GE Capital Cons Cardco No Grace Period, Late Payment Fee, Interest Rate is Over Prime Plus Stamford Connecticut

GE Capital Cons Cardco has no grace period. Your payment is due by 5 PM on the due date. Due to this policy, one of my payments was three days late due to mail service and I was charged a late fee.

When I called GE Capital, I was told that there was no grace period and that they had no control of the mail. I do not have control of the mail, either! I was charged a $29.00 late fee. I also asked about the interest rate I was charged and was told that they charged 14.5 percent plus prime.

I told the lady that the prime interest rate was 4% and 4 + 14.5 was 18.5%. She then told me that they were an international company and could set interest rates "as needed."

I never could get her to explain "as needed." She said it was decided by the finance department. GE Capital pretty much does whatever it wants without worry or posible consequences.

Nancy
Irving, Texas
U.S.A.