I was shredding mail and that big yellow smiley face made me open the envelope. In fact it made me go a step further and study the terms and conditions.
I am sure all credit cards are just as vague and deceptive so this has nothing to do against Wal Mart specifically, just credit cards.
First I will share the bait and then we'll go into the fine print.
- First, I am pre-qualified, That means a card has been "reserved for me" even though they spelled my name incorrectly on the documents. Oh, but wait, I have a "Pre-Qualified Acceptance Number" which was generated specifically for ME! Oh well, everyone makes mistakes, I am sure it's legit and that they are looking out for me. Heck, it's Wal Mart!
- Sweet! I am getting 0% for 12 months, $0.03 discount on gas and I get $20 every time I make a purchase (hey, what do all those *** mean? hmm...I will look for a definition later, if I remember).
- Wow. I am even allowed to make payments in the store! This is just too good to be true. Mailing a check is way beyond my knowledge level and I always mess it up. Maybe when I go to Wal Mart to pay my bill I will pick up a ton of stuff that I don't need. Can I charge that?
- "We may refuse to open an Account if you no longer meet our criteria." Hmm. Refuse is a harsh word. Why aren't you being nice anymore? Where is the yellow smiley face? By the way, what is your "criteria" because it's not listed anywhere on the document that you are asking me to sign and submit personal information on.
- A "Premiere" account gets a rate of 12.12%, a "Preferred" account gets 18.12% and a Choice account gets 22.12%. I love it. If you are not Premiere or Preferred, you have no "Choice" but to get screwed. There is no indication what a person needs to do in order to qualify for any of these.
- I won't ever be delinquent because I know my rate goes to 27.24%. At least it's not 27.25%.
- Thanks for not applying a transaction fee. I love that point because that means you are not charging me to use your card where you charge me a ton of interest.
- Wait, that 0% offer is only good on purchases of a single item worth $797 or more? Hmm, do you guys even sell something that expensive?
Bottom Line - If you sign ANY documents that you don't read, you are going to get screwed and you're going to complain. Just read the papers and make an INFORMED decision. Do not be another fish waiting to be reeled in.
Mark
I'm pretty skeptical of credit card offers, but it's tough to compare them...who can read all those documents?
I think that's part of the game. Credit card companies know you won't read the majority of the terms.