GE MONEY BANK PREDATORY LENDING FOR LOWE'S CREDIT CARDS!! Orlando Florida

Just a few comments on Lowes and their bank:

They still offer those interest free promotions just not all the time. I just bought a lawnmower a little over a month ago and they had it then. But be sure they don't "forget" and start charging you interest anyway. I saw interest on my bill and called them (Lowes-aka GE finance). They immediately said they would fix the problem "this time" but in the future I would have to deal with the store.

This got me wondering:

1) They didn't even check anything out. It was like they already knew it was a problem and just waiting to see if I would catch it.

2) They would fix it this time??? like this is some sort of pattern of behavior?

I asked them why it happened in the first place and they just said" it was a mistake"

so the moral is they still offer the promotions but you had better check your statements each month in case this is a pattern of behavior rather than a one time mistake.

P.S if you pay your bills online via a bill paying service please note that GE will block your bill paying service from accessing your statement unless you manually update your account and answer several new security questions for "your protection".
Even after answering their silly questions I still have to manually pay as my service still cannot access their site and I have to wonder if this is yet another way to generate late fees.

I like Lowes and have had good experiences at their stores, but I am not so sure I trust their bank.

Lowes is still offering the 12 month promo....It is available on the Lowes Consumer Card only and it is offered periodically throughout the year...if your account was converted to a Visa when you activated the new card those promotions already in place will be honored.

I just wanted to clear up a few things...most if not all of the things people are claiming were predatory should have come as no surprise since you agreed to the terms and conditions when you activated the card.
The Lowes Visa card was sent out and right there in black and white the payment options and limitations were expressed...Nothing in this world is free, and yes mistakes happen on accounts sometimes...just like the occasional payment comes in late...as an employee I can assure you that if a customer was mistreated in the ways I have seen discribed here we would all lose our jobs.

When an error on our part is brought to my attention I work to correct it as quickly as possible because I actually care about our customers...but if payments are late, or promotions are not paid off within the designated time there are consequences...this is a credit card after all and people are responsible for meeting the required guidelines.

If the terms and conditions do not agree with you there are many other companies out there that may work better for you as an individual.

I will admit that our company is not perfect, but I can say first hand that customer care is HIGHLY valued.

GE Money Bank Reps are not shy about getting a supervisor if you ask. You will never hear (if it isn't late at night) that one is not available, etc. Get a supervisor on the line and disccuss the APR or possible credits available to you. You may have to explain everything again if you called before, but at least you will get a supervisor that has a lot more power. Good luck!

I have no idea where you got capitol One from, but GE Money has financed Lowe's cards for at least 7 years, it could be 24 as the previous poster stated.

GE Money Bank is also the funding bank for Sears, The Gap, Old navy, linens n things.....the list goes on and on.

Their rates are decent...until you get behind.

Their fees are HIGH for over limit and late.

I have had to call debtors/customers (I like to refer as customers better) that bought, say a $24 waste basket on credit, sometimes the very day they filled out the application. Sometimes they forget about it. Sometimes there was a 'dual offer' there they paid a promotional % on the one item but any balance (including late fees) was at a higher rate thereafter-on a cople odd deals producing 2 balances on 1 bill. It's ALL THERE when you sign.

I understand that you likley waited in line for awhile and then a saleperson may say something like "Sign for a card today, charge your purchase and get a 15% discount!!" With a big smile. Then you don't feel like reading all the fine print or you assume the terms are reasonable and don't read. I totally understand. I have heard it over and over, so if it happens to you, you are not dumb, just need to change your habits in the future.

Either way, several months later that waste basket can turn into $300.

PLEASE watch your bills from the store. Pay it THEN. By the time you get to a bill collector, you can ask for something like 40 cents on the dollar and possibly break it into payments, but your credit has already taken a hit.

If it goes that far...don't be afraid to make a deal. Laws have changed in credit reporting so that the consumer can make a fair deal for less money without taking as big of a credit hit as before. This was done on purpose to stimulate the economy and so that consumers could negotiate without fear. It will almost always say 'charged off', but the following statement of 'paid legally for less than the full balance' helps your credit now more than ever.

