When you get a credit card application, you have two choices: You can sign it and send it in, or you can decide you don't like the terms, and throw it in the trash.
But a Russian man went a third route: He changed the terms of the contract to be more to his liking, and wound up with a credit card that gave him unlimited, interest-free spending.
Russia Today reports that Dmitry Argarkov of Vornonezh, Russia, didn't find the terms of a credit card offer he received from Tinkoff Credit Systems in 2008 appealing. But instead of ripping it up, he scanned it into his computer, rewrote the terms to be much more in his favor, printed it out, signed it, and mailed it back. How much more in his favor? Under the new terms, he was to have a 0 percent APR, no fees and no credit limit. And the bank would incur huge fines every time it violated the terms of his agreement.
When the bank got back the application, it apparently didn't bother to check the fine print, and sent him back a credit card.
And when the bank terminated the card and tried to sue him for unpaid balances and fees, the court ruled more or less in his favor: It ordered him to pay his unpaid balance of 19,000 rubles ($575), but otherwise waived all other credit card fees.
http://www.dailyfinance.com for a video and the rest of the story
But a Russian man went a third route: He changed the terms of the contract to be more to his liking, and wound up with a credit card that gave him unlimited, interest-free spending.
Russia Today reports that Dmitry Argarkov of Vornonezh, Russia, didn't find the terms of a credit card offer he received from Tinkoff Credit Systems in 2008 appealing. But instead of ripping it up, he scanned it into his computer, rewrote the terms to be much more in his favor, printed it out, signed it, and mailed it back. How much more in his favor? Under the new terms, he was to have a 0 percent APR, no fees and no credit limit. And the bank would incur huge fines every time it violated the terms of his agreement.
When the bank got back the application, it apparently didn't bother to check the fine print, and sent him back a credit card.
And when the bank terminated the card and tried to sue him for unpaid balances and fees, the court ruled more or less in his favor: It ordered him to pay his unpaid balance of 19,000 rubles ($575), but otherwise waived all other credit card fees.
http://www.dailyfinance.com for a video and the rest of the story
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