Sign in to follow this  
IronMan

Line out the Arbitration Verbiage

Recommended Posts

A suggestion for you new applicants for credit cards thesedays. Also to protect your right to due process.

Line out any verbiage that relates to you agreeing to arbitration, write the word "no" above the lined out info, and initial the section(s) you modified.

You then sign it AND MAKE A COPY, then you send it off.

I've done this with three new cards and have gotten them all. That way if you get screwed later, they can't raise the arbitration flag and cause you a headache. If they claim arbitration, you fax them your copy of the agreement.

Your agreement is exactly that, an agreement. BOTH PARTIES must agree or the agreement be fair and EQUITABLE for each party invovled.

If they don't like it, tough. Don't do business with them. Better to pay cash or use Home Equity Line of Credit instead.

Share this post


Link to post
Share on other sites

Read about a case on this board (I think it was by calawyer) where a couple sent a payment marked "Payment in Full" to a credit card. The card company cashed it, but then continued asking for the remaining balance. Went to court, the card company objected that they do not notice such inserts sent among the large amounts of mail handled at the post box set up for handling payments, and if the couple wanted to let the company know of a settlement offer, they should have sent it to the corporate headquarters.

The couple won the lawsuit, but on other grounds. This particular objection was upheld by the court.

What I'm trying to say is, if you do cross off the Arbitration verbiage, make sure you send it to the corporate headquarters of the card company, and not to the regular address where payments are mailed to. You need to prove eventually that you sent the revised agreement to the card company. You may need to send CMRR, and keep the green card when it arrives for as long as you have the card.

Once the card company receives your revised agreement, they may choose to cancel your card. You are then stuck with a hard inquiry, and no card, same as a denial. You might as well not apply for the card.

The ONLY way to win the credit card game is to have lots of cards, and if one card jacks you, have resources to move those balances out to another card. Rejecting arbitration provisions will only simply get your card cancelled, and a notation on your report "closed by credit grantor".

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this