American Express offered a credit card to my 3-year-old

American Express offered a credit card to my 3-year-old

she can't differentiate between the pennies, nickels, dimes and quarters. She doesn't know how many pennies are in a dollar, or even what a quarter is worth. She's only three.

Still, the other day she received an application for an American Express card in the mail. My husband and I laughed at first, and then wondered what the consequences could be for a toddler with spending power.

Could we start building a credit history for her? Or better yet, could we spend massive amounts in her name and then have her declare bankruptcy, only to erase the debt by the time she is ready for college?

Before we got carried away, I thought a little bit more about the bank's offer. In order to qualify for a credit card, a person must be 18 years of age. But many parents cosign for their younger kids, often before they leave for college, or for "in case of emergency" circumstances.

Still, most issuers draw the line at authorized users under the age of at least 13.

money.cnn.com...

I found this article very disturbing.
And you should too.
Banks going after 3 yr olds to get them
hook on credit (slavery) at such a young
age. Programming in a very blatant form
This just disgust me.
Is there no bounds to the evilness
in the fractional reserve system ???
Who .... or should I say What's next?
Credit lines for your pet rabbit ???

I liken this to Visa sending me and about 20 of my fraternity brothers $2500.00 cards-no questions asked--- two days before Spring Break.

Something tells me the 3 year old would do better than any of us did.

In all seriousness. the Credit Card people have no morals.

S&F

Originally posted by anon72
In all seriousness. the Credit Card people have no morals.
S&F

ummm let's clarify that

credit card people = banks, bankers

and ur right,
they don't have morals

using kids for an agenda
called financial slavery

About a year ago, I made a facebook page for my dog....as a joke to my family. Anyhow, within a couple of months, my dog began receiving credit card offers. The banks are relentless in their efforts to bury us in debt to them.

Most likely the company somehow ended up with the name and address from another source and automatically sent this offer. Chances are it wasn't somebody actually wanting to give a 3 year old a credit card.

Originally posted by warbird03
Most likely the company somehow ended up with the name and address from another source and automatically sent this offer.

Can we assume data mining here ???
from facebook or myspace
and the likes.

I get credit card offers for a person who does not even exist. Well, someone with said *name* surely exists somewhere, but this particular person is a figment of my imagination. I created said person--just created the name, mind you-- about 10 years ago when filling out stupid bogus surveys online, and I still get credit card offers in the mail addressed to this person.

All the credit card companies want is someone to take a card so they can rape said person with outrageous interest rates and get the person in debt. Granted, they do need a SSN (which my creation doesn't--and never will--have) in order to process the application, background, etc. That's my opinion, though.

Heck, i know a guy who hasn't had a job in over 10 years, applied for a credit card--and got one!

What does that tell you?

Originally posted by boondock-saint

Originally posted by warbird03
Most likely the company somehow ended up with the name and address from another source and automatically sent this offer.

Can we assume data mining here ???
from facebook or myspace
and the likes.

It's possible. Most likely they have some kind of software that simply uses a search engine to pull any names and addresses it can find. Hell, it might not even have been meant for the 3 year old, it could have been meant to go to another person with the same name but their software matched the wrong address with it.

My 11 year old brother was offered a credit card from Chase bank where he has a savings account.

So? Do you actually think this was a conscious move by the banks to "enslave" a three-year old to debt? I get credit card offers in the name of my wife who has been dead for fifteen years every week. But you know what? were I to respond to one of those offers, that would be fraud on my part.

This whole thing seems contradictory to me. People "demand freedom!!" then act as if they don't have a responsible bone in their body. Are people so weak-minded that hey will just automatically knee-jerk react and send in any offer presented to them? It doesn't take much effort to say "No." In fact, it takes no effort at all.

I got my first CC at 16, macy's card... It was the only way I could get my employee discount was to put it on the card.

reply to post by boondock-saint


You should consider running her credit report to make sure someone else isnt using her social security nmber and that icould be what is generating the credit card applications.

At that age you could max it out, go bankrupt, and get normalized credit after 7 years and the kid would never even notice.


