I had a credit card issued by Providian Bank. After several months they increased my credit limit because I kept the account in good standing. I then recieved a letter from them stating there were some changes to my account and I would be recieving a new card in the mail with the new card holder agreement.
The new cards were issued by Emerge Mastercard. When I got the new cards in the mail I noticed my available credit had been decreased from $1500 to $480 and the interest rate had jumped to 29.99%. I went several months without recieving a bill from them and when I finally did recieve a bill from Emerge they had accumulated late charges as well as over the limit fees since my balance was over the limit from the credit decrease.
I have never experienced such a scam in my life. I have since closed the account but they still dont send bills regularly and when I do finally see a bill they have added all kinds of fees to it.
I tried to buy a car the other day and now thanks to them what was once an excellent credit score is not looking so good anymore. I would warn anyone against accepting a credit card from Emerge. They are crooked and dishonest.
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