
I'm sitting here doing a little shopping online. I found a great
coupon for 25% off and free shipping at Coldwater Creek, and then found some really great bargains in their online outlet. So picked up a few items and I'm ready to check out, when now I'm faced with another offer -- an additional 20 percent off if I open a Visa account with them. Since I only spent $50 today, that saves me $10. But I have to admit, I'm tempted to go back and pick up a couple of other things that I was borderline on and then passed up.
Still, do I need another Visa card?
Maybe you've noticed this too. Everywhere you go people are offering discounts if you'll pick up their credit card. At the tire shop last week. At Pier I. And of course, every department store you visit--it's part of the checkout pitch.
So what's the deal? When we had the big crash a few months ago, all the credit card offers that arrived daily in the mail virtually stopped. Credit cards not only were not freely offered. Many were arbitrarily canceled. I received a notice from Key Bank that a credit card I hadn't used in four years would be canceled unless I used it within 90 days. Then it was canceled in just 30 days. No matter, I have one Visa card that I use and pay off every month, so I didn't need that one.
In the meantime, I've had notices from everyone from Home Depot to J.C. Penney that their policy for my account has changed. Interest rates are higher, penalties are higher. Even that doesn't worry me. I only use those accounts when there is an offer of "no interest" for some period, and then always pay off the balance before interest kicks in.
But when it comes to credit cards, I don't think I'm typical. No doubt many people are making monthly payments and paying some pretty exorbitant rates of interest. I'm trying to figure out now where this is heading.
I believe that one of the factors in the collapse of our economy has been the irresponsible use of credit by consumers and the irresponsible promotion of and policies for credit by financial institutions. It made sense that the credit card offers would dry up after the crash. So what's with this new resurgence? What's the catch? You know there is one.
Incidentally, there is an opt-out option: "You can choose to stop receiving "prescreened" offers of credit from this and other companies by calling toll-free 1-888-567-8688." Seriously, I ought to do it. Is it worth saving $10 today just one time, and then ending up with a credit card?
One of the reasons I hate having too many credit cards is my own and others' bad experiences with the numbers being stolen and used to make purchases. Just a year ago my Visa was used by a kid in New Jersey to buy a computer online. In that situation, Dell called my home to confirm the purchase since the shipping address was so far from the billing address. When I informed them it was not my purchase, they shipped the computer anyway and then in the following weeks I had to jump through hoops getting the charge removed from my account. No, I really don't like credit cards.
And believe it or not, I'm still tempted to sign up for this card. We Americans are hopeless!
UPDATE: You'll be glad to know I resisted the card offer. However, I did go back and purchase a few more items with the original 25% discount coupon before completing my order.