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Select Comfort / Ge Money / Beware of interest scam!

1 United States Review updated:

You buy a bed, you have no payments no interest for 1 year, but if you don't read the fine print and don't pay it off in full by your promotional due date - by the way they send you a bill after your due date has passed, you have to pay all of the interest you have incurred for an entire year!

Of course they send the bill after so people have to pay - this is how they make money - scam, scam, scam. Please don't buy from select comfort & ge money - they will steal your money.

Stand up against these companies!!

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Comments

  • Br
      9th of Mar, 2007
    0 Votes

    This complaint is DEAD ON. BEWARE OF GE MONEY SERVICES!!! GE Money services participates in predatory credit lending practice, especially when it comes to "Care Credit". This credit card is supposed to be a low interest loan for medical expenses that the patient can not afford. In my case it was 7 root canals, an extraction and some other dental needs-- amounting to a total balance (charged all at once) of $11,000. My husband, whose name the card is in, opened the account as he has impeccable credit. We were told to wait for the statement and it never came. They waited until AFTER the second payment was due (we were still looking for the envelope) before they called us to let us know a payment hadn't been received. THEY NEVER MAILED THE STATEMENT. So our interest rate from something like 8% to 26.9% and they refuse to take it off saying I was late with the payments, despite our paying it IMMEDIATELY upon notification.

    I sent in a dispute form which they never logged and the interest continues as do the late fees they slammed us with. This company is EVIL. They prey on people that require medical services but can not afford them and then they kick you while you're down.

    I'm currently in the process of writing a formal letter of dispute AGAIN, to send to their EL Paso office and I will be copying both of my senators, my congressional representative, the consumer advocacy group, the senate committee that is currently investigating predatory lending and credit scams, and the Better Business B.

    I advise you and anyone else (I'm sure there is more they were very nervous talking to me when I asked them to go over my entire history and called them on this practice) that has been scammed by this horrible, horrible company.

    I guess it wasn't enough for them to ruin community drinking water with PCBs, they then had to profit off illness too. Steller!

  • Am
      13th of Mar, 2007
    0 Votes

    I have had my own issues with GE Money Services as well. I made a purchase at a Mervyn's and was offered a discount if I used my card. I had not used the card in forever and I had a sinking feeling that they weren't going to send my bill to the right address (even though I changed it at the post office) as they were swiping the card. A few months later I realized the bill was not coming so I called customer service and spent 30 minutes on the phone just to have them send the bill to the correct address. I finally received the bill a month later and paid off the full amount. They apparently tacked on a late charge but never sent me any notification or any bills. I did not know about a late charge until I received a credit agency notice trying to collect for twice as much as the original amount I charged. I have disputed the bill and so far all they have sent me are a bunch of copies of statements (that I never received) showing the late charge multiplying month after month. What a scam. Oh and just try to deal with their customer service. They are so rude it's unbelievable.

    I have since cancelled every and all store credit cards that I have carried. I want nothing to do with credit cards anymore. I have always paid my bills and been responsible with money and I still got screwed. I know it's impossible to live in this society with no credit but I won't be throwing any unnecessary cash their way anytime soon.

  • Ch
      20th of Mar, 2007
    0 Votes

    I purchased appliances at Spencers TV and Appliance in Arizona. They offered 2 yrs with zero interest. Not a bad deal. problem is, if you make a payment early, like I sometimes do before I go out of town, they apply that to the principal if it arrives before the "statement date". This means that the next month is considered late or not paid. They then changed the statement and due dates, and since I pay equal payments on the same day each month, I learned that I had 5 late payment fees in a row and didn't even know about it as I paid it the first time it appeared. They just added them to the balance. They appear to tweak the dates based on when they receive payments to keep you looking after a moving target. In 12 months I made 14 payments, but two were considered late since they received them before the statement date. I'm getting penalized for paying my bill early. They got their money, they just want more. I am closing the account and paying off the balance with cash. This is predatory lending, plain and simple, and my credit score is over 750. I even bought GE Monogram appliances, so GE made money on the appliances and screwed me on the back end too. I remodel homes. looks like no more GE appliances for me. GE lost my future appliance business because their finance company screwed me. They're lucky I don't procure aircraft jet engines or medical capital equipment, because they would lose that business too.

  • Ji
      12th of Apr, 2007
    0 Votes

    I purchased a mattress from Sleepys in 07/06 for $1200 under their "NO INTEREST 24 Month Promotion". Apparently GE Capital Consumer Card CO. are the creditors and they NEVER sent me a bill for the mattress since I purchased it. Since they never sent me any bills, I forgot that I purchased my mattress on credit in the first place. I only remember today since I received a bill of $1700+ from a collection agency! That's more than $500 worth of interest!

