Target National Bank stole over $5,000 of my money Sioux Falls South Dakota
I have been working extra odd jobs to earn money to pay down my Target VISA. I had a $12,000 limit, which I had used up, but I was paying my bills on time and, usually, much more than the minimum payment.Last November, I sent a check for $1,000. In December, they lowered my limit to $11,200, charged me interest of nearly $200 and effectively negated the $1,000 payment. I had intended to use the card for Christmas, but Target apparently didn't want me to.
In the last two months, I've made $1,300 in payments, my entire vacation fund. I had intended to use the money to rent a car and buy tickets to attractions in Florida. This weekend, I received notice that Target was once again lowering my limit to $10,500, charged me $175 in interest and that I have $4 available for use. They wiped out my entire vacation fund, so now I'm out the airfare I've already paid because I have no more money to spend for my vacation.
Target National Bank is apparently in the business of stealing from their customers. Why was I worth $12,000 six months ago, but am now only good for $10,500 when I've paid my bills on time and always more than the minimum required? Over the past year, I've made a total of $5,346.27 in payments, yet I now only have $4 available to show for it?
According to the letter I received from them (on the same day my bill arrived showing only $4 available), the reduction was based on my most recent credit history. Yet, if I've been making more than the minimum payment required, always on time, why are they arbitrarily reviewing my credit history?
Caveat Emptor! Buyer Beware! Do not open an account with Target National Bank. They will lure you in, then steal your money!
John
Crownsville, Maryland
U.S.A.
3 Updates & Rebuttals
Edgeman
Chico,California,
U.S.A.
Credit crunch...
#4Consumer Comment
Sun, July 12, 2009
This is just a comment as to why banks have been lowering credit limits. Some of you may have heard about the economy and the recent credit crunch.
Consequences of a credit crunch include a reduction of available credit (decreases in credit limits) and a higher cost to access available credit (increased interest rates). I personally know someone who had a card with a $25,000 limit and a rate of Prime + 1.9% and his limit was slashed down to $2,500.
You simply cannot expect to live in this economy and not be impacted by it.
Tstat3159
CINCINNATI,Ohio,
U.S.A.
Response to "This is great"
#4Consumer Comment
Sun, July 12, 2009
Ok, first the gentlemen that said that Target is ripping him off is just like millions of other Americans who are saying the same thing. Banks are lowering credit limits for no good reason. If the gentlemen is paying his bills on time and hasn't missed one, he is correct that Target should not be allowed to set a certain limit and then change the terms of the agreement for no reason. Especially if he hasn't changed the agreement by missing a payment, etc.
Additionally, I believe the second person's name was Robert. Robert, you have claimed that "maxing" out your credit card is misuse. Ok, do you understand that Target itself set the credit limit? What would you call that, entrapement? No one is misusing anything if the company set the credit limit on its own and the customer is paying as agreed. You need to examine your logic.
Robert
Irvine,California,
U.S.A.
This is great...
#4Consumer Comment
Mon, June 01, 2009
THANK YOU for giving me a great laugh because you can't be serious.
They gave you a 12K credit limit that YOU used up. So right now you have borrowed 12K of THEIR money. Yet by you paying down the money YOU borrowed they are stealing....You know I think I will just let you think about how dumb that sounds for a few minutes.
...Okay did you think about it?. The fact is they are lowering your limit because you misused your credit by "maxing" it out. You can expect them to continue to lower your limit until you have paid the card off. Now, if you have multiple credit cards that you maxed out, you can expect others to probably follow suit within the next few months. We will be waiting for your next theft report.
But if you still really do think they "stole" your money go to the police and file a report. After you do please let us know what the police said.