A funny thing happened to me today whilst I was doing my shopping.

Yes, I was offered FREE money by a large US bank - well literally free- at 2.9% for the first 12 months and a new credit card.

Any way, the amount offered to me was $5,000 cash (the equivalent of about $130,000 bahts) and the credit limit offered to me was $25,000.

OMFG!!! :shock: :roll:

What did I do to deserve that?!?

Nothing!!!!

All I needed to get this loan was my driver's licence and my buisness card!!!

Of course, if one had read the fine prints, one would have noticed excessive charges and excessive high interest rates imposed after the qualifying period of12 monthss.

But everything was peachy for the first 12 months and if I was smart enough, I would invest that $5000 in a term deposit and not used the credit card....well, that is what I will do!!!

And at the end of the 12 months, I would be ahead - in fact, about $3000 bahts in front - even after paying interest charges and credit card fees on the loan.

So how could I refuse?!?

No money down, and no risk to me!!!

Any way, I quickly signed up.

Just ashamed they did not offer me more zeros after the five..

But then I wondered how many people signed up that day, did not look beyond 12 months and how many would be trapped post qualifynig periiod... :shock: :roll:

Kinda reminds me of anecdotal stories I heard from friends and family in the States.... :roll: :roll: :roll:

And upon reflection of the whole event, it kinda reaffirm my view of why the US is currently in a deep financial crisis;

1. easy credits offered by banks and financial institutions, and

2. the desire by people to live for "now" and not plan for later.

Was that at Highpoint Van? !!!!

Every few months they do a story in the states of a credit card or some other type of loan being offered to a dog or cat. The banks were literally giving out money to anybody who wanted it. I have one credit card that they kept increasing the limit even though I had not requested it. It currently has a USD $45,000 (1,500,000 baht) limit.

It's a shame. People get caught up in a cycle of debt and they can't escape it. I had a bit of debt at one point in my past and it's amazing how that debt limits your life choices. You're always thinking about how you have to pay off the debt yet if you make the min monthly payments the balance never seems to go down. Fortunately I wasn't in deep enough not to be able to get myself out. Nowadays I avoid debt like the plague. About the only debt I'll allow myself to carry is a mortgage or a car loan (I currently have neither).

Dave40: yeah, it was at Highpoint.....wanna have a guess which US bank it was?

farangfarang: yeah Bill, I hear ya...fortunately, I only have one credit card...Oops, now 2, but definitely back to one by the end of the of the 12 months....hehe

ummmm Van don't worry na you can borrow my dad money its in the Jar but you must help me find hehhehhehhe in the back yard i will give you 20% so what do you thinnk???? hehehehehehehhehehe

baaaaaaaaaaaah na

Brilliant.. I have a friend in the USA that does that with all offers for $$ for opening a savings or checking account, apply for credit cards and frequent flier miles offers etc.... He reads all the fine print and cancels on just the right day.. He also includes doing it for a few friends as kind of a hobby..... He rakes in thousands of dollars a year from overly generous companies trying to take advantage of stupid people who will sign up and not take the time to cancel.

so basically there are planty of stupid people out there that not take time to cancel , otherwise they can't be doing this for this long... do they have something like this in Thailand and that it's not Scam ? Just curious

My guess is Ready Credit from CitiBank .

tricky loans... should be forbidden