Thank you Bank of America! How can I resist?

Miscellaneous and Personal Stuff I Must Share
1

I’ve just gotten one of those promotions from my credit card company that includes a check you can write against your card, with a special interest rate.

This one is really special:

9998%

No, there’s no missing decimal point. That’s it. Nine thousand, nine hundred ninety-eight percent, or as it says in the small type at the bottom, 27.93179% corresponding Daily Periodic Rate.

What a deal! How can I pass this up?

By my calculations, if I cash this check for $100 now, I’ll only have to make low monthly payments of $83.316.67 to pay off the loan in a year.

And my credit line is $20,000!

I knew the banks were in trouble, [Groucho voice] but this is ridiculous.[/GV]

2

What the heck? :eek:

3

Don’t do it. They lure you in with an attractive rate but then get you with the hidden fees.

4

Don’t just throw away the offer, either. Shred it, or better yet burn it. They are easily stolen and used fraudulently by thieves, and if you’re victimized, there are scant protections for you.

More information here.

I predict that these will be targeted for very strict regulation, or even outlawed completely, in the next five years. They’re that big of a horror show.

5

At least it’s not 9999%. That could get expensive.

6

You might want to contact your local paper and see if they’re interested in it as a humorous story.

7

It is. In the fine print, they tell you how it’s 9998 and 9/10%, just like at a gas station.