Today I received a solicitation for a new credit card. I probably receive somewhere around 25 a week and almost never stop to read the offer, but this one got my attention as it offered a free Dell laptop.
I was skeptical, but intrigued. Even though I didn’t need the new credit card I thought that I would check it out just to see what is what.
The offer was simple and only a simple person would sign up for a program like this. Here is how it works.
I was preapproved so all I needed to do was transfer a minimum balance of $5,000.00 to the new card which has what they term a low rate of 9.99%. I guess that they think I should ignore the 0% offers I receive weekly.
After I transferred the balance I would receive a credit which I could exchange for a new laptop that is worth $800.00. But wait, there is more.
As part of the terms of the agreement you are required to maintain a balance of $3,500.00 for 18 months. If you do not the card is subject to a one time penalty fee of $600.00. Yes, that is hundred, as in Six hundred dollars.
Free laptop my ass.