Have you received something like this in the mail? A credit card glued to a form letter inviting you to start spending $100,000 on the doctor’s name alone just by calling to activate the card?
We did. And the doctor’s wife was freaked out by the idea that a company could be so flippant with this much money. Could anyone who happened to open the mail that day take this card & start charging massive amounts of money to her husband’s account? In this day and age of embezzlement, this seemed like a fair concern. So, I called the number on the card to see how quickly I could get my $100,000.
I was pleasantly surprised.
Turns out that the credit card is just a gimmick.There’s no magnetic strip on the back and you can’t take it to the local mall. The fellow I talked to said he worked for a private equity company that targeted doctors for loans up to $100k. He explained that they offered 2 major advantages over a local bank lender:
1. Lower interest rate
2. Faster access to the money
In fact, he encouraged me to comparison shop by contacting my local banker because he felt confident he was a better alternative. I found out little about the ownership of this company, he merely said it was owned by a billionaire who had done his homework and found that doctors were good credit risks – that they have money, they just forget to pay their bills and so having this access to capital helped the doctor “whose Mercedes payment just slipped his mind”.
He acknowledged that he receives many irate phone calls from practices who believe the credit card is real and that the company was being irresponsible and dangerous in the face of identity theft and dental embezzlement. He clarified that there was no way for a staff person to ‘get the doctor’s money’ and chalked up these conversations to advertising cost.
Mystery solved. So, the next time you receive one of these fake credit cards in the mail, you’ll know the real story!