    I called GE and they told me tough luck, that I should have contacted them about this a long time ago. I am looking to fight this bogus interest on my purchase via small claims court and also reporting their practices to the NYS Attorney General and the NY BBB. Anyone here have suggestions /comments / a similar experience?

  • Di
      25th of Apr, 2007
    0 Votes

    I also currently have problems with "GE Money". First of all they never sent me a bill. Secondly, the "lost" my check that I sent to them. I called Mervyn's where I made the purchase and they are aware of the problems with GE Money. Maybe I should call the District Attorney and ask them to investigate?

  • Pa
      8th of May, 2007
    0 Votes

    Yeah. This company is the worst. As a Sams Club Member, GE Money is supposed to send us a bill every month - well last month they didn't. I don't have time to hold the hand of a major company to do their job.

    So I got charged a finance charge AND a late fee.

    They perpetually refused to refund when I asked them. Jerks.

    I encourage ALL sams club members to switch to another wholesaler or at least use MasterCard to pay. This way Sams has a profit loss by loss of customers or at the very least have to fork out the money for the MasterCard transaction.

  • Ba
      28th of May, 2007
    0 Votes

    Well after reading all of the comments I couldn’t help but laugh. If only you read all the T&C sent out to you when you signed up for these accounts. When will people learn, READ THE FINE PRINT. I have had NO issues with GE at all, as I made sure I new all about the product they offer and how it works, some of the things you have written are so wrong, for example, if you go over your promo term. They don’t back date the interest, it is charged daily on your outstanding balance.

    Yes I agree the interest rate is high, so what do you do about it? Make your payment before the date your promo is due to expire, its been written on your statement every month so how can you not know the date it is due, and don’t make cash withdrawals on the card, # 1 the interest is charged from the date of the transaction, # 2 you will be charged a $2.00 Atm fee. Come on people, do you really think a huge global company is not doing everything to the law, THERE ARE NO SCAMS. I can agree with the frustration of the call center though, calling to speak with GE and you get cut of like 3 times then you get through to someone who is in India, that is a bit wrong, but the rest of the stuff you have all written is Just stupid.

    Of course if you don’t update your address you are not going to receive your post, how can that be GE's fault. Switch on your brain Read, and stop throwing blame around until you have all your facts straight.

  • Mj
      31st of May, 2007
    +1 Votes

    Bailey-rae's comments are absolutely correct. I too bought a product financed through GE Money on a 12 month, no payment, no interest, promotional plan. The GE Money statement every month clearly shows the mounting deferred interest as well as the promotional due date by which the entire balance must be paid in order to avoid paying that interest. This statement is no harder to read than any other monthly credit statement. It isn't buried in fine print. It's right on the main portion of the monthly statement if you take a minute or two each month to read it. Oh, and by the way, I purchased the product in July of last year and the promotional, no interest, due date is August 14 of this year. If anything, they are giving you more than 12 months to pay it off. That doesn't sound much like a scam to me.

    If you don't pay any bill before the due date you are going to incur interest and possibly penalties. That isn't the lender's fault. That's the way credit works. A lender is not predatory for requiring you to pay your bill on time. If you don't like paying interest then pay cash for all your purchases. If you can't afford to pay cash then you are going to have to make your payments on time. And that's no one's responsibility but your own.

  • Br
      14th of Jun, 2007
    +1 Votes

    Update: After my first complaint, as I embark on the process of trying to hold this company accountable, we realized it might be a while before justice is served and in an effort to pay off the debt as fast as possible with GE's "Care Credit" SCAM -- we have been piecing together extra money to put towards payments -- paying well above and beyond the minimum payment for some months now. My husband noticed that the minimum payment was increasing though-- so he called yesterday to figure out why.

    They informed him that they increased the percentage necessary to put towards the interest, rather than principal. They claim to have notified us about this change in policy and minimum requirements, which they never did, and even if they did do it it's ILLEGAL. Suddenly now that we're chopping our exceptionally hefty 11,000 and "change" balance, they require we pay more in interest.

    I'm working on trying to find a lawyer now. I'm too overwhelmed trying to deal with a company that preys on people and lies-- and I simply can't keep up anymore. If anyone has any lawyers they can recommend to help us-- please email me-- perhaps we can all file a joint complaint?

  • Gr
      15th of Jun, 2007
    0 Votes

    I also do believe that GE Money participates in predatory lending.. I purchased a Vespa because a promotion on www.VespaUSA.com that says "7 months No Payments, 6 months No Interest on purchases over $2500..."

