Credit Card Terms and Conditions

normzone

Quite Involved in Discussions
#1
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
 
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Marc

Retired Old Goat
Staff member
Admin
#2
Re: Interesting Purchase Order for its Terms and Conditions

Not surprising. Consumer protection(s) in the US are currently being dismantled/eliminated.
 

normzone

Quite Involved in Discussions
#3
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.
 

Wes Bucey

Consultant/Advisor
Moderator
#4
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.
 

normzone

Quite Involved in Discussions
#5
Re: Interesting Purchase Order for its Terms and Conditions

Gosh, [Wes], that sounds like something a person born in the previous century would say :bigwave:
 

Mike S.

An Early 'Cover'
#6
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....
 

Wes Bucey

Consultant/Advisor
Moderator
#7
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....
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.
 

Marc

Retired Old Goat
Staff member
Admin
#8
Re: Interesting Purchase Order for its Terms and Conditions

"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.
 

normzone

Quite Involved in Discussions
#9
I'd hoped this thread would die quietly, but it looks as though it's at least on life support.

So I must offer up the caveat that this may not have been in reference to credit cards, as I reflexively stated (my only forms of credit debt) but instead commercial credit accounts, such as a small business uses to buy materials prior to fulfilling customer purchase orders.

That said, I stand by my comments critical of the interaction of money and politicians - :popcorn:
 

Mike S.

An Early 'Cover'
#10
My point is, the post that started this particular thread made a bunch of claims with no substantiation or context whatsoever, which led to more posts claiming that consumer protections are being dismantled (I can guess what specific alleged "consumer protections" that poster was referring to, but I won't) and claims about crooked politicians.

And folks here who would normally ask for proof of wild claims just assume it is all true.

Now, I have seen banks offer loans against the money one has in their bank account, which I can only guess are to help someone improve their credit rating.

But my other point is, IF this stuff is true, why is it so vague....no specific fine print posted, no evil bank is named, no way is given to look it up to verify it? Call out the guilty...if it is true, let them suffer the consequences, the sunlight can't sanitize unless it can reach the germs.

I hate fine print and shady institutions in general. Is there a passel of crooked politicians and banks out there? Absolutely. And I hope every damn one of them gets what they deserve. But I hope the same for the many other crooked institutions out there like businesses, churches, charities, and individuals.
 

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