"Beware That New Credit-Card Offer "

[hedgehog]

Amid all the junk mail pouring into your house in recent months, you might have noticed a solicitation or two for a "professional card," otherwise known as a small-business or corporate credit card.

If so, watch out. While Capital One Financial Corp.'s World MasterCard, Citigroup Inc.'s Citibank CitiBusiness/AAdvantage Mastercard and the others might look like typical plastic, they are anything but.

Professional cards aren't covered under the Credit Card Accountability and Responsibility and Disclosure Act of 2009, or Card Act for short. Among other things, the law prohibits issuers from controversial billing practices such as hair-trigger interest rate increases, shortened payment cycles and inactivity fees—but it doesn't apply to professional cards (see table).

http://online.wsj.com/article/SB10001424052748704913704575454003924920386.html?mod=WSJ_hps_sections_personalfinance


Well, damn, I was wondering why we kept getting all those offers for a small business credit card!

May I humbly request we keep this kicked for the day crew?

[KT2000]

1. Sure! K & R

:kick:

I wondered why those things were coming in the mail lately.

[slipslidingaway]

2. knr nt

[nightrain]

3. knr. I got one of those Chase offers today, and kindly sent back my rejection

with the first two pages of the WSJ article. They get more and more devious. I refuse to do any business with those big banks.

[HarveyDarkey]

13. I also send them back

but the envelopes are filled with shredded paper from prior offers (pack 'em full so they're overweight). As long as they send me junk with pre-approved postage, I'll send them junk using their pre-approved postage. Gotta support the "socialist" post office, don't you know.

[Sherman A1]

14. Absolutely!

Tape the envelope to a brick!

[HarveyDarkey]

15. Well I haven't gone that far (only returned what they sent me)

but it's a thought

[Sherman A1]

24. Think of it as an opportunity for the

banks & CC companies to subsidize the post office, which certainly could use the help.

[brewens]

45. Tried it once and my mailman wouldn't take it. He did think it was

funny though.

[AllyCat]

52. There is actually a limit on the amount (like $6)

But I have enclosed other junk mail, the envelope in which the crap arrives, small pieces of non-sharp sheet metal...

When they try to fool you by sending a post card instead, then I tape the postcard to the outside of the envelope stuffed with junk. Remember, it takes a lot of paper to make $6 so go hog wild!!

[jmowreader]

53. No, don't do that...

Go to the local lumberyard and buy three or four Simpson TP37 tie plates. They're made of steel so they're nice and heavy, and they're 3" x 7" so they'll slip right into a number 10 envelope. Plus they're about a buck and a half apiece. Duct tape them together, then tape them into the envelope so they won't slide out, and mail it off.

[AnArmyVeteran]

16. I used to get 'prizes' from my cat's litter box and mail them to tobacco companies.

They always sent me postage paid envelopes. Big mistake. I filled them with dried cat turds and included a message saying "you sent me crap and I'm sending crap back to you". Of course these days that might be considered a terrorist act.

[pattmarty]

46. Love it!!! That is right up my alley.

[AnArmyVeteran]

47. You fight fire with fire, and shit with shit...

But make sure you don't leave any fingerprints or saliva on the envelopes! And scratch off any codes that might be on the return addressed envelop too!

I'm glad there's another person out there who is as crazy, er 'creative', as I am.

[pattmarty]

54. My friend, we need a lot more "creators" out there.

[Wednesdays]

4. K&R

:kick:

[WhiteTara]

5. kick n/t

[druidity33]

6. K&R, nt.

[Little Star]

7. kick

[Towlie]

8. Bank of America is trying to sell me this:

As a valuable Bank of America customer, you have been invited to apply for the Cash Rewards For Business MasterCard®

* 0% Introductory APR on purchases for the first 6 billing cycles
* 3% cash back on frequent business expenses at office supply stores, gas stations, and for computer network services*
* 1% cash back on all other purchases
* No annual fee

... and I don't even own a business.

[phantom power]

9. Heh -- reminds me of the auto industry pushing SUVs after CAFE

Find a regulatory loophole and start building your biz-model around the loophole.

[Tesha]

41. That's what makes America Great! (or something) (NT)

[Mimosa]

10. Thanks for the info! n/t

[Glenda]

11. I've been getting them too...

I was wondering if my opt of from credit card solicitations had expired, but maybe they the Business Card offers are exempt from that too?

[dhill926]

12. thanks.......k & r

[lsewpershad]

17. K&R

[JerseygirlCT]

18. K&R

[cachukis]

19. K & R

[saigon68]

20. 1

[davidwparker]

21. There is NO LONGER a card which I will accept. I'm paying

off the two that I owe and will close the one that has the highest APR. The one that remains will have such a credit limit decrease.

[uncommon]

56. That's going to destroy your FICO score...

just sayin'.

Credit cards are an inconvenient necessity in this country if you want to be considered a low risk for credit.

