Do not sign up for a GM credit card. I have been a good customer for more then 10 years, and I have an outstanding credit history, yet they recently raised my interest rate from about 12% to the 30% default rate. I called up and asked why. The agent said I was late with one payment in October. Late by just a few days.
Does one late payment wipe out years of on-time payments? The bank does not care one bit about their customers. This is happening to many people. If you call to complain, all they will say is they have no lower interest rate available now, but call back in few months and ask again. Don't waste your time.
Do this if they raise your interest rates. Transfer your debt load to another card, and just use their card month to month.in other words pay it off every month. Make it cost them money to keep you as a customer. Ever since HSBC bank took over the GM card, it has gone down hill. Now it's useless. What good is a 30% card? I can't understand their tactics. Pissing off long time customers is not good business.
If you get an offer in the mail, just tear it up. Their are many cards that have better terms then the GM card.
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