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Tips To Avoid Problems When Applying For Credit Card Promotions

Thursday, August 9, 2012 - 5:11 AM
If you're going to take advantage of a credit card promotion, this CBS News article is a good example of the problems that can occur if you apply by phone. You might not get the deal that you applied for, and it's hard to prove that it was the company's mistake. It also shows the usefulness of CreditKarma.com to monitor hard inquiries on your credit.
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Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,996
1. Thursday, August 9, 2012 - 7:40 AM
CreditKarma CEO Kenneth Lin recommends that consumers open new accounts over the Internet, taking and saving screen-shots of exactly what products they are applying for. Unless a call is recorded, applying over the phone leaves consumers without proof of what happened during the transaction.

Lin also urges people to take care when reviewing accounts online. Credit card companies, which save a bundle with electronic billing, can make it easy to "accidentally" switch a customer to any product or service that helps the their bottom lines.

Whenever possible, I avoid opening new accounts over the phone for exactly the reason cited, but unfortunately sometimes that is the only avenue offered.   The advice to take and save screen shots when opening an account online is very sound.  If the account is a reward checking account, I take a screen shot of the E-statement enrollment process as well. 
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pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
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