The Cellar - Buyer's (dis)Advantage

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- - Buyer's (dis)Advantage (http://cellar.org/showthread.php?t=4774)

hot_pastrami

01-12-2004 04:47 PM

Quote:

Originally posted by OnyxCougar
I used to work at a Credit Card Company, and it's amazing how many people don't read the application.

We're Americans, damnit! True American's don't have time to read contracts, we want the salsperson to give us the gist of it. That's just as good.

Cough.

OnyxCougar

01-12-2004 04:51 PM

Um...salesman never talked to most of them. It was one of those "applications in the mail".

hot_pastrami

01-12-2004 04:58 PM

Quote:

Originally posted by OnyxCougar
Um...salesman never talked to most of them. It was one of those "applications in the mail".

Ah. Then substitute "large, bold font " or "front of the original envelope" for "salesperson." Reading is for people with too much time on their hands, or for folks with that fancy book learnin'.

Slartibartfast

01-12-2004 05:03 PM

Quote:

Originally posted by OnyxCougar
It clearly states (and in size 12 font) we will charge you this, this and this, and that leaves you little or no credit on the card when you receive it.

What kind of credit card arrives with no little or no credit available? I've never run into that.

My first credit card I got in college. Hey, free Slinky! Who could say no to a Slinky! I mean, look... it walks down stairs, and it was free!

I made sure it had no yearly service charge, that was the one thing I would never pay on a credit card.

OnyxCougar

01-13-2004 09:24 AM

It was a partially secured card. Our card was like the bottom of the barrel credit-rating wise, and was a really good tool to rebuild your credit (we reported to all 3 credit bureaus every 30 days.)

You could get one of 3 credit limits: $250, $400 or $600, depending on your rating. The "partially secured" amount was $200.

Here's where they ran into trouble:
If you didn't have the $200 to deposit (earning interest) up front, then we would charge the deposit to the card. So on one of the $250 cards, you got $50 spendable when you started.

Most people did not read this part. Most people got the $250 limit. All they saw was the $40 application fee (which they sent in) and then they'd get the card. That they couldn't really use.

But it was all right there on the application, in regular font, sometimes in multiple places on the form. But people don't read.

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