My wife and I have a Sam's membership in her name and had a Sam's Advantage Credit Card through GE Money Bank. For the last several years, all has been fine with on time payments. Most balances were paid off each month with the exception of Christmas charges and that took three payments to clear. Finance charges were at 19.90% and we thought that was high inasmuch as we had been loyal customers paying as agreed.
Enclosed with last month's statement (March) was a notice that the terms of our account were being changed. Finance charges were increased by 50% to 29.97%!! The notice said that if we did not agree with this to contact them by letter to reject the new terms. We wrote that letter and my wife signed it since the account is in her name. We got a reply today (10 days later) from GE Money Bank and they closed our account with no explanation other than we opted out from their terms.
We have done business with Sam's and GE for years and this is what we got back! I have those letters scanned and saved in PDF format for anyone wanting copies. GE Money Bank is down right unappreciative of loyal good paying customers and Sam's Club needs to reevaluate their arrangement with them. If Sam's Club and/or Wal-Mart choose to ignore the matter, they must approve of GE's practices and need to be reevaluated too.
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