Bad Credit

No, not as represented by the funny number FICO, but as OFFERED by the credit card companies. Really folks, you need to read all those words they throw at you before you apply. Why? Because if you find out later the credit card terms are crap, it is already being factored into your FICO score.

I use paypal whenever possible. I decided to look at the terms for the PLUS credit card they are always pushing. First, it was not easy to find the terms online. I ended up on an application screen where the terms displayed in a small, scrolling window (all 7942 words). Although it said there was a way to Print (via some print button), neither the browser print, nor the non-existent feature was going to help.

So I did a cut and paste into a text program. My first favorite part was where it said they would send all the real important info once the application was approved (what happened to full disclosure). The APR chart showed some pretty high rates (considering Treasuries are around 3%). The paragraph where I stopped reading was:

"We may, at any time and for any reason, change, add or delete provisions of the eBay MasterCard® or PayPal Buyer Credit agreement, including increasing rates or fees. These changes may affect existing balances as well as future transactions. We will send you notice of any terms change as required by applicable law. The information about the costs described above is accurate as of billing periods beginning after 8/1/2008. This information may have changed after that date. To find out what may have changed on PayPal Plus Credit Card, write to: PO Box 981064, El Paso, TX 79998-1064; to find out what may have changed on PayPal Buyer Credit, write to: P.O. Box 981064, El Paso, TX 79998-1064.
"

(I can just see the person whose job it is to change that date at the beginning of every month ... oops they forgot Sept ... oh, probably forgot due to the holiday)

Reserving the right to change anything at any time for any reason. That is the kind of contract I avoid. But maybe that has changed since 8/1. I should send a letter to El Paso and find out. Now when I get that letter I should check the date again and send another letter if it has changed ....