Are we giving them permission to pick our pockets?
I was going through my mail yesterday when I spotted another “pre-approved” credit card solicitation.
I opened the envelope and I did what I always do when I get these offers: I looked at the fine print to see if it contained the disclaimer all credit card offers (as far as I know) have: ”We reserve the right to change the terms of your account (including the APRs) at any time, for any reason…”
Just in case you didn’t know, I wanted to point it out. Next time you get another offer (and it doesn’t matter how low the APR they offer you is), check out the fine print. It is very straightforward. They can increase the APR just because they feel like it, and they don’t have to give you any explanation about it.
By signing their offer, however, we are giving them permission to do whatever they want with our APR. We have seen numerous cases of people whose APRs went from 7% to 35% from one month to the next, even when they were paying their statements on time.
Do you want to do business with companies that treat you like that? You work hard for your money, don’t you? Don’t let them pick your pockets.
Please, make sure you tell all your friends about these tactics. Refer them to this blog so they can become aware of what they are doing to us.
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