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Credit-card jabberwocky.(Frontlines)(Column)
Puzzling over the words in a credit-card offer may leave you feeling like Alice in Wonderland talking with the Mad Hatter and March Hare.
"You should say what you mean," the Hare advises.
"I do," Alice replies. "At least I mean what I say--that's the same thing, you know."
"Not the same thing a bit!" says the Hatter.
In the case of credit cards, the enticing words banks use have become increasingly, well, plastic. That's made cardholders mad and brought them to the courtroom, but with mixed results.
A federal class-action suit against Fleet-Boston concerned a "no annual fee" card that within months carried a $35 annual fee. A second case against Fleet focused on a card promising a "fixed" annual percentage rate of 7.99 percent that soon rose to 10.5 percent. Both terms appeared to be permanent, not teasers that would quickly change. A case against First USA Bank involving "fixed" rates that quickly rose was settled in June.
In the Fleet cases, the judges ruled that changing the terms of the card did not violate the Truth in Lending Act because the credit-card agreement stated that such changes were allowed. Fleet customers who decided to cancel their cards found that the interest rate on the unpaid balance was a whopping 25 percent. That was in ...
- ANNUAL FEE MAY RISE FOR CARDHOLDERS.(BUSINESS)
- Newspaper article from: The Virginian Pilot Shean, Tom May 25, 2000 700+ words
...to encounter a higher annual fee if the US Airways and...you'll pay a higher annual fee,'' McKinley said...is $50 a year. First USA Bank, a credit-card unit...going to increase the annual fee.'' Reach Tom Shean...
- Jazz Enthusiasts Take Note-First USA Issues New Real Jazz Platinum Visa Card;...
- Press release article from: PR Newswire May 6, 1997 700+ words
...Richard W. Vague, chairman and chief executive officer, First USA Bank. "The wealth of benefits we've built into this card should...later this spring in New York City. Applications for the no-annual-fee cards, which feature images of Miles Davis, Romare Bearden...
- Renaissance Entertainment Signs Agreement With First USA Bank
- Press release article from: PR Newswire July 17, 1998 700+ words
...entered into an agreement with First USA Bank to create a Renaissance Faire credit...enthusiasts across the country. The no-annual fee Renaissance Faire Visa card will...Entertainment Corporation; First USA Bank; Banc One Corporation ST: Colorado...
- New First USA card has made the scene.(First USA Bank)(Brief Article)
- Magazine article from: American Banker December 8, 1995 700+ words
First USA Bank has introduced a Visa card that offers consumers a choice of three distinctive...backgrounds - a field, a stream, and a canyon. The card, which has no annual fee, comes with an introductory 5.9% interest rate until May 1, when...
- First USA in cobranding deal with Rolling Stone. (First USA Bank launches Visa...
- Magazine article from: American Banker Quittner, Jeremy May 21, 1996 700+ words
First USA Bank in Wilmington, Del., has made a cobranding deal with Rolling Stone...go up to 16.9%. It offers a balance transfer option and charges no annual fee. Corey Stone, vice president and managing director of Easton Consultants...
- Notre Dame picks First USA to issue card. (Notre Dame Alumni Association; First...
- Magazine article from: American Banker July 13, 1995 700+ words
...University of Notre Dame Alumni Association selected First USA Bank to issue its official Visa credit cards. Revenue from the...the university said. The Notre Dame credit card will have no annual fee and will be offered initially at an introductory rate of 5...
- Merrill Lynch Introduces Employee Access Account Resource for Employees' Money...
- Press release article from: PR Newswire May 27, 1997 700+ words
...Investment Program(SM) for mutual fund investors -- Access to a Visa Gold credit card (issued by First USA Bank) with no annual fee and competitive interest rates -- Convenient, toll-free client service for account information and investment...
- Annual-fee checking proves popular with consumers. (Survey by Bank Advertising...
- Press release article from: PR Newswire November 23, 1987 700+ words
ANNUAL-FEE CHECKING PROVES POPULAR WITH CONSUMERS...with a new type of account that has one annual fee. Though only offered in Maine now...eight Americans is "very interested" in annual-fee checking, according to a nationwide...