I, like many Americans, have been getting several unsolicited offers for credit cards in the mail. A good number of these are decent offers that I just don't want. Some of the other offers are just plain ripoffs.
The companies I am going to mention are First Premier and Providian.
Providian has sent me numerous offers for a low intro APR and then a 23.99% APR. This is a rip off.
First Premier has sent me an offer and I will quote from the Terms and Conditions:
"The initial minimum credit limit will be $250 and the following fees will be billed to your first statement: Annual Fee of $48.00, Program Fee of $95.00, Account Set-Up Fee of $29.00, monthly Participation Fee of $6.00, and an Additional Card Fee of $20.00 (if applicable). If you are assigned the minimum credit limit of $250 your initial available credit will be $72 ($52 if you choose the additional card option)."
Blatant rip off!
I have an idea for what we as consumers need to do when we get asenine offers like this one. The offers always come with a postage pre-paid envelope. Here is what to do:
1) Rip up the offer, put it in the envelope
2) Write a letter to them telling them to never send you anything again. Put this in the pre-paid envelope.
3) If applicable, print out some complaints and put them in the envelope as well.
4) Mail the Envelope.
The rate for pre-paid envelopes is a higher rate than standard postage. It is also calculated based upon weight. So therefore it will be costing them more money if we all collectively keep sending their ridiculous offers back to them. Eventually they will reduce or stop the unsolicited offers and less people will be ripped off.
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