The loan deal of the day

By Scot Herrick | Personal Finance

Sep 28

Earlier, I blogged about the “great” terms associated with my credit card from Bank of America (formerly MBNA) and how they are changing.

It sucked. So I am paying the balance off in full and I sent them their opt out letter, via snail mail, of their outrageous terms.

But, I have good credit. So a few days ago I received the loan offer of a lifetime: The “Clean Sweep” offer will give you up to $50,000 so that you can have “an opportunity to help you pay off your debts once and for all, all at once.”

A few minor terms and conditions to consider:

We may prohibit use of this account to pay off or pay down any account issued by FIA Card Services (i.e., Bank of America)

Upon approval, we will establish your credit line based upon credit worthiness. Your actual credit line could be lower than $50,000.

We will set your initial APR between 7.99% and 19.99% based upon credit worthiness. By “nonvariable rates” we mean that the APR will not automatically vary with an index, such as the Prime Rate. We reserve the right to change your APR, fees, or other credit terms at our discretion. Additionally, if you fail to pay any minimum monthly payment by its Payment Due Date, we may increase your APR up to a Default APR of 27.99%….

So you really can’t get $50,000 unless you qualify for it. You can get an interest rate of between 7.99% and 19.99% depending upon how cool you are with payments, and if you screw up, we’ll nail you for an interest rate of 27.99%.

I’m begging to sign up. Aren’t you?