Dear Editor,
First, I would like to say I enjoy your local magazine and look forward to seeing it grow. I am writing to express a concern regarding all those "pre qualified" credit card offers we all get in the mail.
The one I received today I just couldn't believe and felt the urge to discuss it. It was a Master Card (Tribute) card. it boasts all over the envelope and inside materials that there was no deposit required, no application fee, and of course I am "pre-qualified" as I am sure everyone else they have an address for.
Well, the annual percentage rate is 19.5%* but ok, that's not my issue when you go to the bottom and look to see what they say under ANNUAL AND OTHER FEES FOR INSURANCE AND AVAILABITY - "what's that mean anyway's?"
the following is listed:
Annual fee: $150.00 per year
Account Opening fee: $29.00 one time fee
Monthly Maintenance fee: $6.50 ($78 per year)
So that's $150 + $78 = $228. a year -- plus the one time fee to be able to be honored enough to open the account of $29.00 - but they advertise all over the materials there is NO DEPOSIT REQUIRED OR APPLICATION FEE.
they charge up to 31.50% on delinquent accounts.
How and why does the government allow this type of obvious scam to take place? Not only do they scam people that do not seriously look into what they offer they then have the nerve to tack on an additional up to 31.50% when the people end up having to deal with the mistake. I love America - but in this instance MASTER CARD makes me ashamed of the capitalist attitudes that its fine to allow this type of "business to occur".
I hope the readers that see this will send a copy of this email to everyone they know.
If they would like to contact the Better Business Bureau
Thank you,
Someone that doesn't want to be ashamed of the "American style" of business that MASTER CARD feels is right.
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