So last night I launched a new site called I Buy Junk Mail.com. Through this site I will pay consumers to scan and send me their unsolicited credit offers so I can study, review and comment upon them. I think it will be enlightening.

In the pieces that I have received already I’m surprised by some obvious absences in the applications. The offer I have in my hand at the moment, while offering some critical card details, does seem to be lacking the majority of terms and conditions that apply to this card offer.

I was also intently interested in the marketing statement of “Up to 56 Days of Interest Free Credit”. That marketing message isn’t explained or defined anywhere in the mailer so my interpretation is just an assumption at this point but what it appears to infer is that if you made a purchase on the first day of a new billing cycle in a month with 31 days and made the payment on the last day of the 25 day payment grace period, 56 days could pass. That is of course assuming that the payment grace period is 25 days, which is not stated anywhere in the mailer.

What struck me about the 56 day message was that even though I’m a consumer debt expert it left me and my peers going “huh?” If it is going to be used as a message to entice consumers, shouldn’t it at least be clearly explained? I say clearly because the only other statement about that bolded promotional benefit is under Interest Free Period where it says “Maximum of 56 days for purchases where the balance is paid in full. 0 days for balance transfers and cash.” Not a big help.

On a positive note I think the mailer did do a very good job of including the charges, minimum repayment, allocation of payments, etc. even if it is less apparent in the offer.

So I’d like to ask you for your help in collecting these junk mail credit offers so I can examine them. Please visit I Buy Junk Mail.com to find out how you can help, and yes, get paid for your junk mail at the same time.