Two cards that were recently issued to me had arbitration clauses in the disclosure. What's the deal with this clause? What's the easiest way to get them to waive it, and how willing are they to do that?
My suggestion, don't use them. They are asking you to waive certain rights and that is no card you want. There is plenty of providers who do not want that Arb clause signed. The more people that refuse to the Arb clause, the better for us all. If everyone signs it and does not question it , then it will become standard in the industry. Eric wrote: ------------------------------- Two cards that were recently issued to me had arbitration clauses in the disclosure. What's the deal with this clause? What's the easiest way to get them to waive it, and how willing are they to do that?
I noticed that my four identical recent offers from "Aspire Diamond Visa" included an arbitration clause. Limited rights to discovery, binding decisions, judgments without trial...I didn't want any of that. The decison was made even easier by their exorbitant floating interest rate, currently 30.25%. I agree that we owe it both to ourselves and to our posterity, and to everyone else for that matter, not to sign arbitration clauses. A lot of Americans died in battle to preserve and protect our legal and constitutional rights. Some of us are ready to sign away our rights voluntarily just so we can buy things we don't need before we can afford them, and then pay extortionate interest rates forever as our penance for being foolish. Don't do it! Just say no!
