Sam's Club Line of Credit!!!!!!!!!!

Two days ago, my brother received a pre-qualifed application for Sam's Club Line Of Credit. Here is the letter:

Dear ******,

You can now get up to $25,000 by opening a new SAM'S CLUB Line Of Credit Account. We'll send you checks, which you can use to buy what you want. Plus you'll get this great deal:

* Zero Interest--You won't pay interest on any check of $250 or more made during the promtional period if you paay your balance in full during the promotionaal period. It's true: no interest if paid during the 6-month specail promotional period.

* Zero payments for 6-months - Get whast you need without waiting . You don't have to pay a thing during the 6-month specail promotional period.

* No annual fee - it cost you nothing to open your new Line Of Credit Account. And you only pay interest on the money you use.

You're pre-qualified for this specail promotion. You request how much credit you receive and how long to pay it back -- it's up to you. Just return the attached form or call the number above before January 8,2004. If you could use up to $25.000. the fastest way to receive your checks is to call toll free: 1-866-627-6815.


Sincerely,

John Drechny
Director of Credit.

 

Annual APR of the advances:7.99%,11.99%,16.99% or 21.99% variable depends on the review of credit.

Variable Rate information:

Your periodic rates and corresponding Annual Perecntage Rates will vary

The standard APR for advances for tiers shown above will be Prime plus either 3.99%,12.99% or 17.99% depending on your APR assignment.

The Cure APR will be Prime plus 17.99%

Delinquency APR: 24.99% (fixed)
Cure APR: 21.99% (Variable)

Grace period: NONE

Method of Computing the Balance for Advances

Daily Balances wii be calculated by taking the begiing balance, adding new Advances and other debits, and subtracting any paymentd and credits. Late Payment Fees, Returned Payment Fees, Over Limit Fees, other fees and unpaid Fiance Charges are includeed in the daily balances

Minimum Finance Charge: NONE

Transaction Fee: NONE

Late Payment Fee:

$15 if outstanding balance is less than $50
$20 if outstanding balance is between $500-$2500
$29 if outstanding balance is over $2500

Over Limit Fee : $29

Returned Payment Fee: $25

The account is owned and credit is extended by GE Capital Financial Inc.