Print the value of index0
GE Money Bank - Lowe's Consumer Credit Card Lowered my credit limit Moorisville North Carolina
I've seen MANY complaints out there in regards to GE Money Bank lowering people's limits on credit cards. Mine was for Lowe's and this is what I did and recommend you all do.. FIND the contact information for the CEO of the company that you have your credit card with.. GE Money will DO NOTHING and you probably won't even get someone on the phone that speaks English that you can understand.. By letting the CEO know of these issues, maybe they will take into consideration of no longer using GE Money Bank for their consumer credit cards.. Here's the contact info for the CEO of Lowe's and below is the email that I sent to him.
Robert A. Niblock
First Vice Chairman, Chairman, President & CEO
Lowe's Companies, Inc.
1000 Lowe's Blvd
Mooresville, NC 28117
Phone: 704-758-2084
robert.a.niblock@lowes.com
I'm emailing you in regards to the consumer credit cards for Lowe's that are issued under GE Money Bank. I'm not sure if you've goggled customer complaints with Lowe's credit cards lately, but you should. Yesterday, my husband and I went to Lowe's and we were going to purchase apx. $250 worth of merchandise, however while using our lowe's credit card, the cashier told us that we were declined. Which, I find interesting, b/c one of the cards we have had a balance of $2.14 and a credit limit of $500. I've always made payments on time as well as more than the minimum balance.
I immediately called to find out what was going on, and the customer service rep told me that our limits were lowered on the card and that notices were sent out. I never rec'd any notice mentioning of credit limits being lowered. After this news, I did a ton of research online.. Not only were we affected, but there are hundreds and thousands of people reporting the same issues vowing to never shop at lowe's again. It has lowered people's credit scores and has caused many of your loyal customers to never shop at your chain again. This, right before the holidays.
Imagine, if my husband and I were going to spend $250 at your chain and we were declined..other's are doing the same thing, it's a chain reaction....Lowe's revenues for the holiday season is being affected by your choice to use GE Money Bank for your consumer credit cards to your once loyal customers.. Millions of people are shopping at Lowe's for the holiday season and millions of people's limits on their credit cards issued by GE Money Bank are being lowered.
If millions of people were going to purchase merchandise on their credit cards, but were declined, then millions of dollars are being lost by this. Being the CEO of Lowe's, I'm sure you are aware of this, and probably have rec'd plenty of emails such as mine, but do you care??? This economy is tough for all of us, but GE lowering the limits on Lowe's credit cards is just hurting everyone even more... including your revenues AND getting your once loyal customers to come back to your store.
With this tough economy, the most important thing for retailers right now is to keep their customers happy and keep them coming back.. I, for one, will never shop at Lowe's again and will be closing my credit card accounts.. I DO NOT want my credit to be affected b/c GE Money Bank made some illegal choices and are now hurting. I've worked my butt off to repair my credit, and a whooping $100 limit credit card at Lowe's is not even worth it.
I will also be telling everyone I know about this issue and tell my friends and family to shop at their local hardware store instead of Lowe's... Seems like the small guys treat their customers with more respect than the larger chains do..and so they should.. they obviously have more to loose as I'm sure your big paycheck isn't being cut as a result of GE Money Bank's bad decisions..but WE ALL are being affected by this.
I will now be giving my hard-earned money to the local hardware stores and will be posting everywhere to tell people to do the same. There will be people that will sit and do nothing about this, but there are plenty of people out there like myself that will do something about this.
Angmyrt1
coatesville, Pennsylvania
U.S.A.
Click here to read other Rip Off Reports on Lowes Home Improvement
5 Updates & Rebuttals
Paul
Tulsa,Oklahoma,
U.S.A.
Gemoney is ok
#6Consumer Comment
Sat, January 03, 2009
Ge Money is just fine.
One should use GEMoney as a 0% rate card...and nothing else.
Gemoney makes its money off people who cant pay the minimum payments.
I use it soley as a backup emergency on medical only...and it has saved me from having major problems using it this way.
I will never have this card as any rate other than zero.
If the biz that uses it cant do zero I buy elsewhere or do different stuff.
Especially since you can setup both the minimum payments to be automatic and also set up billpay at your bank to do additional extra paymeents.
Bankworker
PITTSBURGH,Pennsylvania,
U.S.A.
Sorry
#6Consumer Comment
Tue, December 02, 2008
Boycott Stores That Take GEMB
We refuse to shop at any store that uses GE Money Bank for there credit card
Walmart
JC Penney
Lowes
Care Credit
Service Merchants
PayPal Buyer Credit
Amazon
And will Not use our WAMU for ratejacking us to 27.99% from 9.9
uh......yeah right.....Walmart, JCPenney and Amazon are like the 3 best places to shop during the holiday. You're on your own with that one. It's in your cardmember agreement though that they can lower your limit at any time without explanation.
Bigcraig
Irmo,South Carolina,
U.S.A.
Boycott Stores That Take GEMB
#6Consumer Comment
Tue, December 02, 2008
We refuse to shop at any store that uses GE Money Bank for there credit card
Walmart
JC Penney
Lowes
Care Credit
Service Merchants
PayPal Buyer Credit
Amazon
And will Not use our WAMU for ratejacking us to 27.99% from 9.9
Laurie
Haslet,Texas,
U.S.A.
Hope you get a response -
#6Consumer Comment
Mon, December 01, 2008
I tried the same with JC Penneys' and no response to my letter at all.
Mine was not a reduction in credit - but complete incompetence by GE Money personnel, fraudulent charges, unauthorized address changes, false reporting to the credit bureaus etc.
GE Money completely ignored my letters demanding explanation.
They only respond to complaints filed with the Office of Thrift Supervision. And they lied in their response to the OTS. Claiming they made calls when in fact none were ever made.
I'm sure this last weekend the stores that use GE Money for their credit cards lost a lot of customers, and those that did show up - I hope they gave the local stores the word on what GE MONEY is doing to destroy what little Christmas shopping people are doing this year.
Sherri
Emeryville,California,
U.S.A.
YOUR PROBLEM IS NOT WITH LOWE'S
#6Consumer Comment
Mon, December 01, 2008
Many credit card issuers are decreasing credit limits and raising interest rates, not to mention that many are closing credit lines all together. In this crappy economy, card issuers are in a panic and wanting to minimize risk. GEMB has cut credit lines on every single product they have. I have taken hits from American Express, Chase, Wamu, and yes, GEMB. Chase decreased my CL and ratejacked me, Wamu ratejacked me, AMEX cut one of my credit lines, and GEMB decreased me on three cards (all for low usage).
There is really no rhyme or reason to which cardholders are given a CLD. You may spend too little, too much, they may not like where you shop, your credit score may have dropped a point or two, they may think your balances are too high on other cards, they may not like your mortgage lender...no one is immune.
Welcome to the club. But just don't misdirect your anger towards the retailer; trust me, GEMB's actions are impacting them as well.