Credit card rewards fraud 2008

Let the fraud continue

Most credit card holders earn rewards such as cash-back or travel-miles.

The common term for this is REWARDS.

The public is familiar with the term ‘reward.’

Now through a miracle of the free-market, the credit card companies have created a fraud that capitalizes on the word ‘reward.’

Here’s how the gimmick works. Your credit card bill gives you a deadline for redeeming your rewards. Instead of mentioning that the reward is actually a product-offering, the bill makes it appear like you must buy a product to redeem your rewards.

Obviously the credit card companies understand that nobody wants the product they are hawking. The proof is simple: they are resorting to trickery and confusion instead of plain talk and openness.

Hopefully as I get older, I won’t accidently sign up for some scheme that takes money out of my account each month. I didn’t fall for the scam this time, but it’s worrisome, especially after we’ve seen the massive mortgage fraud perpetrated by these same bankers.

It’s amazing when you figure that some guy actually worked his way through college so he could find new ways to con the public, and that this talent is highly prized by the free market.

Gene Haynes