If you're holding your pre-approval letter for up to $7,500 purchase credit limit with LPC Universal 1 Platinum card, put down the letter.urn this card invitation.
This card is not a credit card.
It looks like one, and the offer letter has all the general shapes, buzzwords, and bold-faced type in the right places.
But it is not a credit card.
If you call the telephone number provided on the letter, or if you visit the website www.mylpcard.com, and you accept this card.....you will immediately be on the hook for almost $400 without purchasing anything.
And, since acceptance of the card, according to the helpful telephone operator on the other end of the line, requires that you set up automatic direct debit by LPC of your checking account.....
$200 of that sum will be pulled from your checking account right away.
The rest you're on the hook for and will be debited at a rate of $99 per month.
How can such a disaster be allowed to exist?
How can such a scam survive?
It's not a scam.
It's a racket, for sure.
A scam aims to bilk you out of money, without giving you anything in return for it.
LPC gives you something in return.
Access to their exclusive Home Shopping club.
Like I said, this is not a credit card. It's a line of credit with the LPC Shopping Club.
And LPC explains it all in their letter.
They just bury the details in so much jargon, doublespeak, and legalese that unless you take a few minutes to stitch the disconnected pieces together, you miss the major impacts:
Which are these:
- $79 processing fee (pulled 2 days after signing up--counting weekends)
- $120 activation fee (pulled 2 days after signing up--counting weekends)
- $198 annual membership fee (charged to your new credit line)
Followed by these:
- $99 minimum monthly payment
- Shipping and handling for "new merchant card, cardholder agreement, and other information relevant to your benefits, as well as your catalog, and other specific membership benefits."
Shipping and handling on a card, a piece of paper, and a catalog?
Here is how they figure your monthly minimum:
"The minimum monthly payment due is $99, but only $50 or 10% of your total account balance from catalog purchases, whichever is greater."
That's a direct quote.
The letter assures you that you can get most of your money back if you decide you've done a bad thing by accepting the card.
"Your membercard processing fee, annual fees, shipping and handling fees are non-refundable."
You have a limited time in which to claim your refund.
This would be for the $120 activation fee.
You have 30 days.
Simply call the number on the back of your LPC card.
Here's the rub:
You won't get your member card for a while.
Here's what I mean:
- day x: You call and accept (please don't. This is for demonstration purposes only) Also, I didn't number this one because the amount of time between the next item in the line and your calling day vary on a sliding scale, based on what day of the freaking week you called them. Seriously.
- day 1: Your processing payment fee hits your checking account. $79.
- day 8: Your Activation payment hits your checking account. $120. Your credit line is established.
- day 8: Your annual membership fee hits your credit line. $198 balance due.
- day 13: Your LPC card ships, along with catalog, pieces of paper, plus shipping and handling charged to your credit line.
- day 16: Your LPC card arrives. I'm being generous here. Once the package is enroute to your home it is up to whatever spiritual leader you follow to get it there.
You have two weeks left on your 30-day period to request your refund.
The authors of the letter don't lay all the information out as clearly as I have.
They discuss each step in the chain, of course. They have to, to stay legal.
But they do it out of sequence.
Reading it straight through, you miss all the linkages.
If you don't chart it out, you're doomed.
Now that you've burned your invitation:
Go to BJ's or Sam's Club or Costco.
The memberships are much cheaper.