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Lowes Visa Credit Card / backed by ge money bank

1 United States Review updated:

If you have any credit cards that are backed by GE Money Bank be forewarned that they are supposedly reviewing ALL credit card accounts and determining by their own methods whose cards they are cancelling. I went to use my Lowe's Visa Credit Card today, that as of two days ago had a $4, 000+ available credit limit, just to be embarrassed when the card was declined at a local JcPenney's. When I contacted Lowe's to find out what was going on, they informed me that GE Money, that backs the Lowes Visa Credit Card, did a large sweep of all accounts and closed them without any prior notification to their customers. I have heard that business is business, but in today's economy when patrons are barely surviving, how in the world could a company pull what may be the only life line that people have - their credit cards???? It is basic morals and ethics, we are talking about a time when people should be reaching out to help one another, not throw them under the bus. I am disgusted, embarrassed, and down-right mad!!! If I can find a legal loop hole, or if anyone knows of one, I sure would like to return the favor to GE Money Bank after what they have put me through. Not just for me, but for all of the unsuspecting people that are planning on using their credit cards to buy Christmas purchases this last weekend before the Holiday. Shame on you GE - you absolutely disgust me!!! I hope this action of yours turns around and hits you where it hurts the most, because that is what you have done to me and my family this holiday season! MERRY FREAKIN' CHRISTMAS TO YOU TOO! Lowes should have done more to protect their customers, but in the least should have shown enough respect to contact the customers before cancellation to spare them the embarrassment of being declined, in addition to allowing them to figure out another way to finance their Christmas spending. Very bad business practices!

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Comments

Ch
  21st of Dec, 2008
Agree Disagree 0 Votes

This just happened to me as well. I am a single mom, struggling as it is without this failing economy. That credit card was my only means of backup when money is tight and I need groceries. I always pay well over and above the min payment. I could not believe it when I was declined on a 37.00 charge. This is an outrage!

Tl
  21st of Dec, 2008
Agree Disagree 0 Votes

Me too! Tried to use my card at lowes and it was declined. Called them and they said some one had called my credit card in as stolen.

Fo
  30th of Dec, 2008
Agree Disagree 0 Votes

Lowe's Visa credit or the New Lowe's Visa via GE money bank are crooks. I was canceled also. They just did this NOW because the credit cards laws are changing soon. I paid every month on time and thought I was a good customer. What a slap in the face to be cancelled at this time, the holiday. I just hope that this slaps them in the face. Thus, persons whom they think are not good customers are actually their best in my opinion. Thus my credit score may not be 750 but I have always been in this situation and have learned to manage. I can't wait until their 750 credit score people (in their eyes the good customers) loose their jobs and file bankruptcy with their multi-thousand dollar credit limits. Ha, Ha, Ha. Don't worry people they will get burned just like they burned us. Computers should not evaluate people and their desire to pay and that is just what is happening. They did not give me notice and I paid down my account just to do holiday shopping. What a disapointment that was... The worse part is banks are being helped out by US, the tax payors with government bail outs, and yet they are not helping US. The government should take back the money as they are not using it in which it was intended.

An
  22nd of Jan, 2009
Agree Disagree 0 Votes

Same boat here, except that my story has totally different twist to it. Somene had gotten into my account and I had to change accounts. Thus when my payment check went through on the old account of course it didn't clear. I called GE and Lowe's to explain but they stated I had several dishonored check payments made to this account at an unacceptable level. So I asked provide me the dates; I got April 5 and the last fiasco of which they ran this last bad check 2x. Now my account is closed by a creditor affecting my credit history. BEWARE OF ANY CREDIT CARDS AFFILIATED WITH GE MONEY BANK. WE NEED TO GET A LITIGATION GOING ON THIS COMPANY : ((((((((((

