You need to be very mindful of the fine print on the back of the applications you receive from credit card companies. My wife had a YOU ARE PRE-APPROVED! notice come in the mail yesterday. She has excellent credit and two platinum cards, so she didn't need another. Just for fun I read the terms on the back.

The company name was First Premiere Bank of Sioux Falls, South Dakota.


You are guaranteed $250. That's it! Here are the fees:

Acceptance Fee:     - $119
Processing Fee:     - $ 29
Annual Fee:         - $ 50
Monthly Fee:        - $  6
--------------------------
Totals:             - $204
Your credit line:   + $250
--------------------------
Available Credit:   + $ 46

So, for just getting this card, it costs you $204, with $46 to spend on coffee and beer. The annual percentage rate (APR) is 18.9%. If you add in the "monthly fee", it jumps to about 29%. Very sneaky!

So, watch out for those scummy credit card companies. Stick to more reputable ones (if they exist). Always read the fine print, you may just get a good laugh.

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