Read the fine print - carefully!

(Published on 21 November 2006 in 'Women at Work' - W @ W - a supplement of the Daily Mirror, Colombo, Sri Lanka)

The world out there is a nasty place. There are numerous wolves that you will come across as you plod along life’s way. Some, whom you will face head on – while others, who will in their camouflaged garb, take you by surprise. It’s not just about black and white. There are many greys that you will encounter. As a customer one has to be on the guard for there are often agreements in fine print that go unnoticed right under our noses.

Fine print refers to the practice of including necessary terms and conditions, legal stipulations, warnings and disclaimers in small writing on commercial or contractual documents and products. It is usually included at the bottom of a document or product, in a smaller font size with the hope that it goes undetected. Whether it is for opening a bank account or signing a loan agreement, or applying for a credit card or insurance, the customer is always eager to finish the documentation process quickly rather than understand the terms and conditions he has agreed to. Service providers use jargon in contractual small print to conceal terms disadvantageous to the customer, or to obscure legal rights and obligations.

As a customer, you should have an eye for fine print. Ask the service provider to give you all the details and run you through the contract. Taking a loan is not just about interest rates. More than often what is not mentioned is that pre-closing of a personal loan can cost you a penalty. A ‘free for life’ credit card offer from card issuers sounds attractive. But what is not disclosed is that most of these cards don’t allow you to earn reward points against your spend. This can be a disadvantage because these days there are a wide range of redemption options. Some countries require by law that certain information be included on advertisements or packaging. Advertisers and manufacturers include this information in fine print in order to meet the requirements but with the intention that it draws minimum attention.

It is not ethical to bury significant and crucial information within the fine print of an agreement and to rely upon the fact that most people will never read or comprehend its meaning. As if this is not enough lately there's even mouse print. Mouse print is now a common term in the marketing world and refers to legal terms being printed so small that it can only be read by someone the size of a mouse. One wonders how companies get away with it.

Knowledge is power! Awareness is more power! Before making any large purchase or commitment of any nature one should do research and read up what’s available in the market, and compare the alternatives. Then make the best choice to suit your needs. If you do your homework well you will know what exactly you have signed up for. In his album ‘Small Change’, Tom Waits said - "The large print giveth, and the small print taketh away." How very true.

Don’t forget Miss Know All, dahlings – always your well wisher. No hidden agendas here.

Miss Know-All
miss.know.all@gmail.com