I recently transfered a large old Resurgent debt to a plains commerce bank credit card. Well the only thing I quickly received was the credit card and credit account agreement. I was told I had to make $150 payment as soon as I got my first statement. Well I never did but I received a second one with a minimum payment of $373. Seeing this I thought I was already being scammed so I just ignored it. Next I got a letter saying my card was overlimit and on hold and would go against my credit report so I decided to call.
I called today and spoke to rep who was nice but didn't understand the credit account agreement or choosed not to respond to my questions about it. Now I was told the minimum payment due was $623.80! Thats almost my whole paycheck and told the rep I couldn't pay it. I got offered to pay 488.50 but the card stays in hold status thats a complete waste, and when I told the rep never got my first statement I was told no returned mail was noted on my account.
What I'm wondering is if I should pay the $623.50.
The credit account agreement states the following in my favor:
11. Cancellation. The provisions of this section apply in the event of cancellation of your account when not in default. You account will automatically be cancelled if, within the first three billing cycles following the Commencement Date, you do not (a) use your card to make any Cash Advance or Purchase or (b) make a payment.
So far I haven't done either which makes me wonder how I will be treated after I make a payment?
The credit account agreement states the following NOT in my favor.
24. Credit Reports References.By requesting or obtaining the card, you authorize us to check your credit (any way they want to really long) in order to determine your eligibility for the card and any renewal or extension of credit.
Well I talked to the rep about this and was told if I made my payments on time my credit card would never be closed. I decided to check out usacomplaints. Coms before I made my decision and I have read the following from others.
(1) On June 28 two letters were sent to me stating that TOTAL VISA Credit Card with Plains Commerce Bank has been closed as the program is no longer offerred. I was informed that i will still continue to received monthly statements to pay-off the remaining balances.
I don't think this is a TOTAL card but I'm worried about this, I have bad credit and want to rebuild it but not pay most of the debt off or pay it off and then see it closed because Plains Commerce Bank is no longer offering this program.
(2) Many people say they paid but then commerce bank says they never got payment.
Well that worries me and I didn't get my first statement so I'm thinking if I pay it down they will try this tactic to close my card. There are no online services and one guy said he was scammed by the phone transfer so I am wondering if anyone else has been having these problems.
The last thing I want is to pay the balance off and then have the bank close my credit card.
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