Whereas the party of the first part is, like, totally boned

[unixronin]

So sometime in the last few days, a "pre-approved" platinum MasterCard application showed up in the mail.  I just today got around to looking at it.

For the most part, the terms really aren't bad at all.  Adjustable rate, of couse, 6.74% spread above prime rate for purchases (currently 14.99%), 0% introductory rate on purchases and balance transfers for the first 12 billing cycles, no annual fee, 2% minimum finance charge in any billing cycle in which a finance charge is due.

There's this one half-paragraph in the disclosures that bothers me, though:

"We have the right to change your APRs, fees and other terms at any time, for any reason including, but not limited to, any change in your credit history, credit obligations, account performance, use of your credit line with us or any credtor, or our financial return."

(Emphasis mine)

Now, correct me if I'm wrong, but that basically translates to "Once you sign the agreement, you're boned.  We can do whatever we want, whenever we want, for whatever reason we feel like including plain naked greed or you like, actually using your card, and we can require you to supply the anal lube."

Most credit card solicitations we've received in the last few years I've thrown straight in the trash after a cursory glance at the rate disclosures.  Is the above as egregious as it seems to me, or is that simply de rigeur for all credit solicitations these days?

Comments

[unixronin.livejournal.com]

I shall now await your triumphant financial return.

We're working on it. ;)