Screw the Consumer

Now that I have some credit history in this country, I am receiving a lot of credit card applications. A lot. No more than most I’m sure.

If you get one of these and it has a prepaid envelope to return the application, return that envelope empty. Make them pay for sending you junk.

Here’s a great paragraph from a Countrywide Platinum card application form’s terms and conditions (I have a mortgage with Countrywide which, of course, gives them every right to send me unsolicited mail!!! Not.):

PROTECT YOUR CREDIT RATING: During difficult times, your credit card payments will be suspended and your credit rating on this account may be protected. The cost is only 79c per $100 of your ending monthly statement balance and will be conveniently billed to your credit card each month, unless you cancel. When you do not have an ending monthly statement balance there is no charge.

Let’s examine.

This is a ransom note. If you pay us 79c per outstanding $100 of credit, and you screw up with payments, that’s not a problem. Call it protection money. Maybe even your financial balance ‘bouncer’. Don’t pay us the ransom and forget to transfer a minimum monthly payment: bend over and face our wrath. You’ll head down the route of debt collectors that’ll make the card companies even more money (deliquent debt is the new, unlimited cash cow for credit companies). Hang on… sure they want to include this paragraph?

Wait - did I notice that the ransom/protection money will be conveniently billed to you? There’s that chestnut again. Convenient for who? Not for Mr Being-Screwed-By-Credit-Card-Company cardholder. The mafia should take some notes on extortion here. They could learn something.