Time To Write a Letter
Mar. 24th, 2007 12:38 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
livingdebToday in the mail I got one of those envelopes that is very plain and says, across the bottom, "ANNUAL PRIVACY NOTICE AND IMPORTANT AMENDMENTS ENCLOSED." My experience has been that although so-called "important information" may be important to the sender it is of no use to me.
Many normal people would shred this sort of thing without even looking at it, or perhaps file it without looking at it. But it turns out it has a few very interesting sentences in it.
"Your account will now have a minimum finance charge." Eventually it is explained that if one has a finance charge and normally it would be less than $1.50, it will now be $1.50. It will still be zero for me, because I always pay my balance in full. But it's nice to have the option of not paying in full if something comes up. $1.50 is not a very big deal, but it comes out to a very high annual percentage rate on any kind of credit card bill I would have. So, that sentence is moderately interesting.
"You may reject this change by following the rejection instructions below." This by itself is not a very interesting sentence because you can only ever reject new terms by canceling your credit card. Right?
Wrong! Not this time; not for this change. All you have to do is tell them in writing that you reject that change. You have to include your name and account number so that they can actually be read. And it has to be postmarked by May 7.
Well, just out of general principal I am going to have to write that letter. Actually, I think I'll write a postcard. Cheaper. You do have to use snail mail, though.
"We added a Minimum Finance Charge to your account primarily due to a change in our business practices." Buffoons.
Beware: You could have this experience, too, especially if you have any cards from Bank of America such as an L.L. Bean card.
Many normal people would shred this sort of thing without even looking at it, or perhaps file it without looking at it. But it turns out it has a few very interesting sentences in it.
"Your account will now have a minimum finance charge." Eventually it is explained that if one has a finance charge and normally it would be less than $1.50, it will now be $1.50. It will still be zero for me, because I always pay my balance in full. But it's nice to have the option of not paying in full if something comes up. $1.50 is not a very big deal, but it comes out to a very high annual percentage rate on any kind of credit card bill I would have. So, that sentence is moderately interesting.
"You may reject this change by following the rejection instructions below." This by itself is not a very interesting sentence because you can only ever reject new terms by canceling your credit card. Right?
Wrong! Not this time; not for this change. All you have to do is tell them in writing that you reject that change. You have to include your name and account number so that they can actually be read. And it has to be postmarked by May 7.
Well, just out of general principal I am going to have to write that letter. Actually, I think I'll write a postcard. Cheaper. You do have to use snail mail, though.
"We added a Minimum Finance Charge to your account primarily due to a change in our business practices." Buffoons.
Beware: You could have this experience, too, especially if you have any cards from Bank of America such as an L.L. Bean card.
Careful
on 2007-03-24 09:57 pm (UTC)Re: Careful
on 2007-03-24 11:08 pm (UTC)It's true I should never trust a credit card company, though. Why do they even let me opt out? They always make you sign something saying that they can change anything at any time for any reason and they can wait until you have a big balance before they do so, too.
I'm going to risk it and write that postcard. If it gets cancelled I'll just make some phone calls.