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Ripoff Report | First Bank Of Delaware - Tribute Review - , Internet
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Report: #541563

Complaint Review: First Bank Of Delaware - Tribute Mastercard - Internet

  • Submitted:
  • Updated:
  • Reported By: rickstewart2 — San Jose California USA
  • Author Not Confirmed What's this?
  • Why?
  • First Bank Of Delaware - Tribute Mastercard Internet United States of America

First Bank Of Delaware - Tribute Mastercard After two years of good standing I payed the card fee for having this card then they closed the account after payment of my balance in full Internet

*Consumer Suggestion: Millions = Billions

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I have had this card for two years.
To acquire the card they charge you a fee of $149.00 of a credit limit of $500.00
After paying my monthly payments never being late and then paying them off which after two years the limit was $650. They closed my account for no reason whatsoever.
What a rip off.My account was in good standing,WHY.

This report was posted on Ripoff Report on 12/17/2009 11:20 PM and is a permanent record located here: https://www.ripoffreport.com/reports/first-bank-of-delaware-tribute-mastercard/internet/first-bank-of-delaware-tribute-mastercard-after-two-years-of-good-standing-i-payed-th-541563. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Suggestion

Millions = Billions

AUTHOR: MEGEGEME - (United States of America)

POSTED: Friday, December 18, 2009

The answer to this one is simple.  You were a good customer yes?  Probably rarely if ever had any late fees or incur finance charges?   No?  The harsh reality is the credit issuer isn't making any profit from you as a customer.

I see this all the time in my profession.  Your credit limit was small, but multiply it times 1000 people like yourself that are/were "excellent customers".

That would be $650,000.  What the company will do is lend this money to new customers with the hopes that approx 90% of them will have occasional late fees and incur finance charges.  Then their profit grows exponentially.

Now multiply the above figure by 5 to 10 million customers across the board.  Get the picture?

MEGEGEME

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