Picking up Nickels

Monday, October 30, 2006

Capital One: The junk mail king

I'm sure that most of us have been targeted by the Capital One prescreened credit card offer junk mail machine. Over the weekend I found out an interesting factoid from an acquaintance who is a Capital One employee: their internal estimates show that Capital One unsolicited mailings represent 1% of the total United States domestic mail volume!

Wow! While Capital One is infamous for its high volume of junk mail containing preapproved credit card offers with varying packaging, interest rates, fees, and terms, I had no idea that their junk mail carpet bombing strategy generated such a large percentage of domestic mail.

By the way, did I mention that I've had a paperless car loan from Capital One Auto Finance for a few years now?

When I bought my car, I agreed to a lower interest rate in exchange for agreeing to a statement-free loan with monthly electronic payments. The interest rate and customer service that I have received from Capital One Auto Finance has been excellent, but it is ironic that a company known for its high USPS mail volume offered me a better deal to keep our relationship electronic.

Now, what about those of us that aren't a master of the 0% balance transfer and want to stop the junk mail madness? The 2003 Fair and Accurate Credit Transaction Act has you covered. It offers an easy way to electronically opt out of these prescreened offers for a five year period. Check out OptOutPrescreen.com for the scoop.

2 Comments:

  • We get so much crap from Capitol One, Citibank, and American Express that we could wallpaper our apartment with it. It's amazing! Two thirds of the stuff we get on a weekly basis is junk. It's depressing.

    By Blogger Dimes, at 10/30/06, 6:20 PM  

  • You could always try to take those lemons and make some lemonade.

    It sounds like you're primed to do an App-o-Rama and take advantage of some 0% balance transfer offers. :)

    By Blogger Frugal Frugalson, at 10/31/06, 8:03 AM  

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