Chris and I got a good laugh out of an advertisement we received yesterday: a slick mailing for the new Visa Black Card. This is a very exclusive credit card that is all black. In fact, it's not just made of plastic, it is made of carbon. See, now, don't you want one? Because it is so visually different, everyone in line at the store or at other tables in the restaurant will see you that you are one of the 1% of the population who qualifies for this card (as explained by the advertisement).
Read the fine print to discover that this new Black Card comes with a $500 annual fee and variable interest rates of 13.24% for purchases, 21.99% for cash advances, and 30.24% for penalties. The list of transaction charges is lengthy and hefty.
Those terms sound like a punishment for the people with dreadful credit, hardly a meaningful reward for those with good income and strong credit scores! Please, oh please, can we belong to this exclusive club so we too can pay exorbitant amounts for our purchases?
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