GE Money Bank - Paypal Buyer Credit
Late fees despite due-date payments, credit limit cut to $130
- 08-19-2009
- 13
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 were 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 to their advantage, and "stealing your money" is the only way to describe 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 its 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 do not require these rip-off companies to change their policies. It's disgusting.
Every time I was charged a late fee, I had paid on the due date but had to enter a date 2 days later, because their site won't allow you to enter that day's date.
In addition, 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 I made a $150.00 payment. What good is a $130.00 credit limit if I can't afford to pay that on eBay? I shouldn't be bidding.
PayPal is ruining its reputation enough with all the charges. More than half the eBay community resents using them for transactions and knows 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 REALLY does something? This is the underlying problem: it is all about how much money the banks and insurance companies make, and 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.
Company: GE Money Bank - Paypal Buyer Credit
Country: USA
Site: paypal.com