It is AMAZING to me the steps that credit card companies will do to get you on the hook to them.
Let me start by saying that I don't blame them at all. They are a company marketing a product and they want to maximize profitability.
But still... WOW!
We get upward of 15 offers a week for new credit cards. Including about 6 offers a week from one company through whom we already have a card!
But Saturday, I got a new one in the mail, a new tactic that is.
We recently got a card with a $5000 line of credit that we decided is our emergency fund for major disasters. (For example, living expenses if a hurricane wipes out our home, etc.) We haven't used it at all, and we have absolutely no intention of using it.
Saturday, I got a letter promising me a $500 line increase on a card I had never used. I just had to do a few small things...
1) Buy something with the card to start the process
2) Buy something each of the next three months with the card
3) Make my next three payments on time
4) Carry a balance. I can't pay it off each month for the next three months, I have to wait until the end if I want to pay it off.
Brilliant in a devious way.
Get me to use it for three months in a row, carrying a balance. Used to be, that's all it would take and I'd be well on my way to maxing that puppy out. Used to be that that promise of a $500 line increase would have done it too! $500 of more stuff!