Yes, this is happening all over - just google "GE Money Bank." They seem to be be particularly slaphappy over this issue.
I too received that letter from GE Money Bank in late October, regarding my Chevron card. I was traveling from LA to SF by car, and went to use the card and we were told we were over the limit. Ridiculous - I was charging $40 something, with a limit at the time of $1,000, and a balance of $139 on the card. Luckily I was not stranded, but easily could have been had I relied only on that card - which, I may add, they certainly encourage one to do.
My limit, per the letter, was reduced from $1,000 to $150, with no notice or warning. I took immediate action by paying off my balance, and closed the card permanently, as did everyone else in my family in support. So they lost five credit card accounts for the one letter. While yes, it's a sign of the times, they did this with no regard for their customer base.
I wrote a letter to GE Money Bank about this, and copied their Chairman and CEO.
Here's his address:
Mr. David J. O'Reilly
Chairman, CEO
Chevron Corporation
6001 Bollinger Canyon Rd
San Ramon, CA 94583
Write a letter to GE Money Bank describing your complaint, and copy Mr. O'Reilly. If enough people do this, it might actually matter.
In my case - excellent credit score and record, no late payments, low balance paid off every month for over ten years. I guess for some reason that makes me a bad credit risk for GE Money Bank, but if they can do without me, I CERTAINLY can do without them.
0 comments