Direct Merchants Bank Card
Doubled their interest rate. Rip-off! Baltimore Maryland

I have been with Direct Merchants Bank for 8 years and have 2 credit cards with them. I use them regularly. A few months ago I paid off large balances on both cards and told them to cancel one of them.

Well they put me over to the customer retention department and they offered me a 3.9% rate for 6 months. My original rate was 13.99%. Well I got to looking on my last statement and after the promotional rate is over they raised my new rate to 28.99. Can you believe it? Why would anyone pay that kinda rate?

So I called them and guess what they had no idea why but offered to send me a letter to explain. Well I got the letter and the only reason was for "additional revenue". I carry a $15,000.00 limit on one and $9,000.00 on another. How in the world could you ever pay off a card with 28.99% interest? Lucky for me I only owed about $1200.00 combined on both so paid them off and am cancelling them.

I asked them why anyone would keep their cards at that rate when I get offers everyday for 10.99% and less. Well they don't want custumers that pay their bills and don't carry large balances. They want people that max them out and miss a few payments every now and then.

Company: Direct Merchants Bank Card
Country: USA
State: Nationwide
Site: www.directmerchantsbank.com

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