How bad can a company truly screw you over? Pretty bad it would seem.
I have been a FAITHFULLY paying customer for over 3 years on this card. I purchased a Honda CBR600RR on my GE Money/Honda card under one of their promotions. I am in banking, I know how it works. I had 2 years of a lower payment and interest rate. At then end, if it wasn't paid off, all the back interest would be charged. But we made plenty of money and could easily have paid it off in time.
A short time after the purchase, my salary was cut by 25K a year. So all we could make was the minimum payments. After 2 years, we were put onto another promotion @ 10%. My payment was around $160 a month at that point, and we paid $200 (and have NEVER missed a payment). Until last month when I look at my statement. My $160.00 payment had gone up to $460 a month!!! My interest rate had risen from 10% to 19%. OK, I get that. I may not like it, but I understand it. But the math doesn't work out does it? The monthly interest @ 10% was approximately 72 dollars a month, and at 19% it was around $152. So, shouldn't my payment only have gone up 80 bucks?
After 2 calls where nobody could (or would) tell me WHY it went up so much, finally the truth comes out. The minimum payment due each month is the finance charges (approx $152), plus 2% of the MAXIMUM BALANCE EVER ON THE CARD. Did you get that? If at one point in time, say 3,5, or even 10 years ago I had a balance of 12K on the card... Then my payment would be based on the 12K. Even if I only owed 500 bucks, it would still be based on the 12K. A COMPLETE SCAM!!!
But wait, it gets better. Today I called to ask about paying off the bike and getting the title. Well, a little history first. I bought the bike in April of 07. Then in the next 5 months, purchased 700-1000 dollars worth of merchandise/accessories on the card. Two completely separate purchases right? WRONG! When I called to inquire about the payoff, I was told that "Regardless of when you purchased anything on the card, in order for you to receive the title, the entire card has to be paid off." So I asked "If I went out TODAY (3 years after initial purchase), and bought $1000 worth of stuff... Then I would have to pay THAT OFF TOO before I could get the title of the bike even though the two aren't related at all?"
THATS RIGHT!!! Unless the card is paid off in full, even though they clearly acknowledge that there are distinctive and separate purchases, then I can not get the title to the bike.
When I asked for that policy in writing, I was told that I couldn't have it. I was told that they had their rules. I asked for an exception to the rule... Or just for them to find out if I COULD have an exception... I was told that they wouldn't even try. I asked for a supervisor, and was told that they were the highest person I could talk to. A Call Center Team Leader is the highest person I can talk to? YOU'VE GOT IT! Any higher requires a written letter. Nope, not email... A written mail. To which they would reply via mail as well.
I am so disgusted with this company. Nothing in the entire would give me greater pleasure than seeing them in financial ruin. Their rep's are rude and awful, and clearly their management doesn't care.
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