Ch
  25th of Jan, 2009
Agree Disagree 0 Votes
Lowe's Visa Rewards Card - Late Charge
Lowe's Visa Credit Card
117 SUNRISE AVE.
LaVergne
Tennessee
United States
Phone: 615-287-0682
cherpitco@tds.net

MY CREDIT CARD WAS CHARGED A LATE FEE. I REALLY DO NOT THINK IT SHOULD HAVE BEEN CHARGED

Ba
  28th of Jan, 2009
Agree Disagree 0 Votes

They also handles JC Penny and customers, beware, because they lowered my credit limit on my J C Penny card without any advance notice, although I never missed a payment to them. I don't plan to shop at JC Penny very much, only if they have something I have to have and no one else does. I plan to pay the card off. They can never regain my business on a regular basis.

Mu
  3rd of Mar, 2009
Agree Disagree 0 Votes

They cancelled my Lowes credit account ae well. I was paying the card off (and never missed a payment) however I recived the boot by letter to day! Glad we didn't order that new carpet.

BTW - If banks are lowering card balances and cutting off credit how are we as citizens suppose to "stimulat the economy???

Just wondering...

Jo
  12th of Mar, 2009
Agree Disagree 0 Votes

had lowes lower my credit limit to about $10 over my outstanding balance in December. I don't use the card much and had already made my payment for the month. to my suprise a few weeks later I got an email notice from freecreditreport.com about a negative note on my credit - i was really suprised when it was an "overlimit" report to the credit bureau from GE Money / Lowes that I was over my credit limit. It was because they added finance charge for the unpaid balance which took me over the new credit limit. I was furious. no use though. repeated letters and emails have all been responded to with "we didn't do anything wrong" and basically - tough luck. needless to say, i paid off my credit card after Christmas and it has since gone through the shredder... I've read here that JC Penny is run by the same clowns? well that one is next then.

Ch
  17th of Mar, 2009
Agree Disagree 0 Votes

Due to the ecomony.. My GE account had fallen behind... Today I called the phone number on the bottome of the nasty gram.. and was told my account had been forwarded to a different company they gave me that phone number it was a place called encour.. I called them becuase I wanted to correct the debt. However Lisa at encour stated they did not have my account and sent me to anther phone number. I called that phone number and spoke with a Ryan... and he stated they did not have my account and basicly stated I had to waite for legal action. I told him I wanted to cure the debt... He said.. Mamn there is nothing I can do for you. I ask to speak wiht a supervisor and I was disconnected... OMG.. and we wonder why the Federal Goverment has to give these banks TRILLIONS of dollars to save there ### and I can not make a payemern and correct my dept... WTF EVER...

An
  14th of Apr, 2009
Agree Disagree -1 Votes

A few things here...

1) GE Money Bank is not the only company closing accounts and reducing credit lines. They were just the first company to do so. They are way ahead of the curve. Other banks are preparing the same practices. If you haven't gotten notifications from other companies, just sit tight.

2) Banks are reducing the amount of open debt on their books, because it can cause them to lose status. Finance companies are rated (AAA, AA-, AA, A-... so on and so forth). The more open debt a company has (that isn't being used), the higher risk they pose to the government, and the government could lower their rating. When the rating goes lower, the companies have to pay more fees-- which in turn translates to more fees for the customer. By closing accounts and reducing credit lines, it reduces the amount of open debt, and thus the risk to the government.

3) GE Money Bank did not receive ANY money from the government bailout. Those that believe they did, please do some research.

4) Companies base risk on everything in your credit report. They do NOT base it solely on how well you're paying one account. You could pay your ABCD account religiously every month for the last XX of years. But, if you are not paying other bills (mortgage, car note, student loans, credit cards, doctors bills), you appear to be a risk for the company. Alot of consumers think, "what does how well I pay my other bills have to do with my ABCD bill?" The answer is simple... it has everything to do with it.

Thanks for letting me state these points.

