GE Money Bank Predatory interest rates of 28+ % if a payment arrives late. Ripoff Orlando Florida
I sent in two months of payments to GE Money Bank. My mistake was forgetting to place the account number on the checks. I received a call saying I was two months overdue. I quickly discovered what had happened and sent in a large payment to cover the two months. The person calling (from India) thanked me and said he would make a note in our account. Thinking everything was good to go, I then received a statement with a $185 finance charge and saying my interest rate was over 28%. I did have the 0% for 18 months for the Lasik surgery, which is where the GE Money Bank Care Credit card came from.
Technically, they have no record of me sending a payment, though my bank shows I did since I pay over the internet. I dispute any company charging over 28%. This should be considered predatory and abusive. It should be illegal if it is not.
Don
Odenville, Alabama
U.S.A.
1 Updates & Rebuttals
John
Louisville,Kentucky,
U.S.A.
Sleazy Yes, Illegal No....
#2Consumer Comment
Sun, August 12, 2007
Credit card companies are no longer bound by usury laws as they are almost all incorporated in South Dakota...which recognizes no limits on interest rates. The Supreme Court ruled that all states must recognize interest rate rules in other states...translation: There are no caps on interest rates anymore in the USA....What happened to you is perfectly legal.
The only way out of this is for the voters to take back our government from bought off GOP and Democratic members of Congress....It may be too late for this...Americans have become to dumbed-down to care about anything other than Paris Hilton...