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#603619 - 08/23/06 04:36 PM Credit Card Offer
Angel Eyes Offline
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Angel Eyes
Joined: May 2001
Posts: 4,599
We offer a "bank" credit card though a credit card company. A solicitation just went out to customers to promote the card and it is confusing me.

Save with a 1.9% APR on balance transfers for 15 billing cycles! You'll save on those high-interest balances you're paying off month after month with an unbeatable 1.9% APR for 15 billing cycles. Imagine....no interest at all on transferred balances this entire Summer, Fall, Winter and Spring. You'll contine to save after the promotional period is over with a great low variable APR that is currently just 11.24%.

This might be silly but how can there be no interest at all on transferred balances and still a 1.9%APR on transferred balance? Please help me understand this

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Lending Compliance
#603620 - 08/23/06 05:24 PM Re: Credit Card Offer
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
I would be questioning the person who produced the verbiage. If nothing else the verbiage, as stated above, is misleading which could result in an unfair and deceptive practice charge.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

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#603621 - 08/23/06 05:41 PM Re: Credit Card Offer
Angel Eyes Offline
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Angel Eyes
Joined: May 2001
Posts: 4,599
Thanks Dan for the confirmation. I was starting to think I didn't know what I was doing! We will be calling the company as it was not our responsibility to ensure compliance. That is in the contract.
It sure keeps life interesting. I almost feel sorry for the poor marketing folks that have to deal with the consequences of this....ALMOST!

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