    Here is the original site:
    http://cc.msnscache.com/cache.aspx?q=8230272252834&lang=en-US&mkt=en-US&FORM=CVRE

    To make a long story short, when I logged into the GE Money website, it says "deferred interest." If I don't pay the balance in full by 12/1/07, I will have to pay all of the interest from the date of the initial purchase on 5/10/07. I have no problem with agreeing to pay deferred interest if that is what I agree to. But I believe it is deceptive to advertise "no interest" on Vespa's site. No where is there any sort of qualifying statement such as "if paid by this date".

    Then I was curious of the interest rate after the promotional period. It is 21%APR! I thanked them for the exorbitant rate, and she said, "I do apologize, but that is our standard rate." Then I replied, "Yes, I absolutely do believe it that GE Money is sure to charge this amount to everyone."

    I have found out about this BEFORE it became a problem. I think that "no interest" deals should ALWAYS include a "paid by" date in the same marketing piece. I believe it is in the publics best interest. Sure, you can argue that people should be more intelligent or lenders more scrupulous. But many people are responsible and use these promotions in order to afford something that they may not afford at the time. It puts an incredible burden when you stack on top of them a hidden charge.

    Thanks

    Grant

  • Co
      24th of Sep, 2007
    0 Votes

    Fact of the matter is this : You are all little people. This is a major corporation, who finances all big companies, like JC Penny's Dillars, Pay Pal, not to mention this is General Electric, who also own that washer and dryer in your house, or the stove in your kitchen. In the Terms and Conditions of your contract, if you are late 1 day on your bill, you're going to get a 29.00 late fee. Case Closed. Everyone says " who reads the terms and conditions " , well perhaps you should start, because I guarantee you would have never taken the credit card, if you did, or you would have been much more vigilant of when your bill was due. Stop complaining and get out your check book.

  • Co
      24th of Sep, 2007
    0 Votes

    Not only that, you all complain about your due date being changed, AGAIN it's in your terms and conditions. Everything, the small print, the disclaimer is in there for you to read. But no one likes to read the small print, they just go run up the credit card, and then complain when they get late fees, because they didn't pay attention to the due date.

    The statement is sent to you as a CURTEOUSY. It says plain as the nose on your face, what your due date is. If it's been changed, so be it, atleast it's at the top of your bill and you're aware of it. They have every right to change anything on the credit agreement, and you SIGNED YOUR NAME to the application allowing them to do so. I mean, this is the company who LOANED YOU MONEY. I believe if I was going to hand out large sums of money, I'd most definately have some say so as to when I can change your payment date, and charge interest, and if you're late with a payment, then I can charge a fee. You people all sound ungrateful, and as if this corporation has personal beef with YOU. It doesn't. The fees are atomatically populated when a payment is late, so even if you have outstanding payment history with them, it's not singling you out personally and putting a late fee on you, to 'be mean'.

    Also if you buy an item on promotion, the term 'Same as Cash', and " Deferred interest' , means, yep, there's no interest for whatever amount of time that the promotion calls for. So if you purchase something in Jan and you have 12 months no interest, you don't have to pay anything until Jan, but you better believe that you'll have 12 months of interest tacked on to the full amount of the purchase. That's how companies make money.. The best way to deal with that, is to make sure that you make small payments on the purchase a couple times - so you're not stuck with a huge amount to pay in January. Don't just let it go 12 months with no payment. And then don't complain because you never made a single payment on it for months on end, and now you have a ton of finance charges and can't seem to figure out why.

    Tons of people purchase a TV for 12 months deferred, then make several payments on it for a couple months in those 12, so when Jan comes around they dont' have a huge lump sum to pay. Common sense people.

    Get over the late fees, and the Finance charges. Pay your bill on time, and off - and you will not accrue any of those nasty charges. Not only that companies usually will waive 1 per year. On top of that, you get angry because you don't recieve a bill and therefore don't pay your bill and accrue charges.
    Since when do you go to Sam's, Run up a bill, and just because you dont recieve a statement, Magically think that the money you've spent - disappears into thin air & all of a sudden, you no longer owe it? I believe if I went to Sam's Club or anywhere and purchased a thousand dollars worth of merchandise, I'd be camping outside my house just waiting for my statement. Ok I know not everyone has that kind of time, but you spent the money, so you know you owe it. How can you possibly forget?

    Seriously people. Anytime you enter into a contract of some sort with a company- who GIVES you Money, there's going to be fine print called the Terms and Conditions. Read it, so you don't Weep later.

  • Ml
      25th of Sep, 2007
    0 Votes

    I hate to say it but i agree with None None. I too have paid many many many hard earned dollars due to my irresponsibility, laziness and procrastination and i hate it. But the fact of the matter is that they lent us money, we agreed to the terms, we know we owe the money and we should be aware of paying it back. If i lend a friend money i wouldn't like it if he waited to pay me until i asked him for it. He should know he owes me. and friends are understanding! :) Imagine a cut throat corp. out to make money??

