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GE Money Bank / Inflated interest rates!

1 United States Review updated:

Lowe's recently transferred my account to a GE Money Bank Platinum Card. While I appreciated the credit limit increase from $1500 to $7500, GE is now charging 19.24% for purchases! Not only did Lowe's do away with the 12-months no interest/no payments option, but GE is unwilling to negotiate the APR!

I have no intention of carrying a balance with GE Money Bank and have already begun the process to transfer the balance to another creditor at a 6.99% APR.

GE Money Bank handled the Paypal Visa card which I've also closed due to the inflated interest rates. If more people revolt against such predatory lending, perhaps GE will realize that the value of all consumers.

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  • Sh
      22nd of Aug, 2007
    0 Votes

    I completely agree, they told me they cannot lower my APR of 23% (originally 21%). I'm not ever going to keep a balance of course, but I want to lower the rate so it looks better on my credit score. GE MONEY BANK IS A TERRIBLE EVIL COMPANY THAT IS UNWILLING TO SUPPORT ITS CUSTOMERS.

  • Tn
      26th of Sep, 2007
    0 Votes

    Ok - so you accepted the credit without even asking what the APR was. You should get a Stupid Award. That was YOUR FAULT. Not the companies.

    Then you said they are unwilling to negotiate the APR - I know for a fact if you have 6 months of great payment history with no late payments they will review your acct and send you a notice in writing within 30 days. Did you bother to ask about that? Of course not, you'd rather get on a message board and slander a company's name instead of doing your homework and reading the Terms and Conditions. Call Lowes and ask for a copy of your T&C and Quityer[censored]en.

  • Jo
      14th of Dec, 2007
    0 Votes

    should have checked your contract sounds like a consumer that doesn't read what he is signing :)

  • Co
      7th of Apr, 2009
    0 Votes

    If you don't like the interest rate, get a card from another company. GE Money will lend money to people with very bad credit ratings, and the percentage rate they charge is high because of that.

    Credit card terms and conditions as well as interest rates are allowed to change if they notify you beforehand. You do have to read stuff they send you in the mail. That's a pretty good idea.

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