GE Money Bank Lowe's Visa Platinum. For the past 4 years I had my Lowe's card at a fixed interest rate of 4.99. Well, in June 2009, they changed my int. rate to 9.99 w/o giving me at least least 15 days notice. The GE MoneyBank increassed my interest rate from a fixed 4.99 % to 9.99% without giving me at least 15 days notice in June 09, and that doubled my interest payment. I always paid double my min. pmt. Internet
This report is against Lowe's Platinum Visa Card serviced by GE Money Bank out of Charlotte, North Carolina. Payments are mailed to Lowe's at PO Box 960010, Orlando, FL.32896-0010. I first got my Lowe's Platinum Visa Card when I worked for Lowe's and got my first Lowe's Credit Card.
I was invited to apply for a Lowe's Platinum Visa card with a 6.99 % interest rate in March 2003. During the ensuing years, I paid my monthly charges in full until I was invited by GE Money Bank to transfer any amount up to $13,000 from other higher interest rate cards at a fixed rate of 4.99%. I did that and paid that $7,500 transfer in monthly installments of double the minimum amount required. Sometimes triple the amount.
I was shocked in August 2009 when my statement came and the interest rate had increased to 9.99%, thereby doubling my finance charges. I did not receive any notification of the increase in interest rate as required by law at least 15 days before the happening.
In my July 14, 2009 statement, (I rec'd on July 20th.) my Interest rate was 4.99% and finance charges were $25.34. So, I paid $278.71 online banking on July 18th but was not posted until July21st. It wasn't due until August 2nd. The closing date of the statement was August 14th. The nest Statement date of August 14th (which I received on August 20th, showed my finance charges jumping to $52.75 which caught my eye. That was when I noticed they increased my interest rate to 9.99%.
So I checked around to see who was giving better rates, and that's when I paid my minimum due of $117.00 on 9/3 by ebill,and had my Credit Union pay off my total balance in full by mail before the due date of 9/3 by mail of certified check. It did not get posted until September 4th, one day after the due date but eleven days before the closing date. so they charged me finance charges of 34.99 on the next statement, which I paid under duress. The closing date of that statement was September 14th.
I will never purchase any thing that uses GE Money Bank ever again. I did it once in the past with Rooms to Go, but I paid that off in full before the 6 months were up. I sure hope that my charges with Home Depot are not served by GE Money Bank. If they are, I wll transfer them to my Credit Union also. Thanks for hearing me out.