Uc
  26th of Apr, 2009
Agree Disagree 0 Votes

The merchants like Lowe's, Penneys, etc. are the ones that get hurt by the like of GE Money. I'll stick with the merchants that want my business and offer special financing on large purchase. We are just starting a remodel and this sure let's me know I won't be purchasing anything from Lowe's. Their loss some other merchant's gain. Great Job GE Money...

Ca
  30th of Apr, 2009
Agree Disagree 0 Votes

My husband went to Lowe's to purchase a dryer vent - $6 charge. He was told that the account was closed. I called Lowe's to find out what the problem was. All they could say was GE Bank owned their credit cards. We finally got a letter from GE Bank stating that they were sorry about any inconvenience caused by the closing the account. The reasons given were laughable. I also had copies of my credit report in hand which made me madder. We sent three letters to Lowe's asking for the reasons the account was closed. We got automated messages from Lowe's stating they had received our letter and would be getting a letter in the mail - a letter from GE Bank. My husband went online and found the name and address of Lowe's CEO. We sent a letter to him personally - guess what - someone actually called from Lowe's and apologized but they could do nothing. I have repeatedly applied for a Lowe's card online with no response from Lowe's/GE Bank. I think a class action suit against GE would be a great idea - count us in

Se
  4th of May, 2009
Agree Disagree 0 Votes

GE Money bank, and those like it, are the reason why our housing market and credit markets are in the state that are today. Banks that over extend themselves to those who do not deserve credit simply so that they can prey upon them will get exactly what they deserve. That is bankruptcy. I only wish that once they go bankrupt the CEO's and CFO's would end up in prison where they belong. My Lowes card did the same as many that I have read here. And to you 'anonymous' who claims that GE is way ahead of the curve with such responsible credit monitoring. Either you are an idiot or you work for GE Money bank or another just like it. GE dropped my total credit on my card by almost half putting my current balance at about 90% of the new allowable credit on the card. I have never been late with this account or any other since I have had the card which is more than 5 years. They simply did it to try to stick me with overage fees. I paid the card down by half again because I like to have at least 50% available on any line of credit that I have. Less than two weeks after I paid it down they sent me a notice saying they were closing my account. This reduction of available credit does nothing but hurt the consumers credit score. So in general they are not only taking away your earned credit, they are trying to destroy your credit rating as they do it!

I implore you to do as I have and write a respectful but firm letter to Lowe's customer service department inquiring why they would let their credit card be handled by such a bank. If a company gets enough complaints from it's customer base it will affect changes.

As for Lowe's, I am afraid that I agree with ucrazy51. Home Depot will be getting all of my home improvement business until Lowe's dumps GE Money Bank...

Bk
  19th of May, 2009
Agree Disagree 0 Votes

I too was a victim of Lowes's untrustworthy business practices. For six years, I had been, what I thought, a model customer. Evidentially not, as I was declined while paying for a $28 dollar oil change. My bills were always on time, if not early, and I consistently shopped at Lowes. Unfortunately my account was cancelled, without my consent, and to my understanding, for no reason. I can honestly say, that I, nor anyone I know, will ever shop in this store again on the grounds that they are condoning bad business. You do not just cancel customers (loyal customers) accounts without them knowing, and expect them to find out while swiping their card at the local grocery store. What if I had no other accounts to pay for my oil change, what would I have done then? It just hurts to see a company turn down its customers in a time where they should be supported. Bad move Lowes...bad move.

Bm
  28th of Jun, 2009
Agree Disagree 0 Votes

6/28/09 This is still going on. I have an Old Navy account that had a $400 credit limit. Yesterday i got a letter informing me that GE Money Bank took over and lowered my credit limit to $120 which is only $3 over my current balance. Luckily i am in a position to write them a check for the remaining balance and close the account as soon as the check posts. However, now my credit will be affected because i am closing my account and reducing my open lines of credit. I will be calling GE money bank and telling them to kiss my @$$ and that i will not do business with any company that is affiliated with them. I was unsure of which action i would take until i read all of the posts and realized they are screwing over so many people.

