- Report: #257214
Report - Rebuttal - Arbitrate
Complaint Review: G.M. Credit Card
G.M. Credit CardP.O. Box 80082 Salinas, California U.S.A.
G.M. Credit Card ,The GM Card Intrest rate more than quadrupled after using a promotional rate. Salinas California
*Consumer Suggestion: Credit Card due dates.
*Author of original report: Yes, legally they had every right.
*Consumer Comment: I Love It
*Consumer Comment: GM CARD RATE HIKE
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About 7 weeks ago I took advantage of a great rate they were offering at 2.99%. I got my first bill in the mail from them yesterday and upon opening it discovered that I had "missed" my last payment; that being the first payment since I had taken advantage of the promotional rate. In addition to a $39. late fee my intrest rate had been hiked to 14.15%
I immediately paid the balance due, including my $39. late fee electronically and called to explain I had not gotten a bill and to see how this "error" could be rectified as I had literally never missed a payment. The short version of this tale is that I was told I had defaulted on the agreement that came with the 2.99% promotional rate and that my new rate was and was going to stay at 14.15%
I followed up with several emails thinking surely there has to be some mistake here and that if it wasn't rectified I would close my account. Got back emails, two of them seemingly from India (Yes this from the company that wants us all to Buy American), telling me my interest rate was what it was because I didn't make my payments on time and was thereby in default and that my account, per my request, was hereby closed. As a side note I will mention that with the closing of my account I lost over $3,000 I had available in credits towards the purchase of a G.M. made automobile.
I just paid off the balance of the account electronically this morning, after receipt of my last email from Ravi. No I'm not making that up or poking fund it's his real name, at least on behalf of The G.M. Card.
I have kissed my $3000+ G.M. credits goodbye along with any thought that I will ever do business with or drive one of their cars again.
This report was posted on Ripoff Report on 06/27/2007 11:23 AM and is a permanent record located here: http://www.ripoffreport.com/r/GM-Credit-Card/Salinas-California-93912/GM-Credit-Card-The-GM-Card-Intrest-rate-more-than-quadrupled-after-using-a-promotional-257214. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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