1,500 limit are $30 and $32 per incident, respectively. I can only wonder how someone with no known source of income could pay for such an expensive credit card. I guess that credit card companies are using the losses to offset their income and that you and I are actually going to pay for the credit cards issued to people who are known poor credit card risks. Let's read the fine print. |
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