[davidwparker]

59. Thanks for the feedback, but will have to rely on the

monthly mortgage payment to show loan repayment.

[Raster]

22. Kick!

Fuck Capital One!

[BlueIris]

23. K&R. nt

[usaf-vet]

25. We need more government regulations not less.

who should I get to regulate this type of misleading credit card activity. My state government, my county government, my city councilors, my local school board? Oh! OH I know how about my neighborhood watch committee. I'm sure they can push back against Capital One and Citigroup. They'll make them follow the rules OR ELSE!

[Vickers]

40. Just so you know...many of us here speak Sarcasm.

USAF vet, huh? Maybe I know you...

[old mark]

26. Got one from Citi last week - 24.9% after the honeymoon...

I know they think I'm stupid, but I'm not THAT stupid....


mark

[awoke_in_2003]

27. thank jeebus we reformed wall street...

:sarcasm:

[orbitalman]

28. I am a recipient of these solicitations...

For me, the interest charged alone is enough to continually pitch these into the paper recycle. Then too, about 6-8 of these come per week in my name and my wife's. Unbelievable. Trying that hard, you just know something has to be wrong. Capital One is the biggest offender for me. :mad:

[crim son]

29. Interesting.

I've receieved a bunch of offers lately after not seeing any for a couple years. I never open them because I don't want a credit card, but I bet some of the offers are what you describe. Bastards.

[peacetalksforall]

42. You never open them? I've been told that you have to remove your name which will

usually appear twice before throwing the rest of it in the trash. And you have to destroy the plastic card that goes with it because there is or could be code that has your name identification - often used to activate the account - then they send a regular card.

If someone fishes it out of your garbage unopened they can sign your name to the paper and use the card.

They also told me that the cc company might approve anyone despite their credit score in anticipate of the hight credit rate that will follow soon. It's like the mortgage crime - getting you or a criminal signed up pretending to be you.

This is second hand, but it makes perfect sense.

Perhaps someone will correct what I said if incorrect.

[crim son]

55. Shredder!

It's an invaluable tool.

[FreeJoe]

30. Opt Out

You can opt out of all of those "pre-approved" credit card offers. We used to get several a day. Now we get none. Go to OptOutPrescreen.com.

[bvar22]

31. Not surprised.

And I won't be surprised when the Health Insurance Industry finds ways of circumventing the weak regulations that were imposed on them in the "historic" Health Care Reform,

or when Wall Street finds ways around the weak (non)regulations that were imposed on them too.

After all, they were written by the lobbyists FOR those industries...trap doors, loopholes, and ambiguous (weasel) wording all a part of the "historic comprehensive reform" packages.

:(

[timefortherevolution]

32. They're all part of a crime syndicate.

Zero trust in banks.

They're well dressed gangsters— that's all.

Except the laws don't even apply to them and any that do, their lobbyists rewrite.

[Kablooie]

33. What's the difference between a Prof card and a credit card, (other than they can scam you with it.)

[SharonAnn]

44. Prof card doesn't have to play by credit card rules. They can gouge you legally.

[AllyCat]

34. Figures. You CAN live just fine without a credit card.

The ONLY time it has been an issue for me is renting a car. You just find out ahead of time which rental agencies accept your bank debit card and work with them. Cash and checks rock.

[metapunditedgy]

35. The people responsible for this need to be put in prison. This is just as violent

and harmful to society as a lot of crime that gets (so-called) lower class people thrown in jail.

This is violence, plain an simple.

It's absolutely disgusting that someone would think this it is acceptable to profit from other people just because of their inability to read legal-ese, or to understand the intricate (and hidden) details of Wall Street finance.

[me b zola]

36. K&R

[guyton]

37. opt out of getting credit card offers!

Many years ago I sent in a postcard to remove myself from their lists ... and astonishingly it worked!

My wife stills gets a lot, but I can't remember the last time I got an offer for a credit card (and I know
what you're thinking, but my credit is fine!).

A quick google, and I think the same thing is available here:

https://www.optoutprescreen.com

You milage may vary, but FYI!

[Odin2005]

38. credit cards = EVIL.

[Oceansaway]

39. K&R...n/t

[BREMPRO]

43. bastards.

[bertman]

48. kicking again. Thanks for posting this, hedgehog. Rec.

[DimplesinMI]

49. Be aware...This also applies to business bank accounts

That is why I am closing mines on Tuesday and making it a personal account.

[Danger Mouse]

50. sleazy blood suckers.

they make me want to puke.

[Frisbee]

51. Kicked. n/t

[proteus_lives]

57. I have one credit card and I always say no to other offers.

No, no, no!

I don't need or want other cards.

[superconnected]

58. 1-888-567-8688 aka 1-888-5optout To stop credit card offers for 5 years

Some can still get through but this takes care of most of them because it stops the big credit reporting agencies from selling your information.

You have to call them again and opt out every 5 years.