What a difference an asterisk makes!

[poundwise]

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?

[pearlieq]

Sigh...yes, the dreaded *

I'm more savvy now, but I've been caught before. We once got a cash back card offering 5% on certain purchases (gas, groceries, etc.) only to find out you only got that level of return if you carried a huge balance. We also once got a Mariott reward card before we found out that they won't let my husband and I share a reward account, which really lessened the value.

[disneysteve]

pearlieq - you reminded me of one. 2 years ago Discover was doing one of their 5% bonuses on amusement/theme park tickets. We went to Disneyland and I ordered the tickets using my Discover card. I found out later (when the statement came and I called) that the tiny print said it didn't apply if the tickets were ordered online, only if you bought them in person. Yes, the terms did say that but I hadn't read them .

pearlieq - My wife and I each have a Marriott Visa on our account. All points earned go into the same account. Or do you mean you have two separate accounts and wanted to combine them?

[PRICEPLUS]

I hate htose damn asterisks which is why I try to stay away from credit cards altogether!

[Elgin526]

Originally Posted by poundwise

(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?)

That's a Cross of Loraine. I use that symbol a lot in my DOS based airline reservation system (I'm a travel agent).

Now back to our regularly scheduled thread...

[sweeps]

Originally Posted by poundwise

Ever been 'caught' by an "asterisk" that you didn't notice?

Click here for a free IPod!*

[vsjhoc]

Originally Posted by Sweepsplayer

Click here for a free IPod!*

But sweeps, you left out the link!!!

[greedy4chips]

Discover card has a promotion for 5% back in "Get More" categories like gas, groceries, pharmacy, hotels, etc. Look thru the information and you will notice that it is true but for only 3 months for each category and it rotates throughout the year thru the categories. You still earn 1% on those purchases outside of the 5% rebate period.

[s.saver]

I totally know what you mean. I hate the dreaded asterisk!

[mbhunter]

If you have the cash I think there are worse places to invest your money than a savings account, and ED is one of the higher-paying ones.

If you have a gas/grocery rebate CC you can probably do better than 1.4% rebate anyway depending on your spending habits.