Capitol One Credit Card Offers

About 7 months ago I spoke with a friend of mine who received a Capitol One credit card offer in the mail and since he knew that credit and finance was my expertise, he asked me if he should accept the pre-approved offer with a $300 credit limit.

Having had a Capitol One card in the past, I was very suspicious and cautious in recommending that he take them up on their offer but in the end, I relented and told him that although the interest rate was a bit high, it seemed like a fairly good deal as far as poor credit card offers are concerned.

Well, to make a long story short, he ended up accepting the offer and for seven months straight he paid the entire balance in full and never paid a cent of interest. Today, my friend informed me that Capitol One had raised his credit limit from $300 to $2300! Now that’s what I call a great return on investment! 

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When Bill Collectors Call Me...

I don’t get angry or upset like most people do. In fact, I actually welcome the calls because at this point in my life I just find them to be a great source of entertainment. When bill collectors call me I listen to each and every voice-mail in its entirety... the more outrageous the call, the better!

I don't know how many times they've threatened to send a courier to my home or place of employment with a summons if I didn't call back right away. So far, it’s been going on 3 years and no one has ever shown up at my home or workplace.

So, the next time someone calls and says you're going to be served the next day, just tell them “OK, I’ll see you tomorrow!” I promise that will be the last you’ll hear of it until they sell your debt to someone else and the threats start all over again.

As for myself, when I get those calls I let them go straight to voice-mail so that I can download them to my computer using Google voice, then upload the audio to my blog so that others can hear these outrageous calls and know there's nothing to be afraid of.

So you see, while they’re making a mockery of the crap-hole industry they work in, I’m sitting back in front of my computer with a glass of wine making a mockery out of them by exposing all their dirty little secrets to the public for all the world to see. If I were a bill collector, I’d hate me too!

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First Interstate Credit Card Offers

While watching TV on my day off, I hear the loud thump of junk mail hitting the floor as the mailman jams it through the mail slot. One piece of said junk mail had a firmness to it which typically indicates a credit card offer. I open up the letter and sure enough…it was an offer from First Interstate Bank.

That is, if you want to call it an offer. The letter said that I was pre-approved for a $400 credit limit. Not bad, I thought. Then I looked for the “gotcha” and it didn’t take long to find it. The interest rate was a whopping 36%!!! If that wasn’t bad enough, it came bundled with a $99 a year fee just for the privilege of being able to carry the card around and say you have one.

They call themselves lightening the load by allowing you the ability to break the $99 up into 12 equal payments of just $8.25 per month!!! Having had previous experience with another First Interstate Visa with an interest rate hovering around 24% and a similar fee structure, I was quite familiar with the term “being raked over the coals”.

If I had any balance at all, my monthly payment along with the $8.25 monthly maintenance fee left very little cash being applied to the cards principle. I paid on that card for nearly a year and the money I poured into it each month could barely be noticed. Just imagine that same scenario at 36% APR!!!

Even with a zero balance, the maintenance fee made it nearly impossible to pay the card off for more than 30 days at a time before the next fee was due. God forbid you’re ever late because then you’d be hit with a $35 fee for making a late payment on a payment that you should never have had to pay in the first place!

Who wants to bust their rear end to pay a credit card off so they can finally reach a zero balance only to continue having to make a payment each month? It makes no sense. If this isn’t a pure case of predatory lending then I’ve never seen one. I tossed that offer right In the trash.

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