Capital One - Trying to get my son in debt!!!

advent1122

My son who is 18 received a Capital One "pre-approved" credit card invitaion.
He works part time in Burger King a few days a week after college and he is now being tempted with offers to get into debt.
The Apr is 34.9%.
Yes, I know he is of legal age and Yes, I know it is his decision to apply or not (actual he has no choice because I binned it before he read it).
How many 18 year old know that 34.9% is a scandalous rate?
I wonder how many 18 year olds would take up this offer without realising the consequences.
I get them all the time but this is the first one my son has received and I hope he has the will power to resist, although once he goes to Uni the temptation may be too much.
These companies are now encouraging our youth to begin a lifetime of debt and I think this direct marketing should be stopped.

jonesMUFCforever

Instead of preaching to the converted I think you should teach your son the value of money.

I'm not so sure that I would like my parents to have read my mail though - in fact what you did is illegal!

jamalfatty

Pre-approved means nothing really, just that they have found his name on a mailing list somewhere. He would still have to go through the usual credit checks.

On a different note, none of my business and each to there own, but I'd be royally %$&*ed off if my parents were intercepting my mail and deciding what I could and couldn't receive!

Time2Go_25

I would hope that most 18 year olds know the value of money. I have an 8 year old daughter and I talk to her about money and how if you need to buy things that you need to save for them and that even if you buy things on credit cards you still need to pay back the money.

Oh and even though she's only 8 I wouldn't dream of opening her post.

smogzy

I agree you shouldn't have opened his mail but more to the point...

These cards have just a couple of uses...one is for credit repair if you have a bad credit record and the other is scraping ice off your windscreen.
So i'd advise him to steer clear otherwise.

Credit card companies though are providing for a wanted service and have every right to advertise thier product to prospective customers (he`s legally alloed to have a credit card) much the same as if you was to receive an offer to join a book club etc.

Yeah it's a bit ethically questionable coaxing people into debt at such an early age but then its not the Cliff Richard Fanclub here, its a Credit Card Company and much like Banks are not known for their scruples.

advent1122

ejones999 wrote: »

I'm not so sure that I would like my parents to have read my mail though - in fact what you did is illegal!

I am scared now.
Do you think I will go to prison?

spring85195

advent1122 wrote: »

I am scared now.
Do you think I will go to prison?

What you did is clearly illegal. Once your son turned 18, he is considered as an adult and you are no longer considered as his guardian.

Opening his mails will be the same as opening your neighbour's mail.

advent1122

Yadda yaffa kabooooooom.

Spark

Maybe you should sit down with your son and explain to him the pitfalls of credit cards and loans before he goes to uni?
Saying that, he might have already heard or will hear of "spend as much as you like on credit, you can go bankrupt when it comes to the crunch".
I wouldn't worry if I was you, just remember in future that your son is an adult and you cannot treat him as if he is a little kid anymore (ok, it's hard to come to terms with that one, but it's a must if you want to avoid sleepless nights).
He'll have to make his own mistakes and learn by it, the only thing you can do is give him a maximum of information that he will use to make his decisions.
Now that you know that it is illegal to open his mail, don't do it no more.
And remember, you have to let them go, eventually..........
I do agree that direct marketing should stop, and now more than ever, with the compulsion on recycling, less rubbish is best.
Since I register with the Mailing Preference Service, I seldom receive any unsolicited mail.
http://www.dma.org.uk/content/Prf-Introduction.asp

ben500

advent1122 wrote: »

My son who is 18 received a Capital One "pre-approved" credit card invitaion.
He works part time in Burger King a few days a week after college and he is now being tempted with offers to get into debt.
The Apr is 34.9%.
Yes, I know he is of legal age and Yes, I know it is his decision to apply or not (actual he has no choice because I binned it before he read it).
How many 18 year old know that 34.9% is a scandalous rate?
I wonder how many 18 year olds would take up this offer without realising the consequences.
I get them all the time but this is the first one my son has received and I hope he has the will power to resist, although once he goes to Uni the temptation may be too much.
These companies are now encouraging our youth to begin a lifetime of debt and I think this direct marketing should be stopped.

My twopennerthworth GOOD FOR YOU if he's in your house and your care then you go ahead and keep on caring ! I would take it further and send them a letter recorded delivery advising them they are offering credit to someone not in a position to afford that credit and that you will use proof of delivery of your letter in defense of any claim against your child for debt in the future!! Well done don't let your kid get hooked by the sharks.

Sagaris

ben500 wrote: »

My twopennerthworth GOOD FOR YOU if he's in your house and your care then you go ahead and keep on caring ! I would take it further and send them a letter recorded delivery advising them they are offering credit to someone not in a position to afford that credit and that you will use proof of delivery of your letter in defense of any claim against your child for debt in the future!! Well done don't let your kid get hooked by the sharks.

My thoughts exactly.
Although I've never opened either of my children's mail (unless they were away at Uni and had specifically asked me to - and then I still felt bad doing it) I would do anything to protect them from what I see as harmful - after all when they are toddlers we always lock up medicines etc, and I see the unnecessary peddling of credit cards to possibly financially unaware teens/early twenties as potentially just as harmful.
I've seen the harm debt can do to kids of this age (my colleague's daughter racked up £17k debt in just this way) and would do anything I could to stop my kids doing the same thing.