Thursday, October 23, 2008

cause and effect*

in the past 2 or 3 months, since the national economic crisis started to go from very bad to worse to ridiculous, i have received more applications for credit cards, home equity loans or mortgage refinancing, and car loans than ever before.

they all have those special 'american sucker' low introductory rates, and they all have offers to transfer balances from anywhere they can.

seems like more of the same shit to me that got us into this mess.

*TERMS AND CONDITIONS:
Length of your introductory period will be 0.0% for 12 months from the date of cardmembership on purchases and balance transfers, 0.0% for 9 months from the date of cardmembership for balance transfers and purchases or 0.0% for 6 months from the date of cardmembership for balance transfers and purchases depending on our review of your application and credit history. After the promotional period ends, the standard purchase APR will be applied to all balances. (As of October 11, 2008, the standard variable APR for purchases is either 8.24% Rate 1, 12.24% Rate 2 or 16.24% Rate 3 in that order based on our review of your application and credit history, standard variable APR for cash advances – 19.99%.) However, if you default under any Card Agreement, we may automatically increase the rate on balances (including promotional balances) to a variable default rate of 28.99%. Minimum finance charge - $0.50. Foreign purchase transaction fee - 3.0% of purchase amount after conversion to U.S. dollars. Cash advance fee - 3.0% of cash advance amount, $5 minimum. Balance transfer fee - 3.0% of balance transfer amount, $5 minimum. New cardmembers only. Subject to credit approval. Additional limitations, terms and conditions apply. You will be given further information when you apply.

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