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  • Report: #286425

Complaint Review: Household Bank Mastercard

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  • Submitted: Sat, November 24, 2007
  • Updated: Wed, November 26, 2008

  • Reported By:Leesville Louisiana
Household Bank Mastercard
householdbank.com Carol Stream, Illinois U.S.A.

Household Bank Mastercard ,Household Bank Rapes its customers Carol Stream Illinois

*Consumer Suggestion: NOT QUITE

*Consumer Comment: Household Bank got me too!

*Consumer Suggestion: Here's why it happened.

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I have been a customer with House Hold Bank MasterCard for about 3 years. Initially the company was pretty good, but after about 2 years of using the card, they decide to jack up the interest rate from an already bad 17% to 29.9% APR.

After paying off the balance on the card, they got real creative and tacked on $110 worth of finance charges, over limit charges (which were created by the tacking on of the charge from them) and interest rate charge on an account with a $0 balance.

How can a company claim to be a legitimate company and charge 30% interest on its customers and tack on ridiculous charges.

Be very careful when dealing with this company for what might start off as a decent business relationship will result in a rape of you and your money.

Scotty
Leesville, Louisiana
U.S.A.

This report was posted on Ripoff Report on 11/24/2007 10:13 AM and is a permanent record located here: http://www.ripoffreport.com/r/Household-Bank-Mastercard/Carol-Stream-Illinois-60197-4155/Household-Bank-Mastercard-Household-Bank-Rapes-its-customers-Carol-Stream-Illinois-286425. 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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REBUTTALS & REPLIES:
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Updates & Rebuttals

#1 Consumer Suggestion

NOT QUITE

AUTHOR: Cat - (U.S.A.)

The credit card companies get away with it because of the "universal default" clause. You agree to it when you opened your account. You are dealing with a high interest credit card meaning this is the ONLY credit card you can get when your credit is not sterling. Now do not get me wrong, I am not insulating you, however I also do not have any credit cards. Why? Because when you play with SNAKES you will get BIT. You like so many others here have fallen into the game of playing the credit card game . You are happy to get that credit long as you can use it to your liking, but I hate to tell you they hold all the POWER. If you sneeze wrong, wear a purple shirt and they happen to like blue that day they can and will raise your rate. Try being late one day and see what happens! If they think your debt to income ratio has become to high they will jack it up. If you have paid off credit cards with zero balance you also are a CREDIT RISK and they will raise your interest rate. If you have too many other credit cards , a car loan, house note and other debt, like furniture store cards etc.....they will raise your rate.

News flash, many credit companies are doing these type of things right now(they want a bailout, but they won't give you one.)You do not need credit cards to make it. A savings account would be better for you in the long run, paying cash is a much better financial plan . There isn't one thing you can not buy where cash won't bring you a better deal. Walk in a store right now and see where the better deal is. A credit card or a hand full of cash. Easy answer!

Two other things though, check out places like cashcall and titlemaxx and those type places. I guarantee you their interest rates are well over 30%.Lastly, use the term "raped " appropriately please. You may feel jipped , but raped? There is no way! That does a real disservice to rape survivors everywhere!
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#2 Consumer Comment

Household Bank got me too!

AUTHOR: Patti - (U.S.A.)

I'd been a GOOD CUSTOMER of Household Banks since 2001 and in Sept I paid my bill a couple of days late and they raised my rate from 9.9% to 29.9%. I called and spoke with customer service (who was useless and needed an ENGLISH LESSON!) and then with a Very Rude supervisor who rushed me off the phone and seemed almost happy to close my account (at my request). Luckily, I'm still gainfully employed and was just about to make a large payment and will be paying that cc off in a couple of weeks.

BUT SOMEBODY NEEDS TO DO SOMETHING ABOUT COMPANIES LIKE THIS! People are losing their jobs and their homes and these &(#%)(#* are charging people 30% interest rates knowing most people's minimum payments would never even cover the finance charges, let alone pay off the debt in full. Companies like these are our nation's biggest problem. They're just putting the public even further into debt. They know it. The government knows it. And yet this is still allowed to happen??? You'd be better off going to a loan shark for a loan than getting this credit card.

In my 45 years, the only credit card company I've ever dealt with that compared to Household was Providian. (Same story.)
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#3 Consumer Suggestion

Here's why it happened.

AUTHOR: Nikki - (U.S.A.)

This is why the finance charges happened. Many people do not know this.

These dates are hypothetical. If your statement is dated September 1 for payment due on September 25, the balance shown is your balance as of September 1. Say that statement shows you owe $1000 and you pay $1000 on September 15. Then your account will show a zero balance. However, when your next statement prints on October 1, it will show interest from September 1 through September 15 (the day you made your payment). The October 1st statement will also include any over the limit fees if you were over the limit AT ALL in September, and late fees (in case you did not make the payment by September 25). Even if you made the payment between the September 25th due date and the October 1 printing of the statement, it is still considered late.

If you are ever trying to pay your bill, in full, keep in mind the extra days of interest that accrued, plus any additional charges (late fee, over limit fee). If you don't pay that, you have not paid the bill in full.
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