Deceptive and Unethical Banking Practices are Alive and Well
I got the mail this afternoon and just had to share.
It looks official and has the Chase logo on it, it must be something important. That and I like money, who doesn’t? The temptation and lure of an easy pay day hits you immediately. Check Enclosed? I don’t remember anything that would lead me to expect a check in the mail from Chase but gosh darn it, I deserve some extra dough! Lets see whats inside.
It’s a check alright. A measly $8.25. Thats not even three gallons of gas at todays prices. But it is a real check. That money should be mine, right?
But wait, lets read on. Turns out that by cashing in I’ll be signing up to their Hot-Line everyday savings service. And from what I see in BIG BOLD LETTERS is that I can save even more money! Fantastic! In these troubling times, all I need is gracious opportunities like this one. Hey, whats all of this fine print say?
And now the nitty gritty comes to light. It states that by signing up for their program, they will refund me 2% of my credit card purchases up to $100 each and every year. The cost of the program is $59.99. At firts glance, this is an easy decision. All I have to do is make sure I spend $5,000 on my card in the next year, and I make out like a bandit.
It is this kind of greed combined with careless reading that I am afraid will lead many into this trap. The cost is actually bi-annual. You are paying twice a year. That works out to you paying $119.98 to get $100 back at the very end of the year. And that is if you spend a full $5,000 and if you actually remember to submit your Chase credit card receipts during the appointed rebate period.
This is shameful. The entire purpose of this mailer is to fool the unwary into paying into a subscription program they don’t need. I get this kind of crap at least once a month, maybe more.
Leave a comment if you have had a similar experience.