onecitizenspeaking.com
The innovative industry marketing ploy of a 0% teaser rate offer is said to be the brainchild of Andrew Kahr, an industry credit card consultant who realized that in a world of competitive offers, a zero percent rate was a surefire means to attract your attention and get you to open the envelope. Even though the teaser rate will be honored by the credit card issuer through the specified period, the fine print makes it perfectly clear that if you miss a payment, go over limit or bounce a payment check, the teaser rate can instantly convert to the highest rates allowed by law.
The disclosure goes on to state that there is a different rate 3.99%) for balance transfers and the teaser rate is only available for three billing cycles instead of the six billing cycles mentioned for the teaser rate. It is as if the bank is relying on your first impressions of the advertising BOLD print and counting on the fact that you will let the rest slide under the radar. And again with the weasel words, "depending on how you meet our credit criteria."
The innovative industry marketing ploy of a 0% teaser rate offer is said to be the brainchild of Andrew Kahr, an industry credit card consultant who realized that in a world of competitive offers, a zero percent rate was a surefire means to attract your attention and get you to open the envelope. Even though the teaser rate will be honored by the credit card issuer through the specified period, the fine print makes it perfectly clear that if you miss a payment, go over limit or bounce a payment check, the teaser rate can instantly convert to the highest rates allowed by law.
The disclosure goes on to state that there is a different rate 3.99%) for balance transfers and the teaser rate is only available for three billing cycles instead of the six billing cycles mentioned for the teaser rate. It is as if the bank is relying on your first impressions of the advertising BOLD print and counting on the fact that you will let the rest slide under the radar. And again with the weasel words, "depending on how you meet our credit criteria."
"Other APRsBalance Transfer APR: 3.99% fixed for the life of the balance on
Balance Transfers made in the first 3 billing cycles after your account is opened.†
After that, 9.99% APR, 13.99% APR, or 17.99% APR as of 02/01/2008 depending on
how you meet our credit criteria.†*" But notice the exorbitant rate of interest for
cash advances, especially if you should meet any of their default or
penalty provisions... "Cash Advance APR: 23.75% as of 02/01/2008.†*"
"Penalty Rate APR: up to 31.75% as of 02/01/2008 (see explanation below).†*"
"Penalty Rate APR: up to 31.75% as of 02/01/2008 (see explanation below).†*"
Again each item carries a footnote often indicating more unpleasantness to come rather than a further explanation of the footnoted item.
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