    I actually have care credit and i knew that my payment was due around th e5th or 6th but because i procrastinated i waited till the last minute to check and next thing i know it was due on the 4th. whoops. they did let it slide and didn't raise my apr since i was only 1 day late.

    However my other credit card.... not so nice. I now have an apr of 32.2 because i had a set payment due to be sent out automatically every month and one month i was .01 cent off. full payment not received=late payment= default apr. Seems kinda unfair but i should have checked the actual payment due.

    Point is i've been there... errr, i am there.. and it feels unjust but we agreed to let them do it to us.

  • Ck
      1st of Oct, 2007
    0 Votes

    I actually have a question rather than a comment. My wife and I recently applied to be financed for some bedroom furniture and got approved for a GEMB credit card and the promotion for which it was applied for said "No Payments and No Interest for 6 months****". At the bottom of the page next to the *** it says "***No Payments and No Interest if Paid within 6 months". Now after the fact we’ve been hearing nothing but negative things about GE Money Bank and we got skeptical and decided to go over the fine print again. This being one of our first credit cards and with our lack of knowledge about pretty much everything that has to do with credit has got us worried and we wanted to ask somebody who has delt with GEMB before. Now, I think I know but am not sure. My question is does the “No Payments and No Interest if Paid within 6 months” mean just that, and no payments for 6 months or does it mean I have the option to wait say two months (for example) to make a payment as long as I pay the balance in full by the end of the 6 months? To my understanding, I think it means that I could, if I wanted to, wait until 179 days 23 hours and 59 seconds to make a single solitary payment as long as that one payment is the full balance on the card. Am I right or wrong? Thanks. – C. King

  • Am
      2nd of Oct, 2007
    0 Votes

    Well, to the person above, you probably will receive notice about a payment being due after the date and you will owe all interest from the time of purchase. I would mark my calendar and make sure you have the billing address to send payment way ahead of time. They tend to leave the bill on their desk until after the due date to say you didn't pay on time. You know, because getting a notification about the wonderful scam they have provided you is apparently a courtesy.

  • Ch
      12th of Oct, 2007
    0 Votes

    We also have care credit. We piled on a 4,000 dollar dentist bill, with the deferred interest, we pay our bill on time each month, we charged our card 11 different times at the dentist office, having 11 different promotions. I understand by not paying them off within the 6 mo time limit would add interest it did I am cool with that I knew about it before swiping my card. BUT the month all the interest occurred I paid the interest off, then mad a $400, and a $1000 payment, care credit makes me wait 24 hrs to place the money to what accounts I want them to go to, by the time I call them and tell them where I want it, it's confusing because the have already alloted it to different places, guess who comes out ahead this past month I paid them close to 2200 dollars and I can't account for about 600.00 of it, instead of paying the accounts drawing interest they want to apply it to my deferred accounts,care credit is not a very honest company I was just wondering if they uses these tactics towards other customers.

  • Ra
      8th of Nov, 2007
    0 Votes

    I ordered a Tepurpedic Celebrity Mattress for $4,117 from Sleepy's and GE Money never sent me a bill either, so 10 days later I logged onto GE Money and found that I had been charged $8,500 for my bed. I don't know if it is Sleepy's to blame or GE, but the latter said that I need to do all the leg work in order to get the money recouped. BS! The extra IMPROPER charges not only affected my credit rating (it put me to 110% of my alloted credit), but it also is a burden and I don't have time to deal with this nonsense! Nor should I!

    I always respected GE, as a company, but Sleepy's seemed to deal with from the get go. They were like used car salesman... but, in retrospect, at least I love my bed... but over 8k???

  • Le
      23rd of Nov, 2007
    0 Votes

    That is how all the "free financing" deals work everywhere. The key is to read the fine print and pay off the entire debt before the end of the promotion period.

  • Jo
      19th of Mar, 2008
    0 Votes

    As in ALL credit card terms the consumer needs to be aware of the interest free for so many months and if it accrues.

    Also, this is your credit that if your not getting statements or info from any card company then it is YOUR, the consumer, responsibility to get it paid on time and read ALL information. If you can't read then ask and write it down and have whomever sign and verify the terms.

    My credit was ruined by a bankruptcy that contained medical bills and I have now over 780 score.

    I run credit report whenever I get decline, which I don't that often, and yearly for free. I also check it every 3 months and pay for it. It's worth the price.

    Everyone is a victim and it's ALWAYS someone else's fault. There are exceptions though.

  • Ti
      15th of Sep, 2008
    0 Votes

    i work for them and I love it!!! And I am an Indian and speak Better english than you dum assesss

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