"We're going to raise your interest rate, unless you tell us in writing you'd rather we not."

I just got this letter from my Sovereign Bank Visa card. Maybe this practice is commonplace, but I don't usually open these "changes to your account terms" things, since I don't carry balances on most of my cards. Either way, I found the approach kind of strange. I'd always thought credit cards made their money by screwing people who pay late, but apparently they also screw people who don't read all of their mail. Oops. Good thing I actually opened this one: (click images to enlarge)



Since I actually carry a balance on this card, I wrote them a letter rejecting their, um, offer:




8 comments:

eric jay said...

Oh my! I nearly fell out of my chair in a giggling fit when I read that last sentence.

Anyway - most credit card agreements say somewhere that you're entitled to reject amendments. In almost every case, though, rejecting the amendment also serves as notice that you wish to close your account.

eeka said...

Yeah, it said that if I used the card again, this would serve as an acceptance of their "offer." Which is fine, as I don't even know where the card is and was just using the account for their 0% interest for 12 months offer.

david mcmahon said...

G'day from Australia, EEka,

Followed your link from Suldog's blog.

I can empathise with you on this one. The trick is to show no, er, interest in these offers!

Cheers

David

Mama Lisa said...

Okay I haven't laughed outloud in front of the computer in a loooong time. Smirking, yes, but belly laughing? Not. Your letter did it. I have to know if all that otter knowledge was copied from somewhere, or off the top of your head. I know a tiny bit about what kind of a head you have, so I know it's possible, although I also don't know you as a big animal fan...

eeka said...

Thanks Lisa. Admittedly, it was mostly from Wikipedia. And yes, despite my, um, strong preference that most animals stay far away from me, I do tend to retain a lot of useless science knowledge...

I sent the letter off yesterday. If you suddenly don't hear from me, can you do me a favor and check local jails and hospitals?

Suldog said...

And I actually came to you this time via a link from David's blog!

That is one of the most marvelously funny business letters I have ever had the pleasure of reading. Thank you for a big smile today.

I am assuming that they, like the IRS, probably keep every bit of correspondence ever sent to them and file it away somewhere, no matter how filled with otter-information it might be. I certainly hope so, anyway. It would be a shame for them to lose the convenient duck photo.

Michal said...

hysterical. i wandered over from david's blog. i love the letter you sent. i recently read a similar "offer" from a credit card company--not sure why i didn't shred it in the first place without reading it, which is my standard handling of such things. i called and closed the card. much more fun to send them a letter about sea otters! well done.

Anna said...

I found you from David's blog. This is the funniest thing I have read in a long time! I giggle every time I think of the picture of the rubber ducky!