• Report: #494678
Complaint Review:


  • Submitted: Mon, September 14, 2009
  • Updated: Tue, September 15, 2009

  • Reported By: myk in maine — Caribou Maine USA
po Box 105555 Atlanta, Georgia United States of America
  • Phone:
  • Web:
  • Category: Banks

TRIBUTE MASTERCARD GETTING THE SHAFT after paying more then minimum for over 2 yrs---In August '09 RAISED MY CREDIT LIMIT, CHARGED MY ACCOUNT WITH ANNUAL FEE, then in September '09 CLOSED MY ACCOUNT WITHOUT NOTICE. Atlanta, Georgia

* : Cardholder Agreement

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After faithfully paying more than minimum payment each month on time for over 2 years, Tribute has decided to close my account without notice.  This was done less than one month after they increased my credit line and charged me the annual fee.

No notice was received and has not been received as of yet from Tribute.  Found out account closed when tried to use card to purchase prescriptions.  I called Tribute customer service inquiring why could not use card and was told "not a reflection of my credit, just a management decision to close accounts due to economic atmosphere in US".  Tried to communicate with service rep, but English was a barrier.

What a scam this is!  They establish an account for you, give you regular increases due to good payment record, and after several years of making above minimum payments close your account WITHOUT notice and charge you an annual fee to boot. 

Companies like this should be liable to the public and fined to the limit!   

This report was posted on Ripoff Report on 09/14/2009 12:43 PM and is a permanent record located here: http://www.ripoffreport.com/reports/tribute-mastercard/atlanta-georgia-30348-5555/tribute-mastercard-getting-the-shaft-after-paying-more-then-minimum-for-over-2-yrs-in-a-494678. 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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Updates & Rebuttals


Cardholder Agreement

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

Today I received a letter telling me about the cancellation of my account. However, I was still being charged a monthly maintenance fee which ticks me off. But according to the Cardholder agreement this is legal.


C. TERMINATION. Either you or we may terminate this Agreement or suspend your credit privileges under this Agreement at any time. You will not try to make any Purchases or obtain any Cash Advance on your Account after your credit privileges have been terminated or suspended. However, this Agreement shall otherwise remain in full force and effect until you pay all sums due us.--Source: Tribute Cardholder agreement.


But this is where I have a case and I hope you all look at your statements carefully. Like most I payed more than the minimum each month. $100 per month to be exact was what I put on autopayment for the last 2 years. I use the card every now and then to show I am using it. Limit before termination was $2000 I have $315 to pay off on it. Could I just pay it off and go on my merry little way? Yes, but I don't think what they are doing is fair to anyone.

Because I elected to pay $100/month for the last 2 years they decided to put that as my minimum payment. Below is another exerpt from my cardholder agreement.

D. MINIMUM MONTHLY PAYMENT. You have the option of paying in full the New Balance shown on each monthly statement or paying it in installments that shall be at least the amount of the minimum required monthly payments. In either case, the payment due date will be twenty-one (21) days after the statement Closing Date. If the New Balance is $15 or less, your minimum required monthly payment shall be the New Balance. Otherwise, your minimum required monthly payment shall be the sum of (a) any past due amounts and (b) one of the following amounts, whichever is greater: $15, or the total of new monthly Periodic Rate Finance Charges, plus new Cash Advance transaction fees and any other new fees and charges, plus 1.5% of your New Balance (except any new monthly Periodic Rate Finance Charges and any new Cash Advance transaction fees and other new fees or charges). If you pay more than the minimum payment shown on your monthly statement, you still must make the minimum payment each month until you have fully paid what you owe.

I wrote them saying that if they are still abiding by this agreement then my minimum monthly payment should not be anywhere close to $100. This cannot stop them from closing all accounts but I hope this opens up an avenue for the many that have been caught blindsided by this company.

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