In this day and age of Internet communication, your mailbox is likely filled with the occasional utility bill and stacks of visually appealing advertisements that tend to reach out, grab you around the throat and shout “Buy me, buy me!”
Somebody gets paid the big bucks to design those things because it’s really a special art form.
Not only must they be visually inviting, but their very composition has to contain a big, fat psychological worm that begs you — the fish — to bite.
Are any of them entirely legit? Sure. But that’s because there are very specific mail fraud statutes that define what can and cannot be promised.
Today I am just hitting on one type of countless “grab ‘em cuz they’re not going to read all the small print we’ve snuck in” marketers. Probably the most prolific one.
Anybody want to guess?
Here’s a hint: “YOU HAVE BEEN PRE-APPROVED.”
In the most extreme of cases, the enticing little worm smiles and offers you guaranteed approval for a Visa or Mastercard.
The bright red come-on suggests that your approval is for a $5,000 limit, however there is often a little * next to the five thousand.
When you wade through all of the verbiage and find the small print that belongs to the *, you learn that the guaranteed limit is dependent upon your credit score (duh!) and the only real guarantee that is offered provides you a $300 line of credit.
But wait, it gets better. Next to that $300 us yet another little ** and a further trip down Fishpond Lane.
That particular ** is even more telling because the teeny tiny small print includes some pesky little charges that will be instantly charged to your available credit line.
First there is a processing fee of $75. Then there is an annual fee of $125.00. Add to that some kind of hokey protection plan, mandatory by the way, and they’ve instantly eaten up all but $70.01 (of that initial “credit line” of $300) in profit making fees. Their fees!
If you are in the unfortunate position of having to re-establish your credit worthiness, walk into a reputable bank and consult with a banker.
Legitimate banking institutions have options that will not cost you an arm and a leg. Many good and responsible people got caught in the housing collapse of 2008. Credit scores plummeted by hundreds of points.
Rebuilding on the foundation of “YOU HAVE BEEN PRE-APPROVED” is not the way to go.
Read the small print. The fish pond is full of sharks.
Drop by the Pahrump Valley Times offices, 2160 E. Calvada Blvd., for a copy of Leslie Kim’s latest book “123 Main Street … the Scamming of America.” Only $19.95 while supplies last.