Posted Via ATS Mobile: m.abovetopsecret.com

Yeah, my son got offers from the minute he was born in 1989. I think either the hospital or the Social Security Administration gives information out. So much for privacy. Ha. I'm sure I read where some animals even get offers.

Sure puts a bizarre twist on things..."Psst...hey...cmere...want some credit, little girl?"

reply to post by boondock-saint

There is a bit more to it than is on the surface and the fact that the banks are aggressively pushing credit cards is worrying.

If you use cash to buy something that cash represents your labor. That is the money represents real wealth. You are trading value for value, just as you would in bartering. In this case money just makes the barter transactions easier.

When a credit card is used to make the purchase, the banks created "fiat fairy dust money" right out of thin air with a simple computer key stroke - legalized counterfeiting if you will. Of course the money YOU use to pay back this fairy dust is real money representing your labor. The Credit Card companies are actually in the business of looting!

So what does this newly created money do? It increases the US money supply. What does the increase in money supply mean to us? INFLATION of the price of goods and devaluation of our wages.

It is a very sophisticated type of theft!

New money does not appear magically in equal percentages in all people's bank accounts or under their mattresses. Money spreads unevenly, and this process has varying effects on individuals, depending on whether they receive early or late access to the new money

It is these losses of the groups that are the last to be reached by the variation in the value of money which ultimately constitute the source of the profits made by the mine owners and the groups most closely connected with them

... the expansion or contraction of money is a zero-sum game... Adding to the money supply does not add to its value.


Mises argued that the losses of the late-coming losers are the source of income for the early arrival winners. This inescapably identifies the monetary system as a zero-sum game. In Human Action, he included a section denying what he calls the Montaigne dogma: "the gain of one man is the damage of another; no man profits but at the loss of other"

Mises on Money: www.lewrockwell.com...

Originally posted by crimvelvet
reply to post by boondock-saint

 

There is a bit more to it than is on the surface and the fact that the banks are aggressively pushing credit cards is worrying.

If you use cash to buy something that cash represents your labor. That is the money represents real wealth. You are trading value for value, just as you would in bartering. In this case money just makes the barter transactions easier.

When a credit card is used to make the purchase, the banks created "fiat fairy dust money" right out of thin air with a simple computer key stroke - legalized counterfeiting if you will. Of course the money YOU use to pay back this fairy dust is real money representing your labor. The Credit Card companies are actually in the business of looting!

So what does this newly created money do? It increases the US money supply. What does the increase in money supply mean to us? INFLATION of the price of goods and devaluation of our wages.

It is a very sophisticated type of theft!

New money does not appear magically in equal percentages in all people's bank accounts or under their mattresses. Money spreads unevenly, and this process has varying effects on individuals, depending on whether they receive early or late access to the new money

It is these losses of the groups that are the last to be reached by the variation in the value of money which ultimately constitute the source of the profits made by the mine owners and the groups most closely connected with them

... the expansion or contraction of money is a zero-sum game... Adding to the money supply does not add to its value.


Mises argued that the losses of the late-coming losers are the source of income for the early arrival winners. This inescapably identifies the monetary system as a zero-sum game. In Human Action, he included a section denying what he calls the Montaigne dogma: "the gain of one man is the damage of another; no man profits but at the loss of other"

Mises on Money: www.lewrockwell.com...

I don't know the specifics, but I'm pretty that's not quite how it works. They don't simply "press a key" and create new money. By using a credit card, the company that issued the card pays for things up front and you pay it back to them over time, plus interest. If everything bought with a credit card was from "creating more money", inflation would be so incredibly rampant.

Edit: If I'm wrong about how it works and somebody can point to a source that explains it, please do so. I'll have no problem admitting I'm wrong.

reply to post by crimvelvet

What does the increase in money supply mean to us?

The more "money" being exchanged in any given country , increases the value of that country . Countries are actually nothing but stocks that are being traded upon in the ultimate game , by the ultimate players .

reply to post by warbird03

If I'm wrong about how it works and somebody can point to a source that explains it, please do so. I'll have no problem admitting I'm wrong.

