I always get a slew of 'credit check' offers in the mail from banks, but usually the catch is a 'transaction fee of 3-5%' that brings the total rate to 4-9% depending on the offer. Today I got some unsolicited checks in the mail from Chase Bank offering me 0% on up to the limit of the card until February of 2014 with a maximum of a 1% transaction fee. Allowing people to borrow money for more than a full year at a total rate of 1% or less seemed too good to be true, so I called my branch manager to verify the offer and was told the offer is correct. $XX,XXX at 1% for 13+ months without me asking for it or applying for anything.
It would seem we are starting a new bubble of unsolicited consumer debt that undisciplined people will abuse until it balloons 14 months from now.
