Associates National Bank (Delaware)
Processing Center
Des Moines IA and DE 50363-2200
U.S.A.
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Rip Off College Kids With Credit Cards ...* REBUTTAL .. quite pleased with this company and their offer to college students
1Author
2Consumer
0Employee/Owner
I applied for a credit card through information given to me on
campus. It was through Associates National Bank in Delaware.
The interest rate was high, but I needed to establish credit
somewhere. I had a low balance of $500. When I made a late
payment they charged me $29.oo. for a late fee. This late fee made me go over my limit. Because I was over my limit they charged me an over the limit fee of $29.00. So now I am $58.00 deeper in debt because I didn't pay a payment on time. The minimum balance due on my next bill was paid and then they charged me again for being over the limit. To make a long story short I asked for a settlement agreement to payoff this account without paying the extra fees.
They wouldn't remove all of the fees, but I agreed just to get them behind me and cancel the card. I found out I could have gotten a card from my credit union for 9.9% interest instead of their 17.49%.
I made the payment and then I got a statement in the mail saying I was due a refund of $116.00 because some payments had crossed in the mail.
Two months later and I still haven't received the
refund. My mother called the company for me today while I was at work and they said they hold the refunds for 90 days unless the card holder calls and personally requests the money to be
refunded. She told them I was at work and couldn't call because of the hours they were open (their customer service number is not a toll free number either - and expect to stay on hold quite a while)so not to expect the check soon unless a call was made to request it and they wouldn't let her make the request. They charge a huge amount of interest, charge large fees, and then hold YOUR money when there is an over-payment. Does this make sense for a financial institution to do business this way? Especially when you are a college student and they know you have money struggles more than an established adult!
Click Here to read other Ripoff Reports on Associates National Bank
REBUTTALS & REPLIES:
1Author
2Consumer
0Employee/Owner
Updates & Rebuttals
#1
AUTHOR: - ()
SUBMITTED: Friday, September 22, 2000
POSTED: Friday, September 22, 2000
To: info@ripoffreport.com
Regarding: "Rip Off College Kids With Credit Cards"
Associates National Bank, Credit & Debt Services
I have the exact credit card to which you are referring and have been quite pleased with this company and their offer to college students. They started my account at the $500 limit, but because my payments have all been on time this limit has now increased to $3000. For the same reason, I was also able
to request (and get!) a much lower interest rate then the initial one. It sounds like the lesson to you is, make DARN sure your payments get in on
time, and don't push your credit cards to the limit. (BOTH good lessons to learn while you are in college!)
Regarding your claim that the customer service number is not toll-free: I have spoken with customer service at the toll free number printed both on my card and on my statement. Look again.
K in South Dakota
e-7-6 REBUTTAL
#2 Consumer Comment
AUTHOR: Rachel - Evansville (U.S.A.)
SUBMITTED: Sunday, December 29, 2002
POSTED: Monday, December 30, 2002
I learned a valuable lesson from getting that card. I should have paid the payments on time, but when I tried to fix my mistake they totally lied to me when they said it would fix the problem. I paid out over 400 dollars in increments and it only brought it down around 50 dollars plus they were charging me 33% interest which might I say is illegal in my state and as far as I know every other state. I stopped making payments on it because they had lied to me and ripped me off and I tried to fix my mistake. The He11 with them.
#3 Consumer Comment
AUTHOR: Susan - Philadelphia (U.S.A.)
SUBMITTED: Tuesday, January 07, 2003
POSTED: Wednesday, January 08, 2003
When you enter into a contract, you need to read the terms and conditions therein. I got my Associates card at the age of 19, and have never ever had a problem with them. I have consistently made my payments on time, and they recently cut my APR in half, as well as raised my limit. I get a nice cashback incentive check at the end of the year.
Most credit card companies would have stuck you with the fees they did. That's how they make their money, after all. You cannot have a parent call...you opted to be an adult and get the card in your name, and it is therefore your responsibility. Their customer service number is indeed toll free, it's on the back of your card!!!
