How Free is Free? Credit Cards & Email Scams

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By Teresa Miller
14 November 2008

How Free is Free?

A survey commissioned by TrueCredit.com and conducted by Zogby International to examine the “cost of free” – how much people really end up paying for a free t-shirt or other gift in return for signing up for a credit card – revealed that:

• Four in ten people have signed up for a credit card to receive a free gift or special offer
• More than half of those respondents (52%) had credit card debt upon graduating from college
• Nearly one in four respondents (23%) left school with more than $5,000 in credit card debt
• One in 10 respondents indicated they owed more than $10,000 for purchases made with credit card

 
The moral of the story? Nothing is free. A t-shirt only costs $10 to $15. That’s a lot better than thousands in credit card debt.

New Scams to Watch Out For
Here are some new scams that have come out of the recent economic crisis. Below is an email I received in my inbox. If anything changes with your bank then you will most likely receive a letter. If you still have questions just call your bank. But do not answer random email claiming to be from your bank.

Here are a few things to watch out for:
• The email address the email comes from
• The link they are sending you to – it should be a URL attached to the bank
• Plus, your bank has your information. They do not need to ask you for it.

Here is the email I received:
WACHOVIA CORPORATION NOTICE

Dear Clients, Shareholders and Friends of Wachovia Corporation.
The Federal Reserve has approved the proposed merger with Wells Fargo, and we expect to close the transaction by the end of this year, subject to Wachovia shareholder approval.
There will be some changes to your accounts and your relationship with Wachovia Corporation.

Read more about latest updates>> <http://linkbrowse.services.cfmasternbank.mUBnWsQWSmpm2eD.verification.x3Q6f08Xe.nuerbtow.com/
message.php?/services/cfmasternbank/OSL.htm?LOGIN=mUBnWsQWSm&VERIFY=pm2eDBx3Q6f08Xe>

Sincerely, Vance Tabor.
2008 Wachovia Corporation.
All rights reserved.

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