C’mon, spend some more!!!

September 24th, 2006 § 0 comments

This letter is from MBNA, whom I have a credit card with.
Nothing wrong with a little correspondence, notifications of new products, great rates on loans and the like.

Financial institutions haven’t got themselves the best of reputations for responsible lending with extortionate interest rates, consolodation loans and knowingly approving borrowers that are unable to keep up payments.

Some of the advertising hasn’t been to clever either, one advert springs to mind that encouraged borowing to pay household bills.

I think the letter I received is disgusting. I didn’t ask for a PIN reminder and I have never used my card for ‘cash advances’, as for one reason, this sort of transaction attracts the heaviest interest rate, and this letter is encouraging me to use it in that way, it doesn’t ask ‘you haven’t used your card lately, is everything ok?’. It says, ‘Hey, go spend, sod the cost!’

Maybe profits aren’t as huge as they would like, maybe market share isn’t as big as they would like (i.e. a monopoly).
Or maybe that’s just capitalism.

Labels: Capitalism

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