Ca
  29th of Jun, 2009
Agree Disagree 0 Votes

Hello just got a letter from GM Money bank this weekend 06/27/2009 with the envelope it was in I was thinking I was getting an increase on credit line. NOPE! They closed my account and want to know why... because I had "insufficient credit history" Well don't you think they would have thought that maybe three years ago since I've had the card for three years. I paid off the remaining balance of $500.00 back in April and hadn't used it since then but needed to the other day 06/23/09 to get a faucet... nope. I called and they said we'll blah blah, no we can't open it back up nor can we open you another account. Well just so happens that Home Depot did this to me last year except they dropped my credit line from $3, 000.00 to $1800.00. Note I've never been late nor defaulted on any of my payments. Not sure what these cowards are doing but it is ruining all kinds of peoples credit. I asked them how this would appear on my credit report and the "manager" said that it would just show closed and nothing derogatory. Yeah we'll see! I refuse to purchse anything from Lowes now. At least Home Depot offered to up my credit line back to $3, 000.00 which I declined because I didn't need it but you just never know what will happen.

Ti
  17th of Jul, 2009
Agree Disagree 0 Votes

GE Money Bank inherited my Lowe's VISA from Capital One which whom I managed to get a 4.99% interest rate. I was a model cardholder. When GE Money Bank took over, my interest climbed to 19.99% because they said I had been late three times in a year. I cannot help it if my payment sits on someone's desk until it is deemed "late." Also, I was getting my statements so late, it only had a week to make my payment on time which didn't always come at the right time for me. When I called to tell them this, they couldn't understand why I was getting my statement so late but couldn't do anything about changing the date due because I had cancelled my account (which I did when they jacked the interest rate up). I will never do business anywhere GE Money Bank finances again - that includes Rooms to Go, Lowe's, Belk Stores, etc.

Li
  20th of Jul, 2009
Agree Disagree 0 Votes

7 - 20- 09 I had a Lowes credit card and received a letter last week informing me that it had been canceled. I had tried to use it earlier in the week and it was declined. Ironically, I had just paid my card off. I think that if I had left that balance on it I would still have a Lowes credit card. I called and complained to 2 different managers at the GE money center - it was like talking to a brick wall. I feel that I was treated unfairly. I had always preferred Lowes to other stores of that type and even spent a couple of summers working there! I too will never do business with GE Money stores again. This is a shady practice!!! Lowes has lost a very good customer and I will never darken their do again!

LET'S START A GE BOYCOTT! THIS WOULD BE SIMPLE TO DO ON A SITE LIKE FACEBOOK!!!

Lo
  31st of Jul, 2009
Agree Disagree 0 Votes

Hey Anonymous (ahead of the curve) GE Money has been has been doing this sort of thing for years. They are a preditory lender and nothing more. I have been a customer of Lowes for 7 years and they just recently reduced my credit line to balance owed for the second time in 3yrs. The first time was for a late payment and i can understand, but the second there was no notice or reason given. When i called them i was told it was based on my credit report and not how i payed on there acount. At the same time Home Depot increased my credit line. Could HD be taking advantage of Lowes untrustworthy credit practices boy i hope so. Boycott Lowes and any GE Money customers.

Pi
  5th of Aug, 2009
Agree Disagree 0 Votes

I just opened my latest statement and saw that the APR on my Lowes Visa Platinum account had been doubled without any notification whatsoever. I've had this account since 2003, and never had a late payment. When I contacted customer service, I was told that it was a general increase and that I was notified in my May 2009 statement and that I had an opt out option. Well, I checked that statement and there was no such notification. And, I don't consider 100% a "general increase". I'm trying to get an explanation from Lowes Visa Credit/ GE Money Bank. But so far, all I've gotten is the run around. My advice to everyone is don't do business with these people.

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