I have a DMB credit card (was in good standing until recently).in early December, I received a phone call from them that I was over my limit. I had not used my credit card for quite a while and could not understand why I would be over my limit. While on the phone with the man from DMB, I checked my account online. I noticed when I checked my statement that my interest rate had gone up to 29.99%. When they added the interest to my account, it put me over my limit. He demanded $528 immediately. It was taken out of my checking account the next day. I thought that would be the end of it. Merry Christmas, huh?
In January, I again checked my account online and saw that my monthly payments had increased $111. When asked about it, they simply emailed me a copy of what Congress had recently passed and said they did it because, legally, they could.
In other words, making your payments on time means nothing to them. They will find any way possible to put your account in bad standing, increase your interest rate, lower your credit rating, then call you to demand money. At this high interest rate, I'll never be able to pay them off.By the time I get it paid down any amount, they will rate my rate again just to get extra money from me.
Stay away from Direct Merchants Bank!
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