Watch Out for The Plain White Envelopes
A technique that some credit companies are using- whether intentional or not- is offering a promotional or introductory offer for new cardholders. When you sign up for the credit card under the terms of the introductory offer, you expect to get that offer of course!
Keep an eye on plain white envelopes that might soon after be delivered to your mailbox. Often, it will have a return address but no indication of who the envelope is coming from- and because it looks like a credit card offer many people just toss it in the trash.
The problem is, many of these plain white envelopes contain updates to your credit card terms and policies in the form of “changes to our agreement”. The grace period may be shorter, the late fee may increase, or an annual fee may be added or increased. If you see these changes after you sign up for a credit card, it’s probably a good idea to keep looking for some better credit card offers.
Coleen said,
June 11, 2008 @ 7:13 am
Thanks for the goods advice. I get credit card offers every day of the week in my mail box……literally. It’s got to the point where i do exactly what you say other people do. I just throw them in the bin before i even open my front door. It’s just so easy to get a credit card when you are considered to a have a ‘good credit rating’ and the offers of transfer low % or 0% on balances is a blatant trap for many people. Trouble is, when the credit card companies send a notice that relates to the ‘terms of agreement’ for the card, they are so long that i am sure i am not the only one that would say is put off from sitting down to read the terms and conditons anyway. I never knew though that it could be a change in the terms and conditions so thanks for the tip. Next time i will make a point of opening the envelope.