Tuesday, December 19, 2006

Credit Card Rant

My wife and I use our credit cards a lot. We like the "cash back" and "reward" credit cards. We always pay our balance in full every month.

We decided to change credit cards.

I took about one hour to research various cards on the internet. I narrowed it down to four cards.

I contacted each credit card company.
One company I sent an email to
One company I exchanged 6 emails with
One Company I talked to two different people on the phone after navigating an awful phone
messaging service.
One Company I sent three emails and one phone call

In each case I requested the company send me a paper application in the mail. After two weeks; I have yet to receive one...

I have repeatedly been told to apply online, apply on the phone, etc. I keep telling them that I want a paper application...

I like to read the fine print...

They are incredibly inefficient...

Mike Sylvester


Doug said...

My guess is that, even with a paper application, the terms will only be good for a limited period of time. I believe that most credit cards allow themselves to change the terms, pretty much at will, and your continued use of the card signifies acceptance.

I believe they are also allowed to say that the new terms apply to any debt not paid off within the billing period -- probably 30 days.

Basically, I think everything is essentially up for renegotiation every thirty days. Your choices are to agree or pay off your balance and walk away.

But, maybe I'm wrong. I haven't done any serious research.

Craig said...

Hey man. It's a free market. Love it or leave it Vladimir.

Anonymous said...

No Mike, they are wonderfully efficient. You have no balance on your cards. Carry a big balance for a while and your mailbox will overflow with offers.

You don't have what they want. Good for you.

LP Mike Sylvester said...

My mailbox DOES overflow with offers...

Just not the specific cards I wanted...


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