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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Tuesday, March 11, 2008

"Aspire" For Good Credit, Not Fast Cash

The credit card industry has some of the most effective marketing I have ever seen. Albeit sleazy most of the time and misleading at best, people actually apply for the cards that are advertised with little to no caution or due diligence. The marketing messages grab them and compel them to act – that’s what “good” marketing does.

One of the best examples of this that I have ever seen was the Aspire VISA card. I even remember the first time I saw the commercial. The spokesperson is an average looking woman with a child in an urban area. She calmly describes how hard she works and what not, letting the viewer know that she is a salt-of-the-earth, working class American, just like them. After she convinces you that she is non-threatening and sympathetic to you, she begins to convey the heart of the marketing message – she tells you how you “deserve” to have a credit card.

I was instantly turned off and angered.

I know that I said this was “good” marketing, and technically, it is. It achieves all of the goals of a “good” marketing campaign. My problem with it was that it was an absolute lie.

Most people with bad credit have it because they were (and oftentimes still are) irresponsible and or ignorant concerning proper credit usage and the importance of creditworthiness. If you spend more than you make and you do not absolutely have to (some individuals do have extenuating circumstances), you don’t “deserve” a credit card until you clean up the mess you’ve made, period. If someone gives you a second chance, then it’s a blessing, not something you’re entitled to. Unfortunately, however, most people are so self absorbed that they don’t stop to think about the predatory nature of advertisers who appeal to their vanity instead of their rationale. As I watched the commercial, unable myself to get a credit card at that time because my credit was bad, I was still offended at how this company was obviously trying to take advantage of me and my situation.

Soon after I first saw this commercial, I got into a conversation about credit with a good friend of mine. We usually call each other to rant and rave, so I was sure that I would get a chance to tell her about this horrible commercial I had seen so that we could laugh at how obvious their ploy was. She, however, got the head start, going on about how she had just gotten the screws put to her with a credit card she had. She was on the phone with customer service all day for the second day in a row, trying to resolve issues concerning her credit limit. She was promised a limit of about $500, and when she tried to make a purchase over $300, her card was declined. It turned out that because the card she had acquired was a “bad credit” credit card, there were fees tacked on right at the very beginning, totaling about $250. She owed them $250 before she had spent a dime! What a rip-off! She had gotten the card because she wanted to rebuild her credit, and she was prepared to pay more than the minimum balance each month and everything, but now she was steamed and ready to pop. I was appalled. Because I had recently seen the horrible Aspire commercial, I asked, with more than a hint of sarcasm, “It isn’t that Aspire card, is it?”

She gasped and replied, “How did you know?”

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