I did not ask for a Discover Card, when I received one with my name and account number, some years ago offering $10,000 with very low interest rate. They claimed that in a research I came with high credit rating, hence their offer.
The credit line was never used to the maximum. Admittedly, I am guilty of occasional oversights when payment was due. Beyond my control, this was mainly because of frequent admissions into the ER with heart and related ailments. Having said that, I, as a matter of reducing my debt, I paid for my purchases (mainly for medications and gas) plus finance charges, and some more. However, the debt did not seem decline, but was on the increase. The interest rate charged was also increased. The customer care representative explained that was because of delayed payments in the past. Discover card imposed penalties of $39 and 28.99%, whether the payment was posted a day or five days later, no matter the how much was the minimum payment. I reckon that these penalties plus the finance charges represented an annual rate of nearly 40% on the balance outstanding.
Health wise, it is advisable not allow oneself to get upset, as it would raise my blood pressure and raise glucose levels in my blood, hence I let it that ride until I am able to tackle the matter without much emotion.
Due current market conditions, I needed a short $1,100 in May being under the impression that this cash advance would carry 5.9%, as per account transfer offer I received in March/April. Perusing Discover Card May statement, I felt a jolt to note that the cash advance carried and annual rate of 54.27%. I immediately arranged for the payment of the amount of the cash advance, and called the toll free number to inform Discover Card that the amount I posted is meant to cover the cash advance, the finance charges, and some of the purchases. The customer care representative, who carries no powers to remedy a complaint, informed me that the cash advance is the last amount to qualify for settlement, and any payments made or will be made shall be considered on account of the purchases and accrued finance charges. Furthermore, I was told that she, customer care rep, she has no power to make any adjustment; the only thing she could offer is to send me a form requesting a review of the rates. Meanwhile, the rates will remain as they are, despite objections.
I let few days pass and called customer care, this time I asked to speak to a senior manager. I was put on hold for a long time, and then I argued with a repetitive stationed in Bangalore, India. Having been unable to get with him, I asked for the name and address of the person in charge of customer complaints in the corporate office. He claimed he does not have the authority to comply with may request, so informed him that I shall be recording the conversation as proof in the event of legal. The conversation ended and the call was transferred to a supervisor who refused to give me the information, I reminded her that the conversation was being recorded, she said that was against here wishes and terminated the conversation.
I cancelled the payment; I ran research for the address of the corporate board of governance, in Reverwoods, IL. I wrote to the president's office informing Discover Card of suspending all payments, until such time that we can reach an amicable solution to rates more in line with the Federal Reserve rate. Failing that, I indicated that Discover Card has to take legal action to recover the outstanding balance. At the same time I sent a complaint against Discover Card with Florida Division of Consumer Services, a copy was sent to Discover Card.
Can anybody any suggestions to protect the public from loan sharks in the guise of respectable international financial institutions.
Lietonian
ORLANDO, Florida
U.S.A.
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