I have been working extra odd jobs to earn money to pay down my Target VISA. I had a $12,000 limit, which I had used up, but I was paying my bills on time and, usually, much more than the minimum payment.Last November, I sent a check for $1,000. In December, they lowered my limit to $11,200, charged me interest of nearly $200 and effectively negated the $1,000 payment. I had intended to use the card for Christmas, but Target apparently didn't want me to.
In the last two months, I've made $1,300 in payments, my entire vacation fund. I had intended to use the money to rent a car and buy tickets to attractions in Florida. This weekend, I received notice that Target was once again lowering my limit to $10,500, charged me $175 in interest and that I have $4 available for use. They wiped out my entire vacation fund, so now I'm out the airfare I've already paid because I have no more money to spend for my vacation.
Target National Bank is apparently in the business of stealing from their customers. Why was I worth $12,000 six months ago, but am now only good for $10,500 when I've paid my bills on time and always more than the minimum required? Over the past year, I've made a total of $5,346.27 in payments, yet I now only have $4 available to show for it?
According to the letter I received from them (on the same day my bill arrived showing only $4 available), the reduction was based on my most recent credit history. Yet, if I've been making more than the minimum payment required, always on time, why are they arbitrarily reviewing my credit history?
Caveat Emptor! Buyer Beware! Do not open an account with Target National Bank. They will lure you in, then steal your money!