Post dated checks/banking info are ok to give to a collection agency ONLY if they transfer you to a 'remittance processing department' where every call is recorded. Do not give 'Joe Collector' your banking information. Write down whom you gave payment information to, the time date and terms.

If you need to change the terms, cal 5-7 business days before (saturdays are a business day for collection agencies). Most collection agencies will be happy to help you. If it is the last week of the month, they may be irritated, but with at least 5 days notice, they must stop or delay the payment at your request.

Getting back to the original topic, Lowe's is and has for many years been backed by GE Money Bank. The faster you pay, the less finance charges you pay.

I have a Paypal credit card through GE money Bank. My minimum payment in a $600 balance is $20 + about $12 in finance charges. So, I always pay $32. When I am below $300, the minimun payment is $10 + $6 in finance charges. I pay $16 at those times.

If I have received a fee I disagree with (and it happened a couple times- late mail, or that I couldn't use paypal ceredit and it was REGULAR Paypal's fault-in the case of this card they are sort of connected) GE money bank has removed several fees. You have to call them right away though and have a fairly good reason. They have actually been the easiest to deal with in regard to removing fees as compared to other credit cards.

I am not saying that others have not had problems..as i googled, I did see the term 'predatory lender' in regard to GE Money Bank, but I think you just have to make sure you read everything and contact them often if there is a problem.

My previous Lowe's credit card account was managed by Capital One. As on 6/26/07 it was TRANSFERRED to GE Money Bank! I'm not sure why this unidentified individual in Oakland, CA continues to dispute specific details on my report but the FACTS are this:

* GE Money Bank is unwilling to negotiate a reduction in the APR of
19.24%

* GE Money Bank no longer offers the 12-months same-as-cash
option for purchases of $299 or more that was available through
Capital One

This is NOT a desirable credit card!!!

My previous Lowe's credit card account was managed by Capital One. As on 6/26/07 it was TRANSFERRED to GE Money Bank! I'm not sure why this unidentified individual in Oakland, CA continues to dispute specific details on my report but the FACTS are this:

* GE Money Bank is unwilling to negotiate a reduction in the APR of
19.24%

* GE Money Bank no longer offers the 12-months same-as-cash
option for purchases of $299 or more that was available through
Capital One

This is NOT a desirable credit card!!!

My previous Lowe's credit card account was managed by Capital One. As on 6/26/07 it was TRANSFERRED to GE Money Bank! I'm not sure why this unidentified individual in Oakland, CA continues to dispute specific details on my report but the FACTS are this:

* GE Money Bank is unwilling to negotiate a reduction in the APR of
19.24%

* GE Money Bank no longer offers the 12-months same-as-cash
option for purchases of $299 or more that was available through
Capital One

This is NOT a desirable credit card!!!

My previous Lowe's credit card account was managed by Capital One. As on 6/26/07 it was TRANSFERRED to GE Money Bank! I'm not sure why this unidentified individual in Oakland, CA continues to dispute specific details on my report but the FACTS are this:

* GE Money Bank is unwilling to negotiate a reduction in the APR of
19.24%

* GE Money Bank no longer offers the 12-months same-as-cash
option for purchases of $299 or more that was available through
Capital One

This is NOT a desirable credit card!!!

GE Money has been financing the Lowe's products for 24 years. There was no transfer, it's always been the same bank.

The individual who responded to my report has insinuated that I don't READ MY MAIL! I am very familiar with Truth-In-Lending Disclosures and make a point of reading the "fine print" on all of my credit card accounts.

The primary complaint which was overlooked in his/her rebuttal is that LOWE'S IS NO LONGER OFFERING 12 MONTHS DEFERRED INTEREST/SAME AS CASH FOR CHARGES OF $299 OR MORE WITH CARDS FINANCED BY GE MONEY BANK!! No truth-in-lending disclosure was provided before my account was transferred to GE Money Bank.

Perhaps this individual would better serve this website by READING complaints rather than attacking the authors.

People constantly complain about how banks, everyone wants to borrow money for free, or not have to pay, it's always something. Lowes rates are much higher than any card with a Visa or Mastercard logo on them. You just have to read your mail before you complain about preditory lending. That would be like coming to this website complaining there is a warrant for your arrest when you didn't open the summons from the court to appear.