So I received a "pre-approved" credit card offer in the mail and, just for fun, I perused the fine print. This card is one that offers a 0% APR for 15 months which then switches to a fixed APR of 9.99%. If one is observant, one would notice a little 'a' at the end of that sentence indicating that you need to read on. When you find the little 'a' at the bottom of the page, you see this:
Rates, fees, and terms may change: We reserve the right to change the account terms (including the APRs) at any time for any reason, in addition to APR increases that may occur for failure to comply with the terms of your account. . .The APRs for this offer are not guaranteed; APRs may change to higher APRs, fixed APRs may change to variable APRs, or variable APRs may change to fixed APRs.
Now, is it just me, or is the concept of 'fixed' a little hazy to these people?! So it's fixed until they arbitrarily decide to change it? . . .by definition, wouldn't that be variable--which means subject to change?! (fixed--to make set or rigid; to put into permanent form. variable--apt or liable to vary or change; changeable; capable of being varied or changed; alterable.)
Perhaps I'm just old fashioned, but if I found this idea in a paper I was grading, I would FILL UP the margins explaining to the writer why he/she could not call something fixed if that thing can be altered at any time. . .apparently the writers of the Chase Visa Platinum Card mail-outs see have a slightly more modern twist on the terms?!
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That reminds me of that Seinfeld episode with the rental car. Jerry makes a reservation, but they don't have a car for him when he gets there. Jerry says "you know how to take the reservation, you just don't know how to *hold* the reservation and that's really the most important part of the reservation, the holding. Anybody can just take them."
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