The pitch is short and to the point: “As a valued Bank of America cardholder, you understand the value of good credit. It is therefore very important that you take advantage of this valuable opportunity at once during this risk-free trial period. 1. Automatically secure and examine your Credit Report, and 2. Begin monitoring your credit and other personal records. If you decide not to keep your privileges beyond this one-month trial, you will have paid nothing and owe nothing. So do not delay. Simply sign and return your Authorization Form to enroll now.”

The Authorization Form spells it out a little clearer, though in type requiring a magnifying glass. The sign up is for a year with automatic renewals at $139.99 annually “ billed automatically to my credit card account without my having to do anything further.” During the one-month trial period, cancellation requires calling a phone number.

Inasmuch as exiting law provides for free credit reports under a variety of circumstances, I doubt that this service fills much of a need—except for the bank’s bottom line. It’s a cynically devised program that plies on human naïveté. You may be certain that BOA’s marketing research department knows with statistical accuracy what percentage of those who sign up will, within one month, simply neglect to cancel.

At this point I’ll acknowledge, in deference to the Bank of America, that they deserve no singular castigation for aggressively pushing a product of questionable value. There is no major financial institution in America for which marketing programs of this sort are not standard.

A concluding thought:
It doesn’t matter whether an offer is from an old established company or endorsed by a respected celebrity. The marketing of products is big business, and reliance on the general public’s gullibility is often a factor. Be on your guard.