well, there's no reason to be offended. I was only telling the truth. The mailer clearly provides enough information for us. I directly quote from it, "credit provider: credicorp". Still misleading? As for all the other people feeling cheated...they simply read all this negative posts about Credicorp and tag along with them, without any first hand experience. This clearly is not "research". It's pretty obvious that most of the posts say something along the lines of.....oh thank you for your OPINION.....what would I do without the internet.....good thing I read your letter....and so on. None of these really gave Credicorp a chance. In the mist of these kinds of posts, I just wanted to add in my point that Credicorp has not been in any way a fraudulent experience for me.
Re: credicorp I do not have any first hand knowledge of this company. But, when I was a regulator with a state agency a few years back, we had a lot of problems with this type of company. First, the ads always showed the Mastercard or Visa logo plus said something like gold card. The implication was that you would get a Visa or Mastercard but it never really said that. If you read it very carefully, you might be able to figure out it was a private issue card (but probably not). They did not issue Mastercard or Visa and therefore should not have used the logos in the ads to mislead people. In the Creditcorp ads, did they use these logos? Second, the cards were good only for overpriced mechandise from their catalog that no reasonable person would buy. For example, you can buy a 19" brand name color TV set at numerous places for under $200. In their catalog, they charged $600 and required a $200 downpayment, with the remaining $400 paid over time. To me, that is a rip off. Have you actually bought anything from their catalog? Is it fairly priced? My experience is that the literature leads people to believe they are getting a major credit card. They don't, and that is misleading. What they do get, the right to purchase merchandise from an overpriced catalog, is useless.
Re: credicorp Of course CrediCorp is a fraud. it's official: http://www.bbb.org/alerts/credicorp.asp http://www.ago.state.mo.us/113099.htm http://www.cencal.bbb.org/library/19990201.html http://www.dbf.state.fl.us/news31.html http://www.bogusoperation.com/operators/credicorp.html What kind of company won't let you know the account terms until you pay them $30 ?! Saar
In the interest of "research," I explored CrediCorp's on-line catalog. While it may not be fraud to charge $299 for a 4-head Zenith VCR (that my local mom and pop TV store is selling for $149 and I am sure that both Circuit City or Best Buy are selling for even less), the tactics are exploitative and predatory. It is particularly egregious because CrediCorp preys on those who can least afford to overpay for goods. I've seen CrediCorp's mailers. They are misleading. No, not to you, perhaps. And certainly not to anyone who is reasonably sophisticated in credit matters, but I would be willing to bet that description doesn't fit most of the recipients of the mailers. The hype says that you have been pre-approved for a $10,000 gold card which you can use to buy fabulous merchandise -- apparel, appliances, electronics!!! The notation that you have to buy it from CrediCorp comes much later in the pitch. And they fail to note that CrediCorp will charge you more for the merchandise than just about anyone else. Sure, CrediCorp may be following the letter of the law (and I'm giving them a huge benefit of the doubt). But the ethics of their business practices leave a lot to be desired. However, if you are truly a happy and informed customer, that's great. I'm pleased it's been a good experience for you. However, I will observe that you have written the only positive testimonial I've read about CrediCorp save for those on their website.
