Keeping a few thousand in my American Dream savings account caused me to notice offer of a credit card on their login page. Thinking perhaps it might enhance my short credit report, filed application.
First Message: Approved for $3,000.00, but ug, its at 20%.
So why would anybody be loaning money to this bank @4% and borrowing from the same bank at 20%. Is there anybody this dumb? Charged $75 and paid it off when statement came. Can't get that big 1.4% kickback they brag about cause i don't have $10,000 in my account, yet.
But hey, they are offering 0% for 6 months on balance transfers and convenience checks. That might be useful. Ooooops, it from the time you open the account, not from the time you use the offer and it costs 3% service charge. But anyway, transferred $1000 from other credit cards and put $1000 check in my bank as ready cash in case my old used car needed repair or replacement. So owed is now $2,060 but its interest free, right?
So bill comes, am suprised they ask for only 1% of the balance, like $21. Paid it. Next get this letter:
Because you owe so much and paid only the minimum you caused us to review your account and pull your credit report again. We notice that you have other accounts and inquiries (Duh!) Your credit limit is now lowered to $2,350.
Well, guess this isn't too damaging and since just paid $60 to borrow the $2000 want to let it go for as long as its interest free, but can pay it anytime with the thousands in my Emigrant Direct American Dream Account.
Couple more months pass and think good to ask when my 0% time is up. They answer, already, Feb 8. Oooops, gonna cost me something now. So pay in full thinking they will be impressed and restore my original credit limit of $3,000, specially since my American Dream Savings is now over $12,000.
Another Letter:
We notice you still have other accounts and other inquires so your account is canceled, closed. Cut up your card and do not use this account.
So how can get this magic 1.4% rebate if can't have a card. Can't, too bad.
Customer No-Service @ EmigrantDirect.com says, we don't have nothing to do with the card cause its issued by Barclays Bank and they make their own credit decisions. Emigrant Bank did not answer my complaint at all. Ignored.
Don't understand companies that spend millions to get new customers then crap on the ones they have. They think we won't tell anybody?
Be careful, other credit card companies use the same devious trick this one does. That is, balance transfer is 0% but purchase is 20% and you cannot pay a dime on the purchase balance till you pay off the balance transfer in full so they have locked in a 20% return on their money. Beats working for a living. BTW Just had to send them $12 more for the time they were charging interest without telling me.
Can we call it American Nightmare Savings Account now?
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