The complaint has been investigated and
resolved to the customer's satisfaction
Ge Money Bank / Lowes Visa Creditlate fee/rate increase


I noticed on my latest statement that GE Money Bank who runs the credit services for the Lowes Visa card, changed my due date without notice or warning from the 4th of the following month after the statement issue date, to the 30th of the SAME month of the statement issue date. I had automatic payments set up through my bank's bill pay to pay the bill at least two days prior to the due date, which was on the 2nd of the month. The due date usually fluxed from the 4th to the 6th.

I unfortunately did not notice the date change, which I'm sure they were hoping for, and charged me a 39.00 late fee and jacked the interest rate up from 4.99% to 19.90%. They bought the Lowes credit card services from Capital One about a year and a half ago. It probably drove them crazy I had such a low rate. The reason I had such a low rate is because I have an EXCELLENT credit record.

I did miss a payment back in October. They told me this is why they increased the interest rate. I still have not found that statement in my records, so I may have misplaced it or it got lost in the mail. After that, I set up my payments on a regular schedule instead of waiting for the statement. That is how they got me. My payments weren't on a set date before. They knew I was going by the statement. Once they knew I was on a regular schedule, they got me by changing the date to four days earlier which was two days prior to my scheduled date through bill pay.

I am disappointed I have lost the great interest rate on that credit card. I will not do business with them anymore. In one way they won, but in another way, they lost. I am paying off the balance and closing the account. I am also going to inform Lowe's of their business practices. I think it is a disservice to Lowe's customers.


  • Tr
    tricked consumer Jul 31, 2009
    This comment was posted by
    a verified customer
    Verified customer

    Why are they deducting money with your debit card?

    0 Votes
  • Bo
    Bouncing Checks Jul 13, 2009

    I had two (2) 3, 000.00 payments deducted from my debit card. I am now having trouble talking to a live person to ge my money back, while I am bouncing checks. I don't have 6K just waiting on Lowes to take. My opion stay away from Lowe's Visa Card!

    0 Votes
  • Ju
    justrena Jun 29, 2009

    I totally agree. Most billing cycles are toward the end of the month. I've had this problem with Lowes and Home Depot (dates fluxuate) and always at the beginning of the month. I know with my whole heart that the ONLY reason for their billing cycle to be at the beginning of the month is to catch people who do online billing and to give them a monthly late charge ($35.00) and increase their rates. This is totally intolerable, in an already inflated environment to cause pain and suffering for those whose business is loyal and steady. After both Lowes and Home Base credit cards are paid off, I plan on not be using them anymore. I can't believe that business can be run this way and stay in business. I am so upset with them I could just chew nails. PS: I have never been late, always paid at the beginning of the month, every month. I can't even tell you how many late charges they tagged me with, knowing full well that they made one payment early and the next one late, charging both in the same month and causing the next payment to be late. Horrible.

    0 Votes
  • Tr
    tricked consumer Jun 02, 2009
    This comment was posted by
    a verified customer
    Verified customer

    Got a change in my credit card agreement stating my new interest rate would be almost 22%. If I was late it would increase to about 28%. Stated I could opt out of the increase but I would have to cancel my card. Called and told them to cancel my card. The man on the other end of the line told me that he could lower my payments and give me a 50% reduction in my interest rate for the life of the loan. I thought wow what a deal. So the letter came in the mail confirming this so I thought. What it was confirming was I was given a payment plan that cut my payment in half for six months with a lower interest rate. A payment plan? Why would I need a payment plan? I am not in arrears. I call the credit department number listed on the letter. Asked them to explain to me what was going on. They said that it was a payment plan, that they had cancelled my card. Why cancel my card? Since they cancelled my card, not I that will show up as a deragatory remark on my credit history. This is so unfair. All of this happend because I wanted to opt out of the higher interest rate and cancel the card myself. There are some surefire crooks out there. This is so unfair. I spoke with a supervisor and she said she would try to get it reinstated back the way it was then I could opt out. By the time that happens the time period to opt out will have expired. They got me alright. I will take a loan out elsewhere and get rid of them but they will still damage my credit by showing "cancelled by creditor". This is just not fair. My credit is excellent. I have over a 30 year credit history. There has to be something or someone that can stop these predators. I am going to file a complaint with the attorney generals office if they do not fix it back. Stay away from Lowes and GE Money Bank. I have had this account for 16 years.

    0 Votes

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