Jaw dropping junk mail offer

by Gregor 18 Replies latest jw friends

• 

  Gregor

  I can usually identify junk mail without opening it and it goes in the trash. This one I opened and scanned. Then I read it again more carefully. I couldn't believe it.

  The pitch - "you have qualified for a MasterCard with a $250.00 credit limit - regardless of your credit history!"

  The fine print - When you respond you will get confirmation within 60 seconds.

  Min. credit limit $250.00

  program fee - $95.00

  set up fee -$29.00

  annual fee -$48.00

  mo. service fee -$ 7.00 (x12 = $84.00)

  AVAILABLE CREDIT ON FIRST STATEMENT - $71.00

  fee for a second card - $20.00 - This reduces available credit to $51.00

  Obviously, these blood suckers are getting victims to go for this rip off. A shame. They should be in jail.
• 

  nugget

  I saw one of the adds on TV for payday loans the small print had the APR as over 2000%. Seriously I couldn't believe it. You'd have to be totally mad to go for something like that but people do.
• 

  thetrueone

  It may have been a phony devised offer to get peoples personal information from them.

  I have heard of creditors taking advantage of the economic problems and offering credit at an alarming rate of 90% interest rate.
• 

  Farkel

  :I have heard of creditors taking advantage of the economic problems and offering credit at an alarming rate of 90% interest rate.

  There was a case recently where an 18 year old girl got a $250 limit "MasterCard" and it was never used by her or anyone else. Two years later, she had an outstanding balance of over $600 on the card and it had still never been used.

  Farkel
• 

  sacolton

  The Credit Card companies are the devil!
• 

  thetrueone

  Whats troubling is since these offers are being distributed by e-mail they have the potential to

  by delivered to venerable teens and the elderly that may not have credit or lost their credit in the past.

  The possibilities of enduring harm to these people is disturbing in itself.
• 

  kitten whiskers

  We've seen those before. It should be illegal and punishable for them to "scam" people with that.
• 

  cameo-d

  Nugget: "You'd have to be totally mad to go for something like that but people do."

  I don't think it's so much that "people go for it"; I think people fall for it.

  Why? Probably for some of the same reasons many people became JWs.

  Maybe they want to believe the best in people (or companies).

  Maybe they want to believe that others have their best interest at heart, because they feel that way about others.

  Maybe they are a bit weak minded, don't understand all the fine details, but the initial hook sounded like a good thing.

  Maybe they trust that their laws would not allow something so blatantly deceitful and mean.

  What kind of people do such things? To take advantage of those who may not be so smart or keen or wise to being fooled? Why do we continue to allow them to operate? Why are those in authority allowing this?

  Please give the name of the company doing this. We need to name names and shed light on this.
• 

  mrsjones5

  The worst subprime card

  Centennial Gold MasterCard from First Premier Bank

  Once again, there are plenty of awful options in this category that caters to folks with bad credit, but the Centennial Gold MasterCard distinguishes itself in a crowded field.

  "This subprime card boasts a 9.9% fixed rate, an amazing rate for any subprime offer," Arnold said. But when you look under the hood, you find a nest of fees:

  • A one-time account set-up fee of $29.

  • A one-time program fee of $95.

  • An annual fee of $48.

  • A $7-a-month servicing fee, which equals an additional $84 per year.

  "So, if you get approved for a $250 line (of credit), you are out $256 in fees during your first year of card membership and only have $71 available credit your first month," Arnold noted. "What a rip!"

  It's cards like this that caused Congress to rewrite the rules on fees as part of the new credit card reform bill, McHenry noted. After February 2010, issuers won't be able to charge fees equal to more than 25% of a card's limit. (See "What the new credit card law means for you.")

  http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/the-worlds-worst-credit-cards.aspx
• 

  Elsewhere

  Sometimes I wonder what would happen if baseball bat wielding mobs had the home street address of people responsible for such scams.