Credit Chameleon
March 10, 2008 – 1:59 pmI got a credit card offer today that was intriguing (not in the “I want it” sense, more in the “awareness of culture” sense).
It isn’t really a credit card.
You shop out of a catalogue (strangely not provided.)
You pay 30% down.
You get 70% financed for 0% (up to $7,500.)
From a quick (and not thorough) glance at the terms, there is no “out” clause where interest starts accruing if you miss a payment.
However, it may be that this new format is not regulated the same way as a “real” credit card, and so they don’t have to show you those terms up front.
Anyway.
