PayPal Buyer credit...where to start? Talk about credit card companies being a rip-off.
This GE Money Bank is outrageous. You pay more in late fees than you ever charged. This has been one of the worst experiences I have ever had with a credit company. They have their entire system set up for the advantage of them stealing your money which, are the only words for what they do. As others have said, you can't make your payment ON the due date, but must make it 2 days prior, and if you are one day late, they hit you with the $29.00 late fee. This is how this rip-off company makes their money.
Has anyone heard recently of all the money the banks obtain in one year from overdraft charges. It's in the billions. This is the same thing, there should be research done on how much this company profits from late fees. THIS is exactly why the economy is in the shape it's in, yet all the trillions of dollars spent on recovery doesn't require these rip-off companies to change their policies. It's disgusting.
Every time I was charged a late fee, I paid on the due date, but had to put 2 days later as their site wont allow you to place that days date.
In addition to this, they started me with a $300.00 credit limit, which was reduced to $130.00 in one month--the exact amount that was left on my balance after making a $150.00 dollar payment. What good is $130.00 credit limit, if I can't afford to pay that on ebay I shouldn't be bidding.
PayPal is ruining it's reputation enough with all the charges, more than half the ebay community resents using them for transactions, and know they are affiliated with this rip-off company. PayPal has some great advantages and protection, but this GE Money Bank is not one. They need to drop them, and stop offering this garbage to their clients. How can these companies go on ripping us off before someone REALY does something. This is the underlying problem, it's all about how much money the banks and insurance companies make, it's not at all about saving the average person, or small business. It will always be greedy big companies concerned only with money, and if they think it can be stopped by a bail-out, it will just get deeper. It is rip-offs like this that need to be stopped.
4 Updates & Rebuttals
Whatever
North canton,Ohio,
United States of America
It is a pretty simple process
#5UPDATE Employee
Tue, April 13, 2010
Pay your bills on time, you will not recieve late fees, your credit will not be reduced.Always blaming someone else for your errors will not correct the situation.
Jim
Orlando,Florida,
USA
Typical Sub-Prime Thinking!
#5Consumer Comment
Wed, April 07, 2010
You make payments either late or by not allowing the required number of posting days (both of which are 100% under your control), ring up a late payment fee and its the credit card company's fault, right?
And those big bad banks and their O/D fees. People use an ATM card over and over and over without having a clue as to their balance because they don't keep records, and of course its the fault of the bank, right?
O/D fees should be increased to $100 a pop. Why not capitalize on stupidity!
B Miller
Tucson,Arizona,
United States of America
Your credit sucks as it is
#5Consumer Comment
Sun, March 28, 2010
You have terrible credit as it is with a $300 limit as the initial offer, they reduced your amount due to your payment history. The website clearly says it takes 48 hours to process an online payment. This line right here is of major concern:
"Every time I was charged a late fee, I paid on the due date, but had to put 2 days later as their site wont allow you to place that days date."
Everytime? As in more than one? So much for educating yourself. After the first late fee you should have taken note to the timeframe it took for a payment to be processed. 48 hours for processing is certainly not out of the norm, it is a usual practice.
They dropped your limit because of your inability to pay on time, weather it be financial reasons, or worse yet, because you refuse to learn the system when they tell you what will happen and it did, you were fined, and you don't correct the way you conduct your business with the company that resulted in the same fees. Then you are supprised when it happens "everytime" you pay on the due date knowing full well that it takes 48 hours to process, that's on you. And that's probably why you have terrible credit that only alloted you a measly $300 creditline in the first place.
Oh and there's some more bad news for you. They reduced your credit as you paid to that limit so that you could not put more debt on the card, but also put it at a particular level so you are not instantly put into overlimit again. They plan on cancelling your account as soon as you pay the debt off.
Joanne i
Skokie,Illinois,
U.S.A.
"Late Fee" Scam by GE Money Bank and JC Penney
#5Consumer Suggestion
Fri, February 19, 2010
Here is what I wrote to JC Penney after I (successfully) fought with them over their late fee:
Thank you for the late fee reversal.
If you like I will forward you the email I received---on FEBRUARY 11, 2010---the DAY THE PAYMENT WAS DUE---acknowledging the payment. It is not my fault if the payment is processed on a different day. I cannot control when you process the payment. If I paid on the 11th I should be credited as having paid on the 11th.
What you are suggesting is that in order to be credited with an on time payment, the consumer must pay early. So in your lexicon, early is on time and on time is late.
I am not sure that is legal.