Commentary
Odious Solicitations
Credit Card companies send sneaky mail
A large beige envelope sent from a P.O. box somewhere in Richmond, Virginia came in the mail - how mysterious! The bland-looking package hadn’t any screaming signals that it was junk/solicitation mail, so eventually it landed on the kitchen table.
That was last week. Today, it was time to clear the table off because it will be used this evening as an examination platform for a visiting vet coming from Manhattan to check up on our two fat furry cats.
So, I decided to screen the mail heap again. The first two envelopes were bills. Unfortunately, I couldn’t ignore those. The third was a cancellation notice from Foreign Affairs - only a first warning; it could be tossed. The fourth was the plain, but slightly intriguing envelope from Richmond. I felt like Charlie Bucket searching for the Golden Ticket (OK, that’s a bit of a stretch). I opened it carefully, and to my horror, two giant, red “0%” signs stared me in the face (I could actually hear Nelson Muntz from the Simpsons chortling a very loud “Ha-Ha”).
I felt more than slightly stupid. I pride myself on my ability to screen junk mail. This was a slap in my face. Not only that, but it was from Capital One, the giant credit card issuer that I criticized last month. I have to give them credit - no pun intended - they’re getting clever at disguising their odious solicitations.
In the mood for a little more pain, I read the fine print on the back page, you know, just for fun. This is where you can easily discover how Capital One and its ilk make their dough. Late charges, if you pay 3 or more days after the due date, starting at $15 are levied for balances up to $100, reaching $39 if your balance exceeds $250. They also charge equally exorbitant fees for exceeding your credit limit, AND if you are late twice within a year, they can bump up the interest rate they charge you.
The good news is that they are required to inform the public they prey upon that it is possible to stop receiving all “prescreened” credit offers by calling 1-888-5-OPT-OUT.
The really scary thing about this is that anyone with my Social Security Number could fill out these “No Hassle” application online or over the phone and start charging my life away immediately.
It really is unbelievable, despite all the problems stemming from excessive levels of consumer debt, these companies still chug along, trying to hand out thousands of dollars in credit at the click of a mouse!
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- The credit bubble blew up in ‘05
- What’s in Capital One’s Wallet?
- Debt leads to families living in boxes
- Banks Bounce Back from the Dead
- Take my house, please!
Tags: Capital One, Commentary, consumer-debt, credit card companies, credit limit, credit-card, credit-card-debt, debt, fine print, junk mail, scam, Social Security number Discussion
4 comments for “Odious Solicitations”
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give ‘em hell Greg! I keep getting solicitations despite the fact that my credit is sucking these days due to the predatory terms in the fine print, which of course I did read (not!). thanks for posting that opt-out number, I’ve been meaning to make that call for a while now. hey, inspired by you and other bloggers, I’ve entered the fray with my own contribution- musings of a muso, check it out. I decided I’d call it “Resilient Brazilian”, since that’s what I’ve been, as a freelancer, since as far back as I can remember. Plus, it sounds like a cool, nerdy name for a band (maybe my next mutation on that title).
of course, you could just be responsible enough to pay on time, and not go over your credit limit….
oh, i’m no fun anymore….:)
Be careful with the opt-out number- they require your SS number, which is complete BS because it will end up in another data base. As for paying on time, yes, people should, but the fees are still outrageous. The most disturbing aspect about these solicitations is that anyone can fill these applications out and then charge up a storm- and YOU, as the victim of identity theft will be held responsible to clean up the mess.
Those guys seriously suck. It took me years to pay off my stupid post-college debt and I know that I wound up paying in interest more than I even owed initially. Frustrating.