Your credit card company thanks you for your generous donation

Photo courtesy of Christian Adelsberger

 

Dearest cardholder,

On behalf of everyone here, we want to thank you for your support and donations this year. While the recession has produced a drop in giving over the past few years after its peak in 2007, your giving to us has been steady over the months, and even increased here and there.  This has not gone unnoticed, nor unappreciated.

Take your recent purchase of a new TV. (Congrats, by the way.)  As you have most recently been paying the monthly minimums (which for your account is 2% of your account balance), that $1,000 purchase, at your current APR of 14%, will actually result in a donation of almost $500 dollars to us over the next six years! That you have included us in your monthly giving is very appreciated, especially in these difficult times.

We’ve also noticed that, at a current balance of $16,000, your balance is approximately equal to the average household credit card debt.  Should you keep up your minimum payments at the current rate, even if you never make another purchase with your card, you’ll eventually have paid us more than $8,000!

And all this for things that you could have outright paid for yourself with a little bit of planning and patience!  Our gratitude is real.

Did you know that a recent study put total US credit card outstanding debt at just under 800 billion dollars?  That’s quite a burden, and you might wonder how it’s possible for anyone to handle that.  Well, it’s a tough job, we know, but we and our fellow credit card companies believe we are up to the task.  We’re quite happy to continue our vital role in making sure that people can buy things without having to wait.  Because really, who waits for things these days?

(Which reminds me, your car might be getting a bit old.  Have you looked into getting a new one?  Contact our auto financing department for a free estimate on how we can help you pay for the one you’ve been dreaming of.)

We believe in helping people too, and we are concerned that there are many households out there who, for whatever reason, have not been able to obtain a credit card at all!  Well, in the coming years, we will be revising our lending practices to ensure that we can extend our services to more households than ever before!  It’s the very least we can do.

Because we care about you, we want to extend you a token of our gratitude. We have raised your credit limit by $5,000, ensuring that you will have a little more room to purchase something that you deserve, such as a vacation to somewhere warm and distant. Don’t forget that we have a travel department that will, at no charge, give you advice on how to make better use of this benefit.

We look forward to a long and fruitful relationship with you for years to come.  If you have any thoughts or wishes for us, please say so in the comments below.

Best wishes in the new year!

P.S. By the way, your minimum payment is due in 10 days. Failure to pay by this date will cause your APR will change to the Default Rate, which is your current rate plus 15%, as described in your Terms of Use.

 

Mike Pumphrey

Mike Pumphrey

I'm the founder and author of Unlikely Radical, a site to help people succeed with money, achieve their goals, and live intentionally.

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Mike Pumphrey
Posted on December 31, 2012