Harley Davidson Credit Corporation Eaglemark Bank Misleading with Credit Card Payments Chicago, Illinois
To all fellow Harley Davidson / Eagle Mark Bank loan holders. BEWARE of using a credit card with these individuals as your payment is being processed as a CASH ADVANCE and not as a Retail or Mail Order/Telephone Order transaction. You ask, what does this mean to me? If you give a credit card for a payment, your Credit Card Issuing Bank is going to assess you a very high transaction fee - this fee is calculated at a daily basis until that portion of the balance is paid in full. Contact your credit Card Company to find out how to pay down that portion of the balance as quickly as possible. Eagle Mark charges us high enough for Loan rates and then they are processing these payments at an even higher rate of expense to the Consumer. I have spent 3 weeks trying to get someone form HDFSI/Eaglemark Bank to give me an answer - finally today was able to make the right connections in Senior Management. The fleecing of America....ride on...and f' them at HDFI and Eaglemark....this is BS
2 Updates & Rebuttals
PissedOffHarleyRider21740
Hagerstown,Maryland,
United States of America
Card Useage
#3Author of original report
Tue, April 05, 2011
The purpose of me using the card was to earn "reward points" from this particular Bank, as I pay my credit card balance in full each month. Lesson learned here that is for sure! I may ride a Harley....but they rode me..and it was DRY with no lubrication!
Flynrider
Phoenix,Arizona,
USA
First time you've tried this?
#3Consumer Comment
Mon, April 04, 2011
Actually, I'm surprised that it worked at all. Generally, most lenders will not allow you to make a loan payment with a credit card (some will accept debit cards). Think of it this way, when you use a credit card, you are, in effect, borrowing money from the card issuer. Borrowing from one lender to pay another is frowned upon in the industry. I'm not surprised that they only accept it via Cash Advance transaction. That route has fewer drawbacks that a regular retail transaction.
Bottom line, paying a loan with a credit card is not usually allowed at all. You should expect that any financial institution that does this is going to do it in a way that provides the least risk to them.