Credit Card Fodder: Discover “Helper” Letter
I got a mass-mailed letter from Discover card with large lettering on the top stating, “Get a 1.9% APR* and the tools you need to take control.” [they have orange text, so I made this orange] Here’s the killer: control of your finances means not in debt. But Discover does not want you to have zero debt, they want you to manage your debt at a constant volume of greater than zero. To help mask their real motivation with positive spin they have the following information as the main content:
- Stay Informed
- Go online for an up-to-date report of your current statement and account activity
- Keep Organized
- Review your past 12 statements and sort them by date, amount, description or category
- Set your own limits
- Stay in control by signing up for timely email reminders that alert you when you’re close to your credit limit or any other limit you set
You see - this isn’t debt. Nope, its financial opportunity, that comes with fees, high risk, and a false sense of security. Discover’s advertisement gives a false sense of control. There are two very prominent elements on the page that are orange and say control. But Discover wants to control your spending by giving you a false sense of control. Keep spending, you can quit any time you want to. You’ve set up your own limits underneath their limits. The purpose of the advertisement is to help you feel comfortable with a constant level of debt in your budget. Their vocabulary is entirely positive and makes all parts of their involvement in your life seem good and normal. It is a lie and their rewards program gives you a tiny, tiny percent back in contrast the amount that they charge in interest.
The last element on the page is the concept of getting only 1.9% APR interest charged on new purchases between now and February 25th 2008. Your old balance, which has a higher interest rate, will get payed off first when you make payments so that if you keep a balance over this time period your spending will eventually get the higher interest fees. The wolf sneaks up on the innocent sheep hoping to not be detected. The sheep, thinking that he’s safe walks right into the trap. The debtor is slave to the lender Discover.
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