Yesterday, I described my GM MasterCard and how it credits me with 5% of everything I charge toward a new car. Sort of.
Today, though, let me tell you what rubbed me wrong about the good folks who live inside the GM MasterCard computer (or, more likely, their marketing department).
It was simply this. Printed on my monthly statement was this message:
AS A VALUED CARDMEMBER, WE WOULD LIKE TO OFFER YOU THE OPTION OF SKIPPING YOUR PAYMENT THIS MONTH. THIS IS ANOTHER WAY THE GM CARD GIVES YOU THE FINANCIAL FLEXIBILITY YOU EXPECT. WE’LL BILL YOU AS USUAL NEXT MONTH. (FINANCE CHARGES WILL ACCRUE.) WE APPRECIATE YOUR BUSINESS.
Leaving aside the English (“as a valued cardmember, we . . .” they are not a valued cardmember, I supposedly am), the point of this message was, of course, not to offer me something good at all. It was to offer me something bad. Namely, a chance to borrow from GM at 18.65%, non-tax-deductibly . . . and not just on that month’s balance, but on any new purchases I made during the month, since once you get on the debt treadmill, you’re on it in full until you get off. Which they hope you won’t.
I can’t blame GM for trying to convert me from a smart credit-card user (one who uses them for convenience only) to a dumb one (one who uses them to borrow — as 60% or more of all the people who use credit cards do).
But just in case you’re not aware of it, offers like this, or the “checks” they send you to be “helpful” around tax time — write one of the checks to anyone you like — are just ways to try to get you to start the interest-rate clock ticking.
Thanks but no thanks.
Tomorrow: The United Shuttle
Quote of the Day
Governments are necessarily continuing concerns. They have to keep going in good times and bad. They therefore need a wide margin of safety. If taxes and debt are made all the people can bear when times are good, there will be certain disaster when times are bad.~Calvin Coolidge
Request email delivery
- Jan 24:
The Inauguration . . . PRKR, BOREF, CNF
- Jan 22:
The Other Pillow Guy*
- Jan 21:
How Great Was That?
- Jan 20:
You Respond To Umair Haque
- Jan 19:
The Three Big Lies
- Jan 18:
Two Harvard Grads Still For Trump
- Jan 15:
Of Insurrection, Inequality, And Your Stocks
- Jan 14:
Meanwhile . . .
- Jan 13:
Ronald Reagan Speaks
- Jan 12:
What Do Adelson and Netanyahu Think?
- Jan 24: