I got a letter offering me a Cap One card if I agree to have them put my CitiBank balance on it. The balance is $768. No interest on the debt, 9.9% on the credit extended to me as I pay down the balance... Should I take advantage of their offer?
In general... Run away, run far away... Typically these 'offers' are sent on SOL (or so close to the SOL) debts which can no longer be collected through the courts, so that you'll create a new account which could be collected through the courts if you default on it. I would respond to this offer with a validation letter, (and if they list the CA which they've partered with for the offer, and provide an address for them, send them one too.) Check to see if the alleged 'debt' is time-barred in your state. Only if they could validate the 'debt', and it is not time-barred, would I say to even CONSIDER THINKING about the offer any further.
