Love those Card Sweepstakes Entries? Remember - they can't make

Love those Card Sweepstakes Entries? Remember - they can't make you Use your Card to Enter

If you are credit card holder, you've probably seen invites for sweepstakes entries in all kinds of communications you receive from the bank. All you need to do is to pay with plastic and you could stand to win hundreds of thousands of dollars, they say. An article in the Wall Street Journal publication Smart Money has been talking about how people all around America are fed up of how much trouble credit cards get them into and how expensive using them actually turns out to be. People are beginning to prefer paying in cash to paying in plastic. These sweepstakes that the credit card companies put out your way try to stem the tide away from plastic. Which can only mean one thing. Doing what they say can only work out against you and in favor of the credit card companies.

Things are really hard for the credit card companies. To begin with, people are turning away from them; and then, consumers aren't spending as much as they used to overall; and the credit card companies are finding it harder to sneak in fees and charges to maintain a nice side income - the new CARD act put paid to that kind of meanness. With many kinds of cards, every single purchase you charge to your card counts as an entry. They hope that you'll think of purchases as sweepstakes entries and forget about how much you're spending. Are the credit card companies on to something here? Will tricks as simple as a vanishingly small chance of winning a lot of money actually convince people that they should spend more? Here's an interesting little study published by the Journal of Marketing Research. They tested 1600 consumers with a simple sweepstakes offer. They were told could either by a can of soda for 50 cents, or they could buy the same can for a dollar and be granted an entry in a sweepstakes to win a couple of hundred dollars. Would you believe that three out of four chose to pay a dollar for their can of soda?

But sweepstakes entries aren't all that the banks are doing. It's just one thing among many that they use to try to convince you to use plastic instead of cash. Transfer a balance andpay no interest for a year; open account and win cash - they want you to use your plastic. But here's the thing. Federal law requires that no sweepstakes ever require purchase as a condition of entry. So if you want those sweepstakes entries that badly, all you need to do is to send a postcard or to get on the banks website for an online entry. They have to give you a free alternative way. It's the law.

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