I have had a Sams credit Card since 10 which I have used several times, paid my bills on time and have paid it in full several times. I was issued a $600.00 credit line.
While shopping at WalMart today, I went through the checkout lane fully expecting to pay for my items with my Sams Credit Card. As of my most recent statement which I received 2 days ago, I had $266.00 credit to use.
Imagine my embarrassment when the clerk told me my card was declined. He tried again and it was declined a second time. So, I used my debit card to pay for the items which took monies out of my checking account that were earmarked for other bills. I called GEMB customer service and was advised that I only have $6.00 credit left to use. The company had reduced my credit line from $600.00 to $300.00, and the notices of this reduction just went out in the mail which I should receive in about a week.
Customer service could not give a reason other than an overall audit was done on all accounts and thousands of them were reduced. It didn't make any difference if I was a responsible payor or used the card conservatively.
They said a full explanation would be in the notice I am to receive.
I am going to pay off GEMB, cut up the card and not do business with Sams again. WalMart is also doing the same audit (I called them also), but was told that my credit line was still the same with them until further notice. I do believe that I'll pay them off also (don't want another sneak attack in public)!!
If it is legal for GEMB to do this kind of business, I would like to know who to contact to get that law changed. Any advice would be appreciated.
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