NEXTCARD bad faith business practices deceptive company Internet Internet
Nextcard issued us a credit card with a $4800 limit. It was close to Christmas and we had just moved so started using it. They changed our credit limit down to $3700 with no notice. I called to ask why and they stated they had the right to do so. I have never heard of a company changing your credit limit with no notice and within 1 week of having the card issued.
I have since re-read and both Nextcard and GetSmart will actuallu raise your interest rate based on your credit usage with other companies! Get that, OTHER COMPANIES! In other words, if you have a credit score of around 660 when you get the NextCard, they will give you a card at around 16.99%. Then they will pull your credit scores again and let's say they drop to 610 becuase you didn't pay CapitalOne on time.
Then Nextcard and Get Smart will raise your interest rate! Nextcard hasn't done this yet, but I am bracing myself! I CAN'T WAIT TO PAY THESE PEOPLE OFF! Can you imagine walking in the store thinking you having $1100 of credit available, then being denied? That's the way we found out!
LUCIAN
LAKELAND, Georgia
1 Updates & Rebuttals
anti
nyc,New York,
Other offenders
#2Consumer Suggestion
Wed, June 26, 2002
Meanwhile Next Bank (provider of Nexcard) and Providian (provider of Getsmart) are two of the worst offenders, many other innocent looking banks have similar tactics. (Raising your rate because of the change in your credit score, lowering credit limit with no or shor notice.) I would recommend, if you are looking for a new card, not only read the terms of the card (usually you can read it before applying on the bank's web-site), BUT check a couple of card reviewing/rating web sites too. Read reviews, opinions from others. From the complains, praises you will get much better picture of the card than from any other sources.
Good luck in ridding of those cards.