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The Macs Card: Can You Spot What's Wrong With It ?

19 February, 2009 02:04:00
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For BBC1's 'Should I Worry About Spending?' I designed a brand new dummy credit card - the aim was to make it look good and get people to sign up, but actually with all the hideous tricks that credit card companies play on people.


Unfortunately, I don't have a copy of the printed leaflet. However, below you will find the original specs.

What was it all about?

Remember the marketing was glossy, it was glam, it was all about "photos from your phone onto your card." There were pics of kittens and children, holidays and the sun - a perfect escape from credit card realities.

Would you have signed up?

To continue the experiment, we went to a shopping centre and set up a stall. We had three good looking actors (one man, two women) who I trained to sell the card, just to add a little extra marketing buzz.

On the day many people were willing to sign their names on the dotted line. Don't worry, they were told very shortly afterwards that it wasn't real and it was all for a TV programme.

Would you have signed up? Can you spot the reasons why? Discuss the Macs card and the problems with it.

Here's the spec. Now let me say, this card is pants. It shouldn't be touched with a bargepole.

NB. The MACS card, logo & concept was designed by me for the sole purpose of the programme and has no connection to any organisation, charity or business which may possess the same name.

 

Macs Out!

 

Get Macs credit without maxing out the cost.

 

·        Personalise your card with your own photo.

·        Collect a  massive 12 MACS POINTS on every pound you spend.

·        0% interest on balance transfers for 6 months.

·        13.9% APR (variable) on purchases.

·        No Annual fee*

·        Lowest minimum payments of any card

 

 

GET 12 MACS POINTS PER POUND YOU SPEND - THAT'S MORE POINTS PER POUND THAN ANY OTHER REWARD SCHEME!

 

REWARD YOURSELF TO THE MACS WITH


·        A SPA WEEKEND

·        A WIDE SCREEN TV

·        GOLF LESSONS

·        FREE FLIGHTS

·        PLUS MACS mugs, MACS T-shirts, CDs, DVDs, manicures and more

 

 

How do you get your photo on the card?  Simple, after you've applied for the card, just send us a multi-media text message from your phone of the chosen photo and that's what you'll get.

 

 

 

 

SUMMARY BOX

The information contained in this table summarises key product features and is not intended to replace any Agreement Terms which will be provided with application forms.

 

Introductory Rate

Monthly Rate

Balance Transfers

0% for the six months after account opening

1.09% (13.9% APR)

Purchases

N/A

1.09% (13.9% APR)

Cash

N/A

1.6% (21% APR)

Cheques

N/A

1.6% (21% APR)

Interest-Free Period

There is no interest free period on purchases, cash advances, cheques or balance transfers

Allocation of Repayments

We will allocate repayments to balances with 0% interest rates before balances with higher interest rates.

Minimum Payments

The lower of 2% or$5 (or the total purchase protection plus interest as is outstanding)

Fees

No annual fee providing a minimum of$1,000 per year is spent on the card, otherwise fee of$30

Charges

Cash Advance Fee 2.5% (minimum$2.50)

Foreign Exchange Commission 2..75%

Default Charges

Late payment fee$25.   Over limit fee$25.

Returned payment fee$25.  Letter fee$10

 

 

SIGN UP YOUR CONTACT DETAILS TO RECEIVE AN APPLICATION FORM.

 

Please fill in our questions for market research

 

What attracted me to the card was

 

 

Personalised Card

Points

0% on balance transfers

Low spending rate

Low minimum payments

I was not attracted to the card because

 

 

 

 

 

I would like to apply for this credit card, please send me an application form

Yes (please tick)

My Name Is

 

 

My Telephone Number is

 

 

My Address is

 

 

 

Include Post Code

I understand that NO CREDIT SEARCH WILL BE CARRIED OUT until you contact me.

Yes (please tick)

 

Written quotations are available on request. Credit is available, subject to status, only to UK residents aged 18 or over.

The MACS Credit Promotion is run by the programme makers of Should I Worry About Spending? coming out on BBC1 this autumn. It is not a real card, not a real bank, and you have not really applied for credit. No Credit checks have been done on you nor will be done. Please review your credit needs in light of this information. The details taken about you will only be used to contact you in the next few days to confirm if you are willing to be included in this TV stunt then they will be destroyed in line with the data protection act. The purpose of the stunt is to illustrate how difficult it is to understand credit and to know when it is right for you, especially the current way that credit is promoted. The Address for MACS Credit Card is MACS CREDIT, BBC White City, W12 7TS.  If you signed our forms - we will be contacting you.
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