Complaint / Review
GM Flexible Earnings Card
GM jacks interest rates after supposed late payments Ripoff

My husband transfered a balance to a GM flexible earnings card with the understanding that it carried a 0% interest rate.

When he received his second statement he was shocked to see a late fee posted—he mailed the payment a week prior to the due date as he does all his bills.
He called customer service and they dropped the fee after explaining that they have a high volume of mail and therefore he should mail the payment earlier to ensure that it is processed on time.

Note—my husband has an extremely high credit rating—he is not late on his payments.

My husband received another statement and saw that his interest rate had been increased to 17.9%.
He called customer service again and they informed him that the rate was increased after his first payment was late.

My husband was complaining to his teaching assisstant about this situation and she said that GM did the exact same thing to her.

I wonder how many people have their interest rate increased after a supposed "late" payment.