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  Post Number #1  
Old 4th December 2017, 05:55 PM
normzone

 
 
Total Posts: 762
Look! Credit Card Terms and Conditions

In my Quora feed today I saw a post somebody made - they said they read all the fine print in their credit card applications, and that some of them include the following:

You are required to have no less than what you would owe them in your bank account at all times.

You must allow them to look at your bank account any time they choose. Presumably to verify you have enough funds to cover what you owe them.

You will open a separate bank account that maintains a balance equal to or greater than what you would owe.

Defaulting or being late, gives them the right to charge you exorbitant daily or monthly interest.

If you default they will collect from you the goods you haven't paid for (provided you still have them) but what I like is they will also charge you the cost of collection.

You will pay them before any other supplier.

If you have an outstanding trading balance you can not deduct from this any amount that “they” may owe you.

If you dispute what is owed you can only do so after you have paid it in full first

Last edited by normzone; 4th December 2017 at 06:00 PM.

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  Post Number #2  
Old 4th December 2017, 06:00 PM
Marc's Avatar
Marc

 
 
Total Posts: 26,591
Re: Interesting Purchase Order for its Terms and Conditions

Not surprising. Consumer protection(s) in the US are currently being dismantled/eliminated.
Thanks to Marc for your informative Post and/or Attachment!
  Post Number #3  
Old 4th December 2017, 06:16 PM
normzone

 
 
Total Posts: 762
Re: Interesting Purchase Order for its Terms and Conditions

Yeah - when the banks own the politicians and the politicians own the banks, that outcome is to be expected. And since they rewrote the bankruptcy laws so that only big outfits can write it all off, it just made it more interesting.

Oh well, could be worse I guess. It's easy to name a half dozen countries that we'd rather not be living in. And that's not including the friendly ones.
Thanks to normzone for your informative Post and/or Attachment!
  Post Number #4  
Old 4th December 2017, 07:04 PM
Wes Bucey's Avatar
Wes Bucey

 
 
Total Posts: 11,159
Re: Interesting Purchase Order for its Terms and Conditions

I simply can't imagine being so desperate for credit that someone would agree to such terms. Much less hassle to simply use a debit card. With a debit card, if the person doesn't have sufficient funds in the bank, a poor credit risk individual needs to consider deferring the purchase.
  Post Number #5  
Old 4th December 2017, 08:21 PM
normzone

 
 
Total Posts: 762
Re: Interesting Purchase Order for its Terms and Conditions

Gosh, [Wes], that sounds like something a person born in the previous century would say
  Post Number #6  
Old 5th December 2017, 08:38 AM
Mike S.

 
 
Total Posts: 2,258
Re: Interesting Purchase Order for its Terms and Conditions

"A post somebody made" on the internet. Well, it must be true, then.

And surely all consumer protections have now been eliminated.

Oi, I hope you guys don't jump to conclusions like this when you audit....
  Post Number #7  
Old 6th December 2017, 04:43 PM
Wes Bucey's Avatar
Wes Bucey

 
 
Total Posts: 11,159
I Say... Re: Interesting Purchase Order for its Terms and Conditions

Quote:
In Reply to Parent Post by Mike S. View Post

"A post somebody made" on the internet. Well, it must be true, then.

And surely all consumer protections have now been eliminated.

Oi, I hope you guys don't jump to conclusions like this when you audit....
In this case, Mike, I HAVE seen such "fine print" in some of the snail mail spam I get (probably because I am a VERY senior citizen [who is presumed to be senile because of my age] eager to sign my life away.) Even though we are in the "controversial" forum, I hesitate to name names simply because I'm aware snail mail allows these vultures to tailor the pitch according to demographics about the addressee which resides in the spammer's sucker list; therefore, the letter and terms offered to me may be different than that offered to someone 20 years younger or who lives in a less expensive section of our county. Thus, I would be contradicted by someone with a great deal from the company that offers me a bad one.
  Post Number #8  
Old 6th December 2017, 05:00 PM
Marc's Avatar
Marc

 
 
Total Posts: 26,591
Re: Interesting Purchase Order for its Terms and Conditions

Quote:
In Reply to Parent Post by Mike S. View Post

"A post somebody made" on the internet. Well, it must be true, then. <snip>
Because it's "on the internet" doesn't make it false, either...

I can't say that I have read any fine print in credit card applications, but I've had the same 2 cards for many years, always pay them off immediately and haven't had any debt for many years. But, I do not for a minute doubt they have such terms these days.
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