Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.1 6/24/83; site alice.UUCP 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.