Don't Bank on it

Unhappily, I admit I was taken in by a marketing ploy. The ruse was not a lie, but a cleverly worded deal that sounded too good to be true. And as we know, it was too good to be true. I am amused by a good marketing ruse, such as “imported” Japanese and Australian beers made in Canada and taste test battles between “Popeye’s” and “Churches” chicken – both owned by ABC (America’s Best Chicken).

I was investigating “Free Checking” at various banks and one of the advantages of Washington Mutual was a cash-back refund of purchases with their “Debit” card of 3 cents per purchase, not to exceed $250 in one year. It was that $250 a year that steered me from reading more closely what was being offered. I have a “Discover” credit card that gives a one percent cash back reward and I usually get $100 or so back a year. Wow! I thought – I can get back more than that with the new debit card. Then I re-read what I thought was 3% back and it was really 3 cents per purchase, no matter how large. Putting pencil to paper, I figured that to reach the $250 maximum one would have to make over 20 purchases per day 365 days a year. A more nearly normal rate MIGHT be 1 purchase per day 7 days a week which would net you at the end of the year a whopping $10.95. It is better than zero, but I think stating the $250 maximum is marketing at it’s worst.