Anyone have any ideas on this???

[Viper]

I just received in the mail a large envelope from Cap1. The envelope is large enough to fit a standard piece of paper in it without folding it. Now here's the funny part, the envelope is the type that is reinforced with bubble wrap (must be some real fragile paper )

Inside is an offer for one of there CC's, seems typical until I find the fees. An annual fee of 19%. Umm 19% of what????



-Viper

[bkfiler]

hehe, i hope they mean Annual Percentage Rate intead.

bubble wrap? now thats worth some money. id save it and tear the lable of the envelope and reuse it too

[Viper]

No the APR is 0% until July '06, then Variable, 14.9% after July '06

[JimH]

hmmm... don't know why the yearly fee is 19% of ???....The bubble wrap is creative packaging to get people to at least open the offer. Many just throw away what they know to be junk mail. It always makes me mad when I'm tricked into opening one up.

[Viper]

Well I checked it out and it was a mis-print. It is $19 annual fee, not 19%. Just to see what would happen I applied on-line and was approved. Got my account # & exp. date immediately. $200 credit limit, not bad for unsecured and I'm still in the 60 day club (for another 17 days).

Let the rebuilding begin!!!


-Viper

[bkfiler]

viper, can you go ahead and buy jimh this BK Book & CD kit he has been wanting with your brand new credit card? its not real money anyways.

[JimH]

Yes that would be a very kind gesture.

What does the minimum payment work out to be on a $200 card - about $4 a month? I have to know so I can decide how many cards I can take out - I don't want to be in financial trouble again. I should start out with only about 100 cards.

[bkfiler]

ROFLMAO - im wiping the tears away! OMG thats funny.

well not really but your sign tells me that you are fragile. well they all say that, but anyways.

the minimum is 15 or 25. no big deal though because you can use a kiting method. cash advance 1/3 of them to pay off the other 1/3, while using the other 1/4 of them for bed, bath and beyond purchases. see how that works?

this system wont start to fail until a few years when you will most likey already be offered serveral $5K to $10 limit lines like you deserve. then you can really start kiting and round-robin'ing them in a much serious fashion.