Most of us are savvy enough to be wary of offers that sound too good to be true. Unfortunately, there are also some offers that don't trigger that red-flag response that still let us down, if we aren't careful to read the fine print closely.
I thought we could use this thread to post some examples of offers or terms that sound good, until you notice the asterisk (or superset numeral, etc) that directs you to mice-type that takes the shine off of the deal.
I'll open with one I read this morning that inspired this thread topic idea:
Emigrant Direct offers a credit card, which they claim has the highest cash-back offer available.
link
The huge, bold, 1.40% grabs your attention. So, as you read down the list of features and facts, you expect a catch.
No annual fee. That's good.
Rebates deposited directly into your Emigrant savings account. Nice feature.
0% APR on transfers for 6 months. Also good.
No cap to cash back. Cool. (Note: This has it's own asterisk-like 'cross' indicator.) (Does anybody know if that symbol has its own special name when used this way?)
Ok, that all looks good. But then we notice the giant 1.40% has it's own cross and two asterisks following it. So we drop down to the fine, fine print:
"To qualify for the highest cash back redemption amount the primary cardholder on the Juniper Credit Card Account must maintain an average daily balance of at least $10,000 in their EmigrantDirect American Dream Savings Account(s)"
If we click on the fine print's own link to "terms and conditions" we read:
"...you will be eligible for a cash rebate of: (1)
1.40% of Net Purchases posted to your Card Account in the last six (6) billing cycles,
if you have maintained an Average Daily Balance over the last six (6) full calendar months
of at least ten thousand dollars ($10,000) with EmigrantDirect held specifically in Savings Accounts in which you are the primary legal account owner; or (2)
0.50% of Net Purchases posted to your Card Account in the last six (6) billing cycles,
if you have maintained an Average Daily Balance over the last six (6) full calendar months
of less than ten thousand dollars ($10,000)..."
So, in a nutshell, you must have an ADB of $10,000 for six months leading up to the reward/rebate to earn 1.40%, otherwise you get 0.50% cash back.
There are a few other things common (unfortunately) to offers of this type, such as the variable APR and the fact that you don't know which level of rate they will approve for you. Also, those 0% APR balance transfers will cost you; there is a 3% charge for "each transfer or check."
The "asterisk" here though is that what looks like a nice cash-back offer is only so if you are willing to virtually 'park' $10K in savings perpetually.
For the record, I like Emigrant. And, I find nothing egregious about this offer per se. It just always strikes me that virtually every offer I see from anyone, for any product or service, comes with an asterisk that essentially takes away, or lessens, the value of the deal.
Do you have any like this in mind? Ever been 'caught' by an "asterisk" that you didn't notice?
What a difference an asterisk makes!
.
