This credit card company takes bank debits and holds the money for 14 days after it has been debited from your account. I authorized a debit in November for 12/11 to pay off my balance even though I tole the rep I would pay the balance earlier than 12/11. SHe said that would not be a problem. The company does not allow payments in exccess of the credit card balance.
On 12/6 I paid my account in full and it was debited tha same day. Then, they still debited my account on 12/11 for the balance of $295.00. They will not release the funds to me until 12/28- I can't even use the card until then. They will notre-credit my bank account. They said after 12/28 I can ask them to issue me a check for the overages. They have my money, will not refund or even pay interest or release it for use on my account.
Then I checked the fees from past statements sonce I noticed a monthly $^. Oo "participation fee". To start the account there was a $95.00 "finance charge", a $29.00 "set up fee finance charge" a $48.00 "annual fee', and the first $6.00 "particpation fee" this does not include finance charges or interest on the account!
This company targets people with poor or no credit history. AS a graduate student, I was not thorough in checking this offer to "improve my credit". I think this is highway robbery I know of no other company that needs 14 days to verify funds when they are electronically transferred within 24 hours.
Buyer beware! I am filing complaints with the BBB, the FTC, and the State Attorney's office. I am notifying my congressmen of the unfair banking practices that take advantage of vulnerable people. If anyone knows of any other bureau I can contact to get the word out, let me know.
In the meantime, I have a $295 credit above and beyond my credit limit and I can't charge a thing or get my money back any time soon! Payment from my bank, on 12/11 they debited another $295
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