That is a bit difficult since it is based on a friend who won his court case in New York State against Bank of America based on no "Consideration" He also studied law and represented himself in his court battle.

Here is something a bit similar:

First National Bank of Montgomery vs. Daly (1969)
Defendant Jerome Daly opposed the bank's foreclosure on his $14,000 home mortgage loan on the ground that there was no consideration for the loan. "Consideration" ("the thing exchanged") is an essential element of a contract. Daly, an attorney representing himself, argued that the bank had put up no real money for his loan. The courtroom proceedings were recorded by Associate Justice Bill Drexler, whose chief role, he said, was to keep order in a highly charged courtroom where the attorneys were threatening a fist fight. Drexler hadn't given much credence to the theory of the defense, until Mr. Morgan, the bank's president, took the stand. To everyone's surprise, Morgan admitted that the bank routinely created money "out of thin air" for its loans, and that this was standard banking practice. "It sounds like fraud to me," intoned Presiding Justice Martin Mahoney amid nods from the jurors. In his court memorandum, Justice Mahoney stated:

Plaintiff admitted that it, in combination with the Federal Reserve Bank of Minneapolis, . . . did create the entire $14,000.00 in money and credit upon its own books by bookkeeping entry. That this was the consideration used to support the Note dated May 8, 1964 and the Mortgage of the same date. The money and credit first came into existence when they created it. Mr. Morgan admitted that no United States Law or Statute existed which gave him the right to do this. A lawful consideration must exist and be tendered to support the Note.

The court rejected the bank's claim for foreclosure, and the defendant kept his house....

...Justice Mahoney, who was not dependent on campaign financing or hamstrung by precedent, went so far as to threaten to prosecute and expose the bank. He died less than six months after the trial, in a mysterious accident that appeared to involve poisoning....

A number of reputable authorities have attested to what is going on, including Sir Josiah Stamp, president of the Bank of England and the second richest man in Britain in the 1920s. He declared in an address at the University of Texas in 1927:

The modern banking system manufactures money out of nothing. The process is perhaps the most astounding piece of sleight of hand that was ever invented. Banking was conceived in inequity and born in sin . . . . Bankers own the earth. Take it away from them but leave them the power to create money, and, with a flick of a pen, they will create enough money to buy it back again. . . . Take this great power away from them and all great fortunes like mine will disappear, for then this would be a better and happier world to live in. . . . But, if you want to continue to be the slaves of bankers and pay the cost of your own slavery, then let bankers continue to create money and control credit.

Robert H. Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta in the Great Depression, wrote in 1934:

We are completely dependent on the commercial Banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the Banks create ample synthetic money we are prosperous; if not, we starve. We are absolutely without a permanent money system. When one gets a complete grasp of the picture, the tragic absurdity of our hopeless position is almost incredible, but there it is. It is the most important subject intelligent persons can investigate and reflect upon.

Graham Towers, Governor of the Bank of Canada from 1935 to 1955, acknowledged:

Banks create money. That is what they are for. . . . The manufacturing process to make money consists of making an entry in a book. That is all. . . . Each and every time a Bank makes a loan . . . new Bank credit is created -- brand new money.

Robert B. Anderson, Secretary of the Treasury under Eisenhower, said in an interview reported in the August 31, 1959 issue of U.S. News and World Report:

[W]hen a bank makes a loan, it simply adds to the borrower's deposit account in the bank by the amount of the loan. The money is not taken from anyone else's deposit; it was not previously paid in to the bank by anyone. It's new money, created by the bank for the use of the borrower.

www.webofdebt.com...

Please note the author of this article is Ellen Brown J.D. an attorney practicing civil litigation in Los Angeles.

Sometime back in the eighties, my boyfriend's dog, Bruce, recieved an application from one of the major credit card companies. We got a kick out of it, but it really didn't impress Bruce very much!

Originally posted by ~Lucidity
Sure puts a bizarre twist on things..."Psst...hey...cmere...want some credit, little girl?"

lmao

now that was funny right there, dont care who u r !!!!

I laughed so hard, I almost pee'd