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Path: utzoo!watmath!clyde!burl!ulysses!allegra!alice!ark
From: ark@alice.UucP (Andrew Koenig)
Newsgroups: net.consumers
Subject: Re: Visa/Mastercard deals
Message-ID: <4502@alice.UUCP>
Date: Thu, 31-Oct-85 09:47:46 EST
Article-I.D.: alice.4502
Posted: Thu Oct 31 09:47:46 1985
Date-Received: Sat, 2-Nov-85 04:54:03 EST
References: <252@bunny.UUCP>
Organization: Bell Labs, Murray Hill
Lines: 21

>> Watch out for the Wilmington, Delaware offer of
>> "free" credit cards..........

> Yeah, no kidding.  After I got turned down for their supposedly
> free Master Charge, I asked some questions.    They never said
> in their application that what they really want is people who
> have lived and worked in a single location at least 5-7 years,
> and earn at least 35,000.  In addition, if you own a house with
> someone else, they calculate your obligations using the entire mortgage
> on the house - which makes it pretty hard for a lot of people to apply
> for the card without applying jointly.  

Valley National Bank in Bogota NJ is still offering "free" Visa and Mastercard.
That is: no monthly or annual fees, no finance charges if you pay your
full balance within 25 days of the billing date.  Interest rate is
presently 18%.

There is some justification for using the entire mortgage to calculate
your obligations if you're sharing a house.  After all, if the other
person defaults for any reason, you are legally obligated to pay
the whole thing unless you have some very unusual arrangements.