PayPal Buyer credit... Where to start? Talk about credit card companies being a rip-off.
This GE Money Bank is outrageous. You pay more in late fees than you ever charged. This has been one of the worst experiences I have ever had with a credit company. They have their entire system set up for the advantage of them stealing your money which, are the only words for what they do. As others have said, you can't make your payment ON the due date, but must make it 2 days prior, and if you are one day late, they hit you with the $29.00 late fee. This is how this rip-off company makes their money.
Has anyone heard recently of all the money the banks obtain in one year from overdraft charges. It's in the billions. This is the same thing, there should be research done on how much this company profits from late fees. THIS is exactly why the economy is in the shape it's in, yet all the trillions of dollars spent on recovery doesn't require these rip-off companies to change their policies. It's disgusting.
Every time I was charged a late fee, I paid on the due date, but had to put 2 days later as their site wont allow you to place that days date.
In addition to this, they started me with a $300.00 credit limit, which was reduced to $130.00 in one month—the exact amount that was left on my balance after making a $150.00 dollar payment. What good is $130.00 credit limit, if I can't afford to pay that on ebay I shouldn't be bidding.
PayPal is ruining it's reputation enough with all the charges, more than half the ebay community resents using them for transactions, and know they are affiliated with this rip-off company. PayPal has some great advantages and protection, but this GE Money Bank is not one. They need to drop them, and stop offering this garbage to their clients. How can these companies go on ripping us off before someone REALY does something. This is the underlying problem, it's all about how much money the banks and insurance companies make, it's not at all about saving the average person, or small business. It will always be greedy big companies concerned only with money, and if they think it can be stopped by a bail-out, it will just get deeper. It is rip-offs like this that need to be stopped.
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