Moneytalks wrote:If you need a reminder that it's a business relationship, just review the 6+ page card agreement they send you with the new card.
Speaking of that agreement, has anyone else ever noticed that 95% of is entirely slanted to THEIR benefit? Basically the vast majority lays out everything in their favor. The only expection I've found is with disputes but even that is at their discretion when it comes down to it.
The best part is the binding arbitration clause. Essentially by using the card you are agreeing not to sue them but to submit grievances (claims) to an arbitrator, who is beholden to them in terms of getting future work (those who side with consumers too often will likely find that their phone won't be ringing) which rigs the system in their favor. That's why they want to force that system on us and keep us out of the legal system. The only way to avoid that is to simply not use the cards. Of course that still doeesn't stop them from suing in you in the legal system if you don't pay them, so in effect they have their cake and get to eat it too, but who could be surprised by that here in the US? Seriously. In case you haven't heard, we have the best government money can buy and I know you guys are smart enough to get that. But yeah, they set those terms all in their favor.
And to the fanbois, yes I know they get burned regardless. I know that from personal experience as I have burned some of them. Not proud of it, just saying yes I realize that. Still doesn't justify taking away your legal rights, what are they so afraid of in terms of the legal system when it tends to favor them anyway? And you may say well you can choose not to comply and to close your accounts and go to cash, and yes that is true I can. I guess if enough of us do that, then they'll have to change this.
Gosh I way over-analyzed this...