So Many Offers, So Little Time: Credit Card Comparison Shopping (cont.)
Contributed by Alix Mcmurray
The "One that Got Away" in the Credit Card Comparison?
Of course, neither offer was set in stone, as was adequately represented by the companies' disclosures about screening for credit worthiness before final approval. It is impossible to determine who would have gotten the better deal if they had applied, as Goody's current income is significantly lower than Road's.
Credit Card Comparison: Seeing Oneself as Creditors See You
The following summarizes the very different solicitations received by Goody-Goody and On-the-Road. Goody's offers all boasted zero percent introductory APRs, but APRs thereafter ranged from 6.7 to 9.9 percent. Perks included air miles, some purchase percent earnings toward automobile purchase, and an intriguing "mini card" such as one would get from a grocery store to keep on a key chain. Road's offers were between 11.24 and 17.24 APR, except for an outlier offer with a 23.99 APR.
Credit Card Comparison and the Role of Desperation
This last one included a one-time origination fee of $100 and a projected credit line of "up to $1,500." This card offer obviously lagged behind the others in terms of attractiveness, but did have the edge of offering overnight shipping for $20, chargeable to the card itself. Somehow it's hard to envision being in that much of a hurry to pay almost 24 percent interest on purchases. In the world of credit card offers,though, it's sometimes difficult to tell who is more desperate -- the creditors or the consumers!
