FNANB, the bank owned by Circuit City which issues credit cards for Circuit City never sent a physical credit card over 5 months after account opened. Cost of a computer and accessories purchased at Circuit City was only balance on account. Statements sent for September and October, but not November and December. I subsequently did not notice the missing statements and did not make minimum payments for November and Decemeber. Received call from FNANB on Jan. 13—first call they made regarding overdue payment.
They informed me that I had been assessed two late charges of $29.00 apiece, my promotional interest rate was converted to a retroactive 26% APR and worst of all, I had already been negatively reported to the credit reporting agencies. When questioned about the missing statements, a manager in the customer service department told me that statements are a "courtesy" and that they did not have to provide proof that they actually sent any.
She told me that it was my responsibility to pay regardless of whether or not a statement was sent to me. She also would not change the negative reporting on my credit history despite the fact that I made full payment due on the same day they called me to alert me to the overdue payments.
The fact that, in a time of instant and easy communications such as email, FNANB did not contact me until after the two month period when their penalties take effect implies that FNANB actually hoped I would miss the payments so that they could financially benefit from a person such as myself who has an excellent credit history. Consumers beware!
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