A few days ago, I got a credit card solicitation from an outfit called "Upfront Rewards." In this case, the reward was a Dell desktop computer. Not top of the line, but upgrades were available for an additional price. When I get all these offers, I like to look at the fine print. Here's how this particular offer works.
Let's say you want this computer as a reward. What you have to do is transfer a balance of at least $3,500 to their credit card account. That seems like a reasonable request. But here's where it gets interesting. In the next year, you cannot let the balance on your account fall below a certain threshold (which I seem to recall was $2,500.) Otherwise, they will place a $600 charge on your account!
So you get the computer, but this bank will either stick it to you on interest or stick you with a fee - either of which is sufficient to pay for the "free" computer. I think through Dell a comparable computer would run you about $500. Obviously this bank gets a volume discount, so their price is likely closer to $350. Seem to recall the lowest interest rate (it was variable based on creditworthiness) was 13.9%. So 13.9% of $2,500 = $347.50.
Ain't that just a ripoff? Ok, it's an innovative way to make a profit. This bank has got to be laughing all the way to the...oh, you know.
Needless to say, my 4 month old Dell (actually similar to the one they're "giving away") isn't going to be replaced. I actually got mad reading that, thus the germ of a blog post was born and I put it in my back pocket for future use (I'm sure there's still people getting that mailing.)
I find junk mail rather funny. Most of them still think I own my own home, but that was the last state. I get credit card solicitations and I laugh at either a) the annual fee they want me to pay or b) the interest rate they want to charge me. Or both.
Guess everyone wants to make money. I know I do, although I'd be happy with enough to retire on before I become a drooling idiot. (I'm sure some readers swear I'm already there.) But the key to me has always been to try and live within your means.
Wish the feds would figure that out! Then I could have an easier time keeping MY money.
Late edits and updates: In last Sunday's post, "Vive le Lance", I talked about the smoking hulk the baseball card industry has become. Well, last night at the Toledo-Norfolk game, my seat was front row, just past the Toledo dugout. When I went to my seat, there were no fewer than four men waiting with multiple cards to sign. At least they don't send the kids out anymore. As soon as they players retreated to their dugouts, *poof* they were gone. But I got some good pics, and there were a few kids, like this:
The signer is Mud Hen pitcher Rob Henkel. Somehow I don't think the kids will sell their gloves on E-Bay.
In "Growing into a RINO" from July 21, I noted that I thought the abortive London bombings, part 2, were possibly the work of copycats. Hey, how was I to know that al-Qaeda can mess up too? (Of course, shoe bomber Richard Reid was a Brit too.) But I am glad that it appears they are catching the scum that made this attempt at mayhem. Ship them to Club Gitmo!
