Look at the terms of this credit card offer I just recieved -

[Skip Intro]

Intro rate of 0% for a few months. But check these terms:

(I bolded, italicized, and underlined portions)
-----------------

To receive this low APR, your account must be in good standing. Your account will not be in good standing if any loan or account with us or any other creditor is past due , your account is overlimit, you make payment to your account that is returned unpaid, or your account is closed for any reason. This 0% introductory APR could be yours - but you must act now

----------------

So how are they going to know if I'm ever past due with any of my other creditors? Is that even legal? Did it just become legal?

that was on the front. this is from the back:

-------------
You understand that the terms of your account, including the APRs are subject to change. This means that 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. We reserve the right to change the terms (including the APRs) at any time for any reason. In addition to APR increases that may occur for failure to comply with the terms of your account. ...
--------------

Think they plan to change the APRs?

If "fixed" can be changed to "variable" then its not really fixed, is it?

So if I act now, I can get a 0% APR intro rate unless I’m ever late with any payment to anyone ever again, or unless they decide to change it, for any reason - even greed.

Its bullshit with a pretty bow on top. I think I'll send them my terms for being one of their customers.

[tsuki]

1. I watched Senator Dodd on C-Span. They can charge you

retroactive interest if they want.

[tsuki]

2. Sorry, dupe. Said it didn't process. Error.

[PassingFair]

3. Oh they can do it alright! Check this out:

One day, out of the blue, I get a call from the local electric company, asking me where their $700 is from 3 years ago.
I say, "I don't owe you guys $700!!"
They say, "Are you Lotte A. Lenya?"
No, I say, "I'm Lotte M. Lenya".

Tough shit for me.

Because Lotte "A" Lenya had an address 3 years ago that contained the same address numbers as mine (different streets, different apartment numbers) the power company slapped MY social security on the debt and sold it to a collection agency!

They were really crappy about it, too. I had to document and send copies of my addresses going back 10 years.

Then, I noticed that my credit card interest rates jumped, like up to 21% on one of them (Fleet). I had to clear everything up with them too, and they were so UNHELPFUL (I'm being generous here) that I just paid off the card and tore it up.

They can do whatever they want. With the implementation of the new bankruptcy bill, it will only get worse. MUCH WORSE.

[electricmonk]

4. Since the passage of the new bankruptcy law

Any offers from credit card companies I get in the mail I write "bite me" on one of the inserts without my name or other info on it and send it back to them in their postage paid envelope. Juvenile perhaps but it makes me feel a tad better.

[Up2Late]

5. If you have a Paper Shredder, walk directly to it and shred that CC

offer, Most Credit Cards are bad deals these days, but that's one of the REALLY bad ones. That's one of the type that quickly turn into a Credit Parasite that will suck you dry very quickly.

You should check out this website, Frontline did a show a few months ago called "The Secret History of Credit Cards." It's really well done, and if you can spare an hour, you can watch it on-line. Plus the website is really well done also. <http://www.pbs.org/wgbh/pages/frontline/shows/credit/>

Lots of great stuff at Fronline .org , including an amazing show on how Corporations shelter the money they make and almost pay NO taxes either.

[NMMNG]

6. This isn't new, and it is legal

So how are they going to know if I'm ever past due with any of my other creditors?

All they need to do is check your credit report from time to time. Any time you are over 30 days late on a bill the company will report it to the 3 credit bureaus. Once it's there it stays there for around 7 years. If the company checks and finds even one payment overdue by 30 days they can raise your interest rate and screw you.


They tease you with a "0%" rate, but screw you up the backside if you deviate from their draconian list of rules in the least, or if the government changes the interest rates, or if the moon is in Venus, or if the CEO needs a new Jag.....