We accepted a credit card with direct merchants bank as my husband is a trucker and you never know when an emergency may come up. We had another card at the time from another company which had a $4,000 balance and a high interest rate. When we got our master card from direct merchants bank.
Not wanting to have two credit cards we stupidly used a dmb check to pay off the $4,000 to the other company.
Then our work got slow and people were taking longer to pay us so we had a chance to go on a long haul where we could make some money and had to use the card for diesel fuel.
We had good intentions at the time of paying it off when we got paid but by that time we were getting behind on other payments so we paid a little more than the minimum amount.
Then out of the blue we got a letter from them saying that they had decreased our limit but it didn't say that they had also raised our interest rate from 14% to 29% because they were treating the $4,000 as a cash advance.
I was amazed that they could do this because i had thought that when you took a card for a certain rate that it stayed that way.
I guess you should use a magnifing glass to read the fine print.
I have tried to work out repayment terms with them but they will have no part of it.
They just want to keep on charging me their 29% interest until hell freezes over.
Madeline
Castleton, Vermont
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