Complaint Review: Direct Merchants Bank

I have a Platinum Master Card with a limit of $9500.00 and have had this account for many years. I have never been late on any payment and have paid them off several times. Now to the problem...I transferred some balances about 8 months ago (other credit cards)totaling approximately $6000.00 after being assured my finance charge would remaim the same,which was a lot less than the others. Well when my statement arrived this month I noticed my interest had doubled from last month. When I called to question this they told me there was a hike due to the low economy right now. I then asked why they didn't notify me of this and his response was he had had several complaints of this from other people but that's just the way it goes. I replied I don't think so and to let me talk to someone with more authority and he said no as that would not do me any good. I have emailed them and still can't get any response and I would like to know how they can just take your money and act like it's nothing. I have been paying at least $400.00 each month trying to get this paid off and that meant working a lot of extra hours thinking in the long run it was going to save me money. How wrong I was !!!!

For those of you that don't know this...if you are in good standing with your card company you can call every 6 months to have your percentage rate dropped. Believe me this can help a lot as I WAS paying 6.74% (now 10.49%) for chgs. and 10.74%(now 20.49%) for cash advances.

Kathy
Stover MO

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