Are You Making This Mistake With Credit Cards?

So the other day I was in line at Victoria's Secret with my wife. We were checking out and there was a young couple that was next to me who was also checking out. I overheard the cashier selling them a store credit card and she had me hooked. Wait, to be clear it wasn’t on the store credit card, but on the sales pitch.

You see ever since I gave up credit cards well over seven years ago I have become almost obsessed with how the retail industry sells credit cards. Believe it or not it is one of my favorite things when we go to the stores.

Anyways, back to this couple. During this sales pitch the young cashier highlighted all the perks you get with the card. You get monthly coupons, discounts on particular products, and points for every dollar you spend on the card.

Wait it gets better…

You can pick what design you want for the front of your card! WHAT!?!?

I know I was pretty excited about that too! Crazy enough so was this young couple and I half-heartedly was hoping they would let me help them pick, how fun! They went back and forth between PINK or Victoria Secret pointing out what they liked about each card. NOT KIDDING!

I was impressed with this young cashier selling this card. And she closed it with a slam dunk. “If you sign up right now I can give you $15 off your purchase, see you are already saving money with this card” BOOOOOOOM goes the dynamite!!!

I am guessing you know what happens next? Yep, that couple signed up for that credit card.

It took everything in me not to step in and say, “Wait, let her sell you the other stuff the card offers, yeah that small print on the back of that brochure she just handed you. Let her sell that and explain that to you.”

The scary thing is this. That credit card has a 24.99% APR attached to it. The young cashier never mentioned it, the couple never asked about it. It isn’t exactly splashed all over the front of the sales brochure.

This is shady business people! This country has become so ingrained in debt products that we don’t even bother to ask these questions. Nor do some people even know to ask because of the lack of education on money and personal finance. So many people don’t even know how a credit card works.

Not only that, but the businesses that offer these credit cards don’t even bother to educate their customers on what they just signed up for. Their scapegoat “it’s all on the brochure.” But, they fail to highlight in their sales pitch how they benefit from selling you that credit card don’t they?

Why? Because they know most people wouldn’t sign up if they did! If you think they are rewarding you, you are dead wrong!

It’s crap! You call that customer service? You call that putting your customer’s needs ahead of your own?

A good business helps people solve a problem they have in their life. It does NOT help them create one.

Credit card debt is a major problem in this country. Stores are not helping you when they offer you the almighty credit card.

WE HAVE TO WAKE UP!