Congratulations! You’re Pre-Qualified!

Y’know, it’s been ages since I got a credit card offer in the mail.

Maybe it’s because I’ve moved five times in seven years and potential creditors have had trouble finding me.

Maybe it’s because my credit stinks and nobody’s wanted me anyway.


This morning’s mail brought a real doozy. Kind of a letdown for someone who, at age 20 had two gold MasterCards, a platinum Visa, and an AmEx….

But we mustn’t dwell in the past.

Anyway, this offer found its way to me at my current street address (a single family residence), but with an old apartment number tacked onto it. I haven’t lived in Apt C-9 since 2001, by the way. Good detective work, guys.

Seriously. I would love to know exactly how many people would actually agree to the terms of the Sketchy Evil Bank MasterCard.

The Offer:

Your available credit line of $300 will be reduced by an annual fee of $150 that will be billed directly to your account. So, your initial available credit will be $170 once you make your minimum monthly payment of $20 to activate. A monthly maintenance fee of $6 will be assessed once you make your first purchase.

In English

Initial credit line: $300

Upon approval, you’re immediately $150 in debt.
Once you receive your card, you must send in a $20 payment.

Once they’ve received and processed your payment, you may activate and use your card.

Once you make your first purchase, they begin charging a $6 monthly maintenance fee.

Now, they don’t mention anywhere that they begin accruing interest as soon as they tack the $150 annual fee onto your account, but I will assume they do.

So conceivably, it could be a month before you can actually even use your new credit card… 5-7 business days here, 5-7 business days there… but they’re already charging you interest on that $150!

Some Numbers

Annual Fee 150.00

Maintenance Fee (12 x $6) 72.00


Annual cost just to possess card $ 222.00
So basically, taking into consideration the cost of possessing this card, you really only have $78 to play with over the course of the year. Thanks, guys. I’ll get right on that.
Oh, and then there’s that pesky interest.

Other Terms and Conditions

19.50% APR on purchases

25.50% APR on cash advances

25.50% Delinquency APR for purchases

31.50% Delinquency APR for Cash Advances

5% Transaction fee for Cash Advances ($5 minimum)

$35 Late Payment Fee

$35 Over-Limit Fee

In Conclusion

In my mind, these terms verge on criminal. I’m still gagging on that 25.50% interest rate for cash advances. That’s just mind-blowingly nefarious.

These scumbags are getting $150 a year (plus interest) just for taking a chance on someone they’re probably hoping will get drunk on their own credit line and incur lots of late and over-limit fees.

I’ve seen “MAXED OUT”. I know how these people operate.

I’m not accepting this very generous offer, by the way.



Filed under consumer debt, consumerism, credit, credit cards, debt, evil, excess, frugal, hopelessness, insanity, materialism, money, money management, personal finance, saving, shopping, surviving, waste, wastefulness

3 responses to “Congratulations! You’re Pre-Qualified!

  1. Wow! That is like the worst credit card offer I have ever heard of!!!

  2. cclepew

    The absolute worse! Who would agree to that?


    I received so many of these offers. I thought to myself who in there right mind would accept this offer!!!! We have a bad credit history but we are not idiots.

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